Capital at risk
Pan Europe
Europe has no shortage of fantastic companies, it just takes a deeper look to find them.
These companies can typically grow revenues faster than peers, expand their profit margins, have sustainable competitive advantages and are managed by exceptional capital allocators. By investing in them, we hope to deliver long-term capital appreciation for our clients.
Europe’s most exciting companies
We don’t want to own a collection of slightly better-than-average companies, instead we aspire to own Europe’s ‘outliers’ – special companies that have the potential to return a multiple of our investment.
European equities: our philosophy
Investment manager Stephen Paice introduces European equities, reflecting on the exciting opportunities ahead.
Searching for the best opportunities
Our objective is to outperform the MSCI Europe ex UK Index by 2 to 3 per cent per annum over rolling five-year periods. We construct our portfolios according to where we think the best opportunities are, looking for the European outliers that we believe have significant potential.
We are focused on investing for the longterm. All our thinking about stocks is based on what we think might happen over the next five-10 years because outsized returns generally don’t happen overnight.
Standing out from the crowd
We do not construct our portfolios in relation to the benchmark. As a result, we typically have a very high active share and look different to many of our peers. We think this gives us the best chance to deliver on our performance objectives for clients.
We construct portfolios of 30-50 companies that we think have large growth opportunities.
We know that a small number of companies tend to drive market and portfolio returns, but you have to be patient for compounding to work its magic.
Meet the managers
Documents
Philosophy and process
Explore our investment philosophy and the processes around how the team constructs the portfolio.
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.
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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: 31 October 2024
| # | Holding | % of portfolio |
|---|---|---|
| 1 | Prosus | 5.2% |
| 2 | DSV | 5.1% |
| 3 | Schibsted | 4.2% |
| 4 | Games Workshop | 4.1% |
| 5 | Topicus.com | 3.6% |
| 6 | Reply | 3.6% |
| 7 | Hypoport | 3.5% |
| 8 | Novo Nordisk | 3.5% |
| 9 | Nexans | 3.2% |
| 10 | Ryanair | 3.0% |
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
European Equities Q3 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
Future Stocks: Our best ideas in Europe
Thomas Hodges uncovers three of Europe’s hidden growth champions: Lonza, Topicus and Soitec.
European Equities Q2 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
European Equities Q1 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
Moncler: from mountain to street
How the outerwear pioneer innovated its way into the fashion elite.
European Equities Q4 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
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.
European Equities Q3 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
European Equities
Investment manager, Stephen Paice, discusses the Baillie Gifford approach to European Equities.
Europe: why now?
Chris Davies is joined by Thomas Hodges to discuss why he sees reasons for optimism in European equities, and why he believes now is the time to start paying attention.
Resurgence of European ambition
Head of European Equities Stephen Paice explains why investors should evolve their mindsets in order to capture the growth opportunity in Europe.
European Equities Q3 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
European Equities Q3 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.Future Stocks: Our best ideas in Europe
Thomas Hodges uncovers three of Europe’s hidden growth champions: Lonza, Topicus and Soitec.European Equities Q2 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.European Equities Q1 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.Moncler: from mountain to street
How the outerwear pioneer innovated its way into the fashion elite.European Equities Q4 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.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.European Equities Q3 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.European Equities
Investment manager, Stephen Paice, discusses the Baillie Gifford approach to European Equities.Europe: why now?
Chris Davies is joined by Thomas Hodges to discuss why he sees reasons for optimism in European equities, and why he believes now is the time to start paying attention.Resurgence of European ambition
Head of European Equities Stephen Paice explains why investors should evolve their mindsets in order to capture the growth opportunity in Europe.
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.
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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
Instrument"). It applies to all trades that are subject to the National Instrument. View the whole statement.