Capital at risk
Global Alpha
Our core task is the identification and patient, engaged ownership of companies with the potential to deliver superior but underappreciated earnings growth. We are flexible and open-minded in seeking these opportunities, aware of the ways growth can be achieved. Our research draws on the work and insights of the entire Baillie Gifford investment floor.
Enduring growth
An ambitious approach to investing in growth companies with exceptional potential from right across the spectrum of opportunity. Our philosophy is to make long-term investments in well-managed businesses with sustainable competitive advantages.
Global Alpha: our philosophy
Investment manager Helen Xiong introduces Global Alpha, reflecting on the exciting opportunities ahead.
High-quality companies with exceptional potential
We aim to identify companies that can grow their earnings at a superior rate to the market over sustained periods, with great potential that is not reflected in their price. As share prices are ultimately driven by earnings growth, this approach underpins our objective to deliver returns 2 per cent to 3 per cent per annum ahead of the benchmark over rolling five-year periods before the deduction of fees. The resulting portfolio of around 90 holdings represents the most attractive opportunities from across the growth spectrum at any point in time.
Diversified and differentiated
We embrace the diversity of growth available to us, splitting the portfolio across our three growth profiles – compounders, disruptors and capital allocators. The compounders profile looks to benefit from the underappreciated power of the long-term compounding of earnings. In disruptors, we seek to identify earlier-stage companies with the potential for major success. Capital allocators back skilled management teams, often in cyclical industries.
At the heart of Global Alpha’s patient approach to long-term capital growth lies our belief in diversity. We don’t rely on a single definition of what ‘growth’ means.
Meet the managers
Documents
Philosophy and process
Explore our investment philosophy and the processes around how the Global Alpha team construct the portfolio through its three key growth profiles (compounders, disruptors and capital allocators).
Quarterly update
Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting.
Stewardship report
Find out about our conversations with portfolio companies, shareholder vote activity and consideration of environmental, social and governance matters.
Global Alpha Research Agenda 2024
How can we invest in quality companies with the potential to generate sustainable returns in a changing market?
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You can invest in this strategy through the following fund(s).
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Curious to learn more about our products and what we can offer you? Please get in touch.
Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 30 September 2024
| # | Company | Fund % |
|---|---|---|
| 1 | Microsoft | 4.1% |
| 2 | Meta Platforms Inc | 3.9% |
| 3 | Amazon.com | 3.6% |
| 4 | Elevance Health Inc | 3.2% |
| 5 | NVIDIA | 3.1% |
| 6 | Martin Marietta Materials | 3.0% |
| 7 | CRH | 2.9% |
| 8 | Prosus N.V. | 2.7% |
| 9 | TSMC | 2.6% |
| 10 | Ryanair ADR | 2.3% |
Please note
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co. Please note that totals may not add due to rounding.
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You can invest in this strategy through the following fund(s).
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Curious to learn more about our products and what we can offer you? Please get in touch.
Insights
Key articles, videos and podcasts relating to the strategy:
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Insights
Why the Global Alpha Team has a different view to the market on the future growth of Rakuten.
Richie Vernon, investment specialist for Global Alpha, shares more about why Global Alpha has a different perspective to the market on the future growth of Rakuten.
Global Alpha Q3 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments
Do elections matter for stock returns?
What the past tells us about a new US president’s impact on growth companies.
Why growth investors can’t ignore China
China’s electric car, battery and other advanced manufacturers are on the rise.
Global Alpha Q3 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha insights: unlocking the magic of Disney
Why the Global Alpha Team believes there is a magical journey ahead for Disney.
Future Stocks: Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks.
Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.
Kweichow Moutai: spirit of China
The fiery spirit that’s a profitable symbol of Chinese culture and luxury.
Beyond NVIDIA: investing in semiconductors
Why some of the leading computer chip makers and companies enabling them have room to grow.
China: the new shoots of growth
Why advanced manufacturing and social context are key to investing in tomorrow’s Chinese giants.
Global Alpha Q2 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q1 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
The US building bonanza
America’s infrastructure upgrade plan vastly exceeds its spending on rebuilding post-war Europe.
Global Alpha Research Agenda
From AI to infrastructure – Global Alpha homes in on the growth areas and companies best placed to exploit opportunities.
Global Alpha: back to growth
The managers tell a London Investment Forum about new sources of opportunity and optimism.
Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?
Global Alpha Q4 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
How Microsoft got its mojo back
By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.
Global Alpha: manager update
The managers discuss the market environment, portfolio positioning and current opportunities.
Global Alpha Q3 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q2 update
The Global Alpha team reflects on recent performance, portfolio changes, and market developments.
Making health insurance manageable
How Elevance Health uses its scale to smooth a path through the US health system’s maze.
Global Alpha Q1 update
Global Alpha Team reflects on recent performance, portfolio changes, and market developments.
Global Alpha Research Agenda 2023
How can we invest in quality companies with the potential to generate sustainable returns in a changing market?
Digital Disruption and the future
Online infrastructures and digital developments in the education, energy, and transport sectors make for an exciting future.
Global Alpha 2022 Research Agenda
In their Research Agenda for 2022, the investment managers consider the benefits of deep work in helping them find growth opportunities.
Growth or value: it’s not a black or white choice
Operational performance is a better indicator of growth than inflation. Malcolm MacColl shares why.
Harnessing growth for the next decade
Investment manager Malcolm MacColl and Senior Governance and Sustainability Analyst Kieran Murray outline believed growth drivers and the development of Global Alpha’s ESG process.
