Baillie Gifford

Q2 2014 13F

As of: Jun 30, 2014
Filed: Aug 1, 2014
US stock: $46.3B · prev $42.5B
Positions: 204 · prev 204
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves163 since the prior filing

+5.3 pp in · −5.2 pp out

New 8 +3.36 pp
Added 106 +1.93 pp
Trimmed 41 −4.26 pp
Exited 8 −0.96 pp

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.6 years per position

Low
Moderate
High

Top 5 positions29% of US stock

BIDU Baidu, Inc. added+1.79 pp added+1.7910.7%
AMZN Amazon.Com Inc added−0.13 pp added−0.137.4%
ILMN Illumina Inc trimmed+0.14 pp trimmed+0.144.9%
META Meta Platforms, Inc. Class A added+0.13 pp added+0.132.9%
GOOG Alphabet Inc. Class C new+2.85 pp new+2.852.9%

Positions204 in this filing · 8 exited


BIDUBaidu, Inc.	10.68%	26,466,935	$4.9B	added+7%	+1.79 pp	5 q
AMZNAmazon.Com Inc	7.44%	10,599,093	$3.4B	added+11%	−0.13 pp	5 q
ILMNIllumina Inc	4.92%	12,741,317	$2.3B	trimmed−7%	+0.14 pp	5 q
METAMeta Platforms, Inc. Class A	2.88%	19,832,383	$1.3B	added+2%	+0.13 pp	5 q
GOOGAlphabet Inc. Class C	2.85%	2,291,672	$1.3B	new	+2.85 pp	new
unresolvedGoogle Inc.	2.79%	2,207,609	$1.3B	added0%	−2.99 pp	5 q
TSLATesla, Inc.	2.76%	5,326,528	$1.3B	added+34%	+0.80 pp	5 q
EBAYeBay Inc	2.62%	24,268,605	$1.2B	trimmed−8%	−0.82 pp	5 q
ISRGIntuitive Surgical Inc.	2.25%	2,532,492	$1.0B	added+1%	−0.33 pp	5 q
CRMSalesforce, Inc.	2.15%	17,110,175	$994M	trimmed−3%	−0.23 pp	5 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.01%	43,460,073	$930M	added+28%	+0.41 pp	5 q
TRIPTripAdvisor, Inc.	1.98%	8,446,338	$918M	added+5%	+0.26 pp	5 q
AAPLApple Inc.	1.73%	8,613,771	$800M	trimmed−36%	−0.70 pp	5 q
CTRPTrip.com Group Limited	1.63%	11,778,329	$754M	added+3%	+0.27 pp	5 q
unresolvedWhole Foods Market	1.63%	19,504,004	$753M	added+2%	−0.66 pp	5 q
RCLRoyal Caribbean Group	1.58%	13,143,518	$731M	added+3%	−0.06 pp	5 q
HOGHarley-Davidson, Inc.	1.48%	9,810,868	$685M	added+8%	+0.05 pp	5 q
MELIMercado Libre, Inc	1.36%	6,601,121	$630M	added+23%	+0.16 pp	5 q
EOGEOG Resources, Inc.	1.34%	5,324,680	$622M	added+2%	+0.13 pp	5 q
unresolvedNew Oriental Ed & Tech Grp I	1.33%	23,196,431	$616M	added0%	−0.27 pp	5 q
FRCBFirst Republic Bk CA	1.30%	10,950,966	$602M	added+6%	−0.01 pp	5 q
unresolvedLinkedin Corp Cl A	1.29%	3,483,328	$597M	added+39%	+0.20 pp	5 q
AMTTd Ameritrade Holding Corp	1.25%	18,422,087	$578M	added+4%	−0.16 pp	5 q
MKLMarkel Group Inc.	1.24%	873,569	$573M	added+7%	+0.10 pp	5 q
unresolvedWellpoint Inc	1.21%	5,211,915	$561M	added+72%	+0.50 pp	5 q
