Baillie Gifford's $120.34B Q4 Reset: Growth Conviction Stayed, AUM Fell 10.9%

Baillie Gifford’s 2025Q4 filing is a clean tension setup: AUM dropped to $120.34B from $135.00B in 2025Q3 (a -10.9% quarter), but the fund’s growth-heavy conviction set stayed intact near the top of the book.

TL;DR

• Canonical AUM: $120.34B in Q4 2025.
• QoQ move: Down from $135.00B in Q3 2025 to $120.34B in Q4 2025.
• Concentration: Top-1 6.8%, top-5 26.5%, top-10 43.4%.
• Largest lines: NVDA ($8.18B), MELI ($7.01B), AMZN ($6.78B), SHOP ($5.02B), SE ($4.94B).
• Book size: 266 positions and WhaleScore 73.00.
• Read-through: This looks like a valuation drawdown quarter, not an identity change in portfolio style.

Filing Snapshot

Manager: Baillie Gifford & Co
Quarter: 2025Q4
Canonical AUM: $120.34B
Positions: 266
WhaleScore: 73.00

Conviction stayed in global growth leaders

The top block still centers on NVIDIA (NVDA) at $8.18B, MercadoLibre (MELI) at $7.01B, and Amazon (AMZN) at $6.78B, followed by Shopify (SHOP) at $5.02B and Sea Ltd. (SE) at $4.94B.

As in other large-filer extracts, “NEW position” labels in raw outputs should not be interpreted as verified fresh purchases without dedicated quarter-over-quarter position change reconciliation.

The signal in the history line

Baillie Gifford climbed from $114.59B in ’25 Q1 to $133.89B in ’25 Q2 and $135.00B in ’25 Q3, then pulled back to $120.34B in ’25 Q4. This is a classic high-beta growth pattern: strong rebounds, then sharp giveback windows.

What institutional followers should watch next

If Q1 2026 shows stabilization in the AUM curve while the top-5 remains similar, the Q4 drawdown will likely look cyclical rather than strategic. If both AUM and top exposures compress further, that would indicate a real de-risking phase.

Related reads

• D. E. Shaw’s scale-up with low concentration
• CalPERS’ core-satellite build in Q4 2025
• Vanguard’s mega-cap leadership rotation

Q&A

What was Baillie Gifford’s 13F AUM in Q4 2025?

The filing shows a canonical AUM of $120.34B.

How big was the quarter-over-quarter AUM decline?

The AUM moved from $135.00B in 2025Q3 to $120.34B in 2025Q4, a reported -10.9% QoQ move in the history series.

Which holdings led the portfolio?

Top disclosed positions included NVDA, MELI, AMZN, SHOP, and SE.

Is Baillie Gifford still concentrated?

Yes. Top-10 concentration is 43.4%, reflecting a conviction-heavy top book versus diversified mega-filer peers.

Should I trust “NEW position” tags in this output as buy signals?

No. For large managers these tags can be extraction artifacts and should be validated with explicit filing-to-filing position change analysis.