Baillie Gifford Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

Baillie Gifford, the Edinburgh-based investment management partnership, has long been regarded as one of the most sophisticated and patient "growth" investors in the global financial landscape. As of the first quarter of 2026, the institution manages a reported 13F portfolio valued at approximately $97.89 billion . This scale places Baillie Gifford in an elite tier of institutional investors, yet its psychological portrait is not one of a cautious behemoth, but rather that of a disciplined visionary. Their investment philosophy is famously centered on "Actual Investing," a term they use to distinguish their long-term, fundamental-driven approach from the short-termism and "renting" of stocks that characterizes much of the modern asset management industry.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The combined weight of the top three sectors— Consumer Discretionary, Technology, and Communication Services—amounts to a staggering 67.93% . This indicates a highly focused investment philosophy. Baillie Gifford is essentially betting two-thirds of its 13F assets on the continued digital transformation of global society. This concentration suggests a belief that the "old economy" sectors like Utilities, Materials, and Energy (which combined represent less than 5% of the portfolio) offer insufficient growth prospects to meet their ambitious return targets.

From this allocation, we can infer that Baillie Gifford remains relatively unfazed by short-term inflationary pressures or interest rate fluctuations. Their heavy leaning toward growth sectors suggests a belief that truly innovative companies can outgrow any macro headwinds. They are not positioning for a defensive, low-growth environment; rather, they are positioned for a world where technological deflation and innovation-led productivity gains are the dominant forces. The relatively low exposure to Financials (8.00%) and Energy (1.85%) further confirms that they are not looking to play the "reopening" or "commodity cycle" trades, but are staying true to their growth-first mandate.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

NVDA remains the undisputed crown jewel of the Baillie Gifford portfolio, occupying 7.26% of the total assets. This is a classic "conviction holding." Despite a 7.11% reduction in the number of shares held this quarter, the position's weight actually increased from 6.8% to 7.26%. This phenomenon is a clear indicator of passive weight appreciation driven by stock price outperformance . Baillie Gifford is practicing disciplined "profit-taking" by trimming the position size, yet they are allowing the remaining "house money" to continue riding the AI wave. Their motivation here is likely risk management; as NVDA’s valuation balloons, trimming helps prevent the stock from becoming an oversized risk to the total portfolio. Fundamentally, they remain bullish on NVDA’s role as the primary architect of the AI era, but they are wary of over-concentration.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The most significant addition by dollar value this quarter was BAP (Credicorp Ltd.) , with an estimated $439.5 million deployed. This represents a massive 90.49% increase in their position. This is a classic "valuation trough mining" combined with a "macro recovery bet." Credicorp is the dominant financial services group in Peru. By nearly doubling their stake, Baillie Gifford is signaling a strong conviction in the stabilization of the Peruvian economy and the long-term growth of financial inclusion in the Andean region. BAP offers a rare combination of high return on equity (ROE) and a dominant market position, trading at valuations that Baillie Gifford likely considers "distressed" relative to its long-term compounding potential. This move significantly increases the portfolio's exposure to high-quality emerging market financials.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The most dramatic reduction this quarter was in NFLX (Netflix, Inc.) , where Baillie Gifford slashed its position by 40.97% , cashing out an estimated $1.45 billion . This is a "high amount + high weight" move that qualifies as a strategic retreat . Despite Netflix’s continued dominance, Baillie Gifford may believe that the "easy growth" phase for streaming is over. With increasing competition and the shift toward ad-supported tiers, the long-term margin profile and subscriber growth trajectory may no longer meet their stringent "outlier" criteria. This move suggests a judgment that capital can be more productively deployed in higher-growth, less-contested verticals like Indian travel (MMYT) or Latin American fintech (NU).

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The logic chain is clear: 1. Sold What : Trimmings in NVDA, MSFT, and NFLX; complete exits in CRM and FTAI. 2. Why Sell : To realize gains from mature, high-valuation "consensus" winners and reduce over-concentration in US mega-caps. 3. Bought What : Massive additions in BAP, MMYT, AXON, and IOT. 4. Why Buy : To capture accelerating growth in the "Global South" and specialized software niches that are still in the early stages of their S-curve. 5. Overall Result : A portfolio that is more geographically diverse, more focused on "undiscovered" growth, and less dependent on the continued multiple expansion of the "Magnificent Seven."

Baillie Gifford’s operations are governed by a unique set of objectives. They are a private partnership with a multi-decade time horizon and a high tolerance for volatility. An individual investor with a shorter time frame or lower risk appetite might find Baillie Gifford’s "growth at any price" philosophy or its heavy emerging market exposure to be unsuitably risky. Their "moonshot" approach means they expect some of their 270 stocks to go to zero—a risk that most retail investors cannot afford.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.