In its third-quarter 13F filing for the period ending September 30, 2026, Baillie Gifford reported a portfolio value of $105.90 billion, revealing significant trading activity with 18 high-signal changes. The firm's top holdings remain in growth and technology leaders like Nvidia (NVDA), Amazon (AMZN), and MercadoLibre (MELI). However, the filing indicates notable trimming in several major positions, including a significant reduction in the SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPCX), Amazon, and Cloudflare (NET).
The most striking change was the initiation of a new $1.72 billion position in Bending Spoons Spa, an Italian technology company that acquires and improves digital products. This immediately represents a 1.63% portfolio weight. Baillie Gifford also showed increased conviction in the semiconductor industry, making a substantial addition to its holding in Lam Research (LRCX), a major supplier of wafer fabrication equipment. Additionally, the firm significantly increased its stakes in biopharmaceutical company Alnylam Pharmaceuticals (ALNY) and chip designer Arm Holdings (ARM).
On the sell side, the firm exited several positions entirely, including Paycom (PAYC), WillScot Mobile Mini (WSC), and Coursera (COUR). Significant reductions were also made in holdings of Moderna (MRNA) and the Chinese e-commerce platform PDD Holdings. These moves suggest a strategic reshuffling, where capital was rotated out of certain high-growth names and into new opportunities and areas of increased conviction, particularly in semiconductors and a unique European tech conglomerate.