Fund Evaluator:

Baillie Gifford Global Alpha Equities I Overview

Baillie Gifford Global Alpha Equities I (BGASX) is an actively managed International Equity Global Large-Stock Growth fund. Baillie Gifford Funds launched the fund in 2017.

The investment seeks capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. It invests predominantly in a diversified portfolio of securities issued by companies located in countries represented in the MSCI ACWI Index. The fund invests in a range of companies globally. It ordinarily invests in securities of issuers located in at least three different countries.

About Baillie Gifford Global Alpha Equities I (BGASX)

There are 3 members of the management team with an average tenure of 6.03 years: Helen Xiong (2021), Michael Taylor (2025), Malcolm MacColl (2014). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: MSCI ACWI GR USD index with a weighting of 100%. Baillie Gifford Global Alpha Equities I has 94 securities in its portfolio. The top 10 holdings constitute 29.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Baillie Gifford Global Alpha Equities I is part of the Equity global asset class and is within the International Equity fund group. Baillie Gifford Global Alpha Equities I has 38.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 60.5%. There is 38.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Baillie Gifford Global Alpha Equities I has 1.4% of the portfolio in cash.

Assets Under Management

The fund has $29 million in total assets, which is below the $988 million average for the Global Large-Stock Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

BGASX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Baillie Gifford Global Alpha Equities I expense ratio is above average compared to funds in the Global Large-Stock Growth category. Baillie Gifford Global Alpha Equities I has an expense ratio of 0.74%, which is 34% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Baillie Gifford Global Alpha Equities I has a portfolio turnover rate of 30%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 47% for the Global Large-Stock Growth category.

Recently, in the month of July 2026, Baillie Gifford Global Alpha Equities I returned -1.0%, which earned it a grade of B, as the Global Large-Stock Growth category had an average return of -2.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Baillie Gifford Global Alpha Equities I has a trailing yield of 3.09%, which is above the 0.27% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Baillie Gifford Global Alpha Equities I Grades

Year to date, the fund has returned 1.8%, 4.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 5.9% over the past year (grade of D), 10.1% over the past three years (grade of D) and 1.8% per year over the past five years (grade of F) and 10.5% per year over the past 10 years (grade of F).

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