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Investment strategy

Developed EAFE 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 over the long term.

Ocean wave at sunset time, Indian Ocean, Maldives.

Consistent investment in growing companies

An international growth portfolio, bringing together the best ideas from firmwide research. To perform better than the market, you need to be different from it. We search across the market cap spectrum for a balance of growth, quality and resilience. 

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International All Cap Q2 update

Investment manager Joe Faraday reflects on recent performance, portfolio changes and market developments.

Taking a long-term advantage

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 underappreciate 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.

Embracing different types of growth

The strategy has a proud 30-year track record, following a consistent investment process. 

We invest in an eclectic mix of individual businesses and take great pride in drawing from firmwide research to bring the best ideas to the portfolio. 

The portfolio is 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. 

We are long-term in our approach and focused on identifying the structural growth drivers that could deliver strong returns for our clients over the coming decades.
Joe Faraday

Meet the managers

Philosophy and process

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

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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 June 2025

#CompanyFund %
1United Overseas Bank4.8%
2ASML3.7%
3Atlas Copco A2.7%
4Unilever2.5%
5Roche2.5%
6Experian2.4%
7AIA Group2.3%
8Investor2.3%
9Jeronimo Martins2.3%
10Auto Trader2.2%

Strategy holdings by sector

All figures up to: 30 June 2025

Created with Highcharts 11.4.6IndustrialsFinancialsConsumer StaplesInformation TechnologyConsumer DiscretionaryHealth CareCommunication ServicesMaterialsEnergyCash1234567891025.24%21.97%10.88%9.80%9.24%8.01%5.87%5.52%2.10%1.37%

Total: 100%

Strategy holdings by region

All figures up to: 30 June 2025

Created with Highcharts 11.4.6Europe (ex UK)Developed Asia PacificUKCash123449.92%27.46%21.25%1.37%

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.

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Insights

Key articles, videos and podcasts relating to the strategy:

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International All Cap Q2 update

Investment manager Joe Faraday reflects on recent performance, portfolio changes and market developments.

  1. International viewpoints: the case for global supply chain champions

    Learn about companies like ASML, TSMC, Adyen and SAP and their irreplaceable positions in enabling digital innovation.
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  2. International viewpoints: enduring value – investing in brands built to last

    Can businesses that blend heritage, stewardship and steady reinvention outperform their flashier, short-term-focused rivals?
    August 2025
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  3. International viewpoints: digital disruptors

    MercadoLibre and Sea Ltd are examples of underappreciated digital disruptors driving global growth.
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  4. International All Cap Q2 investor letter

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  5. International All Cap Q2 update

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    July 2025
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  6. group walking on snowy mountain

    Beyond the familiar: the case for international

    Discover how venturing into unexplored investment territory is yielding hidden gems.
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  8. “”

    Actual investing revisited

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  9. International All Cap Q1 update

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

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

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

    Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
    March 2025
    Video3 minutes
  13. 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
  14. International All Cap Q4 update

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

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article8 minutes

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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.