MTBM&T Bank Corp.	1.20%	4,472,571	$555M	added+7%	+0.01 pp	5 q
BAPCredicorp LTD	1.17%	3,474,944	$540M	trimmed−10%	−0.08 pp	5 q
MCOMoody's Corporation	1.16%	6,139,153	$538M	added+1%	+0.03 pp	5 q
ITUBItau Unibanco Holding S.A.	1.12%	36,090,649	$519M	added+4%	+0.01 pp	5 q
SGENSeagen Inc.	1.08%	13,076,781	$500M	added+2%	−0.30 pp	5 q
SSYSStratasys Inc (ISRAEL)	0.94%	3,815,827	$434M	added+70%	+0.38 pp	5 q
UPLUltra Petroleum Corp	0.92%	14,361,475	$426M	added+8%	+0.08 pp	5 q
unresolvedRyanair Holdings PLC ADR	0.91%	7,509,970	$419M	added+1%	−0.12 pp	5 q
EMBJEmbraer S.A.	0.90%	11,391,157	$415M	added+11%	+0.04 pp	5 q
AXPAmerican Express Company	0.83%	4,053,967	$385M	added+20%	+0.12 pp	4 q
CLColgate-Palmolive Company	0.80%	5,430,693	$370M	added×2.5	+0.47 pp	5 q
KMXCarMax Inc.	0.75%	6,712,653	$349M	added+1%	+0.02 pp	5 q
MYGNMyriad Genetics Inc	0.74%	8,785,503	$342M	added+1%	+0.04 pp	4 q
WDAYWorkday, Inc. Class A	0.72%	3,684,906	$331M	added×9.2	+0.63 pp	5 q
FLIRFLIR Systems, Inc. (DE)	0.70%	9,313,203	$323M	added+3%	−0.07 pp	5 q
SPLKSplunk Inc	0.70%	5,856,040	$324M	added+14%	−0.16 pp	3 q
VVISA Inc.	0.68%	1,486,153	$313M	trimmed−1%	−0.08 pp	5 q
DLBDolby Laboratories, Inc.Class A	0.67%	7,227,080	$312M	added+1%	−0.08 pp	5 q
MLMMartin Marietta Materials	0.65%	2,292,260	$303M	added+10%	+0.02 pp	5 q
XLNXXilinx Inc	0.65%	6,388,454	$302M	trimmed−4%	−0.20 pp	5 q
MAMastercard Incorporated	0.63%	3,981,751	$293M	trimmed−1%	−0.07 pp	5 q
NYCBFlagstar Bank, National Association	0.63%	18,329,774	$293M	added+1%	−0.06 pp	5 q
WATWaters Corp	0.63%	2,801,309	$293M	trimmed−1%	−0.09 pp	5 q
DISThe Walt Disney Company	0.62%	3,367,120	$289M	trimmed−29%	−0.27 pp	5 q
unresolvedMindray Medical International ADR	0.61%	8,979,679	$283M	trimmed−0%	−0.07 pp	5 q
LECOLincoln Electric Holdings Inc	0.59%	3,934,590	$275M	added+1%	−0.07 pp	5 q
QCOMQualcomm Inc	0.59%	3,429,416	$272M	trimmed−0%	−0.05 pp	4 q
RBARB Global, Inc.	0.59%	11,063,033	$273M	added+2%	−0.03 pp	5 q
CXCemex S.A.B. de C.V.	0.58%	20,209,121	$267M	added+4%	0.00 pp	5 q
TERTeradyne, Inc.	0.56%	13,179,661	$258M	added+1%	−0.05 pp	5 q
TWTRTwitter, Inc.	0.55%	6,223,181	$255M	added+10%	−0.07 pp	3 q
PXGBXPraxair Inc	0.49%	1,690,162	$225M	added+4%	−0.01 pp	5 q
JNJJohnson & Johnson	0.48%	2,114,753	$221M	added+17%	+0.06 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	0.46%	1,670,435	$211M	added+10%	+0.01 pp	5 q
DEDeere & Company	0.35%	1,799,561	$163M	added0%	−0.03 pp	5 q
