Capital at risk

Investment strategy

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. 

A surfer in the middle of a crashing wave at sunset.

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 Q4 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.
Milena Mileva

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.

View PDF

Philosophy and process

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

View PDF

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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 March 2025

#Holding% of portfolio
1TSMC5.65
2United Overseas Bank3.40
3Tencent2.30
4ASML2.29
5Investor1.96
6Experian1.91
7Lonza1.86
8Richemont1.82
9DSV1.69
10MercadoLibre1.68

Strategy holdings by sector

All figures up to: 31 March 2025

Created with Highcharts 11.4.6IndustrialsFinancialsInformation TechnologyConsumer DiscretionaryConsumer StaplesCommunication ServicesHealth CareMaterialsCashEnergy1234567891020.95%18.09%17.61%12.73%10.94%6.88%6.73%3.62%1.40%1.06%

Total: 100%

Strategy holdings by region

All figures up to: 31 March 2025

Created with Highcharts 11.4.6Europe (ex UK)Emerging MarketsDeveloped Asia PacificUKCanadaCash12345635.00%22.96%20.90%16.10%3.65%1.40%

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.

Explore further

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:

Filters

Insights

Viewing 31 of 31
  1. International viewpoints: US vs international debate

    Signs are pointing to a shift from US to international markets. When has this happened before, and what’s ahead?
    March 2025
    Article4 minutes
  2. International All Cap Q1 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Video9 minutes
  3. International All Cap Q1 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Article9 minutes
  4. Atlas Copco: Stock Story

    Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
    March 2025
    Video3 minutes
  5. ASML: Stock Story

    Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
    March 2025
    Video3 minutes
  6. Moutai: Stock Story

    Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
    March 2025
    Video3 minutes
  7. International viewpoints: Shifting tides toward international markets

    The US stock market has outperformed international markets in recent years, but signs suggest a change in this trend.
    March 2025
    Article2 minutes
  8. A digitally generated image of multi-coloured glowing data points floating on dark waves.

    A long-term manifesto, revisited

    Why exceptional growth companies must be brave enough to ignore short-term market pressures.
    February 2025
    Article10 minutes
  9. International viewpoints: Europe's tech tailwinds

    The European technology sector excels in niche markets, creating growth opportunities in global value chains.
    January 2025
    Article4 minutes
  10. International All Cap Q4 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Video11 minutes
  11. International All Cap Q4 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article8 minutes
  12. An explosion of motion and colour as a large crowd hurries through central Tokyo.

    International viewpoints: demographic crisis

    Meet the problem-solvers already active in healthcare, retirement funding and workforce productivity.
    December 2024
    Article4 minutes
  13. Pylons looming in silhouette against a grey-blue sky.

    International viewpoints: power players

    Companies rising to new energy challenges in diverse ways, and the economies driving demand.
    November 2024
    Article4 minutes
  14. 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.
    October 2024
    Article4 minutes
  15. International All Cap Q3 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments
    October 2024
    Article5 minutes
  16. 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.
    October 2024
    Video37 minutes
  17. Mountain surrounded by cloud

    International All Cap Q3 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    October 2024
    Video11 minutes
  18. Luxury brands show promise amid slump

    How brands like Hermès, Gucci and Ferrari defy downturns with heritage and innovation.
    October 2024
    Article3 minutes
  19. Investment specialist Thomas Hodges

    Future Stocks: Our best ideas in Europe

    Thomas Hodges uncovers three of Europe’s hidden growth champions: Lonza, Topicus and Soitec.
    September 2024
    Video3 minutes
  20. Wise: Growing global money transfers

    Charting rising cross-border money payments and the opportunity for remittance service Wise.
    August 2024
    Article6 minutes
  21. An employee wearing PPE carefully examines the microchips on a wafer

    International viewpoints: semi-cap resilience

    Why our long-term conviction in ASML, Tokyo Electron and TSMC stands up to recent sector volatility.
    August 2024
    Article3 minutes
  22. International All Cap Q2 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video10 minutes
  23. International viewpoints: global EV trends

    Analysing market dynamics, industry challenges and future trends of EVs’ global adoption.
    July 2024
    Article2 minutes
  24. Hundreds of lit lanterns are hanging together from a temple ceiling

    International viewpoints: eastern promise

    What market sentiment, recent valuations and policy changes mean for us as investors in Asian growth companies.
    June 2024
    Article2 minutes
  25. International All Cap Q1 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video21 minutes
  26. International All Cap Q4 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video13 minutes
  27. Ashtead: hiding in plain sight

    This little-known equipment rental company is one of the UK’s most exciting growth stories.
    December 2023
    Article5 minutes
  28. Why growth, why now?

    Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
    December 2023
    Article17 minutes
  29. International All Cap Q3 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video14 minutes
  30. International All Cap Q2 update

    The International All Cap team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video12 minutes
  31. How to surf the waves of growth

    Good investing takes quick reactions as well as a long-term vision.
    November 2021
    Article

International All Cap Q4 update

The International All Cap Team reflects on recent performance, portfolio changes and market developments.

  1. International viewpoints: US vs international debate

    Signs are pointing to a shift from US to international markets. When has this happened before, and what’s ahead?
    March 2025
    Article4 minutes
  2. International All Cap Q1 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Video9 minutes
  3. International All Cap Q1 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Article9 minutes
  4. Atlas Copco: Stock Story

    Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
    March 2025
    Video3 minutes
  5. ASML: Stock Story

    Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
    March 2025
    Video3 minutes
  6. Moutai: Stock Story

    Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
    March 2025
    Video3 minutes
  7. International viewpoints: Shifting tides toward international markets

    The US stock market has outperformed international markets in recent years, but signs suggest a change in this trend.
    March 2025
    Article2 minutes
  8. A digitally generated image of multi-coloured glowing data points floating on dark waves.

    A long-term manifesto, revisited

    Why exceptional growth companies must be brave enough to ignore short-term market pressures.
    February 2025
    Article10 minutes
  9. International viewpoints: Europe's tech tailwinds

    The European technology sector excels in niche markets, creating growth opportunities in global value chains.
    January 2025
    Article4 minutes
  10. International All Cap Q4 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Video11 minutes
  11. International All Cap Q4 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article8 minutes
  12. An explosion of motion and colour as a large crowd hurries through central Tokyo.

    International viewpoints: demographic crisis

    Meet the problem-solvers already active in healthcare, retirement funding and workforce productivity.
    December 2024
    Article4 minutes
  13. Pylons looming in silhouette against a grey-blue sky.

    International viewpoints: power players

    Companies rising to new energy challenges in diverse ways, and the economies driving demand.
    November 2024
    Article4 minutes
  14. 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.
    October 2024
    Article4 minutes
  15. International All Cap Q3 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments
    October 2024
    Article5 minutes

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.