0001104659-18-034047.txt : 20180517 0001104659-18-034047.hdr.sgml : 20180517 20180517145242 ACCESSION NUMBER: 0001104659-18-034047 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 16 FILED AS OF DATE: 20180517 DATE AS OF CHANGE: 20180517 EFFECTIVENESS DATE: 20180517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BAILLIE GIFFORD FUNDS CENTRAL INDEX KEY: 0001120543 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-200831 FILM NUMBER: 18842725 BUSINESS ADDRESS: STREET 1: CALTON SQUARE, 1 GREENSIDE ROW STREET 2: EDINBURGH SCOTLAND CITY: EH1 3AN STATE: X0 ZIP: 00000 BUSINESS PHONE: 0144131222 MAIL ADDRESS: STREET 1: CALTON SQUARE, 1 GREENSIDE ROW STREET 2: EDINBURGH SCOTLAND CITY: EH1 3AN STATE: X0 ZIP: 00000 0001120543 S000052788 Baillie Gifford The Asia Ex Japan Fund C000186042 Institutional Class BSASX C000186043 Class K BASKX 497 1 a18-8868_30497.htm 497

 

EXPLANATORY NOTE

 

The XBRL interactive data file included as an exhibit to this filing relates to the form of the Prospectus for Class K and Institutional Class shares, dated April 30, 2018, filed with the Securities and Exchange Commission on April 30, 2018 under Rule 497(e) (SEC Accession No. (0001104659-18-028301)), for The EAFE Fund, The EAFE Choice Fund, The EAFE Pure Fund, The Emerging Markets Fund, The Global Alpha Equity Fund, The Global Select Equity Fund, The International Concentrated Growth Fund, The International Equity Fund, The Long Term Global Growth Equity Fund, The Positive Change Equity Fund, The U.S. Equity Growth Fund, and The Asia Ex Japan Fund, dated April 30, 2018.

 



 

INDEX TO EXHIBITS

 

EXHIBIT NO.

 

DESCRIPTION OF EXHIBIT

 

PAGE NO.

 

 

Risk/return summary of the Funds’ prospectuses as an Interactive Data File using eXtensible Business Reporting Language (“XBRL”)

 

 

 


