Baillie Gifford

Q1 2015 13F

As of: Mar 31, 2015
Filed: May 14, 2015
US stock: $52.8B · prev $49.9B
Positions: 207 · prev 203
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%

Moves154 since the prior filing

+5.4 pp in · −5.2 pp out

New 12 +1.50 pp
Added 82 +3.89 pp
Trimmed 52 −4.53 pp
Exited 8 −0.71 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10% a year, about 9.8 years per position

Low
Moderate
High

Top 5 positions29% of US stock

BIDU Baidu, Inc. trimmed−1.58 pp trimmed−1.588.7%
AMZN Amazon.Com Inc added+0.98 pp added+0.987.8%
ILMN Illumina Inc trimmed−0.27 pp trimmed−0.274.7%
BABA Alibaba Group Holding Limited added+1.12 pp added+1.124.2%
GOOG Alphabet Inc. Class C trimmed−0.44 pp trimmed−0.444.0%

Positions207 in this filing · 8 exited


BIDUBaidu, Inc.	8.73%	22,146,139	$4.6B	trimmed−2%	−1.58 pp	8 q
AMZNAmazon.Com Inc	7.76%	11,022,179	$4.1B	added+1%	+0.98 pp	8 q
ILMNIllumina Inc	4.67%	13,284,985	$2.5B	trimmed−1%	−0.27 pp	8 q
BABAAlibaba Group Holding Limited	4.20%	26,670,331	$2.2B	added+80%	+1.12 pp	3 q
GOOGAlphabet Inc. Class C	3.98%	3,839,893	$2.1B	trimmed−8%	−0.44 pp	4 q
METAMeta Platforms, Inc. Class A	3.82%	24,560,556	$2.0B	trimmed−0%	−0.02 pp	8 q
unresolvedFiat Chrysler Automobiles NV s	3.82%	124,203,009	$2.0B	added+1%	+0.95 pp	2 q
TSLATesla, Inc.	2.51%	7,025,686	$1.3B	added+17%	−0.18 pp	8 q
ISRGIntuitive Surgical Inc.	2.30%	2,403,895	$1.2B	trimmed−1%	−0.28 pp	8 q
RCLRoyal Caribbean Group	2.29%	14,779,081	$1.2B	added+2%	−0.09 pp	8 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.90%	42,763,680	$1.0B	added+1%	0.00 pp	8 q
ELVElevance Health, Inc.	1.71%	5,843,137	$902M	added+2%	+0.27 pp	2 q
unresolvedWhole Foods Market	1.69%	17,100,058	$891M	trimmed−8%	−0.19 pp	8 q
unresolvedLinkedin Corp Cl A	1.56%	3,295,289	$823M	trimmed−1%	+0.02 pp	8 q
MELIMercado Libre, Inc	1.53%	6,587,631	$807M	added0%	−0.15 pp	8 q
TRIPTripAdvisor, Inc.	1.45%	9,211,754	$766M	trimmed−2%	+0.04 pp	8 q
AMTTd Ameritrade Holding Corp	1.44%	20,358,306	$759M	added+2%	0.00 pp	8 q
MKLMarkel Group Inc.	1.38%	947,445	$729M	added+2%	+0.11 pp	8 q
CTRPTrip.com Group Limited	1.27%	11,483,846	$673M	added+1%	+0.23 pp	8 q
FRCBFirst Republic Bk CA	1.24%	11,471,296	$655M	trimmed−3%	0.00 pp	8 q
HOGHarley-Davidson, Inc.	1.21%	10,528,875	$640M	added+1%	−0.17 pp	8 q
MTBM&T Bank Corp.	1.20%	4,999,066	$635M	added+6%	+0.01 pp	8 q
CRMSalesforce, Inc.	1.11%	8,757,617	$585M	trimmed−2%	+0.05 pp	8 q
unresolvedRyanair Holdings PLC ADR	1.06%	8,425,927	$563M	added+1%	−0.13 pp	8 q
