30/06/19 to 30/06/20 |
30/06/20 to 30/06/21 |
30/06/21 to 30/06/22 |
30/06/22 to 30/06/23 |
30/06/23 to 30/06/24 |
|
---|---|---|---|---|---|
Fund | -11.2% | 25.5% | -12.0% | 7.5% | 10.3% |
Benchmark | -13.0% | 21.5% | 1.6% | 7.9% | 13.0% |
Quarter | Annualised | |||
---|---|---|---|---|
2 2024 |
3 Years to 30/06/24 |
5 Years to 30/06/24 |
10 Years to 30/06/24 |
|
Fund | 4.0% | 1.4% | 3.1% | 5.8% |
Benchmark | 3.7% | 7.4% | 5.5% | 5.9% |
Stock | % Weight |
---|---|
ASTRAZENECA | 5.14 |
RIO TINTO | 4.02 |
BUNZL | 3.98 |
RELX | 3.78 |
UNILEVER | 3.63 |
MARKS & SPENCER GROUP P.L.C. | 3.45 |
AUTO TRADER GROUP | 3.38 |
LEGAL & GENERAL GROUP | 3.26 |
INCHCAPE | 3.15 |
HOWDEN JOINERY GROUP | 3.03 |
Total | 36.82 |
Objective: The investment strategy of the fund is to purchase units in the Baillie Gifford UK Equity Core Fund - the underlying fund.
Underlying fund objective: The objective of the fund is to invest at least 80% directly or indirectly in shares of UK companies, being those which are incorporated, domiciled or conducting a significant portion of their business in the UK. The fund will be actively managed and may invest in UK companies of any size and in any sector. The fund manager will also assess shares in companies which are directly held using a Norms-based Evaluation and will comply with the fund manager investment policy on assessing breaches of the United Nations Global Compact as outlined in the company "ESG Principles and Guidelines" document. The indirect investment will be through collective investment schemes (including those managed or operated by the ACD). The fund may also invest in companies which are listed, quoted or traded in the UK. To the extent that the fund is not fully invested directly or indirectly in shares of such companies, the fund may also invest in other transferable securities of UK companies, deposits and cash. The fund may not invest in or otherwise use derivatives.
Iain is a founding member of the Global Stewardship Team and is the lead Iain is a founding member of the Global Stewardship Team and is the lead manager of our UK Core strategy. Most recently, Iain served as Chief of Investment Staff from 2013 to 2018 and became a Partner of the firm in 2005. He initially joined Baillie Gifford in 1994 and spent five years training as an Investment Manager in the US Equities Team before joining the UK Equity Team in 1999. Iain graduated MA in Accountancy from the University of Aberdeen and subsequently trained as a Chartered Accountant.
Daily price (29/08/2024) | 455.99 |
Fund size (31/07/2024) | £8.49m |
Underlying Fund size | £225.24m |
Number of holdings | 54 |
Annual Management Charge (AMC) | Please refer to the "Fund Guide" for your specific pension plan |
Launch date | 05/04/2004 |
UK Equities | 98.34% | |
Property | 1.01% | |
Cash and Equivalents | 0.65% |
Performance as at Q2 2024 - Holdings in Wise, Burberry and Legal & General lagged during the quarter. Having no exposure to HSBC and Shell, this weighed on relative returns. Shares in the global money transfer company, Wise, fell as the management team struck a more cautious tone with their medium-term guidance. Wise’s underlying performance (adjusting for the favourable tailwind from higher interest rates) has been significantly ahead of expectations. Wise continues to invest in its winning proposition by lowering prices for customers. Whilst the slightly more conservative guidance disappointed the market, the Fund Manager believes the nervous share price reaction overlooks what is a very long runway for growth given the scale of the markets which Wise operates in and its small market share currently. The share price of the luxury fashion designer and retailer, Burberry, lagged during the period as management flagged that a slowdown in the global luxury market could weigh on its ability to meet its full-year profit guidance. The management team reiterated their commitment to achieving their longer-term revenue target. L&G (Legal & General) is one of the UK’s leading financial institutions with a notably strong position in retirement solutions. The short term volatility in the share price came in response to the new CEO’s first capital markets day presentation which outlined his plans to grow the company’s dividend by 2% rather than 5% until 2027. Shares in Hargreaves