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Investment firm · Form 13F

Baillie Gifford

As of 30 Jun 2026 · filed 6 Aug 2026, 37 days later · BAILLIE GIFFORD & CO · SEC EDGAR ↗

Reported value$110.2BUS-listed shares, without options
Positions273spread like 36.5 equal ones
Largest ten45%of the reported value
Since 31 Mar 202628 · 54 · 170 · 26new · added to · reduced · no longer reported

By sector

Technology 39.9%
Industrials 19.2%
Consumer discretionary 9.8%
Health care 7.5%
Financials 6.7%
Communication 3.5%
Consumer staples 1.8%
Materials 1.8%
Energy 1.3%
Other 1.0%
Real estate 0.6%
Utilities 0.1%
Not classified 6.8%
Sectors come from each company's SEC industry code, grouped as on the sector pages. Companies not yet in this site's catalogue show as not classified.

Every reported position

Largest first, with its share of the reported value and how the number of shares compares with the quarter before. Share counts are adjusted for any split between the two dates.

CompanyShare of totalValueSharesSince 31 Mar 2026
SPCX Space Exploration Technologies Corp CL A COM 8.0% $8.8B 51.4M New
NVDA Nvidia Corp 7.6% $8.4B 41.9M Added to
AMZN Amazon Com Inc 5.8% $6.4B 26.9M Reduced
MELI Mercadolibre Inc 4.7% $5.2B 3.0M Reduced
SE Sea Ltd ADR 3.3% $3.7B 38.4M Reduced
SPOT Spotify Technology S.A. 3.3% $3.6B 7.9M Reduced
NET Cloudflare, Inc. CL A COM 3.2% $3.6B 14.6M Reduced
APP AppLovin Corp COM CL A 3.0% $3.3B 6.5M Reduced
SHOP Shopify Inc. CL A 2.9% $3.2B 28.4M Reduced
NU Nu Holdings Ltd. ORD SHS CL A 2.8% $3.1B 229.9M Reduced
PDD PDD Holdings Inc. SPONSORED ADS 1.8% $2.0B 26.6M Reduced
IOT Samsara Inc. COM CL A 1.7% $1.8B 56.4M Reduced
META Meta Platforms, Inc. CL A 1.6% $1.8B 3.2M Reduced
AXON Axon Enterprise, Inc. 1.6% $1.7B 3.1M Added to
CPNG Coupang, Inc. CL A 1.2% $1.4B 78.7M Reduced
RACE Ferrari N.V. ADR 1.2% $1.3B 3.6M Reduced
MRNA Moderna, Inc. 1.2% $1.3B 18.2M Reduced
DASH DoorDash, Inc. 1.1% $1.3B 6.8M Reduced
RDDT Reddit, Inc. CL A 1.1% $1.2B 7.2M Reduced
NFLX Netflix Inc 1.0% $1.2B 16.2M Reduced
RBLX Roblox Corp CL A 1.0% $1.1B 21.1M Reduced
GOOG Alphabet Inc. CAP STK CL C 1.0% $1.1B 3.1M Reduced
RKLB Rocket Lab Corp 1.0% $1.1B 10.4M Reduced
MSFT Microsoft Corp 0.9% $1.0B 2.7M Reduced
BAP Credicorp Ltd 0.9% $1.0B 2.6M Reduced
ISRG Intuitive Surgical Inc COM NEW 0.9% $1.0B 2.5M Reduced
GOOGL Alphabet Inc. CAP STK CL A 0.9% $1.0B 2.8M Added to
DXCM Dexcom Inc 0.9% $996.9M 14.8M Reduced
MA Mastercard Inc CL A 0.8% $886.9M 1.7M Added to
QXO QXO, Inc. COM NEW 0.8% $827.2M 47.9M Added to
ENSG Ensign Group, Inc 0.7% $806.2M 5.0M Added to
PBR Petrobras - Petroleo Brasileiro S.A. SPONSORED ADR 0.7% $785.7M 48.6M Added to
MMYT MakeMyTrip Ltd 0.7% $781.8M 14.7M Reduced