SGENSeagen Inc.	1.02%	15,253,520	$539M	added0%	+0.04 pp	8 q
KMXCarMax Inc.	1.01%	7,752,636	$535M	added+5%	+0.02 pp	8 q
MCOMoody's Corporation	0.98%	4,979,288	$517M	trimmed−15%	−0.14 pp	8 q
EBAYeBay Inc	0.97%	8,921,153	$515M	added+1%	−0.02 pp	8 q
unresolvedNew Oriental Ed & Tech Grp I	0.93%	22,249,407	$493M	trimmed−0%	+0.02 pp	8 q
MAMastercard Incorporated	0.92%	5,657,489	$489M	added+7%	0.00 pp	8 q
EOGEOG Resources, Inc.	0.90%	5,209,981	$478M	trimmed−1%	−0.08 pp	8 q
BAPCredicorp LTD	0.90%	3,392,436	$477M	trimmed−1%	−0.20 pp	8 q
MLMMartin Marietta Materials	0.89%	3,371,784	$471M	added0%	+0.15 pp	8 q
SPLKSplunk Inc	0.88%	7,819,681	$463M	trimmed−2%	−0.06 pp	6 q
TWTRTwitter, Inc.	0.84%	8,826,701	$442M	added+2%	+0.22 pp	6 q
JDJD.com, Inc.	0.82%	14,679,120	$431M	added+29%	+0.29 pp	4 q
VVISA Inc.	0.80%	6,436,995	$421M	added0%	−0.04 pp	8 q
WDAYWorkday, Inc. Class A	0.80%	5,028,621	$424M	trimmed−1%	−0.03 pp	8 q
WATWaters Corp	0.74%	3,139,363	$390M	added+3%	+0.05 pp	8 q
CLColgate-Palmolive Company	0.73%	5,531,605	$384M	added+2%	−0.03 pp	8 q
EMBJEmbraer S.A.	0.72%	12,312,790	$379M	added+3%	−0.16 pp	8 q
unresolvedMonsanto Co	0.67%	3,127,685	$352M	added+1%	−0.07 pp	8 q
MYGNMyriad Genetics Inc	0.67%	9,927,359	$351M	added+3%	+0.01 pp	7 q
AXPAmerican Express Company	0.65%	4,418,996	$345M	added+2%	−0.16 pp	7 q
FLIRFLIR Systems, Inc. (DE)	0.62%	10,404,228	$325M	added+3%	−0.04 pp	8 q
DLBDolby Laboratories, Inc.Class A	0.58%	7,986,382	$305M	added+2%	−0.10 pp	8 q
CXCemex S.A.B. de C.V.	0.57%	31,662,954	$300M	added+3%	−0.06 pp	8 q
DNOWDNOW Inc.	0.57%	13,869,077	$300M	added+9%	−0.09 pp	4 q
XLNXXilinx Inc	0.57%	7,181,343	$304M	added+5%	−0.03 pp	8 q
LECOLincoln Electric Holdings Inc	0.56%	4,491,873	$294M	added+3%	−0.04 pp	8 q
RBARB Global, Inc.	0.56%	11,832,649	$295M	added+2%	−0.07 pp	8 q
QCOMQualcomm Inc	0.53%	4,035,943	$280M	added+7%	−0.03 pp	7 q
TERTeradyne, Inc.	0.53%	14,794,018	$279M	added+2%	−0.04 pp	8 q
CPACopa Holdings, S.A.	0.53%	2,796,142	$282M	added+2%	−0.04 pp	8 q
CHRWC.H. Robinson Worldwide, Inc.	0.52%	3,753,806	$275M	added×38.3	+0.51 pp	7 q
unresolvedMindray Medical International ADR	0.51%	9,898,467	$271M	added+3%	0.00 pp	8 q
SSYSStratasys Inc (ISRAEL)	0.51%	5,061,028	$267M	added+2%	−0.31 pp	8 q
ITUBItau Unibanco Holding S.A.	0.49%	23,600,718	$261M	trimmed−0%	−0.13 pp	8 q
NFLXNetFlix Inc	0.49%	626,900	$261M	new	+0.49 pp	new
UPLUltra Petroleum Corp	0.46%	15,715,998	$246M	added+3%	+0.06 pp	8 q