Lansdown surged after the Board received an indicative takeover offer from a private equity consortium. Having rejected the initial proposal, the consortium followed up with a revised offer of 1140p per share, valuing the company at £5.4bn. Aside from the takeover bid, the Fund Manager has continued to monitor the company’s operational progress, which has been disappointing over the past three years, and to engage on topics relevant to the long-term investment case. Auto Trader the online car marketplace delivered an excellent set of full-year results as it attracted a record number of consumers to its platform, it is now 10 times larger than its nearest classified competitor. Shares in Molten Ventures rose following an encouraging full-year trading update. After two years of operating against a challenging economic backdrop, the venture capital business reported signs of some green shoots emerging as valuations in its portfolio stabilised. The Fund Manager continues to see an abundance of significant and unrecognised potential in the portfolio. The Fund Manager sees it in long-standing holdings like Auto Trader and Ashtead which have been working successfully to expand their already substantial market opportunities and are embedding themselves ever more deeply into their customers’ businesses. Their competitive advantages are now deeper than they have ever been. We also see it in more recent purchases such as the IT service provider Kainos which enjoys multi-decade growth tailwinds from the adoption of technology by both enterprises and the public sector and where the market fails to appreciate its unique cultural strengths which makes it stand out from competitors. Despite all the doom and gloom surrounding the state of UK innovation, the look to long-standing holdings like Renishaw and Genus whose unwavering commitment to research and development spending will yield significant results in the coming decade by enabling manufacturers and farmers across the globe to solve some of their most pressing productivity and sustainability challenges. Due to investing in companies for decades, there is great trust in management. The Fund Manager is fortunate to be invested alongside some of the most accomplished leadership teams such as those at Games Workshop and Howdens whose long-term mindsets and dedication to doing the right thing have been a crucial ingredient in the enormous success both businesses have achieved over time.
Source: Baillie Gifford
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of fund charges and further costs, but take no account of any Annual Management Charge paid for by the deduction of units. Charges and further costs may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with gross income reinvested. The value of your investment can go down as well as up so you might get back less than you put in.
This factsheet is intended for the trustees, sponsors, advisers and members of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. Its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
UK Equities | 98.34% | |
Property | 1.01% | |
Cash and Equivalents | 0.65% |
Industry | Supersector | Sector | Subsector | ||
---|---|---|---|---|---|
Industrials | 26.17% | - | - | - | |
Industrial Goods & Services | - | 22.68% | - | - | |
Industrial Support Services | - | - | 6.77% | - | |
Professional Business Support Services | - | - | - | 3.00% | |
Business Training & Employment Agencies | - | - | - | 1.44% | |
Industrial Suppliers | - | - | - | 1.29% | |
Transaction Processing Services | - | - | - | 1.05% | |
General Industrials | - | - | 3.98% | - | |
Diversified Industrials | - | - | - | 3.98% | |
Industrial Engineering | - | - | 3.73% | - | |
Machinery: Construction & Handling | - | - | - | 2.41% | |
Machinery: Industrial | - | - | - | 1.32% | |
Aerospace & Defence | - | - | 3.28% | - | |
Defense | - | - | - | 3.00% | |
Aerospace | - | - | - | 0.27% | |
Industrial Transportation | - | - | 2.61% | - | |
Commercial Vehicle-Equipment Leasing | - | - | - | 2.61% | |
Electronic & Electrical Equipment | - | - | 2.31% | - | |
Electronic Equipment: Gauges & Meters | - | - | - | 2.31% | |
Construction & Materials | - | 3.49% | - | - | |
Construction & Materials | - | - | 3.49% | - | |
Building Materials: Other | - | - | - | 2.42% | |
