Capital at risk
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.

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.
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.
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
# | Company | Fund % |
---|---|---|
1 | United Overseas Bank | 4.8% |
2 | ASML | 3.7% |
3 | Atlas Copco A | 2.7% |
4 | Unilever | 2.5% |
5 | Roche | 2.5% |
6 | Experian | 2.4% |
7 | AIA Group | 2.3% |
8 | Investor | 2.3% |
9 | Jeronimo Martins | 2.3% |
10 | Auto Trader | 2.2% |
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.
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.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?International viewpoints: digital disruptors
MercadoLibre and Sea Ltd are examples of underappreciated digital disruptors driving global growth.International All Cap Q2 investor letter
The International All Cap Team reflects on recent performance, portfolio changes and market developments.International All Cap Q2 update
Investment manager Joe Faraday reflects on recent performance, portfolio changes and market developments.Beyond the familiar: the case for international
Discover how venturing into unexplored investment territory is yielding hidden gems.A new age of discovery: the case for international
Explore how international equities offer unique opportunities in transformative markets.Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.International All Cap Q1 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.International All Cap Q1 investor letter
The International All Cap Team reflects on recent performance, portfolio changes and market developments.Atlas Copco: Stock Story
Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.A long-term manifesto, revisited
Why exceptional growth companies must be brave enough to ignore short-term market pressures.International All Cap Q4 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.International All Cap Q4 investor letter
The International All Cap Team reflects on recent performance, portfolio changes and market developments.
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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.