Prudential Baillie Gifford UK Equity Core Growth S3
Performance
Discrete performance - to latest available quarter end
| 31/12/20 to 31/12/21 |
31/12/21 to 31/12/22 |
31/12/22 to 31/12/23 |
31/12/23 to 31/12/24 |
31/12/24 to 31/12/25 |
|
|---|---|---|---|---|---|
| Fund | 14.8% | -13.3% | 5.6% | 10.2% | 15.8% |
| Benchmark | 18.3% | 0.3% | 7.9% | 9.5% | 24.0% |
Performance - to latest available quarter end
| Quarter | Annualised | |||
|---|---|---|---|---|
| 4 2025 |
3 Years to 31/12/25 |
5 Years to 31/12/25 |
10 Years to 31/12/25 |
|
| Fund | 2.4% | 10.5% | 6.1% | 7.5% |
| Benchmark | 6.4% | 13.6% | 11.7% | 8.4% |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| ASTRAZENECA | 5.91 |
| STANDARD CHARTERED | 4.76 |
| RIO TINTO | 4.54 |
| PRUDENTIAL | 4.21 |
| BABCOCK INTERNATIONAL GROUP | 3.83 |
| MARKS & SPENCER GROUP P.L.C. | 3.35 |
| ST. JAMES'S PLACE | 3.26 |
| HSBC HOLDINGS | 3.18 |
| LEGAL & GENERAL GROUP | 3.08 |
| UNILEVER | 2.93 |
| Total | 39.05 |
Fund Aims
Objective: The investment strategy of the fund is to purchase units in the Baillie Gifford UK Equity Core Growth fund - the underlying fund.
Underlying fund objective- The underlying fund will invest at least 80% directly or indirectly in shares of UK companies, being those which are incorporated, domiciled or conducting a significant portion of their business in the UK. The Sub-fund will be actively managed and may invest in UK companies of any size and in any sector.
The fund will invest primarily in growth companies, being companies which the fund manager considers are capable of growing their earnings faster than the market average. The fund manager will also assess companies the fund directly invests in using a Norms-based Evaluation and will comply with the fund manager investment policy on assessing breaches of the United Nations Global Compact as outlined in the company "ESG Principles and Guidelines" document. The indirect investment will be through collective investment schemes (including those managed or operated by the ACD). To the extent that the Sub-fund is not fully invested directly or indirectly in shares of UK companies, the Sub-fund may also invest in shares of non-UK companies, other transferable securities of UK and non-UK companies, deposits and cash. The Sub-fund may not invest in or otherwise use derivatives.
Performance Objective: The underlying fund aims to outperform (after deduction of costs) the FTSE All-Share Index (the “Index”) over rolling five-year periods.
Fund Manager
James is an investment manager in the UK Equity Team and co-manager of the UK Core Strategy. He joined Baillie Gifford in 2022, and prior to joining the firm, worked as a senior investment manager at ADIA in Abu Dhabi covering UK Equities. He began his career at Martin Currie in Edinburgh in 2012. James graduated BSc (Hons) in Economics from UCL in 2010.
Iain is the head of our UK Equity Team and lead manager of the UK Core Strategy. He is also the joint manager on our flagship Managed Strategy, which he has been involved in since 2000. Iain joined Baillie Gifford in 1994 and became a partner of the firm in 2005. He has previously spent time on the US Equities Team. Iain graduated MA in Accountancy from the University of Aberdeen and subsequently qualified as a Chartered Accountant.
Fund Overview
| Daily price (10/03/2026) | 504.68 |
| Fund size (31/01/2026) | £7.69m |
| Underlying Fund size | £220.05m |
| Number of holdings | 56 |
| Annual Management Charge (AMC) | Please refer to the "Fund Guide" for your specific pension plan |
| Launch date | 05/04/2004 |
Asset Allocation
| UK Equities | 98.52% | |
| Property | 1.48% |
Commentary
Performance as at Q4 2025 - The fund achieved a positive return over the final quarter, although it underperformed the index. Most of the weaker contributors reflected shifts in market sentiment rather than any deterioration in business fundamentals. Concerns around the potential impact of Artificial Intelligence weighed on several data‑ and classifieds‑focused holdings, including Auto Trader, Experian and Baltic Classifieds. This followed heightened discussion in the sector, particularly after Rightmove outlined plans to invest £60 million in technology and Artificial Intelligence over the next three years.While AI represents a major technological development with the potential to reshape many industries, the affected companies remain financially strong and competitively well‑positioned. Their management teams continue to invest in innovation and demonstrate a clear understanding of both the risks and opportunities ahead. Auto Trader, for example, has already made significant progress in developing AI‑enabled products and expanding its data science capabilities. As a result, recent share price weakness is viewed as an opportunity, and engagement with company leadership remains focused on long‑term adaptability.
