Baillie Gifford's $120.34B Q4 Reset: Growth Conviction Stayed, AUM Fell 10.9%
Baillie Gifford closed Q4 2025 at $120.34B after a -10.9% QoQ AUM move, while top holdings remained concentrated in global growth names like NVDA, MELI, and AMZN.
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: $120.34B
Positions: 266
WhaleScore: 73.00
BAILLIE GIFFORD & CO Top Holdings — 2025Q4 ($B)
BAILLIE GIFFORD & CO AUM History
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.
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