RIVN Rivian Automotive, Inc. / DE COM CL A 0.7% $749.7M 43.2M Reduced
RY Royal Bank OF Canada 0.7% $740.2M 3.6M Added to
ALNY Alnylam Pharmaceuticals, Inc. 0.7% $734.5M 2.4M Reduced
SNOW Snowflake Inc. 0.6% $657.7M 2.6M Reduced
CRH CRH Public Ltd Co ADR 0.6% $641.5M 6.0M Added to
MLM Martin Marietta Materials Inc 0.5% $572.0M 991,786 Reduced
RPRX Royalty Pharma plc SHS CLASS A 0.5% $561.6M 10.0M Reduced
DUOL Duolingo, Inc. CL A COM 0.5% $554.9M 4.8M Reduced
SYM Symbotic Inc. 0.5% $551.3M 12.3M Reduced
JOBY Joby Aviation, Inc. 0.5% $545.4M 61.1M Reduced
ELF e.l.f. Beauty, Inc. 0.5% $521.6M 7.0M Reduced
AVGO Broadcom Inc. 0.5% $513.0M 1.4M Added to
AAPL Apple Inc. 0.5% $509.4M 1.8M Added to
KSPI Joint Stock Co Kaspi.kz ADR 0.5% $500.7M 5.8M Added to
RBC RBC Bearings Inc 0.4% $489.8M 760,468 Added to
AFRM Affirm Holdings, Inc. COM CL A 0.4% $477.6M 5.9M Added to
TEM Tempus AI, Inc. CL A 0.4% $474.5M 8.2M Reduced
WSO Watsco Inc 0.4% $470.7M 1.1M Unchanged
TXN Texas Instruments Inc 0.4% $461.1M 1.5M Reduced
TSM Taiwan Semiconductor Manufacturing Co Ltd SPONSORED ADR 0.4% $458.8M 960,732 Reduced
MDLN Medline Inc. COM CL A 0.4% $447.4M 11.3M Added to
MSCI Msci Inc. 0.4% $445.9M 796,246 Reduced
SCI Service Corp International 0.4% $421.9M 5.6M Reduced
FIX Comfort Systems USA Inc 0.4% $421.5M 212,655 Reduced
ELV Elevance Health, Inc. 0.4% $418.9M 1.1M Reduced
RYAAY Ryanair Holdings plc SPONSORED ADR NE 0.4% $397.3M 6.1M Reduced
CPA Copa Holdings, S.A. CL A 0.3% $382.1M 2.5M Reduced
AUR Aurora Innovation, Inc. COM CL A 0.3% $376.3M 55.2M Reduced
CSGP Costar Group, Inc. 0.3% $372.5M 13.2M Reduced
PM Philip Morris International Inc. 0.3% $354.1M 2.0M Added to
DDOG Datadog, Inc. 0.3% $350.8M 1.3M Reduced
SQM Chemical & Mining Co OF Chile Inc SPON ADR SER B 0.3% $350.3M 4.7M Reduced
CFR CULLEN/FROST Bankers, Inc. 0.3% $345.1M 2.2M New
GH Guardant Health, Inc. 0.3% $342.7M 2.3M Reduced
FMX Mexican Economic Development Inc SPON ADR UNITS 0.3% $342.0M 2.7M Reduced
DG Dollar General Corp 0.3% $333.6M 2.9M Reduced
MCO Moodys Corp 0.3% $325.1M 717,871 Reduced
AZO Autozone Inc 0.3% $324.1M 101,423 Added to
TMO Thermo Fisher Scientific Inc. 0.3% $323.7M 645,648 Reduced
ON ON Semiconductor Corp 0.3% $323.7M 3.4M Reduced
EOG EOG Resources Inc 0.3% $317.9M 2.5M Reduced
CBRE Cbre Group, Inc. CL A 0.3% $311.3M 2.3M Reduced
PODD Insulet Corp 0.3% $310.9M 2.0M Unchanged
MKL Markel Group Inc. 0.3% $308.4M 157,923 Reduced
DNLI Denali Therapeutics Inc. 0.3% $307.6M 12.0M Unchanged
TSLA Tesla, Inc. 0.3% $307.3M 730,641 Reduced
SN SharkNinja, Inc. ORD SHS 0.3% $291.2M 1.9M Reduced
EQT EQT Corp 0.3% $291.0M 5.5M Added to
WMS Advanced Drainage Systems, Inc. 0.3% $288.1M 1.8M Reduced
