Tracking Baillie Gifford's 13F Portfolio - Q2 2022 Update

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John Vincent
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Summary

  • Baillie Gifford’s 13F portfolio value decreased from ~$143B to ~$97.51B this quarter.
  • They increased Spotify and Royalty Pharma while decreasing Cloudflare, Petrobras, BeiGene, CBRE Group, Teladoc, and Peloton Interactive.
  • The top three positions are Moderna, Tesla Motors, and Amazon.com, and they add up to ~17% of the portfolio.

Sunset in Edinburgh

JINGXUAN JI

This article is part of a series that provides an ongoing analysis of the changes made to Baillie Gifford's 13F portfolio on a quarterly basis. It is based on their regulatory 13F Form filed on 8/8/2022. Please visit our Tracking Baillie Gifford 13F Portfolio series to get an idea of their investment philosophy and for the fund's moves during Q1 2022. The 13F securities represent roughly 40% of their overall Assets Under Management. The portfolio is diversified with over 1000 13F securities. 64 of those positions are significantly large (more than ~0.5% of the portfolio) and they are the focus of this article.

This quarter, Baillie Gifford's 13F portfolio decreased ~32% from ~$143B to ~$97.51B. The number of holdings decreased from 1168 to 1147. The top three holdings are at ~17% while the top five holdings are close to ~25% of the 13F assets: Moderna, Tesla Motors, Amazon.com, Illumina, and MercadoLibre.

Note: Although the following positions are really small compared to the overall size of the portfolio, it is significant that they have sizable ownership stakes: 10x Genomics (TXG), Abiomed (ABMD), Adaptimmune Therapeutics (ADAP), Allbirds (BIRD), Appian Corporation (APPN), Axon Enterprise (AXON), Beyond Meat (BYND), Certara (CERT), Chegg (CHGG), Codexis (CDXS), Copa Holdings (CPA), Coursera (COUR), Denali Therapeutics (DNLI), Digimarc (DMRC), Duolingo (DUOL), EverQuote (EVER), Farfetch Ltd. (FTCH), HashiCorp (HCP), Jumia Technologies (JMIA), Lemonade (LMND), LendingTree (TREE), Lilium (LILM), NuCana Inc. (NCNA), Oscar Health (OSCR), Pacira BioSciences (PCRX), Recursion Pharma (RXRX), Redfin Corp. (RDFN), STAAR Surgical (STAA), The Howard Hughes Corporation (HHC), Tencent Music Entertainment (TME), Vimeo (VMEO), Warby Parker (WRBY), Zai Lab Limited (ZLAB), and Zillow Group (Z).

Stake Increases:

MercadoLibre, Inc. (MELI): MELI position goes back to 2010 when a 2.25M share stake was built at prices between ~$35 and ~$73. The position size peaked at 6.56M shares in 2014. The stake increase happened at prices between ~$60 and ~$140. Since then, the position had seen trimming in most years. Last four quarters have seen a ~17% increase at prices between ~$616 and ~$1954. The stock currently trades at ~$996 and the top-five stake is at 3.54% of the portfolio.

Note: they have a ~11% ownership stake in the business.

Spotify Inc. (SPOT): The original SPOT position goes back to a Series G funding round in 2015 when the company was valued at ~$8B. They had an IPO in 2018. Shares started trading at ~$150 and currently goes for ~$116. The valuation is now at ~$21B. H2 2019 saw a ~25% stake increase at prices between ~$112 and ~$157. That was followed with a ~19% increase over the last two quarters at prices between ~$92 and ~$244.

Note: they have a ~13% ownership stake in the business.

NIO Inc. (NIO): NIO had an IPO in September 2018. Shares started trading at ~$8.50. The original position was acquired immediately after the IPO. Q1 2021 saw a ~15% selling at prices between ~$36 and ~$62 while this quarter there was a ~9% increase at prices between ~$12.70 and ~$24. The stock currently goes for $19.17. The stake is a 2.15% of the portfolio.

