In a recent 13F filing, Baillie Gifford disclosed a 12.08% reduction in its Cloudflare (NET) position, concluding the quarter ending September 30, 2026. This disclosure, filed on November 9, 2026, reflects trades made in the preceding quarter and is not indicative of current trading activity. The celebrated growth investor sold approximately 1.77 million shares, yet their remaining 12.83 million shares saw their reported value climb from $3.58 billion to $4.46 billion due to a significant rise in the stock's price during the period.
Despite the sale, Cloudflare's weighting within Baillie Gifford's portfolio actually increased from 3.25% to 4.21%, highlighting the stock's strong performance. Subsequent to the September 30 reporting date, Cloudflare announced record third-quarter financial results on November 5, 2026, featuring a 39% year-over-year revenue increase. Baillie Gifford is known for its long-term investment horizon, and adjustments to significant holdings can be part of its strategy to manage portfolio concentration after substantial gains.