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Baillie Gifford

Jun 2026 → Sep 2026 · 15 funds

Our archive holds 33 letters from Baillie Gifford, behind 81 investment theses and positions in 149 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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33
Letters
149
Companies
95
Moves
81
Theses

15 strategies

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

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 95 moves

  • ExitedZoetis
    September 2026
    “And that's why we sold companies including Medtronic and Zoetis this quarter.”
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  • New positionLam Research
    September 2026
    “And this actually explains one of our new purchases this quarter, Lam Research.”
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  • ExitedBioNTech
    September 2026
    “That led us to exit a small number of companies whose operational progress or prospective returns had fallen short, among them German biotechnology company BioNTech and Japanese mergers and acquisitions adviser Nihon M&A.”
    Read the letter
  • AddedCRH
    September 2026
    “The additions to Nintendo and CRH rest on a similar gap between our view of their long-term prospects and the market’s shorter-term concerns.”
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  • AddedMeituan
    September 2026
    “During the quarter we also took advantage of the market pessimism to add selectively to Laopu Gold, PDD and Meituan, where share prices have fallen much further than our assessment of their long-term quality.”
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  • AddedAlphabet
    September 2026
    “And it's why we also added to Alphabet earlier in the year, as the debate around its AI investments intensified.”
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  • ExitedDelivery Hero
    September 2026
    “During the quarter, we sold holdings in Delivery Hero and Exail Technologies.”
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  • New positionCATL
    September 2026
    “Alongside these changes, we added two of the more recent additions: Lonza and CATL.”
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  • New positionSunny Optical
    September 2026
    “One new opportunity in the broader portfolio is Sunny Optical, a Chinese optical components business.”
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  • New positionCavco
    September 2026
    “By contrast, we bought Cavco, one of the leading manufacturers of factory-built homes in the US.”
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  • New positionArm
    September 2026
    “During the quarter, we initiated positions in semiconductor companies Arm and KLA.”
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  • ExitedCoursera
    September 2026
    “We also decided to sell Coursera, the online educational business, following a challenging period for the company and our view that AI increases the uncertainty around the durability of its competitive edge.”
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  • New positionAmerican Tower
    September 2026
    “More recently, we've added a new position, and that's American Tower.”
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  • AddedAmadeus
    September 2026
    “And that's why we added to Amadeus and Intuit earlier in the year.”
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  • TrimmedModerna
    September 2026
    “Learning from the past, we halved the position.”
    Read the letter
  • ExitedNihon M&A
    September 2026
    “That led us to exit a small number of companies whose operational progress or prospective returns had fallen short, among them German biotechnology company BioNTech and Japanese mergers and acquisitions adviser Nihon M&A.”
    Read the letter
  • AddedSAP
    September 2026
    “SAP’s sharp share price weakness after February’s ‘SaaSpocalypse’ gave us a good opportunity to add to the position.”
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  • AddedTotalEnergies
    September 2026
    “Finally, our aim of strengthening portfolio resilience in the face of global uncertainty led us to add to French energy company TotalEnergies and Japanese trust bank Sumitomo Mitsui Trust Group.”
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  • AddedIntuit
    September 2026
    “And that's why we added to Amadeus and Intuit earlier in the year.”
    Read the letter
  • New positionBending Spoons
    September 2026
    “With Bending Spoons, the opportunity is differentiated insight. The Italian company buys neglected software products, such as Vimeo and Airtable, and rebuilds them, making them more efficient.”
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  • ExitedHDFC Bank
    September 2026
    “In one case, reviewing a holding led us to a better one. We replaced Indian bank HDFC Bank, whose governance and execution have been disappointing, with ICICI Bank, the strongest operator among India’s private banks.”
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  • AddedConstellation Software
    September 2026
    “We used the proceeds to add to companies the market still underestimates. Canadian serial acquirer Constellation Software faces the same AI fears that weighed on SAP, and we think the market is misjudging it in the same way.”
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  • AddedDISCO
    September 2026
    “We have increased positions in DISCO, KOKUSAI, Lasertec and Besi.”
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  • AddedLasertec
    September 2026
    “We have increased positions in DISCO, KOKUSAI, Lasertec and Besi.”
    Read the letter
  • AddedKLA
    September 2026
    “During the quarter, we added to Arm and KLA, building our exposure to two high-quality businesses involved in the design and manufacture of leading-edge semiconductors.”
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  • AddedVeeva
    September 2026
    “We took an initial holding during the broad software sell-off because our analysis suggested its position within highly regulated pharmaceutical workflows, supported by deep domain expertise and longstanding customer relationships, would be harder to displace than the market implied.”
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  • New positionLonza
    September 2026
    “Alongside these changes, we added two of the more recent additions: Lonza and CATL.”
    Read the letter
  • AddedChina Construction Bank
    September 2026
    “We topped up our holdings in China Construction Bank and Yangtze Power.”
    Read the letter
  • AddedAmadeus IT Group
    September 2026
    “And that's why we added to Amadeus and Intuit earlier in the year.”
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  • TrimmedVeeva
    September 2026
    “The share price has also recovered, and we trimmed the position on strength, reflecting our valuation discipline.”
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Showing the 30 most recent of 95 recorded moves.

Companies held · 149

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

Theses · 81

  • Sunny Optical Technology
    September 2026

    Sunny Optical is an optical components company with growth opportunities extending beyond smartphones into cars, robots, AR and data centres.

    Read the full thesis
  • SpaceX
    September 2026

    SpaceX is mentioned as a beneficiary of the infrastructure build-out and a potential lasting winner.

    Read the full thesis
  • Lam Research
    September 2026

    Lam Research is bought for its role in 3D chip manufacturing, ahead-of-cycle investing, and margin expansion potential.

    Read the full thesis
  • Kokusai Electric
    September 2026

    Kokusai Electric benefits from increasing chip complexity and more demanding manufacturing processes that raise the value of its equipment.

    Read the full thesis
  • BE Semiconductor Industries
    September 2026

    BE Semiconductor Industries benefits from the rising complexity of chip manufacturing and the growing need for specialist equipment.

    Read the full thesis
  • Astera Labs
    September 2026

    Astera Labs helps data move efficiently inside AI systems, and the manager sees it evolving into an essential partner with enduring competitive advantage.

    Read the full thesis
  • Arm Holdings plc
    September 2026

    Arm Holdings plc is a high-quality semiconductor design business with attractive, resilient margins and exposure to the growing AI opportunity.

    Read the full thesis
  • KLA Corporation
    September 2026

    KLA Corporation is a high-quality leading-edge semiconductor business with attractive, resilient margins and leverage to AI-driven growth.

    Read the full thesis
  • Snowflake Inc.
    September 2026

    Snowflake Inc. is using AI products to accelerate growth, expand margins, and evolve from a database into an intelligent analytics platform.

    Read the full thesis
  • Shopify Inc.
    September 2026

    Shopify Inc. provides the e-commerce operating system for merchants and could benefit as agentic commerce becomes a major share of online shopping.

    Read the full thesis
  • Moderna, Inc.
    September 2026

    Moderna, Inc. is advancing personalized cancer treatment and demonstrating that its mRNA technology has applications beyond infectious diseases.

    Read the full thesis
  • Veeva Systems
    September 2026

    Veeva Systems offers cloud software for life sciences and is seen as durable thanks to its embedded role in regulated workflows, deep domain expertise, and sticky customer relationships.

    Read the full thesis

Showing the 48 most recent of 81 theses. Browse them by company to see the rest.

Letter archive · 33

2026

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