Engineering & Contracting Services | - | - | - | 1.08% | |
Financials | 23.24% | - | - | - | |
Insurance | - | 12.41% | - | - | |
Life Insurance | - | - | 8.37% | - | |
Life Insurance | - | - | - | 8.37% | |
Non-life Insurance | - | - | 4.04% | - | |
Property & Casualty Insurance | - | - | - | 2.58% | |
Full Line Insurance | - | - | - | 1.45% | |
Financial Services | - | 7.82% | - | - | |
Investment Banking & Brokerage Services | - | - | 7.82% | - | |
Asset Managers & Custodians | - | - | - | 6.51% | |
Investment Services | - | - | - | 1.31% | |
Banks | - | 3.01% | - | - | |
Banks | - | - | 3.01% | - | |
Banks | - | - | - | 3.01% | |
Consumer Discretionary | 18.37% | - | - | - | |
Media | - | 6.28% | - | - | |
Media | - | - | 6.28% | - | |
Publishing | - | - | - | 3.78% | |
Media Agencies | - | - | - | 2.50% | |
Retail | - | 6.18% | - | - | |
Retailers | - | - | 6.18% | - | |
Specialty Retailers | - | - | - | 3.15% | |
Home Improvement Retailers | - | - | - | 3.03% | |
Consumer Products & Services | - | 4.95% | - | - | |
Household Goods & Home Construction | - | - | 2.69% | - | |
Home Construction | - | - | - | 2.69% | |
Leisure Goods | - | - | 1.31% | - | |
Toys | - | - | - | 1.31% | |
Personal Goods | - | - | 0.95% | - | |
Clothing & Accessories | - | - | - | 0.95% | |
Travel & Leisure | - | 0.96% | - | - | |
Travel & Leisure | - | - | 0.96% | - | |
Travel & Tourism | - | - | - | 0.96% | |
Consumer Staples | 11.19% | - | - | - | |
Personal Care, Drug & Grocery Stores | - | 8.30% | - | - | |
Personal Care, Drug & Grocery Stores | - | - | 8.30% | - | |
Food Retailers & Wholesalers | - | - | - | 4.67% | |
Personal Products | - | - | - | 3.63% | |
Food, Beverage & Tobacco | - | 2.90% | - | - | |
Beverages | - | - | 2.90% | - | |
Distillers & Vintners | - | - | - | 2.90% | |
Health Care | 8.18% | - | - | - | |
Health Care | - | 8.18% | - | - | |
Pharmaceuticals & Biotechnology | - | - | 8.18% | - | |
Pharmaceuticals | - | - | - | 7.56% | |
Biotechnology | - | - | - | 0.63% | |
Basic Materials | 4.02% | - | - | - | |
Basic Resources | - | 4.02% | - | - | |
Industrial Metals & Mining | - | - | 4.02% | - | |
General Mining | - | - | - | 4.02% | |
Real Estate | 3.98% | - | - | - | |
Real Estate | - | 3.98% | - | - | |
Real Estate Investment Trusts | - | - | 2.02% | - | |
Office REITs | - | - | - | 1.02% | |
Diversified REITs | - | - | - | 1.01% | |
Real Estate Investment & Services | - | - | 1.95% | - | |
Real Estate Services | - | - | - | 1.95% | |
Technology | 3.88% | - | - | - | |
Technology | - | 3.88% | - | - | |
Software & Computer Services | - | - | 3.88% | - | |
Consumer Digital Services | - | - | - | 3.38% | |
Software | - | - | - | 0.50% | |
Cash and Equivalents | 0.65% | - | - | - | |
Energy | 0.31% | - | - | - | |
Energy | - | 0.31% | - | - | |
Non-Renewable Energy | - | - | 0.31% | - | |
Oil: Crude Producers | - | - | - | 0.31% |
UK | 98.34% | |
Property | 1.01% | |
Cash and Equivalents | 0.65% |
Region | Country | ||
---|---|---|---|
UK | 98.34% | - | |
![]() |
- | 98.34% | |
Property | 1.01% | - | |
Cash and Equivalents | 0.65% | - |
Mega |
|
27.75% |
Large |
|
23.64% |
Medium |
|
39.89% |
Small |
|
7.40% |
Micro |
|
0.31% |
Non-Classified |
|
0.36% |
Cash |
|
0.65% |
Stock | % Weight | Sector | Country | |
---|---|---|---|---|
1 | ASTRAZENECA | 5.14% | Pharmaceuticals & Biotechnology | United Kingdom |
2 | RIO TINTO | 4.02% | Industrial Metals & Mining | United Kingdom |
3 | BUNZL | 3.98% | General Industrials | United Kingdom |
4 | RELX | 3.78% | Media | United Kingdom |
5 | UNILEVER | 3.63% | Personal Care, Drug & Grocery Stores | United Kingdom |
6 | MARKS & SPENCER GROUP P.L.C. | 3.45% | Personal Care, Drug & Grocery Stores | United Kingdom |
7 | AUTO TRADER GROUP | 3.38% | Software & Computer Services | United Kingdom |
8 | LEGAL & GENERAL GROUP | 3.26% | Life Insurance | United Kingdom |
9 | INCHCAPE | 3.15% | Retailers | United Kingdom |
10 | HOWDEN JOINERY GROUP | 3.03% | Retailers | United Kingdom |
UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Property | Other | Cash & Equiv | Total | |
---|---|---|---|---|---|---|---|---|---|
Technology | 3.88% | - | - | - | - | - | - | - | 3.88% |
Financials | 23.24% | - | - | - | - | - | - | - | 23.24% |
Real Estate | 2.97% | - | - | - | - | 1.01% | - | - | 3.98% |
Consumer Discretionary | 18.37% | - | - | - | - | - | - | - | 18.37% |