KLAC KLA Corp 0.3% $285.6M 946,638 New
TEAM Atlassian Corp CL A 0.3% $284.6M 3.7M Reduced
RELY Remitly Global, Inc. 0.3% $277.5M 12.4M Added to
DE Deere & Co 0.2% $271.5M 428,051 Reduced
W Wayfair Inc. CL A 0.2% $259.8M 2.8M Reduced
ETN Eaton Corp plc 0.2% $255.2M 598,890 Reduced
UTHR United Therapeutics Corp 0.2% $253.1M 467,209 Added to
UBER Uber Technologies, Inc 0.2% $251.4M 3.5M Reduced
MEDP Medpace Holdings, Inc. 0.2% $250.6M 473,211 Reduced
BN Brookfield Corp CL A 0.2% $248.7M 5.8M Reduced
FCX FREEPORT-MCMORAN Inc 0.2% $236.7M 3.8M Reduced
ILMN Illumina, Inc. 0.2% $234.9M 1.3M Reduced
FN Fabrinet 0.2% $233.3M 415,079 Reduced
BC Brunswick Corp 0.2% $230.8M 2.7M Reduced
KNF Knife River Corp 0.2% $229.1M 2.7M Added to
XYZ Block, Inc. 0.2% $219.4M 2.9M Added to
SUNB Sunbelt Rentals Holdings, Inc. 0.2% $215.1M 2.9M Reduced
ECL Ecolab Inc. 0.2% $204.6M 734,234 Added to
BROS Dutch Bros Inc. CL A 0.2% $196.7M 2.7M Reduced
NYT NEW York Times Co 0.2% $191.8M 2.7M Reduced
VALE Vale S.A. ADR 0.2% $189.9M 12.6M New
IDXX Idexx Laboratories Inc 0.2% $186.3M 353,797 New
GRAB Grab Holdings Ltd ORD SHS CL A 0.2% $185.1M 49.1M Added to
DKNG DraftKings Inc. COM CL A 0.2% $181.3M 7.2M Unchanged
LMND Lemonade, Inc. 0.2% $179.0M 2.8M Unchanged
YETI Yeti Holdings, Inc. 0.2% $178.5M 3.6M Reduced
VIST Vista Energy, S.A.B. de C.V. SPONSORED ADS 0.2% $174.0M 2.7M Added to
HDB Hdfc Bank Ltd ADR REPS 3 SHS 0.1% $165.0M 6.4M Reduced
AVAV AeroVironment Inc 0.1% $159.7M 967,448 Reduced
COIN Coinbase Global, Inc. COM CL A 0.1% $158.0M 1.1M Reduced
ARM ARM Holdings plc SPON ADR 0.1% $156.5M 441,365 Reduced
WDAY Workday, Inc. CL A 0.1% $146.7M 1.2M Reduced
IBN Icici Bank Ltd ADR 0.1% $145.8M 5.0M Added to
ADI Analog Devices Inc 0.1% $143.6M 361,599 Reduced
VEEV Veeva Systems Inc 0.1% $137.9M 776,918 Added to
VRTX Vertex Pharmaceuticals Inc / MA 0.1% $135.4M 272,561 Added to
BZ Kanzhun Ltd SPONSORED ADR 0.1% $123.1M 9.6M Reduced
PAYC Paycom Software, Inc. 0.1% $122.6M 975,398 Reduced
BBD Bank Bradesco SP ADR PFD NEW 0.1% $120.9M 34.8M Reduced
WSC WillScot Holdings Corp COM CL A 0.1% $120.8M 4.2M Reduced
PG Procter & Gamble Co 0.1% $120.2M 819,509 Reduced
VST Vistra Corp. 0.1% $118.9M 749,397 New
ODD Oddity Tech Ltd SHS CLASS A 0.1% $117.0M 7.7M Reduced
WIX Wix.com Ltd. 0.1% $115.3M 2.5M Reduced
TWST Twist Bioscience Corp 0.1% $111.8M 1.1M Reduced
TDW Tidewater Inc 0.1% $111.3M 1.7M Added to
EW Edwards Lifesciences Corp 0.1% $109.4M 1.2M Added to
BLLN BillionToOne, Inc. CL A 0.1% $108.2M 901,420 Reduced
ALAB Astera Labs, Inc. 0.1% $105.5M 218,430 Reduced
INTU Intuit Inc. 0.1% $102.1M 391,208 Added to
CSCO Cisco Systems, Inc. 0.1% $101.4M 863,626 Reduced
FIG Figma, Inc. COM CL A 0.1% $100.8M 5.6M Unchanged