unresolvedYouku Inc ADR	0.35%	6,716,616	$160M	added0%	−0.09 pp	5 q
SQMSociedad Quimica y Minera de Chile SA	0.33%	5,288,718	$155M	added+1%	−0.06 pp	5 q
HHCThe Howard Hughes Corporation	0.32%	928,300	$147M	added×7.5	+0.28 pp	2 q
unresolvedQiagen N.V	0.31%	5,817,688	$142M	added+3%	+0.03 pp	5 q
unresolvedKraft Foods Group Inc	0.30%	2,324,991	$139M	added+13%	+0.03 pp	5 q
UPSUnited Parcel Service, Inc. Class B	0.30%	1,372,098	$141M	added+31%	+0.06 pp	5 q
unresolvedVale S.A. PFD	0.30%	11,627,000	$138M	added+1%	−0.04 pp	5 q
USBU.S. Bancorp	0.29%	3,086,445	$134M	added+25%	+0.04 pp	5 q
MTDMettler-Toledo International	0.28%	518,812	$131M	added+7%	+0.01 pp	5 q
IBNICICI Bank Limited	0.27%	2,468,020	$123M	trimmed−1%	+0.01 pp	5 q
unresolvedCoca Cola Enterprises Inc Ne	0.26%	2,491,609	$119M	added+11%	+0.01 pp	5 q
BF.BBrown-Forman Corporation Class B	0.25%	1,233,585	$116M	added+5%	0.00 pp	5 q
9990302DApache Corp	0.24%	1,100,872	$111M	added+19%	+0.06 pp	5 q
WSOWatsco, Inc.	0.23%	1,017,246	$105M	added+38%	+0.06 pp	5 q
DNOWDNOW Inc.	0.21%	2,655,527	$96M	new	+0.21 pp	new
AMXNAmerica Movil-spn ADR Cl L	0.20%	4,363,104	$91M	trimmed−5%	−0.02 pp	5 q
DHRDanaher Corporation	0.20%	1,194,242	$94M	trimmed−1%	−0.01 pp	5 q
ARCOArcos Dorados Holdings Inc.	0.20%	8,252,596	$92M	added+5%	+0.01 pp	5 q
CVECenovus Energy Inc.	0.19%	2,711,236	$88M	added+3%	+0.01 pp	5 q
JDJD.com, Inc.	0.19%	3,136,400	$89M	new	+0.19 pp	new
PGRProgressive Corporation	0.19%	3,442,735	$87M	trimmed−44%	−0.16 pp	5 q
TDCTeradata Corporation	0.19%	2,179,760	$88M	added+4%	−0.05 pp	5 q
PFEPfizer Inc.	0.18%	2,795,761	$83M	trimmed−39%	−0.17 pp	5 q
ALNYAlnylam Pharmaceuticals, Inc.	0.16%	1,190,930	$75M	added+11%	−0.01 pp	5 q
MKTXMarketAxess Holdings Inc.	0.16%	1,342,016	$73M	added×2.0	+0.07 pp	5 q
unresolvedMonsanto Co	0.15%	541,259	$68M	added+90%	+0.07 pp	5 q
PEPPepsiCo, Inc.	0.15%	756,027	$68M	trimmed−81%	−0.65 pp	5 q
PSMTPricesmart Inc	0.15%	819,432	$71M	added+1%	−0.04 pp	5 q
SOHUNSohu.com Inc	0.14%	1,118,097	$65M	trimmed−1%	−0.03 pp	5 q
NBISNebius Group N.V. Class A	0.14%	1,778,500	$63M	added×3.7	+0.11 pp	2 q
ORCLOracle Corp	0.13%	1,469,563	$60M	added×5.3	+0.10 pp	4 q
CPACopa Holdings, S.A.	0.13%	408,909	$58M	trimmed−17%	−0.04 pp	5 q
LTMLATAM Airlines Group S.A.	0.11%	3,807,962	$51M	trimmed−0%	−0.03 pp	2 q
unresolvedLinear Technology Group	0.11%	1,111,383	$52M	added+27%	+0.01 pp	5 q
unresolvedZillow	0.11%	353,672	$51M	trimmed−11%	+0.03 pp	5 q
ADIAnalog Devices, Inc.	0.10%	890,146	$48M	added+32%	+0.02 pp	5 q