Consumer Staples | 11.19% | - | - | - | - | - | - | - | 11.19% |
Energy | 0.31% | - | - | - | - | - | - | - | 0.31% |
Health Care | 8.18% | - | - | - | - | - | - | - | 8.18% |
Industrials | 26.17% | - | - | - | - | - | - | - | 26.17% |
Basic Materials | 4.02% | - | - | - | - | - | - | - | 4.02% |
Cash and Equivalents | - | - | - | - | - | - | - | 0.65% | 0.65% |
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use.
This factsheet is for information purposes only. If there is information or terminology included that you would like to discuss, then please contact an adviser. Investors should refer to their policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Sedol Code | 3420188 |
Mex Code | PUPAC |
Isin Code | GB0034201888 |
Citi Code | P552 |
Annual Management Charge (AMC) | Please refer to the "Fund Guide" for your specific pension plan |
Aims | Objective: The investment strategy of the fund is to purchase units in the Baillie Gifford UK Equity Core Fund - the underlying fund. Underlying fund objective: The objective of the fund is to invest at least 80% directly or indirectly in shares of UK companies, being those which are incorporated, domiciled or conducting a significant portion of their business in the UK. The fund will be actively managed and may invest in UK companies of any size and in any sector. The fund manager will also assess shares in companies which are directly held using a Norms-based Evaluation and will comply with the fund manager investment policy on assessing breaches of the United Nations Global Compact as outlined in the company "ESG Principles and Guidelines" document. The indirect investment will be through collective investment schemes (including those managed or operated by the ACD). The fund may also invest in companies which are listed, quoted or traded in the UK. To the extent that the fund is not fully invested directly or indirectly in shares of such companies, the fund may also invest in other transferable securities of UK companies, deposits and cash. The fund may not invest in or otherwise use derivatives. |
Benchmark | FTSE All-Share Index + 1% |
ABI Sector | UK All Companies |
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
Charges and further costs may vary in the future and may be higher than they are now.
This factsheet is for information purposes only. If there is information or terminology included that you would like to discuss, then please contact an adviser. Investors should refer to their policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
These risk ratings have been developed by Prudential to help provide an indication of a fund’s potential level of risk and reward based on the type of assets which may be held by the fund. Other companies may use different descriptions and as such these risk ratings should not be considered as generic across the fund management industry.
We regularly review our fund risk ratings, so they may change in the future. If, in our view, there is a material change in the fund's level of risk, for example due to a significant change to the assets held by the fund or in the way the fund is managed, we will provide information on the new risk rating. We recommend that you make sure you understand the risk rating of any fund before you invest.
You should also consider discussing your decision and the appropriateness of a fund's risk rating with an adviser.
This factsheet is intended for the trustees, sponsors, advisers and members of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. Its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of fund charges and further costs, but take no account of any Annual Management Charge paid for by the deduction of units. Charges and further costs may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with gross income reinvested. The value of your investment can go down as well as up so you might get back less than you put in.
This factsheet is intended for the trustees, sponsors, advisers and members of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. Its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Prudential is a trading name of Prudential Pensions Limited. Prudential Pensions Limited is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 992726. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.