Capital at risk
ACWI ex US All Cap
We have three core beliefs: superior profit growth leads to outperformance; fundamental analysis enables exploitation of market inefficiencies, and share prices reflect fundamentals in the long term.
Identifying the drivers of growth
A growth portfolio taking the best ideas from firmwide research. For over 30 years, International All Cap has had a consistent investment process, actively making long-term investments in growing companies.
International All Cap Q3 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.
Searching for superior companies
To perform better than the market, you need to be different from it. We look to invest in businesses that exhibit some combination of sustained, above-average growth and strong competitive advantage, such as superior profit margins or returns on invested capital.
We believe that stock markets have a recurring tendency to under-appreciate the value of long-term compound growth. We aim to take advantage of this by investing with a minimum time horizon of five years in mind.
An eclectic portfolio
We take great pride in drawing from firmwide research to bring our best international ideas to the portfolio.
We search for growth across the market cap spectrum. The result is a portfolio tilted towards the lower end of the benchmark’s market cap range. We think this is a fertile hunting ground for focused, well-run growth companies.
The strategy has a long and proud history. Our track record has outlived personnel changes by following a consistent investment philosophy and process.
Human ingenuity will continue to generate opportunities for strong returns long into the future.
Meet the managers
Documents
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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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 | TSMC | 5.69 |
2 | United Overseas Bank | 2.76 |
3 | ASML | 2.68 |
4 | Investor | 2.39 |
5 | MercadoLibre | 2.37 |
6 | Auto Trader | 2.37 |
7 | Experian | 2.03 |
8 | Atlas Copco | 1.94 |
9 | Richemont | 1.84 |
10 | Lonza | 1.83 |
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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Insights
International viewpoints: demographic crisis
Meet the problem-solvers already active in healthcare, retirement funding and workforce productivity.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 All Cap Q3 investor letter
The International All Cap 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 All Cap Q3 update
The International All Cap 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.Wise: Growing global money transfers
Charting rising cross-border money payments and the opportunity for remittance service Wise.International viewpoints: semi-cap resilience
Why our long-term conviction in ASML, Tokyo Electron and TSMC stands up to recent sector volatility.International All Cap Q2 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.International All Cap Q1 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.International All Cap Q4 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.International All Cap Q3 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.International All Cap Q2 update
The International All Cap team reflects on recent performance, portfolio changes, and market developments.How to surf the waves of growth
Good investing takes quick reactions as well as a long-term vision.
International All Cap Q3 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.
International viewpoints: demographic crisis
Meet the problem-solvers already active in healthcare, retirement funding and workforce productivity.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 All Cap Q3 investor letter
The International All Cap 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 All Cap Q3 update
The International All Cap 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.Wise: Growing global money transfers
Charting rising cross-border money payments and the opportunity for remittance service Wise.International viewpoints: semi-cap resilience
Why our long-term conviction in ASML, Tokyo Electron and TSMC stands up to recent sector volatility.International All Cap Q2 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.International All Cap Q1 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.International All Cap Q4 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.International All Cap Q3 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.International All Cap Q2 update
The International All Cap team reflects on recent performance, portfolio changes, and market developments.
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 is wholly owned by Baillie Gifford & Co. Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients. Both are authorised and regulated by the Financial Conduct Authority.
The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Any general enquiries regarding Baillie Gifford should be directed to the relevant individual as noted in the Contact Us section.
The information contained in this website has been compiled with considerable care to ensure its accuracy at the date of publication. However, no representation or warranty, express or implied, is made to its accuracy or completeness. Nothing in this information or elsewhere in this website shall exclude, limit or restrict our duties and liabilities to you under the United Kingdom's Financial Services and Markets Act 2000 or any conduct of business rules which we are bound to comply with.
This website is informative only and the information provided should not be considered as investment advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.