The Fund is a purely stock-driven, unconstrained global equity strategy focused on investing in exceptional growth companies.

Baillie Gifford believe that returns from equity portfolios
are determined less by the occasional (and inevitable)
mistakes made in individual investments than by exposure
to very successful investments. In other words, returns
from equities are asymmetric.

Benefits of investing in the CFS FC Master Trust - Baillie Gifford Long Term Global Growth Class A

The Baillie Gifford funds are offered to you by Colonial First State through an alliance with Baillie Gifford, providing you the opportunity to invest with an independent practitioner of long-term, active, growth investing, with a dedication to clients' interest above all else.

Award winning service

We are committed to delivering superior client service and administration which has been recognised through many industry awards.

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Risk level

Very High

Baillie Gifford’s 10-question Stock Research Framework

Baillie Gifford’s 10-question Stock Research Framework
is the key driver for their investment process.

Exceptional long term opportunity

1: Is there room to at least double sales over the next 5
years?

2: What happens over ten years and beyond?

Visionary leadership and adaptability

3: What is the competitive advantage?

4: Is the business culture clearly differentiated? Is it
adaptable?

Loyal stakeholders and strong governance

5: Why do your customers like you? What societal
considerations are mostlikely to prove materialto the
long-term growth of the company?

Financial strength

6: Are your returns worthwhile?

7: Will returns rise or fall?

8: How do you deploy capital?

Extreme payoffs

9: How could it be worth five times as much, or more?

10: Why doesn’t the market realise this?

Portfolio construction and risk

Baillie Gifford applies its 10 Question Stock Research
Framework rigorously to both the research of potential
ideas and the review of existing investments.

They also use a devil’s advocacy approach to re-assess an
investment from a deliberately negative perspective.
All members of the team are responsible for researching
stocks and everyone contributes to the generation of new
ideas, stock research and stock discussions. The portfolio
managers make the ultimate decision based on
enthusiasm rather than consensus.

Long term success in equity investing requires risk taking
and ambition, not caution and downside risk protection.
Baillie Gifford have a strong conviction that the long term
global growth strategy should be concentrated and
focused on the long term.

The strategy will have periods of poor performance and returns are likely to vary considerably around benchmark indices over short-term time periods and is therefore unlikely to be suitable for those with a low tolerance for short-term volatility or
performance horizons.

How we invest your money

The fund is a purely stock-driven, unconstrained global equity strategy focused on investing in exceptional growth companies. This approach is expressly long term, with Baillie Gifford holding a belief that investing in companies with the scope to grow to multiples of their current size has the potential to transform the returns for investors over time. The fund does not hedge currency risk.

Asset allocation

• Global shares: 95-100%

• Cash: 0-5%