TJXTJX Companies, Inc. (The)	0.10%	836,660	$44M	added+5%	−0.01 pp	5 q
IDXXIdexx Laboratories Inc	0.09%	316,624	$42M	added×3.0	+0.06 pp	5 q
unresolvedIHS Inc 'A'	0.09%	298,562	$41M	trimmed−4%	0.00 pp	5 q
MCDMcDonald's Corporation	0.09%	411,464	$41M	added+21%	+0.01 pp	5 q
ROKRockwell Automation, Inc.	0.09%	333,953	$42M	added+12%	0.00 pp	5 q
BXKBancolombia S.a.-spons ADR	0.08%	679,603	$39M	added0%	−0.01 pp	2 q
GHDXGenomic Health, Inc.	0.08%	1,394,108	$38M	added+4%	0.00 pp	5 q
unresolvedBurger King Worldwide Inc	0.07%	1,150,900	$31M	trimmed−2%	0.00 pp	5 q
IRBTiRobot Corporation	0.07%	823,100	$34M	trimmed−11%	−0.02 pp	5 q
MSFTMicrosoft Corp	0.07%	734,334	$31M	added+20%	+0.01 pp	5 q
JFRNuveen Floating Rate Income Fund	0.07%	2,750,000	$33M	held	—	3 q
unresolvedPriceline Grp Inc	0.07%	27,858	$34M	trimmed−3%	−0.01 pp	5 q
unresolvedNorth Atlantic Drilling	0.07%	2,860,128	$30M	added+2%	+0.01 pp	2 q
CSLTCastlight Health, Inc.	0.06%	1,794,820	$27M	added×4.2	+0.04 pp	2 q
CCUCompania Cervecerias Unidas S.A.	0.06%	1,280,596	$30M	trimmed−0%	−0.01 pp	4 q
EFTEaton Vance Floating-Rate Income Trust	0.06%	1,872,000	$28M	added0%	−0.01 pp	3 q
unresolvedFinancial Engines	0.06%	659,900	$30M	added+63%	+0.01 pp	2 q
IMAXImax Corp	0.06%	961,610	$27M	trimmed−17%	−0.01 pp	5 q
AWRAmerican States Water Company	0.05%	710,000	$24M	held	—	4 q
AWKAmerican Water Works Company, Inc	0.05%	500,000	$25M	held	—	4 q
AMATApplied Materials Inc	0.05%	1,019,933	$23M	held	—	3 q
unresolvedAqua America	0.05%	907,500	$24M	held	—	4 q
CWTCalifornia Water Service	0.05%	970,000	$23M	held	—	4 q
INFYInfosys Limited	0.05%	410,800	$22M	held	—	2 q
PMPhilip Morris International Inc.	0.05%	272,709	$23M	added+11%	0.00 pp	5 q
PLXProtalix BioTherapeutics, Inc.	0.05%	6,407,588	$23M	added+9%	−0.01 pp	5 q
unresolvedSolarCity Corp	0.05%	312,900	$22M	new	+0.05 pp	new
unresolvedZulily Inc	0.05%	572,100	$23M	held	—	3 q
BGTBlackRock Floating Rate Income Trust	0.04%	1,150,000	$16M	added+8%	0.00 pp	3 q
KOCoca-Cola Company	0.04%	422,420	$18M	added+44%	+0.01 pp	2 q
FFIVF5, Inc.	0.04%	185,779	$21M	trimmed−20%	−0.02 pp	5 q
ORLYO'Reilly Automotive, Inc.	0.04%	137,694	$21M	trimmed−29%	−0.03 pp	5 q
VMCVulcan Materials Company(Holding Company)	0.04%	302,550	$19M	new	+0.04 pp	new
unresolvedApollo Senior Floating Rate Fund Inc	0.03%	760,000	$14M	added+32%	+0.01 pp	3 q
DXCMDexCom, Inc.	0.03%	319,760	$13M	added+3%	0.00 pp	5 q
EVFEaton Vance Senior Income Trust	0.03%	1,885,000	$13M	held	—	3 q
