Monitoring Baillie Gifford’s 13F Portfolio – This fall 2023 Replace

This text is a part of a collection that gives an ongoing evaluation of the modifications made to Baillie Gifford’s 13F portfolio on a quarterly foundation. It’s based mostly on their regulatory 13F Type filed on 01/26/2024. Please go to our Monitoring Baillie Gifford 13F Portfolio collection to get an thought of their funding philosophy and our final replace for the fund’s strikes throughout Q3 2023. The 13F securities characterize roughly 40% of their total Property Underneath Administration. The portfolio is diversified with round 300 13F securities. 50 of these positions are considerably massive (greater than ~0.5% of the portfolio) and they’re the main target of this text.

This quarter, Baillie Gifford’s 13F portfolio worth elevated from ~$110B to ~$126B. The highest three holdings are at ~17% whereas the highest 5 holdings are near ~26% of the 13F belongings: MercadoLibre, NVIDIA, Amazon.com, PDD Holdings, and Shopify.

Observe: Though the next positions are actually small in comparison with the general dimension of the portfolio, it’s important that they’ve sizable possession stakes: 10x Genomics (TXG), AbCellera Biologics (ABCL), Adaptimmune Therapeutics (ADAP), Akili Inc. (AKLI), American Superconductor (AMSC), Appian Company (APPN), Axon Enterprise (AXON), Broadridge Monetary (BR), Certara (CERT), Chegg (CHGG), Cellectis (CLLS), Copa Holdings (COPA), Coursera (COUR), Codexis (CDXS), Denali Therapeutics (DNLA), Digimarc (DMRC), EverQuote (EVER), Gingko Bioworks (DNA), HashiCorp (HCP), Howard Hughes Corp (HHC), Joby Aviation (JOBY), Jumia Applied sciences (JMIA), Lemonade (LMND), Mobileye (MBLY), NuCana Inc. (NCNA), Nanobiotix (NBTX), Oddity Tech (ODD), Pacira Biosciences (PCRX), Recursion Pharma (RXRX), Redfin Inc. (RDFN), Remitly World (RELY), Sana Biotech (SANA), SiteOne (SITE), Sprout Social Inc. (SPT), Staar Surgical (STAA), Sweetgreen (SG), Teladoc (TDOC), Tencent Music Leisure (TME), Upwork (UPWK), Warby Parker (WRBY), Wayfair Inc. (W), YETI Holdings (YETI), and Zillow Group (Z).

Stake Will increase:

PDD Holdings Inc. (PDD): PDD is a 4.40% of the portfolio stake constructed over the three years by means of 2021 at costs between ~$19 and ~$197. There was a ~11% stake enhance throughout Q2 2023 and that was adopted by a ~15% enhance final quarter at costs between ~$68 and ~$103. This quarter additionally noticed a ~6% enhance. The inventory at the moment trades at ~$142.

Shopify Inc. (SHOP): The ~4% of the portfolio SHOP stake was constructed within the 2017-2019 timeframe at very low costs. Since then, the place had seen minor trimming. The final three quarters of 2022 noticed a one-third stake enhance at costs between ~$26 and ~$73. The inventory at the moment trades at $81.55. The previous few quarters noticed minor trimming whereas this quarter there was a marginal enhance.

Observe: they’ve a 5.32% possession stake within the enterprise.

Moderna Inc. (MRNA): A small place in MRNA was established in Q1 2020. H2 2020 noticed the place constructed to over 24M shares at costs between ~$58 and ~$157. Subsequent quarter noticed one other ~85% stake enhance at costs between ~$105 and ~$184. Since then, the exercise has been minor. The inventory at the moment trades at ~$102 and the highest 5 stake is at 3.60% of the portfolio.

Coupang Inc. (CPNG): CPNG had an IPO in Q1 2021. Shares began buying and selling at ~$48 and at the moment go for $14.53. The 1.87% of the portfolio stake was constructed over the 5 quarters by means of Q1 2022 at costs between ~$17.50 and ~$48.50. The place was elevated by 22% this quarter at costs between $15.17 and $18.11.

Atlassian Corp (TEAM): The 1.66% TEAM stake was elevated by 21% this quarter at costs between $170.84 and $245.05. The inventory at the moment trades at ~$248.

