Capital at risk
US Alpha
Growing businesses will dominate US Equities’ stock market returns over a decade. Some will grow rapidly, others quietly compound, and still more will progress in leaps and pauses. US Alpha celebrates this breadth of growth and patiently backs exceptional companies over a decade in the hope of generating extraordinary returns for our clients.
Seeking a breadth of growth
We don’t want to own one or two of any decade’s top outperformers. We want to hold them all. Focusing on growing businesses is the best way to drive returns, and it’s clear that not all such opportunities look the same.
US Alpha Q3 update
The US Alpha Team reflects on recent performance, portfolio changes and market developments.
We don’t follow the benchmark
‘More ways to win’ makes sense in a market as rich and deep as North America. We are inspired by diversity, and our broad approach gives us the best chance of finding the most exciting prospects in the US in whatever industry we find them while diversifying the drivers of risks.
Our objective is to perform 2 per cent above the S&P 500 per annum, over rolling five-year periods by investing in a broad range of exceptional growth businesses. We believe this to be a reasonable estimate of the amount by which we can outperform in the long term, considering the opportunity set and the many types of growth our companies exhibit.
Disruptors, adaptors and pilots
We invest in three types of companies. Where the market underestimates the growth of exceptional firms, we look for ‘disruptors’, with young cultures and inventive founders. Where duration is underappreciated, we look for ‘adaptors’, which know whether to preserve an asset or embrace change. And in turbulent industries, we look for ‘pilots’, which put capital allocation above all else. The result is a portfolio with a low overlap with the index and low turnover, which we are confident can deliver differentiated long-term results.
We celebrate the breadth of opportunity before us, embrace uncertainty and invest with optimism.
Meet the managers
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Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 30 November 2024
# | Holding | % of portfolio |
---|---|---|
1 | Shopify | 3.5% |
2 | NVIDIA | 3.2% |
3 | Microsoft | 3.2% |
4 | Meta Platforms | 2.6% |
5 | DoorDash | 2.6% |
6 | Netflix | 2.5% |
7 | Alphabet | 2.3% |
8 | Amazon.com | 2.2% |
9 | Chewy | 2.1% |
10 | Hershey Foods Corporation | 2.0% |
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
Do elections matter for stock returns?
What the past tells us about a new US president’s impact on growth companies.US Alpha Q3 update
The US Alpha Team reflects on recent performance, portfolio changes and market developments.Future Stocks: Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks.US Alpha Q2 update
The US Alpha Team reflects on recent performance, portfolio changes and market developmentsUS Alpha Q1 update
The US 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.
US Alpha Q3 update
The US 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.US Alpha Q3 update
The US Alpha Team reflects on recent performance, portfolio changes and market developments.Future Stocks: Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks.US Alpha Q2 update
The US Alpha Team reflects on recent performance, portfolio changes and market developmentsUS Alpha Q1 update
The US 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.
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.
You can read details of our Legal and Important Information here.
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.