Baillie Gifford

Q4 2014 13F

As of: Dec 31, 2014
Filed: Feb 12, 2015
US stock: $49.9B · prev $45.6B
Positions: 203 · prev 206
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%

Moves150 since the prior filing

+8.3 pp in · −8.1 pp out

New 15 +5.42 pp
Added 76 +2.88 pp
Trimmed 41 −6.12 pp
Exited 18 −1.99 pp

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions30% of US stock

BIDU Baidu, Inc. trimmed−1.32 pp trimmed−1.3210.3%
AMZN Amazon.Com Inc added−0.54 pp added−0.546.8%
ILMN Illumina Inc added+0.55 pp added+0.554.9%
GOOG Alphabet Inc. Class C added+0.96 pp added+0.964.4%
META Meta Platforms, Inc. Class A added+0.51 pp added+0.513.8%

Positions203 in this filing · 18 exited


BIDUBaidu, Inc.	10.31%	22,566,614	$5.1B	trimmed−7%	−1.32 pp	7 q
AMZNAmazon.Com Inc	6.78%	10,901,136	$3.4B	added+5%	−0.54 pp	7 q
ILMNIllumina Inc	4.94%	13,363,317	$2.5B	added+9%	+0.55 pp	7 q
GOOGAlphabet Inc. Class C	4.42%	4,187,390	$2.2B	added+53%	+0.96 pp	3 q
METAMeta Platforms, Inc. Class A	3.84%	24,567,143	$1.9B	added+28%	+0.51 pp	7 q
BABAAlibaba Group Holding Limited	3.08%	14,794,139	$1.5B	added+39%	+1.00 pp	2 q
unresolvedFiat Chrysler Automobiles NV s	2.87%	123,397,920	$1.4B	new	+2.87 pp	new
TSLATesla, Inc.	2.69%	6,030,685	$1.3B	added+16%	−0.07 pp	7 q
ISRGIntuitive Surgical Inc.	2.58%	2,428,762	$1.3B	trimmed−0%	+0.11 pp	7 q
RCLRoyal Caribbean Group	2.38%	14,422,083	$1.2B	added+7%	+0.38 pp	7 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.90%	42,321,911	$947M	added+1%	+0.05 pp	7 q
unresolvedWhole Foods Market	1.88%	18,633,335	$939M	trimmed−1%	+0.30 pp	7 q
MELIMercado Libre, Inc	1.68%	6,560,181	$838M	trimmed−1%	+0.09 pp	7 q
unresolvedLinkedin Corp Cl A	1.54%	3,344,267	$768M	added0%	+0.02 pp	7 q
ELVElevance Health, Inc.	1.44%	5,727,342	$720M	new	+1.44 pp	new
AMTTd Ameritrade Holding Corp	1.44%	20,024,308	$716M	added+2%	+0.01 pp	7 q
TRIPTripAdvisor, Inc.	1.41%	9,414,188	$703M	added+13%	−0.25 pp	7 q
HOGHarley-Davidson, Inc.	1.38%	10,432,249	$688M	added+5%	+0.12 pp	7 q
MKLMarkel Group Inc.	1.27%	924,556	$631M	added+5%	+0.04 pp	7 q
FRCBFirst Republic Bk CA	1.24%	11,825,652	$616M	added+5%	+0.02 pp	7 q
MTBM&T Bank Corp.	1.19%	4,729,568	$594M	added+5%	−0.03 pp	7 q
unresolvedRyanair Holdings PLC ADR	1.19%	8,344,256	$595M	added+6%	+0.22 pp	7 q
MCOMoody's Corporation	1.12%	5,839,022	$559M	trimmed−6%	−0.17 pp	7 q
BAPCredicorp LTD	1.10%	3,434,789	$550M	trimmed−0%	−0.06 pp	7 q
CRMSalesforce, Inc.	1.06%	8,890,673	$527M	trimmed−44%	−0.94 pp	7 q
