Capital at risk
UK Alpha
We invest in a small collection of tremendously exciting UK businesses. Many may not be household names, but they are typically leaders in their fields with attractive competitive positions that rivals find hard to match.
We pride ourselves on the strength of our relationships with companies and the level of corporate access and insight this affords us.
A carefully selected portfolio
This is a punchy, concentrated portfolio of 30-50 carefully selected British businesses. We typically invest in them for at least five years to take full advantage of their strengths as they emerge over time.
Seeking out potential
Our objective is to outperform the FTSE All-Share Index by 2 per cent per annum, after management fees, over rolling five-year periods.
To achieve this, we aim to identify well-managed, high-quality growth companies which enjoy sustainable competitive advantages. We seek out businesses that have the potential to deliver superior earnings growth over many years and hold onto them long enough for their strengths to emerge as the dominant influence on share prices.
We take stewardship seriously, meeting with management and boards regularly, voting thoughtfully at general meetings and advocating for change where needed.
Investing to add value
This is a concentrated portfolio, which only invests in between 30-50 stocks. Therefore, it looks very different to the broader UK equity index and has a very high active share.
This is simply because we believe that to add value over the long term, we need to take an active and differentiated approach.
When we look across the portfolio, we can group our holdings into broad themes that we are really excited about, including research and development innovators, digital consumer stocks and world-class industrials.
Meet the manager
Milena Mileva
Milena is an investment manager in the UK Equity Team and lead manager of the UK Alpha Strategy. She is a member of the International All Cap Portfolio Construction Group. She joined Baillie Gifford in 2009 and became a partner of the firm in 2022.Milena graduated BA in Social and Political Science from the University of Cambridge in 2007 and MPhil in Politics from the University of Oxford in 2009.
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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 October 2024
| # | Holding | % of portfolio |
|---|---|---|
| 1 | Games Workshop | 9.4% |
| 2 | Experian | 8.3% |
| 3 | Auto Trader | 7.4% |
| 4 | 4imprint | 6.4% |
| 5 | AJ Bell | 4.7% |
| 6 | Wise | 4.4% |
| 7 | Ashtead | 3.8% |
| 8 | Moonpig Group | 3.5% |
| 9 | Softcat | 3.4% |
| 10 | Genus | 3.1% |
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).
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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
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.
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.
Creo Medical: at the spearhead of surgery
The Welsh company cutting surgery waiting lists – and costs.
Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
UK equities: growth on our doorstep
Our specialist approach is well-placed to take advantage of early-stage British businesses.
The case for UK equities
Baillie Gifford’s Iain McCombie discusses UK equities on Hymans Robertson’s investment podcast.
Joiners’ mate
Iain McCombie on how Howdens’ kitchens won the building trade’s trust.
UK equities: Home focus
Companies solving big problems in healthcare, fintech and AI, are proving the UK is an exciting place to invest.
Why growth, why now?
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.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.Creo Medical: at the spearhead of surgery
The Welsh company cutting surgery waiting lists – and costs.Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.UK equities: growth on our doorstep
Our specialist approach is well-placed to take advantage of early-stage British businesses.The case for UK equities
Baillie Gifford’s Iain McCombie discusses UK equities on Hymans Robertson’s investment podcast.Joiners’ mate
Iain McCombie on how Howdens’ kitchens won the building trade’s trust.UK equities: Home focus
Companies solving big problems in healthcare, fintech and AI, are proving the UK is an exciting place to invest.
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.