Baillie Gifford calls time on British Smaller Companies fund

Lacklustre performance

Baillie Gifford has closed its British Smaller Companies fund as a result of the vehicle's underperformance of its index and target over five years.

The fund, which launched in November 1993 and was managed by Charlie Broughton, closed on 27 June. All shareholders will receive cash to the value of their holdings within 30 days, the firm said.  Baillie Gifford said the fund was closed because long-term investment performance had not met clients' expectations and investor demand for the sector and the fund itself had been "weak" for a number of years. Baillie Gifford revamps Global Stewardship fund "The manager Charlie Broughton remains a valuable member of the International Smaller Companies team," the firm said.  As of the e...