CTRPTrip.com Group Limited	1.04%	11,407,641	$519M	added+1%	−0.36 pp	7 q
KMXCarMax Inc.	0.99%	7,416,344	$494M	added+9%	+0.30 pp	7 q
EBAYeBay Inc	0.99%	8,800,838	$494M	added+3%	−0.07 pp	7 q
EOGEOG Resources, Inc.	0.98%	5,286,399	$487M	added+3%	−0.13 pp	7 q
SGENSeagen Inc.	0.98%	15,238,601	$490M	added+4%	−0.22 pp	7 q
SPLKSplunk Inc	0.94%	7,945,583	$468M	added+1%	−0.01 pp	5 q
MAMastercard Incorporated	0.92%	5,311,302	$458M	added+30%	+0.26 pp	7 q
unresolvedNew Oriental Ed & Tech Grp I	0.91%	22,259,607	$454M	trimmed−1%	−0.24 pp	7 q
EMBJEmbraer S.A.	0.88%	11,962,312	$441M	added+6%	−0.09 pp	7 q
VVISA Inc.	0.84%	1,601,471	$420M	added+6%	+0.13 pp	7 q
WDAYWorkday, Inc. Class A	0.83%	5,075,225	$414M	added+2%	−0.07 pp	7 q
SSYSStratasys Inc (ISRAEL)	0.82%	4,942,328	$411M	added+29%	−0.19 pp	7 q
AXPAmerican Express Company	0.81%	4,327,498	$403M	added+5%	+0.02 pp	6 q
CLColgate-Palmolive Company	0.76%	5,444,009	$377M	added+5%	+0.02 pp	7 q
MLMMartin Marietta Materials	0.74%	3,363,863	$371M	added+3%	−0.18 pp	7 q
unresolvedMonsanto Co	0.74%	3,098,650	$370M	added×5.9	+0.61 pp	7 q
WATWaters Corp	0.69%	3,047,588	$344M	added+7%	+0.07 pp	7 q
DLBDolby Laboratories, Inc.Class A	0.68%	7,824,674	$337M	added+6%	0.00 pp	7 q
FLIRFLIR Systems, Inc. (DE)	0.66%	10,149,481	$328M	added+6%	0.00 pp	7 q
MYGNMyriad Genetics Inc	0.66%	9,659,003	$329M	added+8%	−0.10 pp	6 q
DNOWDNOW Inc.	0.66%	12,754,962	$328M	added+23%	−0.03 pp	3 q
CXCemex S.A.B. de C.V.	0.63%	30,615,894	$312M	added+60%	+0.08 pp	7 q
RBARB Global, Inc.	0.63%	11,652,200	$314M	added+3%	+0.08 pp	7 q
ITUBItau Unibanco Holding S.A.	0.62%	23,649,359	$308M	trimmed−1%	−0.11 pp	7 q
TWTRTwitter, Inc.	0.62%	8,664,138	$311M	added+3%	−0.33 pp	5 q
LECOLincoln Electric Holdings Inc	0.60%	4,342,439	$300M	added+7%	−0.02 pp	7 q
XLNXXilinx Inc	0.60%	6,856,870	$297M	added+5%	0.00 pp	7 q
TERTeradyne, Inc.	0.57%	14,463,528	$286M	added+7%	−0.01 pp	7 q
CPACopa Holdings, S.A.	0.57%	2,734,066	$283M	added×7.5	+0.48 pp	7 q
QCOMQualcomm Inc	0.56%	3,783,016	$281M	added+7%	−0.02 pp	6 q
JDJD.com, Inc.	0.53%	11,423,220	$264M	added+3%	−0.09 pp	3 q
unresolvedMindray Medical International ADR	0.51%	9,630,815	$254M	added+4%	−0.10 pp	7 q
PXGBXPraxair Inc	0.47%	1,821,904	$236M	added+7%	−0.01 pp	7 q
UPLUltra Petroleum Corp	0.40%	15,226,765	$200M	added+4%	−0.35 pp	7 q
BRK.BBERKSHIRE HATHAWAY Class B	0.36%	1,209,779	$182M	trimmed−1%	−0.01 pp	7 q
MTDMettler-Toledo International	0.33%	549,906	$166M	added+1%	+0.02 pp	7 q
IBNICICI Bank Limited	0.32%	13,997,800	$162M	added+10%	+0.05 pp	7 q