LINE Lineage, Inc. 0.1% $98.4M 2.3M Reduced
XMTR Xometry, Inc. CLASS A 0.1% $98.3M 1.0M Reduced
ADSK Autodesk, Inc. 0.1% $94.2M 484,358 Reduced
MDB MongoDB, Inc. 0.1% $89.8M 267,331 Unchanged
SG Sweetgreen, Inc. COM CL A 0.1% $89.5M 10.2M Reduced
COUR Coursera, Inc. 0.1% $86.9M 15.4M Added to
SVV Savers Value Village, Inc. 0.1% $86.9M 8.6M Unchanged
PONY Pony AI Inc. ADR 0.1% $86.3M 12.4M Added to
RXRX Recursion Pharmaceuticals, Inc. CL A 0.1% $86.2M 23.5M Unchanged
FAST Fastenal Co 0.1% $85.7M 1.8M Reduced
TFII TFI International Inc. 0.1% $82.3M 572,278 Reduced
PEP Pepsico Inc 0.1% $81.8M 603,782 Reduced
BABA Alibaba Group Holding Ltd SPONSORED ADS 0.1% $76.4M 796,021 Added to
TME Tencent Music Entertainment Group SPONSORED ADS 0.1% $72.1M 8.6M Reduced
FROG JFrog Ltd ORD SHS 0.1% $64.5M 709,572 Reduced
JKHY Jack Henry & Associates Inc 0.1% $64.0M 464,562 Reduced
CRCL Circle Internet Group, Inc. COM CL A 0.1% $61.2M 976,627 Added to
ITUB Itau Unibanco Holding S.A. SPON ADR REP PFD 0.1% $58.4M 7.1M Reduced
SBUX Starbucks Corp 0.1% $56.1M 548,926 Reduced
BNTX BioNTech SE SPONS ADS 0.1% $55.1M 592,380 Reduced
PBRA Petrobras Pref Adr SP ADR NON VTG 0.0% $53.6M 3.7M Reduced
KO Coca Cola Co 0.0% $53.4M 657,301 Reduced
HD Home Depot, Inc. 0.0% $52.2M 148,072 Reduced
RVMD Revolution Medicines, Inc. 0.0% $49.3M 263,466 Added to
SVM Silvercorp Metals Inc 0.0% $45.1M 4.5M Added to
AJG Arthur J. Gallagher & Co. 0.0% $42.3M 184,065 Added to
ACN Accenture plc 0.0% $40.8M 328,141 Reduced
ALB Albemarle Corp 0.0% $40.0M 296,531 Reduced
FUTU Futu Holdings Ltd SPON ADR CL A 0.0% $38.9M 414,894 Added to
AMSC American Superconductor Corp 0.0% $38.7M 933,308 Reduced
UPST Upstart Holdings, Inc. 0.0% $38.4M 1.1M Reduced
MDT Medtronic plc 0.0% $36.3M 463,954 Added to
PAYX Paychex Inc 0.0% $34.3M 348,859 Added to
IREN Iren Ltd 0.0% $34.1M 746,766 Reduced
DLO dLocal Ltd CL A 0.0% $33.2M 2.6M Reduced
RBRK Rubrik, Inc. CL A 0.0% $31.2M 388,021 Added to
PGNY Progyny, Inc. 0.0% $31.1M 1.1M Reduced
MCD Mcdonalds Corp 0.0% $30.0M 110,979 Reduced
Z Zillow Group, Inc. CL C CAP STK 0.0% $27.0M 856,240 Reduced
HIMS Hims & Hers Health, Inc. COM CL A 0.0% $26.0M 750,491 New
PDFS PDF Solutions Inc 0.0% $24.5M 345,472 New
DNA Ginkgo Bioworks Holdings, Inc. CL A COM 0.0% $23.7M 2.4M Unchanged
PI Impinj Inc 0.0% $22.3M 155,965 Reduced
UTI Universal Technical Institute Inc 0.0% $21.7M 507,700 Reduced
KRNT Kornit Digital Ltd. 0.0% $21.2M 1.3M Reduced
PRCT Procept BioRobotics Corp 0.0% $20.6M 911,751 Reduced
MP MP Materials Corp. / DE COM CL A 0.0% $20.0M 357,468 Reduced
AEHR Aehr Test Systems 0.0% $19.6M 203,878 Reduced
INFY Infosys Ltd SPONSORED ADR 0.0% $19.3M 1.8M Unchanged
