Baillie Gifford's Dow slashes stock picking activity in light of global uncertainty

Despite doubling assets year-to-date

The uncertainty that has grappled global equity markets this year has pushed the managers of the Baillie Gifford Responsible Global Equity Income fund to reduce its stock picking activity, despite doubling AUM year-to-date.

The portfolio of the £860.4m fund, managed by James Dow, Toby Ross and Ross Mathison and launched in December 2018, is composed of 60 stocks with a five-year investment horizon.  In an average year, the fund will add six new names to the portfolio. However, this year the managers have only snapped up two new stocks, French beauty products company L'Oreal and Intuit, the US software firm.  "I am actually surprised, even by my own standards, how few names we have bought," said Dow, co-head of the Baillie Gifford Global Income Growth team.  Baillie Gifford appoints new portfolio manag...