JNJJohnson & Johnson	0.30%	1,431,164	$150M	trimmed−20%	−0.12 pp	7 q
unresolvedLeucadia National	0.30%	6,617,700	$148M	new	+0.30 pp	new
unresolvedQiagen N.V	0.30%	6,304,388	$148M	added+6%	0.00 pp	7 q
PEPPepsiCo, Inc.	0.28%	1,459,561	$138M	added+94%	+0.13 pp	7 q
UPSUnited Parcel Service, Inc. Class B	0.28%	1,275,750	$142M	added+1%	+0.01 pp	7 q
AAPLApple Inc.	0.26%	1,157,665	$128M	trimmed−70%	−0.59 pp	7 q
HHCThe Howard Hughes Corporation	0.26%	1,003,500	$131M	added+6%	−0.05 pp	4 q
SQMSociedad Quimica y Minera de Chile SA	0.26%	5,333,418	$127M	added0%	−0.05 pp	7 q
LCHappen, Inc.	0.25%	4,989,300	$126M	new	+0.25 pp	new
PSMTPricesmart Inc	0.25%	1,356,345	$124M	added+11%	+0.02 pp	7 q
unresolvedCoca Cola Enterprises Inc Ne	0.24%	2,733,651	$121M	trimmed−0%	−0.03 pp	7 q
WSOWatsco, Inc.	0.23%	1,091,600	$117M	added+11%	+0.04 pp	7 q
USBU.S. Bancorp	0.22%	2,397,314	$108M	trimmed−1%	0.00 pp	7 q
unresolvedYouku Inc ADR	0.22%	6,035,165	$107M	trimmed−1%	−0.02 pp	7 q
ALNYAlnylam Pharmaceuticals, Inc.	0.21%	1,093,430	$106M	trimmed−8%	+0.01 pp	7 q
ORCLOracle Corp	0.21%	2,363,361	$106M	added+10%	+0.03 pp	6 q
TDCTeradata Corporation	0.21%	2,359,717	$103M	added+6%	0.00 pp	7 q
CNHCnh Industrial N.v.	0.21%	13,038,343	$106M	new	+0.21 pp	new
NBISNebius Group N.V. Class A	0.21%	5,947,277	$107M	added+29%	−0.07 pp	4 q
MKTXMarketAxess Holdings Inc.	0.19%	1,342,091	$96M	trimmed−0%	+0.01 pp	7 q
MOAltria Group, Inc.	0.17%	1,679,611	$83M	added+32%	+0.04 pp	2 q
unresolvedVale S.A. PFD	0.17%	11,790,300	$86M	held	—	7 q
AMXNAmerica Movil-spn ADR Cl L	0.16%	3,572,204	$79M	trimmed−5%	−0.05 pp	7 q
unresolvedKraft Foods Group Inc	0.16%	1,308,772	$82M	trimmed−39%	−0.11 pp	7 q
DHRDanaher Corporation	0.15%	895,276	$77M	trimmed−2%	0.00 pp	7 q
ORLYO'Reilly Automotive, Inc.	0.15%	391,585	$75M	added+2%	+0.02 pp	7 q
unresolvedGoogle Inc.	0.14%	127,994	$68M	trimmed−92%	−1.94 pp	7 q
PGRProgressive Corporation	0.13%	2,407,774	$65M	trimmed−24%	−0.04 pp	7 q
CVECenovus Energy Inc.	0.12%	2,843,134	$59M	trimmed−0%	−0.05 pp	7 q
GHDXGenomic Health, Inc.	0.12%	1,848,047	$59M	trimmed−1%	0.00 pp	7 q
unresolvedFinancial Engines	0.11%	1,546,188	$57M	added×2.2	+0.06 pp	4 q
9990302DApache Corp	0.10%	773,315	$48M	added+8%	−0.05 pp	7 q
TJXTJX Companies, Inc. (The)	0.10%	694,314	$48M	trimmed−2%	+0.01 pp	7 q
AMATApplied Materials Inc	0.09%	1,763,358	$44M	added+42%	+0.03 pp	5 q
QSRRestaurant Brands International Inc.	0.09%	1,139,391	$44M	new	+0.09 pp	new
SOHUNSohu.com Inc	0.09%	849,747	$45M	trimmed−3%	−0.01 pp	7 q