IPGP IPG Photonics Corp 0.0% $18.8M 160,499 Reduced
KTOS Kratos Defense & Security Solutions, Inc. 0.0% $18.1M 362,296 Added to
TMDX TransMedics Group, Inc. 0.0% $17.8M 267,935 Reduced
STOK Stoke Therapeutics, Inc. 0.0% $16.9M 517,275 Reduced
APPN Appian Corp CL A 0.0% $16.8M 735,158 Reduced
NVCR NovoCure Ltd ORD SHS 0.0% $14.4M 952,074 Reduced
BRKB Berkshire Hathaway B CL B NEW 0.0% $14.4M 28,779 New
CHYM Chime Financial, Inc. COM CL A 0.0% $13.9M 678,717 Unchanged
AMPL Amplitude, Inc. COM CL A 0.0% $13.6M 1.8M Reduced
DOCS Doximity, Inc. CLASS A 0.0% $13.3M 643,675 Reduced
MRLN Merlin, Inc. 0.0% $11.5M 2.0M Unchanged
MNST Monster Beverage Corp 0.0% $11.2M 116,738 Reduced
BCH Bank OF Chile 0.0% $10.9M 274,045 Unchanged
BEAM Beam Therapeutics Inc. 0.0% $10.8M 314,228 Reduced
INTC Intel Corp 0.0% $10.5M 75,295 Added to
WEC WEC Energy Group, Inc. 0.0% $10.3M 87,935 Reduced
CNP Centerpoint Energy Inc 0.0% $10.2M 230,995 Reduced
ZTS Zoetis Inc. CL A 0.0% $10.0M 138,646 Reduced
SPGI S&P Global Inc. 0.0% $8.7M 21,395 Reduced
ODFL OLD Dominion Freight Line, Inc. 0.0% $8.7M 39,990 Reduced
MSI Motorola Solutions, Inc. COM NEW 0.0% $8.6M 20,701 Reduced
CP Canadian Pacific Kansas City Ltd 0.0% $8.6M 98,947 Unchanged
TBBB BBB Foods Inc CL A COM 0.0% $8.1M 194,881 Unchanged
NEE Nextera Energy Inc 0.0% $8.0M 90,806 Reduced
BSY Bentley Systems Inc 0.0% $7.5M 252,137 Reduced
AMT American Tower Corp 0.0% $7.5M 45,876 Reduced
SO Southern Co 0.0% $7.1M 74,294 Reduced
BKNG Booking Holdings Inc. 0.0% $6.8M 37,987 Added to
BRO Brown & Brown, Inc. 0.0% $6.8M 105,391 Reduced
ALBPRA Albemarle 7.25 Conv Pref 2027 SPN ADS COM A 0.0% $6.7M 120,000 Unchanged
FTS Fortis Inc. 0.0% $6.4M 112,306 Reduced
EQR Equity Residential Reit 0.0% $6.1M 90,141 Reduced
FNV Franco Nevada Corp 0.0% $6.1M 29,148 Added to
DLR Digital Realty Trust, Inc. 0.0% $5.9M 33,102 Reduced
DOC Healthpeak Properties, Inc. 0.0% $5.7M 265,101 Reduced
BEPC Brookfield Renewable Corp CL A 0.0% $5.7M 152,397 Reduced
ATAT Atour Lifestyle Holdings Ltd SPON ADR 0.0% $5.0M 158,404 Reduced
EH EHang Holdings Ltd ADS 0.0% $4.3M 661,983 Reduced
EXC Exelon Corp 0.0% $4.0M 86,157 Reduced
PLD Prologis, Inc. 0.0% $3.7M 27,356 Reduced
SUI SUN Communities Inc 0.0% $3.6M 29,798 Reduced
AER AerCap Holdings N.V. 0.0% $1.7M 11,897 Added to
BUR Burford Capital Ltd ORD SHS 0.0% $1.6M 395,646 Unchanged
ZG Zillow Group, Inc. CL A 0.0% $1.4M 45,840 Unchanged
EIX Edison International 0.0% $1.2M 16,660 Reduced
GNRC Generac Holdings Inc. 0.0% $898,341 3,068 New
ADBE Adobe Inc. 0.0% $650,118 3,171 Reduced
CBRS Cerebras Systems Inc. CL A COM 0.0% $221,000 1,000 New
AXIAY Axia Energia S.A. ADR 0.0% $171,917 16,280 Added to
TER Teradyne, Inc 0.0% $97,252 201 Added to
