In its second-quarter 13F filing, Baillie Gifford reported that its portfolio value increased to $110.23 billion as of June 30, 2026. The most significant change was a new, $8.78 billion position in Space Exploration Technologies (SPCX), which debuted following its June IPO and immediately became the firm's largest holding, accounting for nearly 8% of the portfolio. The growth-focused manager has been a long-term investor in the company through private funding rounds. Despite the new top position, the firm maintains substantial conviction in other major technology companies, with NVIDIA (NVDA) and Amazon (AMZN) remaining as top holdings.
The Edinburgh-based asset manager's filing revealed several other key portfolio adjustments. Beyond the major SpaceX allocation, the firm initiated smaller new positions in Cullen/Frost Bankers (CFR), KLA Corp (KLAC), and Vale S.A. (VALE). Baillie Gifford also significantly increased its stakes in several companies, including a notable addition to its holdings in logistics operator QXO and the Royal Bank of Canada (RY). Other significant additions included increases to positions in Broadcom (AVGO) and Apple (AAPL), signaling continued conviction in select large-cap tech names.
Conversely, the filing indicated a pattern of trimming exposure to several high-profile technology and growth stocks. The firm reduced its holdings in Meta Platforms (META) by approximately 22%, and cut its position in South Korean e-commerce giant Coupang (CPNG) by over 34%. Other notable reductions included Rocket Lab USA (RKLB) and Datadog (DDOG). Baillie Gifford also completely exited its positions in medical device company Penumbra (PEN) and derivatives marketplace operator CME Group (CME). These moves suggest a strategic rebalancing and profit-taking within its portfolio.