EX-101.INS 2 ck0001120543-20180430.xml XBRL INSTANCE DOCUMENT 0001120543 2017-12-31 2017-12-31 0001120543 ck0001120543:doc_Class_K_Institutional_Class_ProspectusMember ck0001120543:S000052788Member 2017-12-31 2017-12-31 0001120543 ck0001120543:doc_Class_K_Institutional_Class_ProspectusMember ck0001120543:S000052788Member ck0001120543:C000186042Member 2017-12-31 2017-12-31 0001120543 ck0001120543:doc_Class_K_Institutional_Class_ProspectusMember ck0001120543:S000052788Member ck0001120543:C000186043Member 2017-12-31 2017-12-31 iso4217:USD xbrli:pure The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited (the "Manager"). Class K and Institutional Class were unfunded as of December 31, 2017. Therefore Other Expenses have been estimated for the current fiscal year assuming Fund assets of $25 million, the minimum initial investment amount for Class K shares. The Manager has contractually agreed to waive its fees and/or bear other expenses of the Fund through April 30, 2019 to the extent that such Fund's Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses, and extraordinary expenses) exceed 0.87% for Class K and Institutional Class shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. Expenses after waiver/reimbursement exceed 0.87% for Institutional Class due to estimated sub-accounting expenses of 0.15%. BAILLIE GIFFORD FUNDS 497 false 0001120543 2017-12-31 2018-04-30 2018-04-30 2018-04-30 Baillie Gifford The Asia Ex Japan Fund BSASX BASKX Principal Investment Strategies <p style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin:0 0 10px">The Fund will seek to meet its objective by investing in a portfolio of common stocks and other equity securities of issuers located in Asia excluding Japan&#160;and including the Indian subcontinent. </p> <br/><p style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin:0 0 10px">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies located in countries contained in the MSCI All Country Asia Ex Japan Index. The MSCI All Country Asia Ex Japan Index includes large-cap, mid-cap, and small-cap issuers from a variety of countries including China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand. The economies of many of these countries are considered emerging market economies, and some may&#160;be considered&#160;frontier markets. The Fund may&#160;invest in&#160;equity securities either directly or indirectly, such as through depositary receipts and may&#160;invest in&#160;preferred stocks, convertible securities and warrants. The Fund may invest in issuers of any market capitalization and may participate in initial public offerings (<b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">"IPOs"</b>). </p> <br/><p style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin:0 0 10px">The portfolio managers select companies without regard to the MSCI All Country Asia Ex Japan benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, relationships with industry thought leaders and academics, and wider reading. Stock ideas will be researched to assess a range of factors, including: backdrop, competitive advantage, management, financial strength and valuation. The intended outcome is a diversified portfolio of between 50-100 quality growth companies with the potential to outperform the benchmark over the long term. The Fund tends to hold securities for long periods (typically 3-5 years), which results in relatively low portfolio turnover and is in line with the Fund's long-term investment outlook. </p> <br/><p style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin:0 0 10px">The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund may engage in currency hedging in an attempt to preserve the Fund's investments in U.S. dollar terms, which may be accomplished using such instruments as currency forwards, currency spot transactions and related options. </p> Investment Objective <p style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin:0 0 10px">The Asia Ex Japan Fund seeks capital appreciation.</p> Principal Risks <p style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin:0 0 10px">The Fund's net asset value and returns will be impacted by the performance of the underlying investments of the Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. </p> <br/><p style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin:0 0 10px">The principal risks of investing in this Fund (in alphabetical order)&#160;are:</p> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Asia Risk</i></b> &#8211; Many of the economies of countries in Asia are considered emerging market economies. Countries in Asia can be reliant on only a few industries or commodities. Many Asian economies are characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. The economies of many Asian countries are heavily dependent on international trade and can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Currency and Currency Hedging Risk</i></b> &#8211; The Fund could lose value&#160;if it invests in foreign currencies or securities denominated in foreign currencies which decline in value relative to the U.S. Dollar, or if it invests in products to reduce this exposure, and those products lose value.&#160;The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. Similarly,&#160;the Fund may realize a loss if the Fund hedges exposure to a non-U.S. currency, and this non-U.S. currency increases in value, relative to the U.S. dollar. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Emerging Markets Risk</i></b> &#8211; To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Equity Securities Risk</i></b> &#8211; Equity securities may react more strongly to changes in an issuer's financial condition or prospects than other securities of the same issuer. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Focused Investment Risk</i></b> &#8211; Should the Fund focus its investments in related, or a limited number of, countries, regions, sectors, or companies, this would create more risk and greater volatility than if the Fund's investments were less focused. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Frontier Markets Risk</i></b> &#8211; Investments in frontier markets may be more volatile and less liquid than investments in more developed markets or in other emerging market countries. Emerging markets risk may be especially heightened in frontier markets. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Growth Stock Risk</i></b> &#8211; The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Information Technology Risk</i></b> &#8211; Cyber-attacks, disruptions, or failures that affect the Fund's service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">IPO&#160;Risk</i></b> &#8211; The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Large Capitalization Securities Risk</i></b> &#8211; Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or&#160;maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Liquidity Risk</i></b> &#8211; The Fund's investments may be subject to low trading volume, lack of a market maker, or regulatory restrictions. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. The Fund may also hold large positions in securities of particular issues, which may decrease the liquidity of the Fund's investments. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Long-Term Investment Strategy Risk</i></b> &#8211; The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over the short term, and the Fund may not perform as expected in the long term. &#160;An investment in the Fund may be more suitable for long-term investors who can bear the risk of short-term fluctuations in the value of the Fund's portfolio, including short-term losses. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Market Disruption and Geopolitical Risk</i></b> &#8211; The value of the Fund's investments could be adversely affected by events that disrupt securities markets and adversely affect global markets and by changes in non-U.S. and U.S. economic and political conditions. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Market Risk</i></b> &#8211; The value of the Fund's investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund's shares. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Non-U.S. Investment Risk</i></b> &#8211; Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Quality Investment Style Risk</i></b> &#8211; The Fund generally pursues investments in companies that it&#160;believes exhibit high returns on equity, stable earnings per share growth, and low financial leverage. This style of investing is subject to the risk that the past performance of these companies does not continue or that the returns on "quality" equity securities are less than returns on other styles of investing or the overall stock market. Market demand for securities of other types of companies may result in "quality" companies remaining undervalued for long periods of time, or indefinitely, negatively impacting the Fund's ability to achieve positive returns on its investments, even where it has accurately assessed a company's fundamentals. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Service Provider Risk</i></b> &#8211; The Fund will be affected by the Manager's investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Settlement Risk</i></b> &#8211; The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities,&#160;or prevent the Fund from selling securities at times and prices it considers desirable. </li> </ul> <br/><ul style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin-top:0;margin-bottom:10px"> <li style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><b style="font-weight:700;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box"><i style="-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box">Small- and Medium-Capitalization Securities Risk</i></b> &#8211; Securities of small- and medium-capitalization companies can be more volatile due to various factors&#160;including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines,&#160;than the securities of larger, more established companies. </li> </ul> An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. Portfolio Turnover <p style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin:0 0 10px">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in "Total&#160;Annual Fund Operating Expenses" or in the Example above, affect the Fund's performance. Because the Fund has not commenced operations, it does not have a portfolio turnover rate. </p> Fees and Expenses <p style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin:0 0 10px">The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. </p> 0.00 0.00 0.0072 0.0072 0.0000 0.0000 0.0056 0.0071 0.0128 0.0143 -0.0041 -0.0041 0.0087 0.0102 ~ http://bailliegifford.com/20180430/role/ScheduleShareholderFees20001 column dei_DocumentInformationDocumentAxis compact ck0001120543_doc_Class_K_Institutional_Class_ProspectusMember column dei_LegalEntityAxis compact ck0001120543_S000052788Member row primary compact * ~ ~ http://bailliegifford.com/20180430/role/ScheduleAnnualFundOperatingExpenses20002 column dei_DocumentInformationDocumentAxis compact ck0001120543_doc_Class_K_Institutional_Class_ProspectusMember column dei_LegalEntityAxis compact ck0001120543_S000052788Member row primary compact * ~ Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Class K and Institutional Class were unfunded as of December 31, 2017. Therefore Other Expenses have been estimated for the current fiscal year assuming Fund assets of $25 million, the minimum initial investment amount for Class K shares. Shareholder Fees (Fees paid directly from your investment) 2019-04-30 Performance <p style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin:0 0 10px">The Fund had not commenced operations as of December 31, 2017. Accordingly, performance data is not included. When performance data becomes available, it will be posted to the following website: http://USmutualfund.bailliegifford.com. Past performance (before and after taxes) is not an indication of future performance. </p> Past performance (before and after taxes) is not an indication of future performance. The Fund had not commenced operations as of December 31, 2017. Accordingly, performance data is not included. http://USmutualfund.bailliegifford.com Example of Expenses <p style="font-size: 14px;font-family: &quot;Helvetica Neue&quot;,Helvetica,Arial,sans-serif;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;margin:0 0 10px">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example below also applies any contractual expense waivers and/or expense&#160;reimbursements to the first year of each period listed in the table. </p> 89 89 104 104 365 365 412 412 ~ http://bailliegifford.com/20180430/role/ScheduleExpenseExample20003 column dei_DocumentInformationDocumentAxis compact ck0001120543_doc_Class_K_Institutional_Class_ProspectusMember column dei_LegalEntityAxis compact ck0001120543_S000052788Member row primary compact * ~ ~ http://bailliegifford.com/20180430/role/ScheduleExpenseExampleNoRedemption20004 column dei_DocumentInformationDocumentAxis compact ck0001120543_doc_Class_K_Institutional_Class_ProspectusMember column dei_LegalEntityAxis compact ck0001120543_S000052788Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your expenses would be: EX-101.SCH 3 ck0001120543-20180430.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - Class K & Institutional Class Prospectus - Baillie Gifford The Asia Ex Japan Fund link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Expense Example link:presentationLink link:definitionLink link:calculationLink 020004 - Schedule - Expense Example No Redemption link:presentationLink link:definitionLink link:calculationLink 020005 - Disclosure - Risk/Return Detail Data {Elements} - Class K & Institutional Class Prospectus - Baillie Gifford The Asia Ex Japan Fund link:presentationLink link:definitionLink link:calculationLink EX-101.LAB 4 ck0001120543-20180430_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT EX-101.DEF 5 ck0001120543-20180430_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.PRE 6 ck0001120543-20180430_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-101.CAL 7 ck0001120543-20180430_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT GRAPHIC 9 g886830cai001.jpg GRAPHIC begin 644 g886830cai001.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_VP!# H'!PD'!@H)" D+"PH,#QD0#PX. 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Document and Entity Information
Total
Prospectus:  
Document Type 497
Document Period End Date Dec. 31, 2017
Registrant Name BAILLIE GIFFORD FUNDS
Central Index Key 0001120543
Amendment Flag false
Document Creation Date Apr. 30, 2018
Document Effective Date Apr. 30, 2018
Prospectus Date Apr. 30, 2018
Class K & Institutional Class Prospectus | Baillie Gifford The Asia Ex Japan Fund | Institutional Class  
Prospectus:  
Trading Symbol BSASX
Class K & Institutional Class Prospectus | Baillie Gifford The Asia Ex Japan Fund | Class K  
Prospectus:  
Trading Symbol BASKX
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Class K & Institutional Class Prospectus | Baillie Gifford The Asia Ex Japan Fund
Baillie Gifford The Asia Ex Japan Fund
Investment Objective