ARCOArcos Dorados Holdings Inc.	0.09%	8,750,494	$47M	added+5%	−0.02 pp	7 q
unresolvedSeadrill	0.09%	3,704,297	$43M	new	+0.09 pp	new
LTMLATAM Airlines Group S.A.	0.08%	3,285,895	$39M	trimmed−2%	0.00 pp	4 q
unresolvedPriceline Grp Inc	0.08%	36,658	$42M	held	—	7 q
unresolvedZillow	0.08%	361,236	$38M	added+3%	−0.01 pp	7 q
INFYInfosys Limited	0.07%	1,160,200	$37M	added+31%	+0.01 pp	4 q
MCDMcDonald's Corporation	0.07%	351,164	$33M	trimmed−15%	−0.02 pp	7 q
MSFTMicrosoft Corp	0.07%	732,754	$34M	held	—	7 q
IMAXImax Corp	0.06%	931,610	$29M	trimmed−3%	0.00 pp	7 q
IRBTiRobot Corporation	0.06%	823,100	$29M	held	—	7 q
JFRNuveen Floating Rate Income Fund	0.06%	2,750,000	$30M	held	—	5 q
EFTEaton Vance Floating-Rate Income Trust	0.05%	1,872,000	$26M	held	—	5 q
INGRIngredion Incorporated	0.05%	282,100	$24M	held	—	2 q
VMCVulcan Materials Company(Holding Company)	0.05%	416,370	$27M	added+6%	0.00 pp	3 q
ADIAnalog Devices, Inc.	0.04%	369,778	$21M	trimmed−0%	0.00 pp	7 q
SAMBoston Beer Company	0.04%	65,332	$19M	new	+0.04 pp	new
BF.BBrown-Forman Corporation Class B	0.04%	248,845	$22M	trimmed−75%	−0.16 pp	7 q
CSLTCastlight Health, Inc.	0.04%	1,794,820	$21M	held	—	4 q
KOCoca-Cola Company	0.04%	528,220	$22M	added+25%	0.00 pp	4 q
IDXXIdexx Laboratories Inc	0.04%	149,198	$22M	added+2%	0.00 pp	7 q
unresolvedIHS Inc 'A'	0.04%	196,731	$22M	trimmed−29%	−0.04 pp	7 q
VVRInvesco Senior Income Trust	0.04%	4,140,000	$19M	new	+0.04 pp	new
unresolvedLinear Technology Group	0.04%	457,077	$21M	held	—	7 q
PMPhilip Morris International Inc.	0.04%	272,709	$22M	held	—	7 q
unresolvedVoya Prime Rate Trust	0.04%	3,400,000	$18M	new	+0.04 pp	new
unresolvedApollo Senior Floating Rate Fund Inc	0.03%	760,000	$13M	held	—	5 q
BGTBlackRock Floating Rate Income Trust	0.03%	1,150,000	$15M	held	—	5 q
DXCMDexCom, Inc.	0.03%	251,760	$14M	trimmed−10%	+0.01 pp	7 q
XOMExxon Mobil Corp	0.03%	141,581	$13M	held	—	7 q
NYCBFlagstar Bank, National Association	0.03%	1,085,499	$17M	trimmed−94%	−0.62 pp	7 q
unresolvedNuveen Senior Income Fund	0.03%	1,915,000	$13M	held	—	5 q
unresolvedReynolds American	0.03%	197,540	$13M	held	—	7 q
unresolvedSolarCity Corp	0.03%	312,900	$17M	held	—	3 q
WMTWalmart Inc.	0.03%	176,055	$15M	held	—	6 q
unresolvedZulily Inc	0.03%	572,100	$13M	held	—	5 q
unresolvedAltera Corp	0.02%	256,993	$9M	added+2%	0.00 pp	7 q
ADPAutomatic Data Processing	0.02%	125,473	$10M	held	—	6 q
BMYBristol-Myers Squibb Co.	0.02%	129,567	$8M	added+2%	+0.01 pp	7 q
