BAILLIE GIFFORD & CO

Baillie Gifford, the Scottish long-horizon growth manager, held $97.9B in a concentrated 906-name book unlike any U.S. peer's: NVIDIA (7.3%) and Amazon (6.0%) lead, but MercadoLibre (5.7%), Spotify (4.1%), Nu Holdings (3.6%), Shopify (3.5%), Cloudflare (3.4%) and Sea Ltd (3.4%) give it a distinctly global, high-growth, emerging-markets character. The Q1 filing shows heavy pruning of those winners — Shopify (-$1.6B), MercadoLibre (-$1.4B), Netflix (-$1.4B), Microsoft (-$1.2B), Sea (-$1.7B) and AppLovin (-$1.5B) were all cut sharply, with 25 positions reduced against 16 added. New positions in Intuitive Surgical, Credicorp, Petrobras and MakeMyTrip. Assets fell from $120.3B to $97.9B.