Capital at risk
International Growth
We aim to deliver attractive long-term returns to clients by being patient owners of exceptional growth companies. We believe disruptions are happening in many economic sectors at different speeds. We are interested in investing in two types of growth company: those able to grow very rapidly and those with durable growth prospects.
Searching for outliers
International Growth seeks to invest in outstanding growth businesses that possess a strong competitive advantage and have a culture that allows them to maintain that advantage in a sustainable way.
International Growth: our philosophy
Investment manager Tom Coutts introduces International Growth, reflecting on the exciting opportunities ahead.
Embracing the exceptional
Our objective is to outperform the benchmark by 3 per cent per annum (net of fees) over rolling five-year periods. To do so, we buy and hold shares in exceptional growth companies with a five-to-10-year investment horizon in mind.
Our diversified portfolio contains more than 50 holdings.
We embrace the concept of asymmetry of equity returns and adopt a thinking approach based on probability when building upside scenarios.
Patience in an impatient industry
Being long-term owners of companies on behalf of our clients is our main advantage in an impatient industry.
As active stock pickers, our edge also comes from being willing to get things wrong in our search for outliers and seeking wisdom from outside the financial system.
Our resulting portfolio usually displays a high active share and a low turnover.
Exceptional growth companies can thrive in even the most inhospitable macroeconomic environments by harnessing innovation.
Meet the managers
Documents
Quarterly update
Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting.
Philosophy and process
Explore our investment philosophy and the processes around how the team constructs the portfolio.
Stewardship report
Find out about our conversations with portfolio companies, shareholder vote activity and consideration of environmental, social and governance matters.
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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 December 2024
| # | Holding | % of portfolio |
|---|---|---|
| 1 | Spotify | 7.00 |
| 2 | TSMC | 5.45 |
| 3 | MercadoLibre | 4.61 |
| 4 | Adyen | 4.60 |
| 5 | ASML | 4.46 |
| 6 | Ferrari | 4.44 |
| 7 | Wix.com | 3.63 |
| 8 | argenx | 3.44 |
| 9 | Atlas Copco | 3.41 |
| 10 | WiseTech Global | 3.27 |
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 Growth: our philosophy
Investment manager Tom Coutts introduces International Growth, reflecting on the exciting opportunities ahead.
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.
L'Oréal: Stock Story
Katie Muir discusses how innovation and a positive culture have fuelled the success of the world’s leading beauty enterprise.
Going for growth: Digital infrastructure
Discover the transformative power of the chip revolution, led by industry giants TSMC and Advantest, in reshaping our world.
Nubank: Latin America’s digital disrupter
Charting the app-based lenders’ long-term growth.
International viewpoints: Shifting tides toward international markets
The US stock market has outperformed international markets in recent years, but signs suggest a change in this trend.
International Growth: Exceptional growth companies
The investment team discuss their approach to identifying exceptional companies and the importance of holding them patiently amongst global uncertainties.
International viewpoints: Europe's tech tailwinds
The European technology sector excels in niche markets, creating growth opportunities in global value chains.
International Growth Q4 investor letter
The International 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.
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.
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.
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Curious to learn more about our products and what we can offer you? Please get in touch.
Important information
The content of this website is intended exclusively for professional investors in accordance with MiFID legislation. 'Professional investors' are potential investors who are deemed to have the status of “professional clients”, within the meaning of MiFID (2004/39/EC), as transposed in Ireland. It is not intended for retail investors.
Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.
This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.