DCIDonaldson Company, Inc.	0.02%	253,959	$10M	held	—	6 q
EVFEaton Vance Senior Income Trust	0.02%	1,885,000	$12M	held	—	5 q
EPAMEpam Systems, Inc.	0.02%	182,900	$9M	trimmed−4%	0.00 pp	7 q
FAROFaro Technologies Inc	0.02%	139,080	$9M	held	—	7 q
FASTFastenal Co	0.02%	226,762	$11M	held	—	6 q
XFCTXFirst Trust Snr FL Rt Inc II	0.02%	610,000	$8M	new	+0.02 pp	new
GSGoldman Sachs Group Inc.	0.02%	58,882	$11M	held	—	2 q
HEIHEICO Corporation	0.02%	206,334	$12M	trimmed−0%	0.00 pp	6 q
IPGPIPG Photonics Corporation	0.02%	153,740	$12M	held	—	7 q
unresolvedNovadaq Technologies Inc	0.02%	664,480	$11M	held	—	7 q
PCARPaccar Inc	0.02%	158,600	$11M	new	+0.02 pp	new
XPHDXPioneer Floating Rate Fund	0.02%	850,000	$10M	held	—	5 q
PLXProtalix BioTherapeutics, Inc.	0.02%	6,510,158	$12M	held	—	7 q
unresolvedQunar ADR	0.02%	358,399	$10M	trimmed−4%	0.00 pp	5 q
REGNRegeneron Pharmaceuticals Inc	0.02%	20,600	$8M	held	—	7 q
SLBSLB Limited	0.02%	119,127	$10M	held	—	6 q
SHWThe Sherwin-Williams Company	0.02%	41,972	$11M	held	—	6 q
unresolvedSilver Wheaton (Nys)	0.02%	596,900	$12M	held	—	7 q
STMPStamps.com, Inc.	0.02%	179,150	$9M	trimmed−8%	+0.01 pp	7 q
TIFTiffany & Co.	0.02%	106,715	$11M	held	—	6 q
unresolvedU S G Corp	0.02%	373,600	$10M	held	—	3 q
VARVarian Medical Systems, Inc.	0.02%	100,667	$9M	held	—	6 q
BCRHBlue Capital Reinsurance Hol	0.02%	629,438	$11M	held	—	5 q
ACTGAcacia Research Corporation	0.01%	365,820	$6M	held	—	7 q
AVAVAeroVironment, Inc.	0.01%	263,710	$7M	held	—	7 q
unresolvedArm Hdg.Spn.Adr	0.01%	71,451	$3M	held	—	2 q
BRK.ABerkshire Hathaway Inc.	0.01%	15	$3M	held	—	7 q
2663134DBitauto Holdings Ltd-adr	0.01%	99,990	$7M	trimmed−4%	−0.01 pp	5 q
CHRWC.H. Robinson Worldwide, Inc.	0.01%	97,968	$7M	held	—	6 q
DISThe Walt Disney Company	0.01%	68,900	$6M	held	—	7 q
unresolvedExa Corp	0.01%	369,630	$4M	held	—	5 q
unresolvedFEI Company	0.01%	43,700	$4M	held	—	7 q
unresolvedFoundation Medicine	0.01%	165,000	$4M	held	—	2 q
unresolvedGeneral Cable Corp	0.01%	396,286	$6M	added+90%	0.00 pp	7 q
TVGrupo Televisa S.A.	0.01%	74,600	$3M	new	+0.01 pp	new
unresolvedIntralinks Holdings	0.01%	407,220	$5M	held	—	7 q
MCHPMicrochip Technology Inc	0.01%	82,660	$4M	held	—	6 q
NOAHNoah Holdings Limited	0.01%	140,150	$3M	held	—	7 q
POWIPower Integrations Inc	0.01%	72,680	$4M	added+16%	0.00 pp	7 q
PWRQuanta Services, Inc.	0.01%	262,040	$7M	held	—	7 q
RIORio Tinto plc	0.01%	70,626	$3M	held	—	2 q
unresolvedSenomyx	0.01%	578,000	$3M	held	—	2 q
TEVATeva Pharmaceutical Industries Limited	0.01%	69,350	$4M	held	—	7 q