Meta Platforms (META) and SEA Ltd. (SE): The 1.5% stake in META was elevated by 12% final quarter at costs between ~$283 and ~$325. That was adopted by a ~25% enhance this quarter at costs between ~$288 and ~$358. The inventory at the moment trades at ~$394. The small 1.10% place in SE was elevated by 20% final quarter at costs between ~$35 and ~$67. This quarter noticed one other 31% enhance at costs between $35.11 and $46.69. The inventory is now at $39.57.

Observe: they’ve a ~6.5% possession stake in SEA Ltd.

Analog Gadgets (ADI), BioNTech (BNTX), Doordash (DASH), Elastic (ESTC), Elevance Well being (ELV), HDFC Financial institution ADR (HDB), and Ryanair ADR (RYAAY): These small (lower than ~1.2% of the portfolio every) stakes had been elevated throughout the quarter.

Observe: They’ve important possession stakes in Doordash, Elastic, Elevance Well being, and Ryanair.

Stake Decreases:

MercadoLibre Inc. (MELI): MELI place goes again to 2010 when a 2.25M share stake was constructed at costs between ~$35 and ~$73. The place dimension peaked at 6.56M shares in 2014. The stake enhance occurred at costs between ~$60 and ~$140. The 2 years by means of Q2 2023 noticed a ~39% enhance at costs between ~$635 and ~$1946. The inventory at the moment trades at ~$1796. It’s now the biggest 13F place at 6.7% of the portfolio. There was a ~11% trimming this quarter.

Observe: they’ve a ~11% possession stake within the enterprise.

NVIDIA Inc. (NVDA): A big stake in NVDA was first bought in 2016 at costs as much as ~$28. The place has seen periodic promoting since. Current exercise follows. The six quarters by means of Q2 2022 noticed a ~20% discount at costs between ~$125 and ~$330. That was adopted by a 12% promoting final quarter at costs between ~$409 and ~$494. The inventory at the moment trades at ~$610 and the stake is now the second largest at ~5.40% of the portfolio. There was marginal trimming this quarter.

Amazon.com Inc. (AMZN): AMZN stake was a really small place bought in 2004. The interval by means of 2009 noticed a big place constructed at very low costs. Since 2014, the place has seen promoting. Current exercise follows. 2020 noticed a one-third discount at costs between ~$89 and ~$170. The six quarters by means of Q2 2022 had seen one other ~40% promoting at costs between ~$102 and ~$187. The inventory is now at ~$159. It’s nonetheless a top-three stake at 4.90% of the portfolio. The final 4 quarters noticed minor will increase whereas this quarter there was marginal trimming.

Tesla Motors (TSLA): The TSLA stake was first bought in 2013 at very low costs. The interval by means of 2019 noticed the unique place nearly triple at costs as much as ~$28. There was minor trimming within the subsequent two quarters and that was adopted with a ~55% promoting in H2 2020 at costs between ~$81 and ~$235. The final twelve quarters have seen one other ~85% discount at costs between ~$109 and ~$407. The inventory at the moment trades at ~$183 and it’s nonetheless a pretty big stake is at 3.68% of the portfolio. They’re harvesting positive factors.

Spotify Inc. (SPOT): The unique SPOT place goes again to a Sequence G funding spherical in 2015 when the corporate was valued at ~$8B. That they had an IPO in 2018. Shares began buying and selling at ~$150 and at the moment go for ~$214. H2 2019 noticed a ~25% stake enhance at costs between ~$112 and ~$157. That was adopted with a ~27% enhance over the three quarters by means of Q3 2022 at costs between ~$86 and ~$244. The final 5 quarters noticed minor trimming.

Observe: they’ve a ~11.9% possession stake within the enterprise.

The Commerce Desk (TTD): The two.34% TTD place was first bought within the 2018-2019 timeframe at costs as much as ~$28. H1 2021 noticed a ~80% stake enhance at costs between ~$52 and ~$90. The three quarters by means of Q3 2022 had seen a ~16% trimming. The inventory at the moment trades at ~$68. The final 4 quarters noticed solely minor changes whereas this quarter there was a ~8% trimming.