The Asia Ex Japan Fund seeks capital appreciation.

Fees and Expenses

The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (Fees paid directly from your investment)
Shareholder Fees - Class K & Institutional Class Prospectus - Baillie Gifford The Asia Ex Japan Fund - USD ($)
Class K
Institutional Class
Shareholder Fees (Fees paid directly from your investment) none none
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Class K & Institutional Class Prospectus - Baillie Gifford The Asia Ex Japan Fund
Class K
Institutional Class
Management Fees [1] 0.72% 0.72%
Distribution (12b-1) Fees none none
Other Expenses [2] 0.56% 0.71%
Total Annual Fund Operating Expenses 1.28% 1.43%
Fee Waiver and/or Expense Reimbursement [3] (0.41%) (0.41%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [3] 0.87% 1.02%
[1] The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited (the "Manager").
[2] Class K and Institutional Class were unfunded as of December 31, 2017. Therefore Other Expenses have been estimated for the current fiscal year assuming Fund assets of $25 million, the minimum initial investment amount for Class K shares.
[3] The Manager has contractually agreed to waive its fees and/or bear other expenses of the Fund through April 30, 2019 to the extent that such Fund's Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses, and extraordinary expenses) exceed 0.87% for Class K and Institutional Class shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. Expenses after waiver/reimbursement exceed 0.87% for Institutional Class due to estimated sub-accounting expenses of 0.15%.
Example of Expenses

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example below also applies any contractual expense waivers and/or expense reimbursements to the first year of each period listed in the table.

