Baillie Gifford & Co
Reported US equity positions for Q1 2026 — $97.9B across 906 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| NVDA NVIDIA Corporation | $7.1B | 7.3% | 40,748,665 |
| AMZN Amazon.com, Inc. | $5.9B | 6.0% | 28,092,199 |
| MELI MercadoLibre, Inc. | $5.6B | 5.7% | 3,233,259 |
| L8681T102 Spotify Technology SA | $4.0B | 4.1% | 8,218,203 |
| G6683N103 Nu Holdings Ltd. | $3.5B | 3.6% | 246,564,454 |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | $3.4B | 3.5% | 29,021,841 |
| NET Cloudflare, Inc. Class A | $3.3B | 3.4% | 15,924,423 |
| SE Sea Limited American Preferred | $3.3B | 3.4% | 39,654,072 |
| PDD PDD Holdings Inc. | $2.9B | 3.0% | 28,353,099 |
| APP Applovin Corporation | $2.7B | 2.7% | 6,700,132 |
| META Meta Platforms, Inc. | $2.3B | 2.4% | 4,098,821 |
| CPNG Coupang, Inc. Class A | $2.3B | 2.3% | 120,656,242 |
| NFLX Netflix, Inc. | $2.1B | 2.1% | 21,805,669 |
| IOT Samsara Inc. Class A | $1.8B | 1.9% | 57,523,792 |
| MSFT Microsoft Corporation | $1.4B | 1.5% | 3,878,029 |
| N3167Y103 Ferrari ADR | $1.3B | 1.3% | 3,875,660 |
| RBLX Roblox Corporation Class A | $1.2B | 1.2% | 21,423,012 |
| ISRG Intuitive Surgical, Inc. | $1.2B | 1.2% | 2,567,565 |
| RKLB Rocket Lab Corporation | $1.2B | 1.2% | 18,428,043 |
| DASH DoorDash, Inc. | $1.1B | 1.1% | 7,241,815 |
| AXON Axon Enterprise, Inc. | $1.0B | 1.1% | 2,459,727 |
| MRNA Moderna, Inc. | $1.0B | 1.0% | 19,985,876 |
| GOOG Alphabet Inc. - Class C Capital Stock | $1.0B | 1.0% | 3,499,244 |
| RDDT Reddit, Inc. Class A | $984.2M | 1.0% | 7,309,109 |
| DXCM DexCom, Inc. | $979.7M | 1.0% | 15,599,525 |
| ENSG The Ensign Group, Inc. | $972.5M | 1.0% | 4,826,172 |
| G2519Y108 Credicorp | $925.8M | 0.9% | 2,729,498 |
| PBR Petroleo Brasileiro S.A. Petrobras ADS | $922.1M | 0.9% | 44,438,548 |
| ALNY Alnylam Pharmaceuticals, Inc. | $825.1M | 0.8% | 2,493,866 |
| G7709Q104 Royalty Pharma | $775.0M | 0.8% | 16,155,677 |
| SCI Service Corporation International | $710.0M | 0.7% | 8,605,439 |
| MA Mastercard Incorporated | $682.6M | 0.7% | 1,366,111 |
| TEAM Atlassian Corporation | $680.0M | 0.7% | 9,963,439 |
| SYM Symbotic Inc. | $663.9M | 0.7% | 12,479,888 |
| RIVN Rivian Automotive, Inc. | $659.5M | 0.7% | 43,821,500 |
| MLM Martin Marietta Materials, Inc. | $640.1M | 0.7% | 1,087,380 |
| GOOGL Alphabet Inc. | $559.9M | 0.6% | 1,946,990 |
| V5633W109 MakeMyTrip | $559.8M | 0.6% | 15,012,963 |
| CSGP CoStar Group, Inc. | $549.1M | 0.6% | 13,610,922 |
| RYAAY Ryanair Holdings plc | $533.2M | 0.5% | 9,225,175 |
| G65163100 Joby Aviation Inc | $515.6M | 0.5% | 62,419,803 |
| TSLA Tesla, Inc. | $484.1M | 0.5% | 1,302,148 |
| DUOL Duolingo, Inc. | $480.6M | 0.5% | 4,875,810 |
| SQM Sociedad Quimica y Minera S.A. | $461.9M | 0.5% | 5,707,211 |
| MSCI MSCI Inc. | $459.4M | 0.5% | 852,357 |
| MDLN Medline Inc | $443.9M | 0.5% | 9,975,775 |
| ELF e.l.f. Beauty, Inc. | $435.7M | 0.4% | 7,188,005 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $433.3M | 0.4% | 1,282,250 |
| PODD Insulet Corporation | $425.9M | 0.4% | 2,029,492 |
| WSO Watsco, Inc. | $413.7M | 0.4% | 1,137,258 |
| SNOW Snowflake Inc. | $403.7M | 0.4% | 2,676,434 |
