Jumia’s investors rethink their stakes — for better and worse

Baillie Gifford, the Edinburgh-based asset management firm long known to have a penchant for pre-IPO tech companies, has reduced its shares in African e-commerce giant Jumia, per the latest 13G/A filing released by the asset manager.

According to the filing, Baillie Gifford disclosed ownership of 18.75 million shares in Jumia, representing 9.39% of the company. In Jumia’s previous filing from a year ago, the asset management firm had 19.85 million shares, owning 10.06% of the company at the time. That’s a 5.50% decrease in shares and a 0.67% drop in ownership.

The Scotland asset management firm, well into its centenarian years, has been an early backer of reputable private and public tech companies such as Amazon, Google, Salesforce, Tesla, Airbnb, Spotify, Lyft, Palantir and SpaceX. It has also invested in deals across other geographies, including China’s Alibaba and NIO, and African-based internet businesses Naspers and Jumia.

Baillie Gifford bought Jumia shares in 2019, three years after the e-commerce giant went public. The Scottish mortgage trust firm, which is Jumia’s largest institutional investor, has sold and bought back a portion of its shares every January since then, with this recent move being its most significant share drop yet. Baillie Gifford remains the e-commerce platform’s largest shareholder.