Baillie Gifford
large-active, growth, lo
Quarter Analysis
13F change notes for Baillie Gifford in 2026-03-31.
Baillie Gifford's $98B book shrank meaningfully ($120B → $98B, -19%) — combination of NVDA outperformance underneath and broader cuts across the international-growth book. Netflix cut -41% on +448% unrealized (big profit-take). Everything else flagged persistence with small trims. NVDA still top weight at 7.26% (+1577% unrealized over 41 quarters — the Scottish Mortgage legacy NVDA position). Top-3 weight 18.3% → 18.9% — NVDA still dominating.
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★ HELD
NVIDIA NVDA
Top weight 7.26%, 41 quarters held at +1577% unrealized — the signature Baillie Gifford long-term growth position. Only trimmed -7% even at extreme paper gain.
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★ HELD
Amazon.Com AMZN
52 quarters held at +745% unrealized — the foundational AMZN position from the Scottish Mortgage era.
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★ HELD
MercadoLibre MELI
52 quarters at +249% unrealized — the LatAm e-commerce long-term bet, untouched.
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★ HELD
Shopify 'A' SHOP
35 quarters at +292% unrealized; small -7% trim.
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★ HELD
Cloudflare Inc NET
24 quarters at +329% unrealized — the cloud-edge long-duration bet.
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▼ REDUCED
Netflix Inc NFLX
Cut -41% in shares at +448% unrealized — biggest profit-take of the quarter, 45 quarters of NFLX ownership being partially monetized.
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• CONTEXT
Book down 19% in one quarter with no aggressive single-name moves — this is broad-platform de-risking of growth exposure.