Shopify Inc. (SHOP): The 1.83% of the portfolio SHOP stake was built in the 2017-2019 timeframe at prices between ~$4.50 and ~$40. Since then, the position had seen minor trimming. The stock currently trades at ~$36.75. There was a ~6% increase this quarter.

Abiomed, Inc., BioNTech (BNTX), Carvana Co. (CVNA), Charles Schwab (SCHW), Chewy, Inc. (CHWY), Gingko Bioworks (DNA), Royalty Pharma (RPRX), Ryanair ADR (RYAAY), Service Corp International (SCI), TSMC ADR (TSM), Watsco, Inc. (WSO), and Wix.com (WIX): These small (less than ~1.30% of the portfolio each) stakes were increased this quarter.

Stake Decreases:

Moderna, Inc. (MRNA): A small position in MRNA was established in Q1 2020. H2 2020 saw the position built to over 24M shares at prices between ~$58 and ~$157. Next quarter saw another ~85% stake increase at prices between ~$105 and ~$184. Since then, the activity has been minor. The stock currently trades at ~$171 and it is now the largest position at 6.67% of the portfolio.

Tesla Motors (TSLA): The TSLA stake was first purchased in 2013 at very low prices. The period through 2019 saw the original position almost tripled at prices up to ~$85. There was minor trimming in the next two quarters and that was followed with a ~55% selling in H2 2020 at prices between ~$242 and ~$706. Last six quarters have seen another two-thirds reduction at prices between ~$580 and ~$1222. The stock currently trades at ~$850 and the stake is still the second-largest position in the portfolio at 6.49%. They are harvesting gains.

Amazon.com Inc. (AMZN): AMZN stake was a very small position purchased in 2004. The period through 2009 saw a large position built at very low prices. Since 2014, the position has seen selling. Recent activity follows. 2020 saw a one-third reduction at prices between ~$89 and ~$170. Last six quarters have seen another ~40% selling at prices between ~$102 and ~$187. The stock is now at ~$138. It is still a top-three stake at 4.12% of the portfolio.

Illumina, Inc. (ILMN): The ILMN stake goes back over a decade to 2011 when a large 13.5M shares stake was built at prices between ~$25 and ~$75 per share. The period through 2020 saw a ~50% stake increase through incremental buying at higher prices. The stock currently trades at ~$215. Last six quarters have seen only minor adjustments.

Note: they have a ~12.5% ownership stake in the business.

NVIDIA Corp. (NVDA): A large stake in NVDA was first purchased in 2016 at prices up to ~$28. The position has seen periodic selling since. Recent activity follows. Last six quarters saw a ~20% reduction at prices between ~$125 and ~$330. The stock currently trades at ~$171. The stake is at 2.38% of the portfolio.

The Trade Desk (TTD): The ~2% TTD position was first purchased in the 2018-2019 timeframe at prices up to ~$28. H1 2021 saw a ~80% stake increase at prices between ~$52 and ~$90. Last two quarters have seen a ~12% trimming. The stock currently trades at $54.50.

Elevance Health (ELV), previously Anthem: ELV is a ~2% of the portfolio long-term stake. The position has wavered. Recent activity follows. Q4 2021 saw a ~15% stake increase at prices between ~$370 and ~$468 while in the last two quarters there was a similar reduction at prices between ~$428 and ~$530. The stock currently trades at ~$484.

Ferrari N.V. (RACE): RACE was a ~18M shares stake that was established in 2016 at prices between $34 and $58. The period through 2020 saw the stake reduced to ~13.5M shares at higher prices. There was a ~15% selling in Q2 2021 at prices between ~$199 and ~$217. The stock currently trades at ~$211. There was marginal trimming this quarter.

Coupang, Inc. (CPNG): CPNG had an IPO in Q1 2021. Shares started trading at ~$48 and currently goes for ~$19. The 1.42% of the portfolio stake was built over the last five quarters through consistent buying at prices between ~$17.50 and ~$48.50. This quarter saw a ~2% trimming.