MU Micron Technology Inc 0.0% $92,343 80 New
MRSH Marsh & Mclennan Companies, Inc. 0.0% $85,168 511 Reduced
ONC BeOne Medicines Ltd. SPONSORED ADR 0.0% $65,828 231 Added to
BIDU Baidu, Inc. SPON ADR REP A 0.0% $56,231 492 Added to
RIO RIO Tinto plc SPONSORED ADR 0.0% $49,744 524 Reduced
AMD Advanced Micro Devices Inc 0.0% $47,635 82 New
FLKR Etfs Franklin Ftse South Korea Etf FTSE SOUTH KOREA 0.0% $43,264 658 Reduced
HUBB Hubbell Inc 0.0% $42,902 82 Added to
PL Planet Labs PBC COM CL A 0.0% $40,882 1,234 Reduced
STX Seagate Technology Holdings plc 0.0% $38,600 40 New
AMAT Applied Materials Inc 0.0% $37,596 52 New
NXT Nextpower Inc. CLASS A 0.0% $37,410 314 Reduced
CSL Carlisle Companies Inc 0.0% $35,187 97 Reduced
TTEK Tetra Tech Inc 0.0% $32,183 1,114 Reduced
NKE Nike, Inc. 0.0% $31,937 778 Added to
DHR Danaher Corp 0.0% $31,429 165 New
CRWD CrowdStrike Holdings, Inc. 0.0% $30,526 40 Reduced
SONY Sony Group Corp 0.0% $29,850 1,488 Reduced
LRCX LAM Research Corp 0.0% $25,133 58 New
ENPH Enphase Energy, Inc. 0.0% $24,915 506 Reduced
UL Unilever plc SPON ADR NEW 0.0% $21,042 350 Reduced
LNN Lindsay Corp 0.0% $20,056 162 Added to
TTE TotalEnergies SE 0.0% $16,563 213 Reduced
MRVL Marvell Technology, Inc. 0.0% $16,384 55 New
ASX ASE Technology Holding Co., Ltd. SPON ADR 0.0% $16,333 362 Reduced
BE Bloom Energy Corp CL A COM 0.0% $15,740 52 New
ARGX Argenx SE SPON ADR 0.0% $14,844 16 New
CDNS Cadence Design Systems Inc 0.0% $13,887 37 Reduced
NBIS Nebius Group N.V. SHS CLASS A 0.0% $11,875 43 New
MICC Magnum Ice Cream Co N.V. ORD SHS 0.0% $10,777 619 Reduced
VRT Vertiv Holdings Co COM CL A 0.0% $7,366 22 New
MPWR Monolithic Power Systems, Inc. 0.0% $6,912 5 New
WSE Wise Group plc CL A COM 0.0% $5,169 434 New
LITE Lumentum Holdings Inc. 0.0% $5,148 6 New
CRWV CoreWeave, Inc. COM CL A 0.0% $4,977 50 New
QS QuantumScape Corp COM CL A 0.0% $4,370 578 Reduced
NVO Novo Nordisk A S ADR 0.0% $3,931 82 Unchanged
PLTR Palantir Technologies Inc. 0.0% $3,267 28 New
HTHT H World Group Ltd SPON ADS 0.0% $1,043 25 New
BSLK Bolt Projects Holdings Inc. 0.0% $62 123,290 Unchanged

No longer reported

In the 31 Mar 2026 filing and not in this one. The form does not say why: the position may have been sold, moved to another entity or fallen below the reporting threshold.

What a 13F leaves out. It is filed up to 45 days after the quarter ends, so it shows positions that may already have changed. It lists only long positions in US-listed shares and some options: no short positions, no cash, no bonds, no shares listed elsewhere, and nothing about when or why anything was bought or sold. It describes part of a fund at one date — not what the fund is doing, and not a reason to do anything.