Observe: they’ve a ~9% possession stake within the enterprise.

Cloudflare Inc. (NET): The ~2% NET stake was bought throughout Q2 and Q3 2020 at costs between ~$21 and ~$42. The three quarters by means of Q2 2022 noticed a ~19% promoting whereas the following two quarters noticed a ~10% enhance. There was a ~23% stake enhance throughout Q2 2023 at costs between ~$41 and ~$71. The inventory at the moment trades at ~$80. The final two quarters noticed marginal trimming.

Observe: they’ve a ~11% possession stake within the enterprise.

Netflix Inc. (NFLX): NFLX is a 1.87% of the portfolio stake established within the 2015-2016 timeframe at costs as much as ~$130. There was a ~20% trimming over the 2 years by means of Q1 2023. That was adopted by a ~15% discount subsequent quarter at costs between ~$318 and ~$445. The inventory at the moment trades at ~$570. The final two quarters noticed a ~15% additional promoting.

Ferrari NV (RACE): RACE was a ~18M shares stake that was established in 2016 at costs between $34 and $58. The interval by means of 2020 noticed the stake diminished to ~13.5M shares at increased costs. There was a ~15% promoting in Q2 2021 at costs between ~$199 and ~$217. The three quarters by means of Q1 2023 noticed one other ~30% discount at costs between ~$180 and ~$270. The inventory at the moment trades at ~$340. There was minor trimming within the final three quarters.

DexCom Inc. (DXCM): A small stake in DXCM was first bought in 2012. The stake remained small until 2016 when a considerable ~6.1M share place was constructed within the low-20s worth vary. The interval by means of 2019 noticed the stake diminished to ~4.8M shares by means of periodic promoting. Current exercise follows. There was a ~30% stake enhance in This fall 2020 at costs between ~$79 and ~$103. This fall 2021 noticed a ~16% discount at costs between ~$130 and ~$163. The inventory at the moment trades at ~$122. The final a number of quarters have seen minor trimming.

Alnylam Pharma (ALNY): The majority of the ~1% of the portfolio stake in ALNY was inbuilt 2019 at costs between ~$69 and ~$124. The inventory at the moment trades at ~$180. The final two years noticed minor trimming.

Illumina Inc. (ILMN): The ILMN stake goes again over a decade to 2011 when a big 13.5M shares stake was constructed at costs between ~$25 and ~$75 per share. The interval by means of 2020 noticed a ~50% stake enhance by means of incremental shopping for at increased costs. There was a ~30% promoting within the three quarters by means of Q2 2023 at costs between ~$189 and ~$243. That was adopted by a ~25% discount final quarter at costs between ~$129 and ~$192. The stake was decreased by 50% this quarter at costs between ~$93 and ~$143. The inventory at the moment trades at ~$141.

Superior Micro Gadgets (AMD), Alphabet Inc. (GOOG), Affirm Holdings (AFRM), J Gallagher & Co (AJG), BeiGene Ltd. (BGNE), CoStar Group (CSGP), Duolingo (DUOL), DataDog (DDOG), Intuitive Surgical (ISRG), Martin Marietta Supplies (MLM), Moody’s Corp (MCO), Microsoft Corp (MSFT), Mastercard Inc. (MA). NIO Inc. (NIO), NU Holdings (NU), Petrobras Brasileiro (PBR), Roblox Inc. (RBLX), Snowflake (SNOW), Samsara (IOT). Service Corp Worldwide (SCI), TSMC ADR (TSM), Wix.com (WIX), Watsco Inc. (WSO), and Workday Inc. (WDAY): These small (lower than ~1.5% of the portfolio every) stakes had been decreased throughout the quarter.

Observe: they’ve important possession stakes in Affirm Holdings, Duolingo, Samsara, and Wix.com.

The spreadsheet under highlights modifications to Baillie Gifford’ 13F holdings in This fall 2023:

Supply: John Vincent. Knowledge constructed from Baillie Gifford’ 13F filings for Q3 2023 and This fall 2023.

Editor’s Observe: This text discusses a number of securities that don’t commerce on a significant U.S. alternate. Please pay attention to the dangers related to these shares.