Multi-quarter share-count trajectories identify where Baillie Gifford has been consistently adding versus gradually reducing independent of price movements.

Conviction Builds

NU Holdings (NU) — The position has grown from $2.72 billion in Q1 2025 to $4.31 billion in Q4, a 58.6% increase over four quarters.¹⁶ Share count moved from 265.2M (Q1) → 261.0M (Q2) → 251.5M (Q3) → 257.3M (Q4), with a Q4 net add of +2.3% shares. Nu is one of the world's fastest-growing digital banks, primarily in Brazil and Latin America, with a trailing ROE of 28.7% and a $69.3 billion market cap.¹⁶ It has returned +15.4% over the past year.

AppLovin (APP) — The portfolio's most dramatic four-quarter build in dollar terms: $1.40 billion in Q1 grew to $4.16 billion in Q4 (+197.5%), with shares rising from 5.27M to 6.17M (+17% cumulative).⁸ The position peaked at $4.49 billion in Q3 and was trimmed 1.3% in Q4. AppLovin has returned +49.7% over 1Y, though it has pulled back 35.8% YTD in 2026.

Samsara (IOT) — Shares grew from 35.3M (Q1) to 47.7M (Q4), a 35% cumulative increase over four quarters, with Q4 adding a notable +15% (6.2M shares).¹ Total value rose from $1.35 billion to $1.69 billion (+25% over four quarters).

Axon Enterprise (AXON) — The most dramatic single-quarter position build in the portfolio. BG expanded from approximately 126,479 shares (~$90.8M) in Q3 to 1,642,578 shares at $932.9M in Q4 — a 13x increase in dollar terms and a 1,199% increase in share count in a single quarter.¹¹ At an implied average entry price of approximately $568/share, this position has faced a material headwind: AXON has declined approximately 38% over 1 year and approximately 50% over 6 months from its highs as of late April 2026.

Rocket Lab (RKLB) — Shares grew +47.2% in Q4 to 17.85 million, with total value at $1.25 billion (+$664.4M value increase).¹² RKLB has returned +237% over 1 year, making it one of BG's best-performing recent builds. The company carries a $43.6 billion market cap at an EV/Sales of ~71x — a pre-profitability space launch business priced entirely on growth expectations.

Conviction Trims

Cloudflare (NET) is the clearest example of a deliberate multi-quarter reduction. Share count fell from 27.4M (Q1) → 25.5M (Q2) → 21.8M (Q3) → 16.8M (Q4) — a 39% cumulative decline over four consecutive quarters of trimming.⁹ NET is up 71% over 1Y, suggesting BG has been reducing into price strength. At $3.32 billion, it remains the 12th-largest position despite the systematic reduction.

Spotify (SPOT) shares declined from 10.84M (Q1) to 8.33M (Q4) — a 23% reduction in share count over four quarters.⁷ Position value fell from $5.96 billion to $4.84 billion, with the combination of trimming and price decline (SPOT –24% over 1Y) driving the contraction. SPOT remains BG's 6th-largest position at $4.84 billion.

Meta Platforms (META) shares fell from 5.87M (Q1) to 4.40M (Q4) — a 25% cumulative reduction over four quarters.¹ The position contracted from $3.38 billion to $2.90 billion, with both active trimming and some price weakness contributing.

Datadog (DDOG) saw the sharpest single-quarter share reduction in the portfolio: –7.45M shares (–65%) in Q4 alone, taking the position from an implied ~$1.63 billion to $538.7M.¹⁰ Unlike the NET trim, which has been gradual over four quarters, this was an abrupt Q4 decision. DDOG is up 27% over 1Y, so this cut was made into a position that had performed well.

Baillie Gifford Q4 2025: Price-Driven Declines, a $933M Axon Build, and Systematic Cloudflare Exit

The Power Delivery Gap