LCHappen, Inc.	0.45%	12,005,800	$236M	added×2.4	+0.20 pp	2 q
PXGBXPraxair Inc	0.43%	1,878,649	$227M	added+3%	−0.04 pp	8 q
unresolvedFinancial Engines	0.38%	4,739,349	$198M	added×3.1	+0.27 pp	5 q
ZGZillow Group Inc Class A	0.36%	1,876,882	$188M	new	+0.36 pp	new
MTDMettler-Toledo International	0.32%	516,870	$170M	trimmed−6%	−0.01 pp	8 q
HHCThe Howard Hughes Corporation	0.31%	1,040,623	$161M	added+4%	+0.05 pp	5 q
unresolvedQiagen N.V	0.31%	6,494,648	$164M	added+3%	+0.01 pp	8 q
unresolvedBluebird Bio Inc	0.29%	1,283,962	$155M	new	+0.29 pp	new
IBNICICI Bank Limited	0.29%	14,562,187	$151M	added+4%	−0.03 pp	8 q
unresolvedLeucadia National	0.28%	6,755,575	$151M	added+2%	−0.02 pp	2 q
AAPLApple Inc.	0.27%	1,157,929	$144M	added0%	+0.01 pp	8 q
PEPPepsiCo, Inc.	0.27%	1,479,338	$141M	added+1%	−0.01 pp	8 q
WSOWatsco, Inc.	0.27%	1,128,006	$142M	added+3%	+0.04 pp	8 q
BRK.BBERKSHIRE HATHAWAY Class B	0.26%	945,557	$136M	trimmed−22%	−0.10 pp	8 q
MKTXMarketAxess Holdings Inc.	0.23%	1,491,779	$124M	added+11%	+0.04 pp	8 q
PSMTPricesmart Inc	0.23%	1,411,210	$120M	added+4%	−0.02 pp	8 q
2663134DBitauto Holdings Ltd-adr	0.21%	2,151,250	$109M	added×21.5	+0.20 pp	6 q
ALNYAlnylam Pharmaceuticals, Inc.	0.20%	1,023,430	$107M	trimmed−6%	−0.01 pp	8 q
unresolvedCoca Cola Enterprises Inc Ne	0.20%	2,438,595	$108M	trimmed−11%	−0.04 pp	8 q
ORCLOracle Corp	0.20%	2,402,284	$104M	added+2%	−0.01 pp	7 q
USBU.S. Bancorp	0.20%	2,408,820	$105M	added0%	−0.02 pp	8 q
unresolvedGoogle Inc.	0.19%	176,549	$98M	added+38%	+0.05 pp	8 q
NBISNebius Group N.V. Class A	0.19%	6,463,453	$98M	added+9%	−0.02 pp	5 q
CNHCnh Industrial N.v.	0.18%	11,924,173	$98M	trimmed−9%	−0.03 pp	2 q
ORLYO'Reilly Automotive, Inc.	0.17%	411,850	$89M	added+5%	+0.02 pp	8 q
UPSUnited Parcel Service, Inc. Class B	0.16%	851,295	$83M	trimmed−33%	−0.12 pp	8 q
UBSUBS Group AG	0.16%	4,483,886	$85M	new	+0.16 pp	new
JNJJohnson & Johnson	0.15%	770,108	$77M	trimmed−46%	−0.15 pp	8 q
AMXNAmerica Movil-spn ADR Cl L	0.14%	3,524,304	$72M	trimmed−1%	−0.02 pp	8 q
DHRDanaher Corporation	0.14%	894,743	$76M	trimmed−0%	−0.01 pp	8 q
SQMSociedad Quimica y Minera de Chile SA	0.14%	4,159,400	$76M	trimmed−22%	−0.12 pp	8 q
HDBHDFC Bank Limited	0.13%	1,199,261	$71M	new	+0.13 pp	new
INFYInfosys Limited	0.12%	1,804,000	$63M	added+55%	+0.05 pp	5 q
unresolvedYouku Inc ADR	0.12%	5,115,874	$64M	trimmed−15%	−0.10 pp	8 q
MOAltria Group, Inc.	0.11%	1,124,231	$56M	trimmed−33%	−0.06 pp	3 q
GHDXGenomic Health, Inc.	0.11%	1,888,626	$58M	added+2%	−0.01 pp	8 q