Although your actual costs may be higher or lower, based on these assumptions, your expenses would be:
Expense Example - Class K & Institutional Class Prospectus - Baillie Gifford The Asia Ex Japan Fund - USD ($)
Class K
Institutional Class
1 Year $ 89 $ 104
3 Years $ 365 $ 412
Expense Example No Redemption - Class K & Institutional Class Prospectus - Baillie Gifford The Asia Ex Japan Fund - USD ($)
Class K
Institutional Class
1 Year $ 89 $ 104
3 Years $ 365 $ 412
Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in "Total Annual Fund Operating Expenses" or in the Example above, affect the Fund's performance. Because the Fund has not commenced operations, it does not have a portfolio turnover rate.

Principal Investment Strategies

The Fund will seek to meet its objective by investing in a portfolio of common stocks and other equity securities of issuers located in Asia excluding Japan and including the Indian subcontinent.


Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies located in countries contained in the MSCI All Country Asia Ex Japan Index. The MSCI All Country Asia Ex Japan Index includes large-cap, mid-cap, and small-cap issuers from a variety of countries including China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand. The economies of many of these countries are considered emerging market economies, and some may be considered frontier markets. The Fund may invest in equity securities either directly or indirectly, such as through depositary receipts and may invest in preferred stocks, convertible securities and warrants. The Fund may invest in issuers of any market capitalization and may participate in initial public offerings ("IPOs").


The portfolio managers select companies without regard to the MSCI All Country Asia Ex Japan benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, relationships with industry thought leaders and academics, and wider reading. Stock ideas will be researched to assess a range of factors, including: backdrop, competitive advantage, management, financial strength and valuation. The intended outcome is a diversified portfolio of between 50-100 quality growth companies with the potential to outperform the benchmark over the long term. The Fund tends to hold securities for long periods (typically 3-5 years), which results in relatively low portfolio turnover and is in line with the Fund's long-term investment outlook.


The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund may engage in currency hedging in an attempt to preserve the Fund's investments in U.S. dollar terms, which may be accomplished using such instruments as currency forwards, currency spot transactions and related options.

Principal Risks

The Fund's net asset value and returns will be impacted by the performance of the underlying investments of the Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund.


The principal risks of investing in this Fund (in alphabetical order) are:


  • Asia Risk – Many of the economies of countries in Asia are considered emerging market economies. Countries in Asia can be reliant on only a few industries or commodities. Many Asian economies are characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. The economies of many Asian countries are heavily dependent on international trade and can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade.

  • Currency and Currency Hedging Risk – The Fund could lose value if it invests in foreign currencies or securities denominated in foreign currencies which decline in value relative to the U.S. Dollar, or if it invests in products to reduce this exposure, and those products lose value. The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. Similarly, the Fund may realize a loss if the Fund hedges exposure to a non-U.S. currency, and this non-U.S. currency increases in value, relative to the U.S. dollar. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains.

  • Emerging Markets Risk – To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.

  • Equity Securities Risk – Equity securities may react more strongly to changes in an issuer's financial condition or prospects than other securities of the same issuer.

  • Focused Investment Risk – Should the Fund focus its investments in related, or a limited number of, countries, regions, sectors, or companies, this would create more risk and greater volatility than if the Fund's investments were less focused.

  • Frontier Markets Risk – Investments in frontier markets may be more volatile and less liquid than investments in more developed markets or in other emerging market countries. Emerging markets risk may be especially heightened in frontier markets.

  • Growth Stock Risk – The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

  • Information Technology Risk – Cyber-attacks, disruptions, or failures that affect the Fund's service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.

  • IPO Risk – The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

  • Large Capitalization Securities Risk – Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.

  • Liquidity Risk – The Fund's investments may be subject to low trading volume, lack of a market maker, or regulatory restrictions. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. The Fund may also hold large positions in securities of particular issues, which may decrease the liquidity of the Fund's investments.

  • Long-Term Investment Strategy Risk – The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over the short term, and the Fund may not perform as expected in the long term.  An investment in the Fund may be more suitable for long-term investors who can bear the risk of short-term fluctuations in the value of the Fund's portfolio, including short-term losses.

