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Overview
The International Fund aims to outperform (after deduction of costs) the MSCI ACWI ex-UK Index, as stated in Sterling, by at least 2% per annum over rolling five-year periods. There is no guarantee that this objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods.
The manager believes this is an appropriate benchmark given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Global Sector.
Stocks are picked on the basis of fundamental attractions, irrespective of location. Industry and regional exposure are a derivative of the stock selection process. We focus on companies that we believe can deliver above average growth.
Performance & Portfolio
Periodic performance
All figures to 31/03/2025 6 Months
1 Year
3 Years
5 Years
Class B-Acc -3.5% -3.7% 2.1% 9.2% Index* 1.6% 5.1% 8.1% 14.9% Target Benchmark** 2.6% 7.2% 10.3% 17.2% Sector Average*** -1.1% -0.3% 4.3% 11.5% Sector Ranking 414/547 414/539 358/482 323/410 Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual discrete performance 31 March each year
Annual percentage return (Updated Quarterly) 31/03/2020
31/03/202131/03/2021
31/03/202231/03/2022
31/03/202331/03/2023
31/03/202431/03/2024
31/03/2025Class B-Acc 52.4% -4.4% -7.5% 19.5% -3.7% Index* 40.5% 12.7% -1.2% 21.7% 5.1% Target Benchmark** 43.3% 14.9% 0.8% 24.1% 7.2% Sector Average*** 40.6% 8.4% -2.7% 16.7% -0.3% Please bear in mind that past performance is not a guide to future returns. The value of your investment may go down as well as up, and you may not get back the amount you invested.
Source: FE, Revolution. Total return net of charges, in sterling.Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*MSCI ACWI ex UK Index.
**MSCI AC World ex UK Index (in sterling) plus at least 2% per annum over rolling five-year periods.
***IA Global Sector.
Top ten holdings 31/03/2025
Fund % 1 Meta Platforms 4.3% 2 Amazon.com 4.0% 3 Microsoft 4.0% 4 Prosus 3.6% 5 NVIDIA 3.5% 6 TSMC 3.0% 7 DoorDash 2.9% 8 Elevance Health Inc. 2.8% 9 Mastercard 2.5% 10 Service Corporation International 2.4% Total 32.9% Geographic analysis of total assets 31/03/2025Fund %
- 1 United States 59.26
- 2 Netherlands 5.54
- 3 Japan 4.08
- 4 China 3.65
- 5 Ireland 3.31
- 6 Canada 2.99
- 7 Taiwan 2.99
- 8 Brazil 2.74
- 9 Sweden 2.73
- 10 Others 11.22
- 11 Cash 1.49
- Total 100.00
Sector analysis of total assets 31/03/2025Fund %
- 1 Consumer Discretionary 22.87
- 2 Information Technology 20.06
- 3 Financials 12.86
- 4 Industrials 11.73
- 5 Communication Services 10.70
- 6 Health Care 9.81
- 7 Materials 5.84
- 8 Energy 1.98
- 9 Real Estate 1.87
- 10 Consumer Staples 0.80
- 11 Cash 1.49
- Total 100.00
As the Fund invests in overseas securities, changes in the rates of exchange may cause the value of your investment (and any income it may pay) to go down or up.
As well as cash in the bank, this balance includes unsettled cash flows arising from both shareholder flows and outstanding trades. Therefore, a negative balance may arise from timing differences between shareholder flows and security trading, and does not necessarily represent a bank overdraft.
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. Source Baillie Gifford & Co.
Please note that totals may not sum due to rounding.
Meet the Managers
Malcolm MacColl
Malcolm is an investment manager in the Global Alpha Team. He has been involved in Global Alpha since the product’s inception in 2005 and this is his sole portfolio responsibility. He joined Baillie Gifford in 1999 and became a partner of the firm in 2011. In 2021 he became a managing partner with overall oversight for the investment department. Malcolm previously worked in the UK Small Cap and North American equity teams. He managed the North American portion of wider global portfolios while in the North American Equity Team. Malcolm graduated MA in Economics and History in 1998 and MLitt in Economics, Politics and Management in 1999, both from the University of St Andrews.
Spencer Adair
Spencer is an investment manager in the Global Alpha Team. He has been an investment manager in the Global Alpha Team since its inception in 2005 and Monks Investment Trust since 2015. Spencer is a co-manager of International Concentrated Growth Strategy. He joined Baillie Gifford in 2000 and became a partner in 2013. Spencer has also spent time working in the Fixed Income, Japanese, European, Emerging Markets and UK Equities teams. He graduated BSc in Medicine from the University of St Andrews in 1997.
Helen Xiong
Helen is an investment manager in the Global Alpha Team. She joined Baillie Gifford in 2008 and became a partner in 2020. In addition to Global Alpha, Helen has spent time working in our Developed Asia, UK, US Equity Growth, and Emerging Markets Equity teams. She graduated BSc (Hons) in Economics from the University of Warwick in 2007 and MPhil in Economics from the University of Cambridge in 2008.
FUND PLATFORMS/SUPERMARKETS
You can invest in a range of our funds via a number of fund platforms and supermarkets, please see the links opposite.
Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites.
Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
FUND PLATFORMS/SUPERMARKETS
Documents
You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).
To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.
Application forms
Bulletins
Enhanced disclosure document
Factsheets
Key investor information documents (KIIDs)
Quarterly investor reports
Shareholders rights directive
Sustainability-related disclosures and climate reports
Value assessment
Important Information
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients and is authorised and regulated by the UK Financial Conduct Authority. Baillie Gifford Overseas Limited is not licensed under the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance pursuant to the Advice Law.
Baillie Gifford Overseas Limited markets and distributes Baillie Gifford’s range of collective investment schemes to Qualified Clients and Qualified Investors in Israel, as listed in the First Addendum to the [Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”)]/[Advice Law] and in the First Addendum to the [Israel Securities Law, 5728-1968 (the “Securities Law”)]/ [Securities Law]. Detailed disclosure of the collective investment schemes can be found within this website and in the relevant scheme prospectus.
Baillie Gifford Overseas Limited does not provide investment advice. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this website to the public in Israel. This website and the Funds mentioned herein have not been approved by the Israeli Securities Authority (the “ISA”). In addition, the Funds mentioned in this website are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754-1994 (the “Joint Investment Trusts Law”). This website and the Funds mentioned herein will only be distributed to Israeli residents in reliance on an exemption from any advice or marketing restrictions [in a manner that will not constitute “an offer to the public” under sections 15 and 15a of]/[in reliance on an exemption from the prospectus requirements under] the Israel Securities Law, 5728-1968 (the “Securities Law”) or the Joint Investment Trusts Law, and any guidelines, pronouncements or rulings issued from time to time by the ISA as applicable.
