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Trending ETFs

Name

As of 06/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$5.64

$15.4 M

0.01%

$0.00

1.66%

Vitals

YTD Return

-5.1%

1 yr return

-17.5%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$15.4 M

Holdings in Top 10

54.7%

52 WEEK LOW AND HIGH

$5.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.66%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 0.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$5.64

$15.4 M

0.01%

$0.00

1.66%

BGHBX - Profile

Distributions

  • YTD Total Return -5.1%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.65%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Baillie Gifford Health Innovation Equities Fund
  • Fund Family Name
    Baillie Gifford Funds
  • Inception Date
    Dec 28, 2021
  • Shares Outstanding
    500000
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    GB
  • Manager
    Julia Angeles

Fund Description

The Fund seeks to meet its investment objective by investing primarily in common stocks and other equity securities of companies that the portfolio managers believe have the potential to bring substantial improvements in human health and healthcare systems.

In seeking to identify companies in the healthcare industry and healthcare-related industries that have such potential, the portfolio managers typically focus on companies that they believe are driving innovation across the full value chain of human health, which they categorize into five 'buckets': (i) understanding of diseases, (ii) diagnostic healthcare tools, (iii) treatment for disease, (iv) prevention of diseases, and (v) operational efficiency in the healthcare industry. The portfolio managers employ a bottom-up stock-picking approach that seeks to make long-term investments in well-managed businesses with genuine and sustainable competitive advantages. The Manager's fundamental research process focuses on: (i) the opportunity for an issuer to deliver superior returns; (ii) the ability of the issuer to execute on that opportunity; and (iii) the current market valuation of the security.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies engaged in or supporting innovation in one or more healthcare or healthcare-related industries. Healthcare and healthcare-related industries include companies that manufacture medical treatments, devices, or diagnostic tools, such as devices and tools that aid the understanding, early identification and prevention of human diseases or companies that provide healthcare supplies or healthcare-related services, and companies in the research, development, production and marketing of pharmaceuticals and biotechnology products, such as products for genetic analysis and engineering and protein-based therapeutics to treat or prevent human diseases. Companies providing healthcare-related services include companies that provide operational support to the healthcare system, such as information technology companies focusing on software for healthcare companies or information technology solutions relevant to the healthcare sector. In identifying candidates for the 80% test described above,

the portfolio managers seek to identify companies for which healthcare and healthcare-related activities are expected to be a key driver of the company's growth over the long-term, but generally focus on companies that derive at least 50% of their revenue from healthcare and healthcare-related activities. The Fund may gain exposure to equity securities either directly or indirectly (such as through depositary receipts or participatory notes) and may invest in preferred stocks, convertible securities and warrants. The Fund is not constrained with respect to market capitalization and may participate in IPOs.

The portfolio managers select companies without being constrained by the MSCI ACWI Index, or by any healthcare-specific index (such as the Fund's additional benchmark, the MSCI ACWI Health Care Index). Additionally, the geographic selection of countries is not constrained by any of the Fund's benchmarks. The Fund intends to invest globally, including in emerging markets, though the Fund expects that many of the innovative health-related companies in which it seeks to invest will be located in the United States.

The portfolio managers focus on company research and the long-term outlook of companies in human health. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with healthcare industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, innovative technologies, competitive advantage, management, financial strength and valuation.

The intended outcome is a portfolio of between 25 and 50 stocks that the portfolio managers believe have the potential to outperform the MSCI ACWI Index over the long term. 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.

The investment process can result in significant exposure to a single company or a small number of companies. The Fund is a non-diversified fund, which means that it may invest a significant portion of its assets in a relatively small number of issuers, which may increase risk. The Fund has adopted a fundamental investment policy to concentrate its investments (defined by regulations as investing at least 25% of its assets) in healthcare and healthcare-related industries. The portfolio management team reserves the flexibility to use the Fund's position as a shareholder to guide companies in the portfolio to resist excessive focus on shorter-term returns over the goal of delivering longer-term outcomes for both investors and society.

The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in

currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.

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BGHBX - Performance

Return Ranking - Trailing

Period BGHBX Return Category Return Low Category Return High Rank in Category (%)
YTD -5.1% -25.1% 26.5% 91.36%
1 Yr -17.5% -29.0% 31.5% 98.15%
3 Yr N/A* -34.2% 13.4% N/A
5 Yr N/A* -7.4% 16.7% N/A
10 Yr N/A* -0.5% 13.2% N/A

* Annualized

Return Ranking - Calendar

Period BGHBX Return Category Return Low Category Return High Rank in Category (%)
2023 -11.9% -12.6% 19.0% 98.77%
2022 N/A -53.9% 3.2% N/A
2021 N/A -39.6% 24.2% N/A
2020 N/A -13.6% 178.2% N/A
2019 N/A 3.8% 63.8% N/A

Total Return Ranking - Trailing

Period BGHBX Return Category Return Low Category Return High Rank in Category (%)
YTD -5.1% -25.1% 26.5% 91.36%
1 Yr -17.5% -29.0% 31.5% 98.15%
3 Yr N/A* -34.2% 13.4% N/A
5 Yr N/A* -7.4% 16.7% N/A
10 Yr N/A* -0.5% 13.2% N/A