  • Market Disruption and Geopolitical Risk – The value of the Fund's investments could be adversely affected by events that disrupt securities markets and adversely affect global markets and by changes in non-U.S. and U.S. economic and political conditions.

  • Market Risk – The value of the Fund's investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund's shares.

  • Non-U.S. Investment Risk – Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.

  • Quality Investment Style Risk – The Fund generally pursues investments in companies that it believes exhibit high returns on equity, stable earnings per share growth, and low financial leverage. This style of investing is subject to the risk that the past performance of these companies does not continue or that the returns on "quality" equity securities are less than returns on other styles of investing or the overall stock market. Market demand for securities of other types of companies may result in "quality" companies remaining undervalued for long periods of time, or indefinitely, negatively impacting the Fund's ability to achieve positive returns on its investments, even where it has accurately assessed a company's fundamentals.

  • Service Provider Risk – The Fund will be affected by the Manager's investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.

  • Settlement Risk – The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.

  • Small- and Medium-Capitalization Securities Risk – Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.
Performance

The Fund had not commenced operations as of December 31, 2017. Accordingly, performance data is not included. When performance data becomes available, it will be posted to the following website: http://USmutualfund.bailliegifford.com. Past performance (before and after taxes) is not an indication of future performance.

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Class K & Institutional Class Prospectus | Baillie Gifford The Asia Ex Japan Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Baillie Gifford The Asia Ex Japan Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Asia Ex Japan Fund seeks capital appreciation.

Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Apr. 30, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in "Total Annual Fund Operating Expenses" or in the Example above, affect the Fund's performance. Because the Fund has not commenced operations, it does not have a portfolio turnover rate.

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Class K and Institutional Class were unfunded as of December 31, 2017. Therefore Other Expenses have been estimated for the current fiscal year assuming Fund assets of $25 million, the minimum initial investment amount for Class K shares.
Expense Example [Heading] rr_ExpenseExampleHeading Example of Expenses
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example below also applies any contractual expense waivers and/or expense reimbursements to the first year of each period listed in the table.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions, your expenses would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund will seek to meet its objective by investing in a portfolio of common stocks and other equity securities of issuers located in Asia excluding Japan and including the Indian subcontinent.


Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies located in countries contained in the MSCI All Country Asia Ex Japan Index. The MSCI All Country Asia Ex Japan Index includes large-cap, mid-cap, and small-cap issuers from a variety of countries including China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand. The economies of many of these countries are considered emerging market economies, and some may be considered frontier markets. The Fund may invest in equity securities either directly or indirectly, such as through depositary receipts and may invest in preferred stocks, convertible securities and warrants. The Fund may invest in issuers of any market capitalization and may participate in initial public offerings ("IPOs").


The portfolio managers select companies without regard to the MSCI All Country Asia Ex Japan benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, relationships with industry thought leaders and academics, and wider reading. Stock ideas will be researched to assess a range of factors, including: backdrop, competitive advantage, management, financial strength and valuation. The intended outcome is a diversified portfolio of between 50-100 quality growth companies with the potential to outperform the benchmark over the long term. The Fund tends to hold securities for long periods (typically 3-5 years), which results in relatively low portfolio turnover and is in line with the Fund's long-term investment outlook.


The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund may engage in currency hedging in an attempt to preserve the Fund's investments in U.S. dollar terms, which may be accomplished using such instruments as currency forwards, currency spot transactions and related options.

Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's net asset value and returns will be impacted by the performance of the underlying investments of the Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund.


The principal risks of investing in this Fund (in alphabetical order) are:


  • Asia Risk – Many of the economies of countries in Asia are considered emerging market economies. Countries in Asia can be reliant on only a few industries or commodities. Many Asian economies are characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. The economies of many Asian countries are heavily dependent on international trade and can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade.

