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Baillie Gifford

Jun 2026 · 12 funds

Our archive holds 12 letters from Baillie Gifford, behind 28 investment theses and positions in 60 companies. Every quote below is copied verbatim from the letter it came from.

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Baillie Gifford’s own letters page
12
Letters
60
Companies
29
Moves
28
Theses

12 strategies

Baillie Gifford publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

What they bought and sold · 29 moves

  • TrimmedTSMC
    June 2026
    “These new additions were funded by the reduction of holdings that have continued to perform strongly, TSMC and ASML in particular, as well as Delivery Hero and French luxury business Kering, which has been improving following some difficult years.”
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  • TrimmedSamsung Electronics
    June 2026
    “we took some profits from Samsung and TSMC to fund positions in less obvious AI beneficiaries.”
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  • New positionWärtsilä
    June 2026
    “One of them is Wärtsilä, a Finnish specialist in highly efficient multi-fuel engines.”
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  • New positionArgenx
    June 2026
    “This quarter's new buys are a case in point: MTU Aero Engines is a German provider of aircraft engine maintenance, repair and overhaul services, and Argenx is a Belgian specialist in antibody-based drugs for rare autoimmune diseases.”
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  • TrimmedASML
    June 2026
    “These new additions were funded by the reduction of holdings that have continued to perform strongly, TSMC and ASML in particular, as well as Delivery Hero and French luxury business Kering, which has been improving following some difficult years.”
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  • New positionEdwards Lifesciences
    June 2026
    “during the quarter, we took a position in Edwards Lifesciences .”
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  • New positionCullen/Frost Bankers
    June 2026
    “This quarter, that included the addition of a second bank to the portfolio, Cullen/Frost Bankers.”
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  • TrimmedKering
    June 2026
    “These new additions were funded by the reduction of holdings that have continued to perform strongly, TSMC and ASML in particular, as well as Delivery Hero and French luxury business Kering, which has been improving following some difficult years.”
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  • ExitedBioNTech
    June 2026
    “We also sold our holding in the German biotechnology company BioNTech, where the abrupt announcement of the founders' departure, including the CEO, raised governance concerns we were unable to resolve.”
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  • New positionCATL
    June 2026
    “We added three new holdings to the portfolio during the quarter: SK Hynix, Lonza and CATL.”
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  • New positionLonza
    June 2026
    “We added three new holdings to the portfolio during the quarter: SK Hynix, Lonza and CATL.”
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  • ExitedT. Rowe Price
    June 2026
    “We sold the position and have reinvested the proceeds elsewhere.”
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  • ExitedCME Group
    June 2026
    “we have moved quickly to sell the holding.”
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  • New positionSpaceX
    June 2026
    “For most clients, we initiated a small position in SpaceX this quarter at IPO, funded mainly by reducing Tesla to manage aggregate exposure to Elon Musk-led companies.”
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  • New positionMastercard
    June 2026
    “We have continued to broaden the portfolio's enduring growth exposure with new purchases in IDEXX and Mastercard.”
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  • New positionIDEXX Laboratories
    June 2026
    “We have continued to broaden the portfolio's enduring growth exposure with new purchases in IDEXX and Mastercard.”
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  • TrimmedTesla
    June 2026
    “For most clients, we initiated a small position in SpaceX this quarter at IPO, funded mainly by reducing Tesla to manage aggregate exposure to Elon Musk-led companies.”
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  • TrimmedDelivery Hero
    June 2026
    “These new additions were funded by the reduction of holdings that have continued to perform strongly, TSMC and ASML in particular, as well as Delivery Hero and French luxury business Kering, which has been improving following some difficult years.”
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  • TrimmedCME Group
    June 2026
    “we have moved quickly to sell the holding.”
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  • New positionSoftBank Group
    June 2026
    “Shortly after we initiated our position in SoftBank, it announced record profits boosted by outstanding operational performance from separately listed chip designer, Arm, and continued upward revisions in OpenAI's private valuation.”
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  • TrimmedArm
    June 2026
    “we trimmed the position, halving it to a more moderate 3 percent.”
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  • New positionMTU Aero Engines
    June 2026
    “This quarter's new buys are a case in point: MTU Aero Engines is a German provider of aircraft engine maintenance, repair and overhaul services, and Argenx is a Belgian specialist in antibody-based drugs for rare autoimmune diseases.”
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  • New positionKLA
    June 2026
    “New holding KLA provides process control equipment and services that help chip manufacturers improve production efficiency and reduce waste, water and energy intensity during semiconductor manufacturing.”
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  • TrimmedAlnylam
    June 2026
    “This company has been a long-term positive contributor, and we trimmed it three times last year following strong performance.”
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  • New positionSK Hynix
    June 2026
    “We added three new holdings to the portfolio during the quarter: SK Hynix, Lonza and CATL.”
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  • TrimmedAehr Test Systems
    June 2026
    “we materially reduced the position.”
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  • New positionBESI
    June 2026
    “that thinking has led us to new holdings, including BESI,”
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  • AddedRubrik
    June 2026
    “adding to Rubrik,”
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  • AddedPDD Holdings
    June 2026
    “During the quarter, we recycled some outperformance from selected semiconductor holdings and added to positions in attractively valued consumer names such as PDD.”
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Companies held · 60

Every company Baillie Gifford has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 28

  • Arm
    June 2026

    Arm designs low-power processor architectures that should benefit from AI-driven demand and expanding use cases beyond smartphones.

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  • TSMC
    June 2026

    TSMC operates foundries that enable semiconductor efficiency and performance gains, with strong growth and rising profitability.

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  • Edwards Lifesciences
    June 2026

    Edwards Lifesciences sells minimally invasive heart therapy devices and is the leading player in a large growing market.

    Read the full thesis
  • Schneider Electric
    June 2026

    Schneider Electric provides energy management products and services that benefit from structural demand growth in electrification and data centres.

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  • Intuit
    June 2026

    Intuit is a software company added at an attractive valuation and viewed as a long-term sustainable opportunity.

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  • Spotify
    June 2026

    Spotify is continuing to compound revenue and operating profit while AI may deepen its personalisation moat and create new monetisation opportunities.

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  • SK Hynix
    June 2026

    SK Hynix is a leading high-bandwidth memory supplier positioned to benefit from AI infrastructure bottlenecks and tight supply.

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  • ASML
    June 2026

    ASML is the sole maker of EUV lithography machines and captures a royalty-like benefit from rising AI chip demand.

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  • Lonza
    June 2026

    Lonza is a biologics-focused CDMO offering exposure to long-term growth in complex medicines with hard-to-replicate manufacturing capabilities.

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  • Contemporary Amperex Technology
    June 2026

    Contemporary Amperex Technology is a leading battery company with a cost and performance position built on scale, discipline and technology choices.

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  • Cullen/Frost Bankers
    June 2026

    Cullen/Frost Bankers is a relationship-led Texas bank with a strong deposit moat, conservative management and high-single-digit book value compounding potential.

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  • MediaTek
    June 2026

    MediaTek is a semiconductor company with a nascent custom AI chip business that is now expected to scale rapidly through Google TPU exposure.

    Read the full thesis

Letter archive · 12

2026

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