unresolvedVale S.A. PFD	0.11%	11,790,300	$57M	held	—	8 q
unresolvedQunar ADR	0.10%	1,292,024	$53M	added×3.6	+0.08 pp	6 q
VMCVulcan Materials Company(Holding Company)	0.09%	588,671	$50M	added+41%	+0.04 pp	4 q
AMATApplied Materials Inc	0.08%	1,846,047	$42M	added+5%	−0.01 pp	6 q
IDXXIdexx Laboratories Inc	0.08%	264,174	$41M	added+77%	+0.04 pp	8 q
TJXTJX Companies, Inc. (The)	0.08%	610,123	$43M	trimmed−12%	−0.02 pp	8 q
ARCOArcos Dorados Holdings Inc.	0.08%	8,666,289	$43M	trimmed−1%	−0.01 pp	8 q
9990302DApache Corp	0.07%	643,370	$39M	trimmed−17%	−0.03 pp	8 q
QSRRestaurant Brands International Inc.	0.07%	920,379	$35M	trimmed−19%	−0.02 pp	2 q
MSFTMicrosoft Corp	0.06%	733,720	$30M	added0%	−0.01 pp	8 q
JFRNuveen Floating Rate Income Fund	0.06%	2,750,000	$31M	held	—	6 q
unresolvedPriceline Grp Inc	0.06%	25,377	$30M	trimmed−31%	−0.02 pp	8 q
unresolvedSeadrill	0.06%	3,403,272	$32M	trimmed−8%	−0.03 pp	2 q
KOCoca-Cola Company	0.05%	613,120	$25M	added+16%	+0.01 pp	5 q
EFTEaton Vance Floating-Rate Income Trust	0.05%	1,872,000	$27M	held	—	6 q
IRBTiRobot Corporation	0.05%	804,625	$26M	trimmed−2%	−0.01 pp	8 q
ADIAnalog Devices, Inc.	0.04%	370,375	$23M	added0%	0.00 pp	8 q
BF.BBrown-Forman Corporation Class B	0.04%	257,906	$23M	added+4%	0.00 pp	8 q
VVRInvesco Senior Income Trust	0.04%	4,599,118	$22M	added+11%	0.00 pp	2 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.04%	686,311	$22M	new	+0.04 pp	new
unresolvedLinear Technology Group	0.04%	457,801	$21M	added0%	0.00 pp	8 q
PMPhilip Morris International Inc.	0.04%	272,709	$21M	held	—	8 q
unresolvedVoya Prime Rate Trust	0.04%	3,594,676	$20M	added+6%	0.00 pp	2 q
unresolvedApollo Senior Floating Rate Fund Inc	0.03%	760,000	$14M	held	—	6 q
BGTBlackRock Floating Rate Income Trust	0.03%	1,150,000	$15M	held	—	6 q
SAMBoston Beer Company	0.03%	68,589	$18M	added+5%	−0.01 pp	2 q
BMYBristol-Myers Squibb Co.	0.03%	274,421	$18M	added×2.1	+0.01 pp	8 q
CSLTCastlight Health, Inc.	0.03%	1,794,820	$14M	held	—	5 q
IPGPIPG Photonics Corporation	0.03%	153,740	$14M	held	—	8 q
IMAXImax Corp	0.03%	474,545	$16M	trimmed−49%	−0.03 pp	8 q
INGRIngredion Incorporated	0.03%	227,500	$18M	trimmed−19%	−0.02 pp	3 q
MCDMcDonald's Corporation	0.03%	168,518	$16M	trimmed−52%	−0.04 pp	8 q
NYCBFlagstar Bank, National Association	0.03%	1,088,739	$18M	added0%	0.00 pp	8 q
XPHDXPioneer Floating Rate Fund	0.03%	1,230,000	$14M	added+45%	+0.01 pp	6 q
unresolvedReynolds American	0.03%	197,540	$14M	held	—	8 q
