--- title: "Baillie Gifford Q1 2026 13F: Trimming Growth, Buying Energy" type: research slug: baillie-gifford-q1-2026-growth-trim-energy-rotation canonical_url: https://13finsight.com/research/baillie-gifford-q1-2026-growth-trim-energy-rotation published_at: 2026-05-25T13:11:56.039Z updated_at: 2026-05-25T13:11:59.405Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 864 locale: en source: 13F Insight --- # Baillie Gifford Q1 2026 13F: Trimming Growth, Buying Energy > Baillie Gifford's reported 13F book fell to $97.89B in Q1 2026, a 18.7% drop, as the famed growth shop trimmed its mega-cap winners and rotated into energy and old-economy value. Baillie Gifford, the Edinburgh growth house that rode Tesla and Amazon to a generation of outperformance, reported a 13F equity book of $97.89 billion for the quarter ended March 31, 2026 — down 18.7% from $120.34 billion three months earlier (Form 13F-HR filed 2026-05-08, accession 0001088875-26-000037). That is the firm's second straight double-digit decline: the book has shed roughly 27% since peaking near $135 billion in Q3 2025. The reflex read is capitulation. The data says otherwise. Position count actually rose from 266 to 271, and the firm's marquee growth names are still its largest holdings — Nvidia remains the top position at $7.11 billion. What changed is the direction of new money: Baillie Gifford trimmed nearly every mega-cap winner by a single-digit percentage of shares while pouring fresh capital into energy and old-economy cash generators it has historically avoided. That combination — broad trimming at the top, aggressive buying in the tail — is the signal worth reading. It looks less like a growth manager losing conviction and more like one rebalancing a book that had become dangerously top-heavy after a multi-year tech run. What Baillie Gifford still owns The top of the portfolio is a roll-call of the firm's long-standing growth theses. Nvidia (NVDA) leads at $7.11 billion (7.26% of the book), followed by Amazon at $5.85 billion and MercadoLibre at $5.59 billion. Latin American fintech Nu Holdings and streaming platform Spotify round out the top five at $3.54 billion and $3.99 billion respectively. Crucially, almost every one of these was trimmed. Nvidia, MercadoLibre and Shopify each saw share counts cut about 7%; Cloudflare was reduced 5% and PDD Holdings 9%. Amazon, Sea Limited and Nu Holdings were held roughly flat. The only top-ten name Baillie Gifford added to was AppLovin, up 9% in shares. This is methodical pruning, not a fire sale — a few percent off each winner to fund purchases elsewhere. Concentration: still a high-conviction book Even after the trims, Baillie Gifford runs a concentrated portfolio. The ten largest positions account for roughly 43% of the reported book, with the remaining 261 holdings making up the other 57.45%. For a manager holding 271 names, that top-heavy shape is a deliberate expression of conviction rather than index-like diffusion. The concentration also explains the AUM swing. When a book this top-weighted in volatile growth names reprices, the headline value moves sharply even if the underlying share counts barely change. Much of the quarter's $22 billion decline is mark-to-market on names like Nvidia and PDD, not wholesale selling. The AUM slide in context Stepping back over eight quarters shows how unusual the current drawdown is. Baillie Gifford's 13F book ran between $114 billion and $135 billion for most of 2024 and 2025 before the two-quarter slide to $97.89 billion. The Q1 2026 reading is the lowest in the visible window and the first time the book has dropped below $100 billion in this dataset. With position count flat-to-higher across the same period, the decline is overwhelmingly a function of price and trimming rather than redemption-driven liquidation. The rotation: trimming growth, buying value The most revealing moves are in the tail. Baillie Gifford built large new energy stakes — EOG Resources shares jumped 1,787% to a $393 million position, and EQT rose 1,077% to $250 million. It re-entered tobacco giant Philip Morris International, lifting shares 5,249% to a $272 million stake, and rebuilt a $129 million position in Veeva Systems almost from scratch. On the sell side, the firm exited Salesforce (previously $281.6 million) and EPAM Systems ($244.4 million) entirely, and cut Nike and The Trade Desk by 99%. The pattern is coherent: capital moved out of richly-valued software and consumer-growth names and into energy and durable cash generators — an unusual posture for a house synonymous with disruptive growth, and a tell that even the most committed growth investors were adding ballast in early 2026. For investors tracking the firm, the takeaway is that Baillie Gifford's headline AUM drop overstates the story. The conviction names are intact and merely trimmed; the new money tells you where the firm sees relative value now. Track the next filing to see whether the energy and value tilt deepens or proves a one-quarter hedge. Compare positions on Baillie Gifford's full 13F portfolio. FAQ How big is Baillie Gifford's 13F portfolio in Q1 2026? Baillie Gifford reported a 13F equity portfolio of $97.89 billion for the quarter ended March 31, 2026, down 18.7% from $120.34 billion in the prior quarter, across 271 positions. What is Baillie Gifford's largest holding? Nvidia (NVDA) is the largest position at $7.11 billion, or 7.26% of the reported book, even after Baillie Gifford trimmed the stake by about 7% of shares in Q1 2026. Why did Baillie Gifford's AUM fall in Q1 2026? The decline was driven mainly by repricing of a concentrated growth book and modest single-digit trims of top holdings, not wholesale selling. Position count rose from 266 to 271 over the quarter. What did Baillie Gifford buy in Q1 2026? The firm built large new energy stakes in EOG Resources and EQT, re-entered Philip Morris International, and rebuilt a position in Veeva Systems, rotating toward energy and old-economy value. ## FAQ ### How big is Baillie Gifford's 13F portfolio in Q1 2026? Baillie Gifford reported a 13F equity portfolio of $97.89 billion for the quarter ended March 31, 2026, down 18.7% from $120.34 billion in the prior quarter, across 271 positions. ### What is Baillie Gifford's largest holding? Nvidia (NVDA) is the largest position at $7.11 billion, or 7.26% of the reported book, even after Baillie Gifford trimmed the stake by about 7% of shares in Q1 2026. ### Why did Baillie Gifford's AUM fall in Q1 2026? The decline was driven mainly by repricing of a concentrated growth book and modest single-digit trims of top holdings, not wholesale selling. Position count actually rose from 266 to 271 over the quarter. ### What did Baillie Gifford buy in Q1 2026? The firm built large new energy stakes in EOG Resources and EQT, re-entered Philip Morris International, and rebuilt a position in Veeva Systems, rotating toward energy and old-economy value. --- Source: 13F Insight — https://13finsight.com/research/baillie-gifford-q1-2026-growth-trim-energy-rotation Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-05-25T13:11:59.405Z