| TXN Texas Instruments Incorporated | $395.9M | 0.4% | 2,039,257 |
| EOG EOG Resources, Inc. | $393.0M | 0.4% | 2,718,534 |
| TEM Tempus Ai Inc | $391.1M | 0.4% | 8,649,356 |
| KSPI Joint Stock Company Kaspi.kz - American Depository Shares | $379.5M | 0.4% | 5,123,207 |
| DG Dollar General Corporation | $374.3M | 0.4% | 3,152,900 |
| DDOG Datadog, Inc. | $363.8M | 0.4% | 3,082,099 |
| GH Guardant Health, Inc. | $356.5M | 0.4% | 3,859,046 |
| ELV Elevance Health, Inc. | $343.3M | 0.4% | 1,172,808 |
| TMO Thermo Fisher Scientific Inc | $343.3M | 0.4% | 698,441 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| NVDA NVIDIA Corporation | Trim | $7.1B | $8.2B | -7% |
| AMZN Amazon.com, Inc. | Trim | $5.9B | $6.8B | -4% |
| MELI MercadoLibre, Inc. | Trim | $5.6B | $7.0B | -7% |
| L8681T102 Spotify Technology SA | Trim | $4.0B | $4.8B | -1% |
| G6683N103 Nu Holdings Ltd. | Trim | $3.5B | $4.3B | -4% |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | Trim | $3.4B | $5.0B | -7% |
| NET Cloudflare, Inc. Class A | Trim | $3.3B | $3.3B | -5% |
| SE Sea Limited American Preferred | Add | $3.3B | $4.9B | +2% |
| PDD PDD Holdings Inc. | Trim | $2.9B | $3.5B | -9% |
| APP Applovin Corporation | Add | $2.7B | $4.2B | +9% |
| META Meta Platforms, Inc. | Trim | $2.3B | $2.9B | -7% |
| CPNG Coupang, Inc. Class A | Trim | $2.3B | $3.4B | -17% |
| NFLX Netflix, Inc. | Trim | $2.1B | $3.5B | -41% |
| IOT Samsara Inc. Class A | Add | $1.8B | $1.7B | +21% |
| MSFT Microsoft Corporation | Trim | $1.4B | $2.7B | -30% |
| RKLB Rocket Lab Corporation | Add | $1.2B | $1.2B | +3% |
| DASH DoorDash, Inc. | Trim | $1.1B | $1.8B | -9% |
| AXON Axon Enterprise, Inc. | Add | $1.0B | $932.9M | +50% |
| MRNA Moderna, Inc. | Trim | $1.0B | $606.9M | -3% |
| GOOG Alphabet Inc. - Class C Capital Stock | Trim | $1.0B | $1.2B | -7% |
| RDDT Reddit, Inc. Class A | Add | $984.2M | $1.4B | +22% |
| ENSG The Ensign Group, Inc. | Add | $972.5M | $796.0M | +6% |
| G2519Y108 Credicorp | Add | $925.8M | $411.2M | +90% |
| PBR Petroleo Brasileiro S.A. Petrobras ADS | Add | $922.1M | $349.9M | +51% |
| ALNY Alnylam Pharmaceuticals, Inc. | Trim | $825.1M | $1.0B | -4% |
| G7709Q104 Royalty Pharma | Trim | $775.0M | $657.2M | -5% |
| SCI Service Corporation International | Trim | $710.0M | $714.3M | -6% |
| MA Mastercard Incorporated | Trim | $682.6M | $835.9M | -7% |
| TEAM Atlassian Corporation | Add | $680.0M | $1.4B | +18% |
| MLM Martin Marietta Materials, Inc. | Trim | $640.1M | $721.9M | -6% |
| GOOGL Alphabet Inc. | Add | $559.9M | $597.0M | +2% |
| V5633W109 MakeMyTrip | Add | $559.8M | $423.3M | +191% |
| CSGP CoStar Group, Inc. | Add | $549.1M | $869.6M | +5% |
| RYAAY Ryanair Holdings plc | Trim | $533.2M | $818.9M | -19% |
| G65163100 Joby Aviation Inc | Add | $515.6M | $654.3M | +26% |
| TSLA Tesla, Inc. | Trim | $484.1M | $603.9M | -3% |
| SQM Sociedad Quimica y Minera S.A. | Trim | $461.9M | $428.9M | -8% |
| MDLN Medline Inc | Trim | $443.9M | $437.2M | -4% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Trim | $433.3M | $406.1M | -4% |
| WSO Watsco, Inc. | Add | $413.7M | $309.1M | +24% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.