Capital at risk

Investment strategy

EAFE Plus All Cap

Our philosophy is based on three core beliefs: that superior profit growth leads to outperformance in the long run, that fundamental analysis enables exploitation of market inefficiencies and that share prices reflect fundamentals over the long term. 

An aerial view of a surfer at the end of a rolling wave.

Active growth for 30 years

An international portfolio supported by firmwide research and that follows a consistent investment philosophy and process. We believe that stock markets have a recurring tendency to underappreciate the value of long-term compound growth. 

International All Cap Q4 update

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

Different from the market

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 aim to take advantage of this by investing with a minimum time horizon of five years in mind, a period that we think is long enough for share price moves to reflect the economic value of the underlying assets. 

Our philosophy and approach aim to offer strong tailwinds to growth and attractive returns and is aligned management teams. 

Enduring strategy

Embracing different types of growth results in an eclectic mix of businesses. We aim for a balance of growth, quality and resilience. 

We also take great pride in drawing from firmwide research to bring the best international ideas to the portfolio.  

The strategy’s 33-year track record has outlived personnel changes by following a consistent investment philosophy.

The result of our bottom-up stock picking approach is a portfolio that 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

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.

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Invest in this strategy

You can invest in this strategy through the following fund(s).

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Curious to learn more about our products and what we can offer you? Please get in touch.

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
1United Overseas Bank3.93
2TSMC3.18
3Investor2.98
4ASML2.64
5Atlas Copco2.41
6MercadoLibre2.32
7Experian2.25
8Lonza2.20
9Jeronimo Martins2.17
10AIA2.16

Strategy holdings by sector

All figures up to: 31 March 2025

Created with Highcharts 11.4.6IndustrialsFinancialsInformation TechnologyConsumer DiscretionaryConsumer StaplesHealth CareCommunication ServicesMaterialsCashEnergy1234567891022.68%20.06%12.46%11.90%11.30%8.29%7.03%3.84%1.39%1.07%

Total: 100%

Strategy holdings by region

All figures up to: 31 March 2025

Created with Highcharts 11.4.6Europe (ex UK)Developed Asia PacificUKEmerging MarketsCash1234542.06%24.89%18.80%12.86%1.39%

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.

Invest in this strategy

You can invest in this strategy through the following fund(s).

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:

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International All Cap Q4 update

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

  1. International All Cap Q1 update

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

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

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

    Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
    March 2025
    Video3 minutes
  5. 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
  6. International All Cap Q4 update

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

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article8 minutes
  8. 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
  9. International All Cap Q3 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments
    October 2024
    Article5 minutes
  10. 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
  11. 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
  12. 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
  13. Wise: Growing global money transfers

    Charting rising cross-border money payments and the opportunity for remittance service Wise.
    August 2024
    Article6 minutes
  14. International All Cap Q2 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video10 minutes
  15. Tilting the odds in your favour

    The Magnificent Seven’s reputation goes before them but that’s not enough to save them.
    April 2024
    Article8 minutes

Invest in this strategy

You can invest in this strategy through the following fund(s).

Explore further

Curious to learn more about our products and what we can offer you? Please get in touch.

How to invest in this strategy

You can invest in this strategy through the following fund(s).

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.