TYGTortoise Energy Infrastructure Corp.	0.01%	122,894	$5M	held	—	7 q
TRQTurquoise Hill Resources Ltd	0.01%	1,703,810	$5M	held	—	5 q
HLFHerbalife Ltd.	0.01%	83,000	$3M	held	—	4 q
MMYTMakeMyTrip Limited	0.01%	202,748	$5M	held	—	6 q
AMEDAmedisys Inc	0.00%	12,829	$377,000	trimmed−33%	0.00 pp	7 q
AIGAmerican International Group, Inc.	0.00%	1,700	$95,000	held	—	7 q
unresolvedApollo Group Inc Class A	0.00%	4,200	$143,000	held	—	7 q
BBBlackBerry Limited	0.00%	38,502	$424,000	held	—	6 q
unresolvedBlyth Inc	0.00%	9,000	$82,000	held	—	4 q
CDKCDK Global, Inc.	0.00%	41,824	$2M	new	0.00 pp	new
CECOPerdoceo Education Corporation	0.00%	98,062	$683,000	held	—	7 q
unresolvedEllie Mae	0.00%	21,000	$847,000	held	—	6 q
RAILFreightCar America, Inc.	0.00%	4,165	$110,000	held	—	7 q
ESINQItt Educational Svcs Inc	0.00%	40,202	$386,000	held	—	7 q
JMEINJumei International-adr	0.00%	149,740	$2M	held	—	3 q
unresolvedMedgenics	0.00%	360,650	$2M	held	—	7 q
unresolvedNovacopper Inc	0.00%	47,000	$23,000	held	—	7 q
QNSTQuinStreet, Inc.	0.00%	7,500	$46,000	held	—	2 q
SKMSK Telecom Co., Ltd.	0.00%	37,080	$1M	held	—	5 q
unresolvedShanda Games Adr 1:2 'A'	0.00%	46,300	$263,000	held	—	7 q
TGLLTransglobe Energy Corp	0.00%	13,400	$56,000	new	0.00 pp	new
unresolvedWuxi Pharmatech Adr	0.00%	6,453	$217,000	added×2.7	0.00 pp	2 q
unresolvedWestport Innovations Inc US	0.00%	423,229	$2M	trimmed−29%	−0.01 pp	7 q
NTPIFNam Tai Property Inc	0.00%	11,700	$56,000	held	—	3 q
unresolvedWellpoint Inc	—	−5,292,251	—	exited	−1.39 pp	—
unresolvedBurger King Worldwide Inc	—	−1,150,900	—	exited	−0.07 pp	—
ROKRockwell Automation, Inc.	—	−270,638	—	exited	−0.07 pp	—
BXKBancolombia S.a.-spons ADR	—	−452,683	—	exited	−0.06 pp	—
CCUCompania Cervecerias Unidas S.A.	—	−1,140,808	—	exited	−0.06 pp	—
AWRAmerican States Water Company	—	−710,000	—	exited	−0.05 pp	—
AWKAmerican Water Works Company, Inc	—	−500,000	—	exited	−0.05 pp	—
unresolvedAqua America	—	−907,500	—	exited	−0.05 pp	—
CWTCalifornia Water Service	—	−970,000	—	exited	−0.05 pp	—
unresolvedNorth Atlantic Drilling	—	−2,688,128	—	exited	−0.04 pp	—
FFIVF5, Inc.	—	−86,348	—	exited	−0.02 pp	—
HDHome Depot, Inc.	—	−107,953	—	exited	−0.02 pp	—
OCNOnity Group Inc.	—	−405,300	—	exited	−0.02 pp	—
PFEPfizer Inc.	—	−340,673	—	exited	−0.02 pp	—
BBDBanco Bradesco S.A.	—	−262,350	—	exited	−0.01 pp	—
unresolvedJohnson Controls	—	−107,771	—	exited	−0.01 pp	—
ACWIiShares MSCI ACWI ETF	—	−29,353	—	exited	0.00 pp	—
RBCAARepublic Bancorp Inc/KY	—	−100	—	exited	0.00 pp	—