Marks & Spencer detracted from performance after the cyber‑attack earlier in the year. Management acted quickly, restoring customer‑facing systems during the summer and advancing the modernisation of its IT infrastructure. This sits within a much broader transformation led by the Chief Executive Officer, who has delivered operational improvements, strengthened the online offer and rationalised the store estate. Recent discussions with the leadership team reaffirmed confidence in second‑half profits and the company’s ability to maintain its positive momentum into the new financial year.
In contrast, Standard Chartered made a strong contribution following quarterly results that showed underlying profit growth of around nine per cent, supported by continued expansion in its wealth and retail banking operations. Games Workshop also added value, with a robust trading update easing concerns about short‑term comparatives and highlighting the continued strength of its core miniature business. Engagement with the company remains centred on long‑term value creation, including global capability development, intellectual property protection and talent investment.
Portfolio adjustments during the period included the sale of EnQuest, reflecting reduced visibility of long‑term returns due to regulatory and tax pressures in the UK North Sea. Capital was reallocated to opportunities with stronger and more durable growth prospects. A new position was established in Big Yellow Group, a founder‑led self‑storage business with strong market positions, high barriers to entry and attractive pricing power. With over 100 modern facilities and a particularly strong presence in London and the South East, the company is well‑placed to deliver steady long‑term growth, and the shares offered a compelling valuation entry point.
Source: Baillie Gifford
Important Information
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of fund charges and further costs, but take no account of any Annual Management Charge paid for by the deduction of units. Charges and further costs may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with gross income reinvested. The value of your investment can go down as well as up so you might get back less than you put in.
This factsheet is intended for the trustees, sponsors, advisers and members of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. Its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Asset Allocation
| UK Equities | 98.52% | |
| Property | 1.48% |
Equity Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Financials | 25.40% | - | - | - | |
| Insurance | - | 11.05% | - | - | |
| Life Insurance | - | - | 7.29% | - | |
| Life Insurance | - | - | - | 7.29% | |
| Non-life Insurance | - | - | 3.77% | - | |
| Property & Casualty Insurance | - | - | - | 2.15% | |
| Full Line Insurance | - | - | - | 1.62% | |
| Banks | - | 8.32% | - | - | |
| Banks | - | - | 8.32% | - | |
| Banks | - | - | - | 8.32% | |
| Financial Services | - | 6.03% | - | - | |
| Investment Banking & Brokerage Services | - | - | 6.03% | - | |
| Asset Managers & Custodians | - | - | - | 6.03% | |
| Industrials | 24.61% | - | - | - | |
| Industrial Goods & Services | - | 20.37% | - | - | |
| Industrial Engineering | - | - | 5.86% | - | |
| Machinery: Industrial | - | - | - | 4.18% | |
| Machinery: Construction & Handling | - | - | - | 1.68% | |
| Industrial Support Services | - | - | 5.12% | - | |
| Professional Business Support Services | - | - | - | 1.95% | |
| Industrial Suppliers | - | - | - | 1.27% | |
| Transaction Processing Services | - | - | - | 1.24% | |
| Business Training & Employment Agencies | - | - | - | 0.67% | |
| Aerospace & Defence | - | - | 3.83% | - | |
| Defense | - | - | - | 3.83% | |
| General Industrials | - | - | 2.14% | - | |
| Diversified Industrials | - | - | - | 2.14% | |
| Electronic & Electrical Equipment | - | - | 2.10% | - | |
| Electronic Equipment: Gauges & Meters | - | - | - | 2.10% | |
| Industrial Transportation | - | - | 1.31% | - | |
| Commercial Vehicle-Equipment Leasing | - | - | - | 1.31% | |
| Construction & Materials | - | 4.24% | - | - | |
| Construction & Materials | - | - | 4.24% | - | |
