---
title: "Baillie Gifford's $120.34B Q4 Reset: Growth Conviction Stayed, AUM Fell 10.9%"
type: research
slug: baillie-gifford-q4-2025-120b-growth-drawdown-reset
canonical_url: https://13finsight.com/research/baillie-gifford-q4-2025-120b-growth-drawdown-reset
published_at: 2026-03-22T17:07:03.629Z
updated_at: 2026-03-23T07:00:01.227Z
author: Alex Rivera
author_title: Breaking News Editor
author_url: https://13finsight.com/authors/alex-rivera
word_count: 389
locale: en
source: 13F Insight
---

# 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 & CoQuarter: 2025Q4Canonical AUM: $120.34BPositions: 266WhaleScore: 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.

## FAQ

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

Baillie Gifford reported $120.34B in canonical 13F assets in 2025Q4.

### How much did Baillie Gifford's AUM change from Q3 to Q4 2025?

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

### What were Baillie Gifford's largest holdings in Q4 2025?

The largest disclosed holdings were NVDA ($8.18B), MELI ($7.01B), AMZN ($6.78B), SHOP ($5.02B), and SE ($4.94B).

### How concentrated was Baillie Gifford's portfolio in Q4 2025?

Top-1 concentration was 6.8%, top-5 was 26.5%, and top-10 was 43.4%.

### Does a 'NEW position' label here prove a fresh buy?

Not necessarily. In large-filer extracts, 'NEW position' can be an artifact and should be cross-checked with quarter-to-quarter change data.

---

Source: 13F Insight — https://13finsight.com/research/baillie-gifford-q4-2025-120b-growth-drawdown-reset
Author: Alex Rivera — https://13finsight.com/authors/alex-rivera
Last updated: 2026-03-23T07:00:01.227Z