unresolvedSolarCity Corp	0.03%	312,900	$16M	held	—	4 q
unresolvedAltera Corp	0.02%	269,897	$12M	added+5%	0.00 pp	8 q
ADPAutomatic Data Processing	0.02%	125,473	$11M	held	—	7 q
DXCMDexCom, Inc.	0.02%	162,210	$10M	trimmed−36%	−0.01 pp	8 q
DCIDonaldson Company, Inc.	0.02%	253,959	$10M	held	—	7 q
EVFEaton Vance Senior Income Trust	0.02%	1,885,000	$12M	held	—	6 q
EPAMEpam Systems, Inc.	0.02%	182,900	$11M	held	—	8 q
XOMExxon Mobil Corp	0.02%	141,581	$12M	held	—	8 q
FAROFaro Technologies Inc	0.02%	139,080	$9M	held	—	8 q
FASTFastenal Co	0.02%	226,762	$9M	held	—	7 q
XFCTXFirst Trust Snr FL Rt Inc II	0.02%	610,000	$8M	held	—	2 q
unresolvedFoundation Medicine	0.02%	165,000	$8M	held	—	3 q
GSGoldman Sachs Group Inc.	0.02%	58,882	$11M	held	—	3 q
HEIHEICO Corporation	0.02%	200,654	$12M	trimmed−3%	0.00 pp	7 q
unresolvedNovadaq Technologies Inc	0.02%	664,480	$11M	held	—	8 q
unresolvedNuveen Senior Income Fund	0.02%	1,915,000	$13M	held	—	6 q
PCARPaccar Inc	0.02%	158,600	$10M	held	—	2 q
PGRProgressive Corporation	0.02%	471,481	$13M	trimmed−80%	−0.11 pp	8 q
PLXProtalix BioTherapeutics, Inc.	0.02%	6,510,158	$12M	held	—	8 q
REGNRegeneron Pharmaceuticals Inc	0.02%	20,600	$9M	held	—	8 q
SLBSLB Limited	0.02%	119,127	$10M	held	—	7 q
unresolvedSilver Wheaton (Nys)	0.02%	474,900	$9M	trimmed−20%	0.00 pp	8 q
STMPStamps.com, Inc.	0.02%	179,150	$12M	held	—	8 q
TIFTiffany & Co.	0.02%	106,715	$9M	held	—	7 q
unresolvedU S G Corp	0.02%	301,275	$8M	trimmed−19%	0.00 pp	4 q
VARVarian Medical Systems, Inc.	0.02%	100,667	$9M	held	—	7 q
BCRHBlue Capital Reinsurance Hol	0.02%	629,438	$11M	held	—	6 q
GLNGGolar LNG Ltd	0.02%	316,225	$11M	new	+0.02 pp	new
ACTGAcacia Research Corporation	0.01%	365,820	$4M	held	—	8 q
AVAVAeroVironment, Inc.	0.01%	263,710	$7M	held	—	8 q
unresolvedArm Hdg.Spn.Adr	0.01%	71,451	$4M	held	—	3 q
DISThe Walt Disney Company	0.01%	68,900	$7M	held	—	8 q
unresolvedExa Corp	0.01%	369,630	$4M	held	—	6 q
unresolvedFEI Company	0.01%	43,700	$3M	held	—	8 q
unresolvedGeneral Cable Corp	0.01%	396,286	$7M	held	—	8 q
unresolvedIntralinks Holdings	0.01%	398,444	$4M	trimmed−2%	0.00 pp	8 q
unresolvedMedgenics	0.01%	360,650	$3M	held	—	8 q
MCHPMicrochip Technology Inc	0.01%	82,660	$4M	held	—	7 q
NOAHNoah Holdings Limited	0.01%	140,150	$3M	held	—	8 q
POWIPower Integrations Inc	0.01%	80,680	$4M	added+11%	0.00 pp	8 q
PWRQuanta Services, Inc.	0.01%	121,219	$3M	trimmed−54%	0.00 pp	8 q
RIORio Tinto plc	0.01%	70,626	$3M	held	—	3 q
SHWThe Sherwin-Williams Company	0.01%	22,472	$6M	trimmed−46%	−0.01 pp	7 q