| Building Materials: Other | - | - | - | 3.21% | |
| Engineering & Contracting Services | - | - | - | 1.03% | |
| Consumer Discretionary | 15.71% | - | - | - | |
| Retail | - | 6.34% | - | - | |
| Retailers | - | - | 6.34% | - | |
| Specialty Retailers | - | - | - | 3.69% | |
| Home Improvement Retailers | - | - | - | 2.65% | |
| Consumer Products & Services | - | 6.06% | - | - | |
| Household Goods & Home Construction | - | - | 3.09% | - | |
| Home Construction | - | - | - | 3.09% | |
| Leisure Goods | - | - | 1.76% | - | |
| Toys | - | - | - | 1.76% | |
| Personal Goods | - | - | 1.21% | - | |
| Clothing & Accessories | - | - | - | 1.21% | |
| Media | - | 3.30% | - | - | |
| Media | - | - | 3.30% | - | |
| Media Agencies | - | - | - | 3.30% | |
| Consumer Staples | 9.83% | - | - | - | |
| Personal Care, Drug & Grocery Stores | - | 6.90% | - | - | |
| Personal Care, Drug & Grocery Stores | - | - | 6.90% | - | |
| Food Retailers & Wholesalers | - | - | - | 3.97% | |
| Personal Products | - | - | - | 2.93% | |
| Food, Beverage & Tobacco | - | 2.92% | - | - | |
| Beverages | - | - | 1.80% | - | |
| Distillers & Vintners | - | - | - | 1.80% | |
| Food Producers | - | - | 1.12% | - | |
| Food Products | - | - | - | 1.12% | |
| Health Care | 9.27% | - | - | - | |
| Health Care | - | 9.27% | - | - | |
| Pharmaceuticals & Biotechnology | - | - | 9.27% | - | |
| Pharmaceuticals | - | - | - | 8.03% | |
| Biotechnology | - | - | - | 1.25% | |
| Technology | 6.41% | - | - | - | |
| Technology | - | 6.41% | - | - | |
| Software & Computer Services | - | - | 6.41% | - | |
| Consumer Digital Services | - | - | - | 2.97% | |
| Computer Services | - | - | - | 2.62% | |
| Software | - | - | - | 0.82% | |
| Basic Materials | 4.54% | - | - | - | |
| Basic Resources | - | 4.54% | - | - | |
| Industrial Metals & Mining | - | - | 4.54% | - | |
| General Mining | - | - | - | 4.54% | |
| Real Estate | 4.23% | - | - | - | |
| Real Estate | - | 4.23% | - | - | |
| Real Estate Investment Trusts | - | - | 2.67% | - | |
| Diversified REITs | - | - | - | 1.48% | |
| Office REITs | - | - | - | 0.67% | |
| Storage REITs | - | - | - | 0.51% | |
| Real Estate Investment & Services | - | - | 1.56% | - | |
| Real Estate Services | - | - | - | 1.56% | |
Regional Allocation
| UK | 98.52% | |
| Property | 1.48% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| UK | 98.52% | - | |
United Kingdom
|
- | 98.52% | |
| Property | 1.48% | - | |
Breakdown By Market Cap (%)
| Mega |
|
25.26% |
| Large |
|
21.19% |
| Medium |
|
43.46% |
| Small |
|
4.66% |
| Non-Classified |
|
5.43% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | ASTRAZENECA | 5.91% | Pharmaceuticals & Biotechnology | United Kingdom |
| 2 | STANDARD CHARTERED | 4.76% | Banks | United Kingdom |
| 3 | RIO TINTO | 4.54% | Industrial Metals & Mining | United Kingdom |
| 4 | PRUDENTIAL | 4.21% | Life Insurance | United Kingdom |
| 5 | BABCOCK INTERNATIONAL GROUP | 3.83% | Aerospace & Defence | United Kingdom |
| 6 | MARKS & SPENCER GROUP P.L.C. | 3.35% | Personal Care, Drug & Grocery Stores | United Kingdom |
| 7 | ST. JAMES'S PLACE | 3.26% | Investment Banking & Brokerage Services | United Kingdom |
| 8 | HSBC HOLDINGS | 3.18% | Banks | United Kingdom |
| 9 | LEGAL & GENERAL GROUP | 3.08% | Life Insurance | United Kingdom |
| 10 | UNILEVER | 2.93% | Personal Care, Drug & Grocery Stores | United Kingdom |
Dual Aspect Equity Analysis
| UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Property | Other | Cash & Equiv | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Technology | 6.41% | - | - | - | - | - | - | - | 6.41% |
| Financials | 25.40% | - | - | - | - | - | - | - | 25.40% |
| Real Estate | 2.75% | - | - | - | - | 1.48% | - | - | 4.23% |
| Consumer Discretionary | 15.71% | - | - | - | - | - | - | - | 15.71% |
| Consumer Staples | 9.83% | - | - | - | - | - | - | - | 9.83% |
| Health Care | 9.27% | - | - | - | - | - | - | - | 9.27% |
| Industrials | 24.61% | - | - | - | - | - | - | - | 24.61% |
| Basic Materials | 4.54% | - | - | - | - | - | - | - | 4.54% |
Important Information
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use.
