Capital at risk
Europe ex UK
Europe has no shortage of fantastic businesses, it just takes a deeper look to find them. The Europe ex UK strategy does just that to construct high-conviction portfolios of 30 to 50 companies which we think have large growth opportunities. By investing in such companies, we hope to deliver long-term capital appreciation for our clients.
Investing in the exceptional
We don’t want to own a collection of ‘slightly better than average’ companies. Instead, we aspire to own Europe’s ‘outliers’ – special companies which have the potential to return a multiple of our investment.
European equities: our philosophy
Investment manager Stephen Paice introduces European equities, reflecting on the exciting opportunities ahead.
Aiming to outperform
Our objective is to outperform the MSCI Europe ex UK index by 2-3 per cent per annum over rolling five-year periods. We believe the best way to meet this target is to find companies with the common characteristics that usually go along with great growth potential. These include being managed by exceptional capital allocators, as well as having the ability to grow revenues faster than peers, expand profit margins and possess sustainable competitive advantages.
A chance to deliver with a difference
We do not construct our portfolios in relation to the benchmark, rather we construct our portfolios according to where we think the best opportunities are. As a result, we typically have a very high active share and look different to many of our peers. We also know that a small number of companies tend to drive market and portfolio returns, but patience is required to let compounding work its magic. We think this approach gives us the best chance to deliver on our performance objectives for clients.
For outstanding returns, you must invest in outstanding companies. Not all will work out. What’s important is not how often you are right, but how much you make when you are.
Meet the managers
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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 March 2025
| # | Holding | % of portfolio |
|---|---|---|
| 1 | Topicus.com | 6.0% |
| 2 | DSV | 5.6% |
| 3 | Ryanair | 4.7% |
| 4 | Schibsted | 4.3% |
| 5 | Prosus | 4.1% |
| 6 | Spotify | 3.8% |
| 7 | ASML | 3.6% |
| 8 | Novo Nordisk | 3.5% |
| 9 | Kingspan Group | 3.4% |
| 10 | Reply | 3.3% |
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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Insights
Key articles, videos and podcasts relating to the strategy:
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Insights
European Equities Q1 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
Nexans: Stock Story
Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.
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.
Europe: unique brands, hidden champions
Why a long-term approach to the continent’s growth stocks is more relevant than ever.
How DSV became global freight’s top dog
Conquering trade logistics one merger at a time.
European Equities Q4 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
European Equities Q3 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
Future Stocks: Our best ideas in Europe
Thomas Hodges uncovers three of Europe’s hidden growth champions: Lonza, Topicus and Soitec.
European Equities Q2 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
Moncler: from mountain to street
How the outerwear pioneer innovated its way into the fashion elite.
HelloFresh: changing how people eat forever
HelloFresh’s CEO explains the art and science of meal kit delivery at a global scale.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
European Equities
Investment manager, Stephen Paice, discusses the Baillie Gifford approach to European Equities.
European Equities Q1 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
European Equities Q1 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.Nexans: Stock Story
Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.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.Europe: unique brands, hidden champions
Why a long-term approach to the continent’s growth stocks is more relevant than ever.How DSV became global freight’s top dog
Conquering trade logistics one merger at a time.European Equities Q4 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.European Equities Q3 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.Future Stocks: Our best ideas in Europe
Thomas Hodges uncovers three of Europe’s hidden growth champions: Lonza, Topicus and Soitec.European Equities Q2 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.Moncler: from mountain to street
How the outerwear pioneer innovated its way into the fashion elite.HelloFresh: changing how people eat forever
HelloFresh’s CEO explains the art and science of meal kit delivery at a global scale.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.European Equities
Investment manager, Stephen Paice, discusses the Baillie Gifford approach to European Equities.
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 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”) and in the First Addendum to the Israel Securities Law, 5728-1968 (the “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.