DexCom, Inc. (DXCM): A minutely small stake in DXCM was first purchased in 2012. The stake remained small till 2016 when a substantial ~6.1M share position was built in the low-20s price range. The period through 2019 saw the stake reduced to ~4.8M shares through periodic selling. Recent activity follows. There was a ~30% stake increase in Q4 2020 at prices between ~$79 and ~$103. Q4 2021 saw a ~16% reduction at prices between ~$130 and ~$163. The stock currently trades at $85.12. Last two quarters have seen only minor adjustments.

Note: they have a ~4.5% ownership stake in the business.

Netflix, Inc. (NFLX): NFLX is a 1.34% of the portfolio stake established in the 2015-2016 timeframe at prices up to ~$130. There was a ~8% trimming over the last five quarters. The stock currently trades at ~$230.

Sea Ltd. (SE): SE became a substantial stake in the portfolio in Q1 2020 when around 6M shares were purchased at prices between ~$38 and ~$52. The quarters since had seen only minor activity. Last quarter saw a ~75% stake increase at prices between ~$88 and ~$223. The stock currently trades at $83.53. There was a minor ~2% trimming this quarter.

Cloudflare, Inc. (NET): The 2.28% NET stake was purchased during Q2 and Q3 2020 at prices between ~$21 and ~$42. Last three quarters have seen a ~19% selling at prices between ~$40 and ~$217. The stock currently trades at $71.63.

Note: they have a ~9% ownership stake in the business.

Atlassian Corp. (TEAM): A large ~10.2M share stake in TEAM was built in 2016 at prices between ~$20 and ~$32. The period through 2020 saw a roughly one-third reduction through periodic selling at higher prices. Last year had also seen a ~14% trimming at prices between ~$213 and ~$458. The stock is now at ~$279 and the stake is at ~1% of the portfolio. Last two quarters have seen only minor adjustments.

Albemarle Corporation (ALB), Affirm Holdings (AFRM), Arthur J. Gallagher & Co. (AJG), Alnylam Pharma (ALNY), Alphabet Inc. (GOOG), BeiGene, Ltd. (BGNE), Booking Holdings (BKNG), Broadridge Financial (BR), CBRE Group (CBRE), CoStar Group (CSGP), Datadog Inc. (DDOG), DoorDash, Inc. (DASH), Estee Lauder (EL), Intuitive Surgical (ISRG), Li Auto (LI), Martin Marietta Materials (MLM), Mastercard Inc. (MA), Meta Platforms (META), Microsoft Corp. (MSFT), Moody's Corp. (MCO), NovoCure Ltd. (NVCR), Peloton Interactive (PTON), Petrobras Brasileiro (PBR), Pinduoduo Inc. (PDD), S&P Global (SPGI), Salesforce, Inc. (CRM), Snowflake (SNOW), Teladoc Health (TDOC), Teradyne Inc. (TER), Thermo Fisher Scientific (TMO), Twilio Inc. (TWLO), Wayfair Inc. (W), Workday, Inc. (WDAY), and Zoom Video (ZM): These small (less than ~1.5% of the portfolio each) stakes were reduced this quarter.

The spreadsheet below highlights changes to Baillie Gifford' 13F holdings in Q2 2022:

Baillie Gifford's Q2 2022 13F Report Q/Q Comparison

Baillie Gifford's Q2 2022 13F Report Q/Q Comparison (John Vincent (author))

This article was written by

John Vincent profile picture
21.46K Followers
Focused on cloning strategies by analyzing 13F reports of a curated set of around fifty super-investors and generating Absolute Returns thru exploiting inefficiency, volatility, and momentum.

Disclosure: I/we have a beneficial long position in the shares of AMZN, CPNG, CVNA, GOOGL, LILMW, LMND, META either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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