Capital at risk
International Concentrated Growth
International Concentrated Growth is a bottom-up equity strategy focused on outstanding growth firms. It invests in businesses making structural changes to the economy and society.
Powerful potential
This is a concentrated portfolio of exceptional international growth companies, which are driving transformation in societies and economies and therefore have the potential to take substantial market share.
International Concentrated Growth: manager introductions
Radical companies may seem risky, but they’re building the future. Paulina McPadden, Spencer Adair and Lawrence Burns discuss how investing in firms with extraordinary potential is a simple approach to long-term wealth creation.
Unique, concentrated, long term
ICG has three advantages. First, it has exceptionally long holding periods. Second, it is centred on the asymmetry of stock returns and the investment case upside. Third, it is concentrated and willing to take large holdings when justified by the probability-weighted returns available.
The strategy aims to grow clients’ assets over a five to 10-year horizon by investing in growth companies driving change. Our goal is to exceed the MSCI ACWI ex US Index by at least 3 per cent per annum over rolling five-year periods. Our approach to portfolio construction is purely stock-driven without reference to any benchmark.
Years, not quarters
Long-termism is central to our philosophy. A company’s value is rarely determined over a few quarters.
We’re interested in companies that may grow significantly over five to 10 years, in structural or even explosive ways. These are rare, so we adopt a concentrated portfolio of 20-35 stocks from developed and emerging markets.
We believe it’s important not to ignore companies that may significantly disrupt international markets, despite being based in the US. The strategy can therefore invest up to 15 per cent in the US.
We each bring our passions and interests to the team. What links us together is a commitment to investing in companies that are driving deep structural changes in the economy.
Meet the managers
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You can invest in this strategy through the following fund(s).
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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 | MercadoLibre | 12.90 |
| 2 | Spotify | 8.97 |
| 3 | ASML | 6.61 |
| 4 | Adyen | 6.17 |
| 5 | NVIDIA | 6.09 |
| 6 | Meituan | 5.97 |
| 7 | Hermès International | 4.25 |
| 8 | Ferrari | 4.25 |
| 9 | TSMC | 4.19 |
| 10 | Delivery Hero | 3.55 |
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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Insights
International viewpoints: demographic crisis
Meet the problem-solvers already active in healthcare, retirement funding and workforce productivity.
International viewpoints: power players
Companies rising to new energy challenges in diverse ways, and the economies driving demand.
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 Concentrated Growth Q3 investor letter
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments
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.
International Concentrated Growth Q3 update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.
Luxury brands show promise amid slump
How brands like Hermès, Gucci and Ferrari defy downturns with heritage and innovation.
Trip Notes: Seoul and Mumbai
Lawrence Burns sees great growth firms in action in South Korea and India.
MercadoLibre: Latin America’s unbanked
MercadoLibre offers hope to Latin America’s 178 million unbanked population.
International viewpoints: semi-cap resilience
Why our long-term conviction in ASML, Tokyo Electron and TSMC stands up to recent sector volatility.
International viewpoints: global EV trends
Analysing market dynamics, industry challenges and future trends of EVs’ global adoption.
International Concentrated Growth Q2 update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.
International viewpoints: eastern promise
What market sentiment, recent valuations and policy changes mean for us as investors in Asian growth companies.
Stock story: MercadoLibre
The company on a mission to democratise ecommerce and finance for 650 million people.
Tilting the odds in your favour
The Magnificent Seven’s reputation goes before them but that’s not enough to save them.
Ferrari: racing through time
How a car manufacturer turned luxury icon can continue to outpace the competition.
International Concentrated Growth Q1 update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.
AI: intelligence everywhere
Why AI could be the printing press of intelligence.
Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?
International Concentrated Growth Q4 update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.
Ferrari: Magic from Maranello
How has Ferrari grown to be a $78 billion company when it only sells 13,000 cars a year? After investing in the iconic company for many years, investment manager Brian Lum joined the Business Breakdowns podcast to unpack the business behind the brand.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
China revisited
Lawrence Burns explores the new landscape of opportunity.
International Concentrated Growth Q3 update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.
Change as a growth driver
We live in changing times. And that will create opportunities for long-term growth investors.
International Concentrated Growth Q2 update
The International Concentrated Growth team reflects on recent performance, portfolio changes, and market developments.
Moderna’s new challenge
The mRNA technology behind the Covid vaccine is being directed against other diseases.
