BGUIX — Baillie Gifford U.S. Discovery Fund
Data updated: 2024-11-22
BGUIX — Baillie Gifford U.S. Discovery Fund. United States Small Cap Growth Equity · $2.00M AUM. Holdings, fees, performance and SEC filings.
BGUIX Fund Overview
BGUIX — Baillie Gifford U.S. Discovery Fund is a US mutual fund managed by Baillie Gifford Funds, categorised as United States Small Cap Growth Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Baillie Gifford Funds
- Category: United States Small Cap Growth Equity
- Assets under management: $2.00M
- 1-year return: 25.3%
- Ticker: BGUIX
- SEC CIK: 0001120543
- SEC series ID: S000071647
- Share class ID: C000227062
BGUIX Investment Objective and Strategy
Baillie Gifford U.S. Discovery Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Baillie Gifford Funds.
Investment objective
Baillie Gifford U.S. Discovery Fund seeks capital appreciation.
Principal investment strategy
"The Fund seeks to meet its objective by investing in a portfolio of common stocks and other equity securities of smaller, publicly traded U.S. companies that are perceived to be innovative and entrepreneurial, such as by disrupting existing markets or creating entirely new ones, and that have strong growth potential. In selecting portfolio investments, the portfolio managers seek to discover innovative and entrepreneurial companies through a process that involves considering, among other things, a potential holding's market opportunity, competitive edge, corporate culture, and scalability prospects. The inclusion of ""discovery"" in the Fund's name does not reflect an intent to invest in any particular type of investment or industry. When selecting companies for initial inclusion in the portfolio, the portfolio managers focus on publicly traded companies with a market capitalization in the region of $10 billion or lower at the time of initial purchase.
Because the Fund is managed in accordance with an established model investment strategy operated by the portfolio managers, the Fund's portfolio is expected to include a number of companies with market capitalizations of greater than $10 billion at the time the Fund commences investment operations. These are companies that had market capitalizations of less than $10 billion at the time of inclusion in the model investment strategy, but which have subsequently grown. In addition, because the Fund expects to continue to hold, and potentially increase its investment in, portfolio companies whose market capitalizations increase subsequent to the initial purchase, the Fund expects over time to have a substantial portion of its portfolio invested in companies with a market capitalization in excess of $10 billion.
Under normal circumstances, the Fund invests at least 80% of its assets in securities of small- and mid-capitalization companies, which the Manager defines as companies with market capitalizations of $30 billion or less. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of issuers located in the U.S. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities and warrants. The Fund may participate in initial public offerings ("" IPOs ""). The portfolio managers select companies without being constrained by a benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries.
Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. The intended outcome is a portfolio of between 40 and 75 growth stocks with the potential to outperform the Russell 2500 Growth Index over the long term. The Fund intends to operate as a non-diversified fund, which means that it may invest a relatively large percentage of its assets in a small number of issuers, industries, or sectors. The Fund aims to hold securities for long periods (typically at least 5 years) which generally results in relatively low portfolio turnover and is in line with the portfolio managers' long-term investment outlook.
Consistent with this investment outlook, the portfolio managers seek to identify companies with the potential to sustain financial growth over the long term. When assessing a company's long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund's investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture."
BGUIX Holdings
Top 10 holdings of Baillie Gifford U.S. Discovery Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Axon Enterprise Inc | 7.64% |
| AeroVironment Inc | 6.76% |
| TransMedics Group Inc | 5.08% |
| Freshpet Inc | 4.47% |
| Exact Sciences Corp | 3.95% |
| Twist Bioscience Corp | 3.63% |
| Varonis Systems Inc | 3.58% |
| Novanta Inc | 3.40% |
| Trupanion Inc | 3.32% |
| Doximity Inc | 2.97% |
BGUIX Portfolio Allocation
Asset-class allocation of Baillie Gifford U.S. Discovery Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 97.8% |
BGUIX Performance
Total returns for BGUIX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 25.3% |
| 3 years (annualised) | -16.7% |
BGUIX Risk Information
Risk metrics for BGUIX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 26.8%
BGUIX Costs and Fees
BGUIX costs about $82 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.82%
- Gross expense ratio: 8.08%
- Portfolio turnover: 11%
- Brokerage commissions: 1.45 bps of average net assets (SEC N-CEN)
BGUIX Cashflows
Over the 12 months to 2024-09, Baillie Gifford U.S. Discovery Fund had net outflows of $1.75K, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-09 | $0 |
| 2024-08 | −$387.79K |
| 2024-07 | $0 |
| 2024-06 | $0 |
| 2024-05 | $0 |
| 2024-04 | $0 |
BGUIX Debt Constituents
No individual debt constituents are reported in Baillie Gifford U.S. Discovery Fund's latest SEC N-PORT filing.
BGUIX Prospectus and SEC Filings
Official Baillie Gifford U.S. Discovery Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-04-26
- Prospectus (485BPOS) — filed 2023-04-28
- Prospectus (485BPOS) — filed 2022-04-29
- Portfolio holdings (N-PORT) — filed 2024-11-22
- Portfolio holdings (N-PORT) — filed 2024-08-20
- Portfolio holdings (N-PORT) — filed 2024-05-24
- Annual census (N-CEN) — filed 2024-03-07
- Annual census (N-CEN) — filed 2023-03-09
Related Funds
Other United States Small Cap Growth Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.