This factsheet is for information purposes only. If there is information or terminology included that you would like to discuss, then please contact an adviser. Investors should refer to their policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | 3420188 |
| Mex Code | PUPAC |
| Isin Code | GB0034201888 |
| Citi Code | P552 |
Fund Charges
| Annual Management Charge (AMC) | Please refer to the "Fund Guide" for your specific pension plan |
Aims and Benchmark
| Aims | Objective: The investment strategy of the fund is to purchase units in the Baillie Gifford UK Equity Core Growth fund - the underlying fund. Underlying fund objective- The underlying fund will invest at least 80% directly or indirectly in shares of UK companies, being those which are incorporated, domiciled or conducting a significant portion of their business in the UK. The Sub-fund will be actively managed and may invest in UK companies of any size and in any sector. The fund will invest primarily in growth companies, being companies which the fund manager considers are capable of growing their earnings faster than the market average. The fund manager will also assess companies the fund directly invests in using a Norms-based Evaluation and will comply with the fund manager investment policy on assessing breaches of the United Nations Global Compact as outlined in the company "ESG Principles and Guidelines" document. The indirect investment will be through collective investment schemes (including those managed or operated by the ACD). To the extent that the Sub-fund is not fully invested directly or indirectly in shares of UK companies, the Sub-fund may also invest in shares of non-UK companies, other transferable securities of UK and non-UK companies, deposits and cash. The Sub-fund may not invest in or otherwise use derivatives. Performance Objective: The underlying fund aims to outperform (after deduction of costs) the FTSE All-Share Index (the “Index”) over rolling five-year periods. |
| Benchmark | FTSE All-Share Index |
| ABI Sector | UK All Companies |
Important Information
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
Charges and further costs may vary in the future and may be higher than they are now.
This factsheet is for information purposes only. If there is information or terminology included that you would like to discuss, then please contact an adviser. Investors should refer to their policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
These risk ratings have been developed by Prudential to help provide an indication of a fund’s potential level of risk and reward based on the type of assets which may be held by the fund. Other companies may use different descriptions and as such these risk ratings should not be considered as generic across the fund management industry.
We regularly review our fund risk ratings, so they may change in the future. If, in our view, there is a material change in the fund's level of risk, for example due to a significant change to the assets held by the fund or in the way the fund is managed, we will provide information on the new risk rating. We recommend that you make sure you understand the risk rating of any fund before you invest.
You should also consider discussing your decision and the appropriateness of a fund's risk rating with an adviser.
Higher Risk
These are specialist equity funds that focus on set geographical regions or a particular type of share e.g. shares of smaller companies or those that conform to certain criteria.
Help
Important Information
This factsheet is intended for the trustees, sponsors, advisers and members of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. Its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Important Information
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of fund charges and further costs, but take no account of any Annual Management Charge paid for by the deduction of units. Charges and further costs may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with gross income reinvested. The value of your investment can go down as well as up so you might get back less than you put in.
This factsheet is intended for the trustees, sponsors, advisers and members of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. Its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
'Prudential' is a trading name of Prudential Pensions Limited. Prudential Pensions Limited is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 992726. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.