XOMExxon Mobil Corp	0.03%	141,581	$14M	added+58%	+0.01 pp	5 q
unresolvedNuveen Senior Income Fund	0.03%	1,915,000	$14M	held	—	3 q
OCNOnity Group Inc.	0.03%	405,300	$15M	trimmed−5%	−0.01 pp	3 q
unresolvedReynolds American	0.03%	197,540	$12M	added+63%	+0.01 pp	5 q
SLBSLB Limited	0.03%	119,127	$14M	added+58%	+0.01 pp	4 q
unresolvedSilver Wheaton (Nys)	0.03%	596,900	$16M	trimmed−5%	0.00 pp	5 q
WMTWalmart Inc.	0.03%	176,055	$13M	added+57%	+0.01 pp	4 q
BCRHBlue Capital Reinsurance Hol	0.03%	629,438	$12M	held	—	3 q
AVAVAeroVironment, Inc.	0.02%	285,710	$9M	held	—	5 q
unresolvedAltera Corp	0.02%	264,594	$9M	trimmed−94%	−0.34 pp	5 q
ADPAutomatic Data Processing	0.02%	125,473	$10M	added+57%	+0.01 pp	4 q
BBDBanco Bradesco S.A.	0.02%	607,902	$9M	held	—	5 q
2663134DBitauto Holdings Ltd-adr	0.02%	182,990	$9M	trimmed−18%	0.00 pp	3 q
DCIDonaldson Company, Inc.	0.02%	253,959	$11M	added+57%	0.00 pp	4 q
EPAMEpam Systems, Inc.	0.02%	189,900	$8M	held	—	5 q
FASTFastenal Co	0.02%	226,762	$11M	added+57%	0.00 pp	4 q
HEIHEICO Corporation	0.02%	206,295	$11M	added+1%	−0.01 pp	4 q
HDHome Depot, Inc.	0.02%	107,953	$9M	trimmed−50%	−0.02 pp	5 q
IPGPIPG Photonics Corporation	0.02%	153,740	$11M	held	—	5 q
unresolvedNovadaq Technologies Inc	0.02%	664,480	$11M	added+7%	−0.01 pp	5 q
unresolvedOpentable	0.02%	70,400	$7M	trimmed−83%	−0.06 pp	5 q
XPHDXPioneer Floating Rate Fund	0.02%	850,000	$11M	held	—	3 q
PWRQuanta Services, Inc.	0.02%	262,040	$9M	held	—	5 q
unresolvedQunar ADR	0.02%	384,800	$11M	trimmed−0%	−0.01 pp	3 q
REGNRegeneron Pharmaceuticals Inc	0.02%	36,780	$10M	held	—	5 q
SHWThe Sherwin-Williams Company	0.02%	41,972	$9M	added+56%	+0.01 pp	4 q
TIFTiffany & Co.	0.02%	106,715	$11M	added+57%	+0.01 pp	4 q
TYGTortoise Energy Infrastructure Corp.	0.02%	213,453	$11M	held	—	5 q
unresolvedU S G Corp	0.02%	373,600	$11M	new	+0.02 pp	new
VARVarian Medical Systems, Inc.	0.02%	100,667	$8M	added+57%	+0.01 pp	4 q
unresolvedWestport Innovations Inc US	0.02%	593,789	$11M	held	—	5 q
HLFHerbalife Ltd.	0.02%	165,584	$11M	held	—	2 q
MMYTMakeMyTrip Limited	0.02%	202,748	$7M	held	—	4 q
ACTGAcacia Research Corporation	0.01%	305,820	$5M	held	—	5 q
unresolvedAngie's List	0.01%	477,930	$6M	held	—	5 q
unresolvedAutonavi Holdings ADR	0.01%	310,380	$6M	held	—	5 q
BRK.ABerkshire Hathaway Inc.	0.01%	15	$3M	held	—	5 q
BMYBristol-Myers Squibb Co.	0.01%	133,379	$6M	trimmed−75%	−0.06 pp	5 q
CHRWC.H. Robinson Worldwide, Inc.	0.01%	97,968	$6M	added+56%	0.00 pp	4 q