* Annualized

Total Return Ranking - Calendar

Period BGHBX Return Category Return Low Category Return High Rank in Category (%)
2023 -11.9% -12.6% 19.0% 99.38%
2022 N/A -53.9% 3.7% N/A
2021 N/A -33.9% 26.0% N/A
2020 N/A -0.7% 180.6% N/A
2019 N/A 4.6% 63.8% N/A

NAV & Total Return History


BGHBX - Holdings

Concentration Analysis

BGHBX Category Low Category High BGHBX % Rank
Net Assets 15.4 M 7.41 M 47.2 B 87.04%
Number of Holdings 36 25 420 91.98%
Net Assets in Top 10 8.84 M 2.19 M 22.7 B 83.95%
Weighting of Top 10 54.66% 17.8% 78.7% 20.99%

Top 10 Holdings

  1. Shockwave Medical Inc 7.94%
  2. Moderna Inc 6.80%
  3. Dexcom Inc 5.77%
  4. Argenx SE 5.62%
  5. Genmab A/S 5.53%
  6. Edwards Lifesciences Corp 5.23%
  7. Sartorius AG 4.56%
  8. Ambu A/S 4.47%
  9. ALK-Abello A/S 4.37%
  10. Exact Sciences Corp 4.36%

Asset Allocation

Weighting Return Low Return High BGHBX % Rank
Stocks
93.51% 89.34% 106.13% 90.12%
Preferred Stocks
4.56% 0.00% 7.86% 3.70%
Cash
1.92% 0.00% 34.44% 56.17%
Other
0.00% -22.99% 23.31% 86.42%
Convertible Bonds
0.00% 0.00% 0.37% 88.54%
Bonds
0.00% 0.00% 12.39% 87.04%

Stock Sector Breakdown

Weighting Return Low Return High BGHBX % Rank
Healthcare
100.00% 59.26% 100.00% 41.40%
Utilities
0.00% 0.00% 0.00% 86.62%
Technology
0.00% 0.00% 22.69% 87.26%
Real Estate
0.00% 0.00% 5.89% 86.62%
Industrials
0.00% 0.00% 7.02% 87.26%
Financial Services
0.00% 0.00% 1.60% 91.08%
Energy
0.00% 0.00% 0.00% 86.62%
Communication Services
0.00% 0.00% 9.11% 88.54%
Consumer Defense
0.00% 0.00% 25.73% 87.90%
Consumer Cyclical
0.00% 0.00% 1.92% 87.26%
Basic Materials
0.00% 0.00% 7.16% 92.36%

Stock Geographic Breakdown

Weighting Return Low Return High BGHBX % Rank
US
69.36% 69.36% 104.41% 100.00%
Non US
24.15% 0.00% 27.72% 6.79%

BGHBX - Expenses

Operational Fees

BGHBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.66% 0.08% 4.28% 27.16%
Management Fee 0.50% 0.03% 1.25% 18.52%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.03% 0.25% N/A

Sales Fees

BGHBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

BGHBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BGHBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 0.00% 0.00% 238.00% 1.45%

BGHBX - Distributions

Dividend Yield Analysis

BGHBX Category Low Category High BGHBX % Rank
Dividend Yield 0.01% 0.00% 6.24% 95.06%

Dividend Distribution Analysis

BGHBX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Annual Annual

Net Income Ratio Analysis

BGHBX Category Low Category High BGHBX % Rank
Net Income Ratio -0.65% -2.54% 1.85% 79.35%

Capital Gain Distribution Analysis

BGHBX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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BGHBX - Fund Manager Analysis

Managers

Julia Angeles


Start Date

Tenure

Tenure Rank

Dec 28, 2021

0.42

0.4%

Julia holds a PhD in Economics from the University of Aarhus, Denmark and speaks fluent Russian and Danish. She joined Baillie Gifford in 2008. Before joining Baillie Gifford, Ms. Angeles worked as a Management Consultant at McKinsey & Company. Ms. Angeles has been part of different global and regional teams within Baillie Gifford.

Marina Record


Start Date

Tenure

Tenure Rank

Dec 28, 2021

0.42

0.4%

Marina joined Baillie Gifford in 2008 as an investment analyst. She worked in a number of global teams before joining Long Term Global Growth, where she focused on analysing companies with the potential for sustained rapid growth. It was here that Marina developed an interest in healthcare, intrigued by the accelerating pace of progress in the field. She joined the Health Innovation team in January 2018 as a Portfolio Manager, to fully focus her attention on exploring the potential consequences of such progress and how Baillie Gifford can help.

Rose Nguyen


Start Date

Tenure

Tenure Rank

Dec 28, 2021

0.42

0.4%

Rose joined Baillie Gifford in 2013 as an investment analyst. Rose worked on various regional and global strategies before joining the Health Innovation team as a Portfolio Manager. Having observed the innovations in multiple industries, she believes that the great convergence of different technologies and sciences will ultimately transform life science. Biology can move from alchemy and randomness to become a more predictable, deterministic and repeatable science, that will give rise to a plethora of exciting investment opportunities. She joined the Health Innovation team in September 2018 at

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 24.72 7.87 0.25