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International Growth
We aim to deliver attractive long-term returns to clients by being patient owners of exceptional growth companies. We believe disruptions are happening in many economic sectors at different speeds. We are interested in investing in two types of growth company: those able to grow very rapidly and those with durable growth prospects.
Searching for outliers
International Growth seeks to invest in outstanding growth businesses that possess a strong competitive advantage and have a culture that allows them to maintain that advantage in a sustainable way.
International Growth: our philosophy
Investment manager Tom Coutts introduces International Growth, reflecting on the exciting opportunities ahead.
Embracing the exceptional
Our objective is to outperform the benchmark by 3 per cent per annum (net of fees) over rolling five-year periods. To do so, we buy and hold shares in exceptional growth companies with a five-to-10-year investment horizon in mind.
Our diversified portfolio contains more than 50 holdings.
We embrace the concept of asymmetry of equity returns and adopt a thinking approach based on probability when building upside scenarios.
Patience in an impatient industry
Being long-term owners of companies on behalf of our clients is our main advantage in an impatient industry.
As active stock pickers, our edge also comes from being willing to get things wrong in our search for outliers and seeking wisdom from outside the financial system.
Our resulting portfolio usually displays a high active share and a low turnover.
Exceptional growth companies can thrive in even the most inhospitable macroeconomic environments by harnessing innovation.
Meet the managers
Documents
Quarterly update
Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting.
Philosophy and process
Explore our investment philosophy and the processes around how the team constructs the portfolio.
Stewardship report
Find out about our conversations with portfolio companies, shareholder vote activity and consideration of environmental, social and governance matters.
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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
| # | Holding | % of portfolio |
|---|---|---|
| 1 | Spotify | 5.91 |
| 2 | MercadoLibre | 5.89 |
| 3 | ASML | 4.91 |
| 4 | Ferrari | 4.49 |
| 5 | TSMC | 4.48 |
| 6 | Adyen | 4.48 |
| 7 | WiseTech Global | 3.83 |
| 8 | Atlas Copco | 3.82 |
| 9 | Meituan | 3.56 |
| 10 | AIA | 3.13 |
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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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
International viewpoints: power players
Companies rising to new energy challenges in diverse ways, and the economies driving demand.
Saving when sending abroad: a Wise move
With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world.
International Growth Q3 investor letter
The International Growth Team reflects on recent performance, portfolio changes and market developments
Wise: Money Without Borders
Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.
International Growth Q3 update
The International Growth Team reflects on recent performance, portfolio changes and market developments.
Luxury brands show promise amid slump
How brands like Hermès, Gucci and Ferrari defy downturns with heritage and innovation.
Trip Notes: Seoul and Mumbai
Lawrence Burns sees great growth firms in action in South Korea and India.
MercadoLibre: Latin America’s unbanked
MercadoLibre offers hope to Latin America’s 178 million unbanked population.
International viewpoints: semi-cap resilience
Why our long-term conviction in ASML, Tokyo Electron and TSMC stands up to recent sector volatility.
International Growth: our philosophy
Investment manager Tom Coutts introduces International Growth, reflecting on the exciting opportunities ahead.
International Growth Q2 update
The International Growth Team reflects on recent performance, portfolio changes and market developments.
International viewpoints: global EV trends
Analysing market dynamics, industry challenges and future trends of EVs’ global adoption.
International viewpoints: eastern promise
What market sentiment, recent valuations and policy changes mean for us as investors in Asian growth companies.
Stock story: MercadoLibre
The company on a mission to democratise ecommerce and finance for 650 million people.
Tilting the odds in your favour
The Magnificent Seven’s reputation goes before them but that’s not enough to save them.
Ferrari: racing through time
How a car manufacturer turned luxury icon can continue to outpace the competition.
International Growth Q1 update
The International Growth Team reflects on recent performance, portfolio changes and market developments.
AI: intelligence everywhere
Why AI could be the printing press of intelligence.
Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?
International Growth Q4 update
The International Growth Team reflects on recent performance, portfolio changes and market developments.
A conversation with the International Growth Team
International Growth's investment philosophy, portfolio positioning, and outlook for 2024.
HelloFresh: changing how people eat forever
HelloFresh’s CEO explains the art and science of meal kit delivery at a global scale.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
China revisited
Lawrence Burns explores the new landscape of opportunity.
argenx: innovative antibody therapies
The future of treating autoimmune diseases.
International Growth Q3 update
The International Growth Team reflects on recent performance, portfolio changes and market developments.
International Growth Q2 update
The International Growth team reflects on recent performance, portfolio changes, and market developments.
Moderna’s new challenge
The mRNA technology behind the Covid vaccine is being directed against other diseases.
Adyen: pioneer of payments
The Dutch firm making everyday payments fast and friction-free.
International Growth Q1 update
International Growth Team reflects on recent performance, portfolio changes, and market developments.
