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Investment strategy

Responsible Global Alpha

Our core task is the patient, engaged ownership of responsible companies with the potential to deliver superior but underappreciated earnings growth.  

Drone view of a car crossing a bridge in Iceland with blue steams of glacier water.

A diverse range of responsible companies

An ambitious approach to investing in responsible growth companies from right across the spectrum of opportunity. We are flexible in seeking these opportunities, recognising the valuable diversity of ways in which growth can be achieved.

Global Alpha: our philosophy

Investment manager Helen Xiong introduces Global Alpha, reflecting on the exciting opportunities ahead.

A truly global portfolio

We aim to identify companies which can grow their earnings at a superior rate to the market over sustained periods, where this potential is not reflected in the price.  

As share prices are ultimately driven by earnings growth, this approach underpins our objective to deliver returns 2 to 3 per cent per annum ahead of the benchmark over rolling five-year periods before the deduction of fees. The strategy also excludes investment in companies which fail to meet our criteria for responsible behaviour.  

Our research draws on the work and insights of the entire Baillie Gifford investment floor. 

The performance target is aspirational and is not guaranteed. We don’t use it to compile the portfolio and returns will vary. A single performance target may not be appropriate across all vehicles and jurisdictions. We may not meet our investment objectives if, for example, our growth investment style is out of favour or we misjudge the long-term earnings growth of our holdings.

Attractive opportunities from across the spectrum

Our philosophy is to invest long-term in well-managed businesses with sustainable competitive advantages. We embrace diversity, splitting the portfolio of around 90 holdings across our three growth profiles:  

Compounders aim to exploit the power of earnings compounding. Disruptors seek to identify early-stage firms with explosive potential. 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.
Spencer Adair

Meet the managers

Documents

Philosophy and process

Explore our investment philosophy and the processes around how the team constructs the portfolio.

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Strategy portfolio holdings

A list of the top 10 holdings that the representative portfolio invests in.

All figures up to: 31 December 2024

#CompanyFund %
1Amazon.com4.4%
2Meta Platforms Inc4.3%
3NVIDIA4.3%
4Microsoft4.2%
5TSMC3.6%
6Prosus N.V.3.1%
7Martin Marietta Materials3.0%
8Doordash Inc2.8%
9Ryanair ADR2.4%
10Mastercard2.4%

Strategy holdings by sector

All figures up to: 31 December 2024

Created with Highcharts 11.4.6Consumer DiscretionaryInformation TechnologyCommunication ServicesFinancialsHealth CareIndustrialsMaterialsReal EstateConsumer StaplesCash1234567891024.58%20.86%13.03%11.91%9.72%9.66%7.25%2.07%0.36%0.57%

Total: 100%

Strategy holdings by region

All figures up to: 31 December 2024

Created with Highcharts 11.4.6North AmericaEurope (ex UK)Emerging MarketsDeveloped Asia PacificUKCash12345665.77%17.09%10.52%5.59%0.45%0.57%

Total: 100%

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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Insights

Key articles, videos and podcasts relating to the strategy:

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Global Alpha Q4 update

The Global Alpha Team reflects on recent performance, portfolio changes and market developments.

  1. Illustration of delivery cyclist with oversized leg muscles and passport stamps on his clothes

    DoorDash: delivering the goods

    How DoorDash’s ambitions extend far beyond restaurant deliveries.
    March 2025
    Article7 minutes
  2. Global Alpha Insights: investing in resilience beyond political cycles

    Why the Global Alpha Team believes elections don't impact stock market returns.
    January 2025
    Article3 minutes
  3. Global Alpha Q4 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Video10 minutes
  4. Global Alpha Q4 investor letter

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article11 minutes
  5. A shepherd dog popping his head up from a sheep flock. Disguise, uniqueness and/or lost in the crowd concept

    Global Alpha insights: Rakuten and the 'Dog Shogun'

    Richie Vernon, investment specialist, explains why the Global Alpha Team has a different perspective on Rakuten's future market growth.
    October 2024
    Article4 minutes
  6. Global Alpha Q3 investor letter

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments
    October 2024
    Article7 minutes
  7. Do elections matter for stock returns?

    What the past tells us about a new US president’s impact on growth companies.
    October 2024
    Article6 minutes
  8. Why growth investors can’t ignore China

    China’s electric car, battery and other advanced manufacturers are on the rise.
    October 2024
    Podcast26 minutes
  9. Global Alpha Q3 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    October 2024
    Video10 minutes
  10. Global Alpha insights: unlocking the magic of Disney

    Why the Global Alpha Team believes there is a magical journey ahead for Disney.
    September 2024
    Article4 minutes
  11. Investment specialist Ben James

    Future Stocks: Our best ideas in the US

    Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks.
    September 2024
    Video3 minutes
  12. Eric Beinhocker: evolutionary economist

    How successful companies harness the power of adaptation.
    September 2024
    Article7 minutes
  13. Illustration of semiconductors making up a DNA strand with products floating in background.

    Beyond NVIDIA: investing in semiconductors

    Why some of the leading computer chip makers and companies enabling them have room to grow.
    September 2024
    Article6 minutes
  14. China: the new shoots of growth

    Why advanced manufacturing and social context are key to investing in tomorrow’s Chinese giants.
    September 2024
    Article5 minutes
  15. Global Alpha Q2 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video11 minutes

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Important information

The content of this website is intended exclusively for professional investors in accordance with MiFID legislation. ’Professional investors’ are potential investors who are deemed to have the status of “professional clients”, within the meaning of MiFID (2004/39/EC), as transposed in Ireland. It is not intended for retail investors.

Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.

This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.