Baillie Gifford
Baillie Gifford US Equity Growth
US Mega-cap Growth
Jun 2026 → Sep 2026
Our archive holds 4 letters from this strategy, behind 13 investment theses and positions in 21 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in a year · follow all of Baillie Gifford for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · US Growth Composite (net)
- YTD−6.7%index +15.7%
- 1Y−6.7%index +15.7%
- 5Y · /yr−2.8%index +13.8%
- 10Y · /yr+14.5%index +15.3%
Index: S&P 500 Index
| YTD | 1Y | 5Yper year | 10Yper year | |
|---|---|---|---|---|
| Baillie Gifford US Equity Growth | −6.7% | −6.7% | −2.8% | +14.5% |
| S&P 500 Index | +15.7% | +15.7% | +13.8% | +15.3% |
Calendar years
- 2025+31.7%index +17.6%
- 2024+39.7%index +36.4%
- 2023+17.5%index +21.6%
- 2022−57.1%index −15.5%
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
During the quarter, we initiated positions in semiconductor companies Arm and KLA.
Learning from the past, we halved the position.
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.
During the quarter, we initiated positions in semiconductor companies Arm and KLA.
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.
We funded this mostly by reducing Tesla, to manage exposure to Elon Musk companies, and kept the position at starter size, taking some profits after the stock surged in the days following IPO.
We have continued to broaden the portfolio's enduring growth exposure with new purchases in IDEXX and Mastercard.
- New positionSpaceXJun 2026
For most clients, we also initiated a small position in SpaceX at IPO, after holding the company privately in our UK closed-ended fund since 2018.
We have continued to broaden the portfolio's enduring growth exposure with new purchases in IDEXX and Mastercard.
In April, we bought Broadcom.
Also held
Its investment theses
- Arm Holdings plcSep 2026Arm Holdings plc is a high-quality semiconductor design business with attractive, resilient margins and exposure to the growing AI opportunity.
- KLA CorporationSep 2026KLA Corporation is a high-quality leading-edge semiconductor business with attractive, resilient margins and leverage to AI-driven growth.
- Snowflake Inc.Sep 2026Snowflake Inc. is using AI products to accelerate growth, expand margins, and evolve from a database into an intelligent analytics platform.
- Shopify Inc.Sep 2026Shopify Inc. provides the e-commerce operating system for merchants and could benefit as agentic commerce becomes a major share of online shopping.
- Moderna, Inc.Sep 2026Moderna, Inc. is advancing personalized cancer treatment and demonstrating that its mRNA technology has applications beyond infectious diseases.
- Arm HoldingsSep 2026Arm Holdings should gain importance as computing becomes more specialized and energy efficiency matters more, deepening its competitive advantage over time.
- KLA CorporationSep 2026KLA Corporation should benefit as chip manufacturing becomes more complex and defect tolerance falls, strengthening its competitive position over time.
- Shopify Inc.Sep 2026Shopify is positioned to benefit as commerce shifts toward agentic shopping because its rails, merchant relationships, and adaptable leadership can compound in that future.
- BroadcomJun 2026Broadcom has become a critical custom AI silicon provider with deep hyperscaler relationships and a management team that has positioned the company to benefit from the AI buildout.
- SpaceXJun 2026SpaceX has built a vertically integrated space platform whose innovation pace and launch leadership create an extraordinary competitive position and moat.