  • Currency and Currency Hedging Risk – The Fund could lose value if it invests in foreign currencies or securities denominated in foreign currencies which decline in value relative to the U.S. Dollar, or if it invests in products to reduce this exposure, and those products lose value. The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. Similarly, the Fund may realize a loss if the Fund hedges exposure to a non-U.S. currency, and this non-U.S. currency increases in value, relative to the U.S. dollar. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains.

  • Emerging Markets Risk – To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.

  • Equity Securities Risk – Equity securities may react more strongly to changes in an issuer's financial condition or prospects than other securities of the same issuer.

  • Focused Investment Risk – Should the Fund focus its investments in related, or a limited number of, countries, regions, sectors, or companies, this would create more risk and greater volatility than if the Fund's investments were less focused.

  • Frontier Markets Risk – Investments in frontier markets may be more volatile and less liquid than investments in more developed markets or in other emerging market countries. Emerging markets risk may be especially heightened in frontier markets.

  • Growth Stock Risk – The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

  • Information Technology Risk – Cyber-attacks, disruptions, or failures that affect the Fund's service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.

  • IPO Risk – The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

  • Large Capitalization Securities Risk – Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.

  • Liquidity Risk – The Fund's investments may be subject to low trading volume, lack of a market maker, or regulatory restrictions. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. The Fund may also hold large positions in securities of particular issues, which may decrease the liquidity of the Fund's investments.

  • Long-Term Investment Strategy Risk – The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over the short term, and the Fund may not perform as expected in the long term.  An investment in the Fund may be more suitable for long-term investors who can bear the risk of short-term fluctuations in the value of the Fund's portfolio, including short-term losses.

  • Market Disruption and Geopolitical Risk – The value of the Fund's investments could be adversely affected by events that disrupt securities markets and adversely affect global markets and by changes in non-U.S. and U.S. economic and political conditions.

  • Market Risk – The value of the Fund's investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund's shares.

  • Non-U.S. Investment Risk – Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.

  • Quality Investment Style Risk – The Fund generally pursues investments in companies that it believes exhibit high returns on equity, stable earnings per share growth, and low financial leverage. This style of investing is subject to the risk that the past performance of these companies does not continue or that the returns on "quality" equity securities are less than returns on other styles of investing or the overall stock market. Market demand for securities of other types of companies may result in "quality" companies remaining undervalued for long periods of time, or indefinitely, negatively impacting the Fund's ability to achieve positive returns on its investments, even where it has accurately assessed a company's fundamentals.

  • Service Provider Risk – The Fund will be affected by the Manager's investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.

  • Settlement Risk – The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.

  • Small- and Medium-Capitalization Securities Risk – Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The Fund had not commenced operations as of December 31, 2017. Accordingly, performance data is not included. When performance data becomes available, it will be posted to the following website: http://USmutualfund.bailliegifford.com. Past performance (before and after taxes) is not an indication of future performance.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The Fund had not commenced operations as of December 31, 2017. Accordingly, performance data is not included.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress http://USmutualfund.bailliegifford.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (before and after taxes) is not an indication of future performance.
Class K & Institutional Class Prospectus | Baillie Gifford The Asia Ex Japan Fund | Class K  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (Fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.72% [1]
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.56% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.28%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.41%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.87% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 89
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 365
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 89
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 365
Class K & Institutional Class Prospectus | Baillie Gifford The Asia Ex Japan Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (Fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.72% [1]
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.71% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.43%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.41%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.02% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 104
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 412
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 104
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 $ 412
[1] The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited (the "Manager").
[2] Class K and Institutional Class were unfunded as of December 31, 2017. Therefore Other Expenses have been estimated for the current fiscal year assuming Fund assets of $25 million, the minimum initial investment amount for Class K shares.
[3] The Manager has contractually agreed to waive its fees and/or bear other expenses of the Fund through April 30, 2019 to the extent that such Fund's Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses, and extraordinary expenses) exceed 0.87% for Class K and Institutional Class shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. Expenses after waiver/reimbursement exceed 0.87% for Institutional Class due to estimated sub-accounting expenses of 0.15%.
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Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Apr. 30, 2018
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