Highlights Video: Harnessing growth for the next decade
Watch the highlights from the recent Global Alpha webinar: Harnessing growth for the next decade.
Global Alpha Paris-Aligned
The Global Alpha Paris-Aligned portfolio offers a pathway for clients to align their assets with the objectives of the Paris Agreement. Here, we provide some background to the Paris Accords and outline how we aim to implement its objectives.
The importance of looking forward
This recording has been prepared for professional investors and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this recording by any other person who did not receive this recording from Baillie Gifford.
Global Alpha research agenda
In this year’s Research Agenda, Global Alpha’s investment managers share their thoughts on how change can help shape the portfolio.
Global Alpha – mental models highlights
Client director Jon Henry talks through the highlights of the recent Global Alpha webinar on ‘Mental Models’, a concept introduced earlier this year in the Global Alpha Research Agenda.
Global Alpha - 10 minutes with Helen Xiong
Ben Drury, client director, talks to Helen Xiong, an investor and soon-to-be key decision-maker for the Global Alpha strategy.
Back to the future
This webinar has been prepared solely for the use of professional investors outside of the Unites States and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this webinar by any other person who did not receive this webinar from Baillie Gifford.
Global Alpha Q3 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Why the Global Alpha Team has a different view to the market on the future growth of Rakuten.
Richie Vernon, investment specialist for Global Alpha, shares more about why Global Alpha has a different perspective to the market on the future growth of Rakuten.Global Alpha Q3 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developmentsDo elections matter for stock returns?
What the past tells us about a new US president’s impact on growth companies.Why growth investors can’t ignore China
China’s electric car, battery and other advanced manufacturers are on the rise.Global Alpha Q3 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha insights: unlocking the magic of Disney
Why the Global Alpha Team believes there is a magical journey ahead for Disney.Future Stocks: Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks.Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.Kweichow Moutai: spirit of China
The fiery spirit that’s a profitable symbol of Chinese culture and luxury.Beyond NVIDIA: investing in semiconductors
Why some of the leading computer chip makers and companies enabling them have room to grow.China: the new shoots of growth
Why advanced manufacturing and social context are key to investing in tomorrow’s Chinese giants.Global Alpha Q2 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha Q1 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.The US building bonanza
America’s infrastructure upgrade plan vastly exceeds its spending on rebuilding post-war Europe.Global Alpha Research Agenda
From AI to infrastructure – Global Alpha homes in on the growth areas and companies best placed to exploit opportunities.Global Alpha: back to growth
The managers tell a London Investment Forum about new sources of opportunity and optimism.Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?Global Alpha Q4 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.How Microsoft got its mojo back
By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.Global Alpha: manager update
The managers discuss the market environment, portfolio positioning and current opportunities.Global Alpha Q3 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha Q2 update
The Global Alpha team reflects on recent performance, portfolio changes, and market developments.Making health insurance manageable
How Elevance Health uses its scale to smooth a path through the US health system’s maze.Global Alpha Q1 update
Global Alpha Team reflects on recent performance, portfolio changes, and market developments.Global Alpha Research Agenda 2023
How can we invest in quality companies with the potential to generate sustainable returns in a changing market?Digital Disruption and the future
Online infrastructures and digital developments in the education, energy, and transport sectors make for an exciting future.Global Alpha 2022 Research Agenda
In their Research Agenda for 2022, the investment managers consider the benefits of deep work in helping them find growth opportunities.Growth or value: it’s not a black or white choice
Operational performance is a better indicator of growth than inflation. Malcolm MacColl shares why.Harnessing growth for the next decade
Investment manager Malcolm MacColl and Senior Governance and Sustainability Analyst Kieran Murray outline believed growth drivers and the development of Global Alpha’s ESG process.Highlights Video: Harnessing growth for the next decade
Watch the highlights from the recent Global Alpha webinar: Harnessing growth for the next decade.Global Alpha Paris-Aligned
The Global Alpha Paris-Aligned portfolio offers a pathway for clients to align their assets with the objectives of the Paris Agreement. Here, we provide some background to the Paris Accords and outline how we aim to implement its objectives.The importance of looking forward
This recording has been prepared for professional investors and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this recording by any other person who did not receive this recording from Baillie Gifford.Global Alpha research agenda
In this year’s Research Agenda, Global Alpha’s investment managers share their thoughts on how change can help shape the portfolio.Global Alpha – mental models highlights
Client director Jon Henry talks through the highlights of the recent Global Alpha webinar on ‘Mental Models’, a concept introduced earlier this year in the Global Alpha Research Agenda.Global Alpha - 10 minutes with Helen Xiong
Ben Drury, client director, talks to Helen Xiong, an investor and soon-to-be key decision-maker for the Global Alpha strategy.Back to the future
This webinar has been prepared solely for the use of professional investors outside of the Unites States and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this webinar by any other person who did not receive this webinar from Baillie Gifford.
Invest in this strategy
You can invest in this strategy through the following fund(s).
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
How to invest in this strategy
You can invest in this strategy through the following fund(s).
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
Important information
Baillie Gifford Overseas Limited (ARBN 118 567 178) is registered as a foreign company under the Corporations Act 2001 (Cth) and holds Foreign Australian Financial Services Licence No 528911. The information in this area is provided to you on the basis that you are a “wholesale client” within the meaning of section 761G of the Corporations Act 2001 (Cth) (“Corporations Act”). Please advise Baillie Gifford Overseas Limited immediately if you are not a wholesale client. In no circumstances should the information in this area be made available to “retail clients” as defined by the Corporations Act.
The information in this area contains general information only. It does not take into account any person’s objectives, financial situation or needs.