unresolvedCuris	0.01%	3,154,100	$6M	held	—	5 q
unresolvedExa Corp	0.01%	369,630	$4M	added+16%	0.00 pp	3 q
unresolvedFEI Company	0.01%	64,700	$6M	trimmed−24%	−0.01 pp	5 q
FAROFaro Technologies Inc	0.01%	139,080	$7M	held	—	5 q
unresolvedGeneral Cable Corp	0.01%	208,376	$5M	held	—	5 q
unresolvedIntralinks Holdings	0.01%	377,220	$3M	added+9%	0.00 pp	5 q
unresolvedJohnson Controls	0.01%	107,771	$5M	added+20%	0.00 pp	4 q
unresolvedMedgenics	0.01%	360,650	$3M	held	—	5 q
MCHPMicrochip Technology Inc	0.01%	82,660	$4M	added+58%	0.00 pp	4 q
NDSNNordson Corp	0.01%	60,000	$5M	trimmed−1%	0.00 pp	4 q
POWIPower Integrations Inc	0.01%	62,680	$4M	held	—	5 q
STMPStamps.com, Inc.	0.01%	194,150	$7M	held	—	5 q
TEVATeva Pharmaceutical Industries Limited	0.01%	69,350	$4M	held	—	5 q
TRQTurquoise Hill Resources Ltd	0.01%	1,703,810	$6M	held	—	3 q
AMEDAmedisys Inc	0.00%	19,129	$320,000	held	—	5 q
AIGAmerican International Group, Inc.	0.00%	1,700	$93,000	held	—	5 q
unresolvedApollo Group Inc Class A	0.00%	4,200	$131,000	held	—	5 q
BBBlackBerry Limited	0.00%	38,502	$395,000	held	—	4 q
unresolvedBlyth Inc	0.00%	9,000	$70,000	held	—	2 q
CECOPerdoceo Education Corporation	0.00%	98,062	$459,000	held	—	5 q
unresolvedEllie Mae	0.00%	21,000	$654,000	held	—	4 q
RAILFreightCar America, Inc.	0.00%	4,165	$104,000	held	—	5 q
ESINQItt Educational Svcs Inc	0.00%	16,849	$281,000	added+13%	0.00 pp	5 q
ACWIiShares MSCI ACWI ETF	0.00%	29,353	$2M	trimmed−94%	−0.06 pp	4 q
JMEINJumei International-adr	0.00%	20,000	$544,000	new	0.00 pp	new
NOAHNoah Holdings Limited	0.00%	140,150	$2M	held	—	5 q
unresolvedNovacopper Inc	0.00%	47,000	$51,000	held	—	5 q
RBCAARepublic Bancorp Inc/KY	0.00%	100	$2,000	held	—	5 q
SKMSK Telecom Co., Ltd.	0.00%	37,080	$962,000	held	—	3 q
unresolvedShanda Games Adr 1:2 'A'	0.00%	46,300	$307,000	held	—	5 q
unresolvedWsp Holdings Ltd-adr	0.00%	90,400	$83,000	held	—	5 q
unresolvedYongye International Inc	0.00%	28,400	$199,000	held	—	5 q
NTPIFNam Tai Property Inc	0.00%	11,700	$88,000	new	0.00 pp	new
unresolvedRackspace Hosting Inc	—	−8,856,711	—	exited	−0.68 pp	—
unresolvedSolera Holdings	—	−549,322	—	exited	−0.08 pp	—
unresolvedBeam Inc	—	−364,135	—	exited	−0.07 pp	—
unresolvedCoca Cola Hbc ADR	—	−1,163,664	—	exited	−0.07 pp	—
NOVNOV Inc.	—	−350,541	—	exited	−0.06 pp	—
unresolvedNam Tai Property Inc	—	−11,700	—	exited	0.00 pp	—
unresolvedXyratex Ltd	—	−11,956	—	exited	0.00 pp	—
unresolvedGiven Imaging Ltd	—	−39,100	—	exited	0.00 pp	—