Adyen: pioneer of payments
The Dutch firm making everyday payments fast and friction-free.
International Concentrated Growth Q1 update
International Concentrated Growth Team reflects on recent performance, portfolio changes, and market developments.
Japan’s place in the chip market
The Japanese semiconductor companies set to benefit from the rise of 5G and electric cars.
Ocado’s robot revolution
The UK firm partnering with leading grocers to deploy its automated warehouses worldwide.
MercadoLibre: a lesson in innovation
Investment manager Lawrence Burns talks to MercadoLibre’s CFO Pedro Arnt.
ASML: advancing chips to new limits
The Dutch firm driving progress by making it possible to create more intricate computer chips.
International Concentrated Growth: manager introductions
Radical companies may seem risky, but they’re building the future. Paulina McPadden, Spencer Adair and Lawrence Burns discuss how investing in firms with extraordinary potential is a simple approach to long-term wealth creation.
The pursuit of extreme returns
The story of investing is really the story of the big winners, those exceptional companies that reshape our world and in the process reap the rewards. Lawrence Burns sets out how a long-term and patient approach to investment is necessary to identify those truly great companies that could drive extreme returns.
International Concentrated Growth Q3 update
The International Concentrated Growth 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.International viewpoints: power players
Companies rising to new energy challenges in diverse ways, and the economies driving demand.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 Concentrated Growth Q3 investor letter
The International Concentrated Growth 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 Concentrated Growth Q3 update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.Luxury brands show promise amid slump
How brands like Hermès, Gucci and Ferrari defy downturns with heritage and innovation.Trip Notes: Seoul and Mumbai
Lawrence Burns sees great growth firms in action in South Korea and India.MercadoLibre: Latin America’s unbanked
MercadoLibre offers hope to Latin America’s 178 million unbanked population.International viewpoints: semi-cap resilience
Why our long-term conviction in ASML, Tokyo Electron and TSMC stands up to recent sector volatility.International viewpoints: global EV trends
Analysing market dynamics, industry challenges and future trends of EVs’ global adoption.International Concentrated Growth Q2 update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.International viewpoints: eastern promise
What market sentiment, recent valuations and policy changes mean for us as investors in Asian growth companies.Stock story: MercadoLibre
The company on a mission to democratise ecommerce and finance for 650 million people.Tilting the odds in your favour
The Magnificent Seven’s reputation goes before them but that’s not enough to save them.Ferrari: racing through time
How a car manufacturer turned luxury icon can continue to outpace the competition.International Concentrated Growth Q1 update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.AI: intelligence everywhere
Why AI could be the printing press of intelligence.Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?International Concentrated Growth Q4 update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.Ferrari: Magic from Maranello
How has Ferrari grown to be a $78 billion company when it only sells 13,000 cars a year? After investing in the iconic company for many years, investment manager Brian Lum joined the Business Breakdowns podcast to unpack the business behind the brand.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.China revisited
Lawrence Burns explores the new landscape of opportunity.International Concentrated Growth Q3 update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.Change as a growth driver
We live in changing times. And that will create opportunities for long-term growth investors.International Concentrated Growth Q2 update
The International Concentrated Growth team reflects on recent performance, portfolio changes, and market developments.Moderna’s new challenge
The mRNA technology behind the Covid vaccine is being directed against other diseases.Adyen: pioneer of payments
The Dutch firm making everyday payments fast and friction-free.International Concentrated Growth Q1 update
International Concentrated Growth Team reflects on recent performance, portfolio changes, and market developments.Japan’s place in the chip market
The Japanese semiconductor companies set to benefit from the rise of 5G and electric cars.Ocado’s robot revolution
The UK firm partnering with leading grocers to deploy its automated warehouses worldwide.MercadoLibre: a lesson in innovation
Investment manager Lawrence Burns talks to MercadoLibre’s CFO Pedro Arnt.ASML: advancing chips to new limits
The Dutch firm driving progress by making it possible to create more intricate computer chips.International Concentrated Growth: manager introductions
Radical companies may seem risky, but they’re building the future. Paulina McPadden, Spencer Adair and Lawrence Burns discuss how investing in firms with extraordinary potential is a simple approach to long-term wealth creation.The pursuit of extreme returns
The story of investing is really the story of the big winners, those exceptional companies that reshape our world and in the process reap the rewards. Lawrence Burns sets out how a long-term and patient approach to investment is necessary to identify those truly great companies that could drive extreme returns.
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.
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