Japan’s place in the chip market
The Japanese semiconductor companies set to benefit from the rise of 5G and electric cars.
20 years of International Growth podcast
Through two decades of change, our strategy has prospered by sticking to its philosophy of patience and optimism.
Ocado’s robot revolution
The UK firm partnering with leading grocers to deploy its automated warehouses worldwide.
MercadoLibre: a lesson in innovation
Investment manager Lawrence Burns talks to MercadoLibre’s CFO Pedro Arnt.
ASML: advancing chips to new limits
The Dutch firm driving progress by making it possible to create more intricate computer chips.
What Picasso can teach us about investing
Investment Specialist Christel Brodie speaks to Tom Coutts, Investment Manager on Baillie Gifford’s International Growth Strategy, about his recent thought piece ‘What Picasso can teach us about investing’.
International Growth: our philosophy
Investment manager Tom Coutts introduces International Growth, reflecting on the exciting opportunities ahead.
International viewpoints: power players
Companies rising to new energy challenges in diverse ways, and the economies driving demand.Saving when sending abroad: a Wise move
With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world.International Growth Q3 investor letter
The International Growth Team reflects on recent performance, portfolio changes and market developmentsWise: Money Without Borders
Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.International Growth Q3 update
The International Growth Team reflects on recent performance, portfolio changes and market developments.Luxury brands show promise amid slump
How brands like Hermès, Gucci and Ferrari defy downturns with heritage and innovation.Trip Notes: Seoul and Mumbai
Lawrence Burns sees great growth firms in action in South Korea and India.MercadoLibre: Latin America’s unbanked
MercadoLibre offers hope to Latin America’s 178 million unbanked population.International viewpoints: semi-cap resilience
Why our long-term conviction in ASML, Tokyo Electron and TSMC stands up to recent sector volatility.International Growth: our philosophy
Investment manager Tom Coutts introduces International Growth, reflecting on the exciting opportunities ahead.International Growth Q2 update
The International Growth Team reflects on recent performance, portfolio changes and market developments.International viewpoints: global EV trends
Analysing market dynamics, industry challenges and future trends of EVs’ global adoption.International viewpoints: eastern promise
What market sentiment, recent valuations and policy changes mean for us as investors in Asian growth companies.Stock story: MercadoLibre
The company on a mission to democratise ecommerce and finance for 650 million people.Tilting the odds in your favour
The Magnificent Seven’s reputation goes before them but that’s not enough to save them.Ferrari: racing through time
How a car manufacturer turned luxury icon can continue to outpace the competition.International Growth Q1 update
The International Growth Team reflects on recent performance, portfolio changes and market developments.AI: intelligence everywhere
Why AI could be the printing press of intelligence.Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?International Growth Q4 update
The International Growth Team reflects on recent performance, portfolio changes and market developments.A conversation with the International Growth Team
International Growth's investment philosophy, portfolio positioning, and outlook for 2024.HelloFresh: changing how people eat forever
HelloFresh’s CEO explains the art and science of meal kit delivery at a global scale.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.China revisited
Lawrence Burns explores the new landscape of opportunity.argenx: innovative antibody therapies
The future of treating autoimmune diseases.International Growth Q3 update
The International Growth Team reflects on recent performance, portfolio changes and market developments.International Growth Q2 update
The International Growth team reflects on recent performance, portfolio changes, and market developments.Moderna’s new challenge
The mRNA technology behind the Covid vaccine is being directed against other diseases.Adyen: pioneer of payments
The Dutch firm making everyday payments fast and friction-free.International Growth Q1 update
International Growth Team reflects on recent performance, portfolio changes, and market developments.Japan’s place in the chip market
The Japanese semiconductor companies set to benefit from the rise of 5G and electric cars.20 years of International Growth podcast
Through two decades of change, our strategy has prospered by sticking to its philosophy of patience and optimism.Ocado’s robot revolution
The UK firm partnering with leading grocers to deploy its automated warehouses worldwide.MercadoLibre: a lesson in innovation
Investment manager Lawrence Burns talks to MercadoLibre’s CFO Pedro Arnt.ASML: advancing chips to new limits
The Dutch firm driving progress by making it possible to create more intricate computer chips.What Picasso can teach us about investing
Investment Specialist Christel Brodie speaks to Tom Coutts, Investment Manager on Baillie Gifford’s International Growth Strategy, about his recent thought piece ‘What Picasso can teach us about investing’.
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
Important information
The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Baillie Gifford does not currently have any funds that offer securities under a simplified prospectus for general offer or sale within Canada. No securities regulatory authority in Canada has reviewed or in any way passed upon this website or the merits of any investment available, and any representation to the contrary is an offence.
Persons resident or domiciled in Canada should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to trade.
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Trade Matching Statement
This Trade-Matching Statement is being provided in accordance with National Instrument 24-101 -"Institutional Trade Matching and Settlement" and Companion Policy 24-101 CP (the "National
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