unresolvedSoufun Holdings Ltd ADR	0.01%	781,500	$5M	new	+0.01 pp	new
TEVATeva Pharmaceutical Industries Limited	0.01%	69,350	$4M	held	—	8 q
TYGTortoise Energy Infrastructure Corp.	0.01%	121,494	$5M	trimmed−1%	0.00 pp	8 q
TRQTurquoise Hill Resources Ltd	0.01%	1,703,810	$5M	held	—	6 q
WMTWalmart Inc.	0.01%	92,635	$8M	trimmed−47%	−0.02 pp	7 q
unresolvedZulily Inc	0.01%	572,100	$7M	held	—	6 q
MMYTMakeMyTrip Limited	0.01%	202,748	$4M	held	—	7 q
AMEDAmedisys Inc	0.00%	12,829	$344,000	held	—	8 q
AIGAmerican International Group, Inc.	0.00%	1,700	$93,000	held	—	8 q
unresolvedApollo Group Inc Class A	0.00%	4,200	$79,000	held	—	8 q
BRK.ABerkshire Hathaway Inc.	0.00%	11	$2M	trimmed−27%	−0.01 pp	8 q
BIOAQBioamber Inc	0.00%	45,940	$400,000	new	0.00 pp	new
BBBlackBerry Limited	0.00%	25,902	$231,000	trimmed−33%	0.00 pp	7 q
unresolvedBlyth Inc	0.00%	9,000	$68,000	held	—	5 q
CECOPerdoceo Education Corporation	0.00%	98,062	$493,000	held	—	8 q
CLDCloud Peak Energy Inc	0.00%	13,900	$81,000	new	0.00 pp	new
CDXSCodexis, Inc.	0.00%	495,133	$2M	new	0.00 pp	new
unresolvedEllie Mae	0.00%	21,000	$1M	held	—	7 q
RAILFreightCar America, Inc.	0.00%	4,165	$131,000	held	—	8 q
TVGrupo Televisa S.A.	0.00%	74,600	$2M	held	—	2 q
ESINQItt Educational Svcs Inc	0.00%	40,202	$273,000	held	—	8 q
JMEINJumei International-adr	0.00%	149,740	$2M	held	—	4 q
LTMLATAM Airlines Group S.A.	0.00%	180,000	$1M	trimmed−95%	−0.08 pp	5 q
unresolvedNovacopper Inc	0.00%	47,000	$29,000	held	—	8 q
OCNOnity Group Inc.	0.00%	2,400	$20,000	new	0.00 pp	new
QNSTQuinStreet, Inc.	0.00%	7,500	$45,000	held	—	3 q
SKMSK Telecom Co., Ltd.	0.00%	37,880	$1M	added+2%	0.00 pp	6 q
unresolvedSenomyx	0.00%	578,000	$3M	held	—	3 q
unresolvedShanda Games Adr 1:2 'A'	0.00%	46,300	$296,000	held	—	8 q
TGLLTransglobe Energy Corp	0.00%	13,400	$48,000	held	—	2 q
unresolvedWuxi Pharmatech Adr	0.00%	6,844	$265,000	added+6%	0.00 pp	3 q
unresolvedWestport Innovations Inc US	0.00%	423,229	$2M	held	—	8 q
NTPIFNam Tai Property Inc	0.00%	16,700	$66,000	added+43%	0.00 pp	4 q
TDCTeradata Corporation	—	−2,359,717	—	exited	−0.21 pp	—
unresolvedKraft Foods Group Inc	—	−1,308,772	—	exited	−0.16 pp	—
CVECenovus Energy Inc.	—	−2,843,134	—	exited	−0.12 pp	—
SOHUNSohu.com Inc	—	−849,747	—	exited	−0.09 pp	—
unresolvedZillow	—	−361,236	—	exited	−0.08 pp	—
unresolvedIHS Inc 'A'	—	−196,731	—	exited	−0.04 pp	—
HLFHerbalife Ltd.	—	−83,000	—	exited	−0.01 pp	—
CDKCDK Global, Inc.	—	−41,824	—	exited	0.00 pp	—