Capital at risk
Worldwide Discovery
The strategy seeks ambitious, rare companies that could shape our future by solving today’s most important, complex problems. We aim to find them at an early stage and hold them for the long term as they scale.
Investing in the immature and innovative
Unearthing the transformational growth companies of the next decade when they’re small and nimble, hoping to reap rewards by holding them as they experience the most exciting phases of growth.
Harnessing asymmetry
Worldwide Discovery is a global smaller companies equities strategy. It invests in disruptive companies, with a range of possible outcomes.
This can lead to volatility but can increase the chance of a highly asymmetrical outcome.
The strategy aims to outperform (net of fees) the MSCI ACWI Small Cap Index, mainly through capital appreciation, over rolling five-year periods.
We consider opportunities below $10bn but believe immaturity, not size, is the best proxy for potential. We hold based on conviction, not market cap.
Discovery: our philosophy
Investment manager, Douglas Brodie, discusses the Baillie Gifford Discovery Strategies and reflects on their philosophy and the exciting opportunities ahead.
We established the Discovery strategy to capture the opportunity in the enduring supercycle of innovation.
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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
| # | Company | Fund % |
|---|---|---|
| 1 | Alnylam Pharmaceuticals | 9.1% |
| 2 | Axon Enterprise Inc | 6.1% |
| 3 | CyberArk Software Ltd | 3.5% |
| 4 | AeroVironment | 3.4% |
| 5 | Zillow Group Inc Class C | 3.4% |
| 6 | MarketAxess Holdings | 3.1% |
| 7 | MercadoLibre | 2.8% |
| 8 | Oxford Nanopore Technologies PLC | 2.8% |
| 9 | Upwork Inc | 2.5% |
| 10 | Twist Bioscience Corp | 2.3% |
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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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
Discovery Q1 update
The Discovery Team reflects on recent performance, portfolio changes and market developments.
Discovery: our philosophy
Investment manager, Douglas Brodie, discusses the Baillie Gifford Discovery Strategies.
Discovery Q4 update
The Discovery Team reflects on recent performance, portfolio changes and market developments.
Small cap strife: big opportunities
Exploring the transformative potential of small-cap companies such as DexCom, Tesla and Axon.
Discovery Q3 update
The Discovery Team reflects on recent performance, portfolio changes and market developments.
Future Stocks: Our best disruptive ideas
Bill Chater spotlights three companies set to make world-changing breakthroughs.
Discovery Q2 update
The Discovery Team reflects on recent performance, portfolio changes and market developments.
Small caps: Beyond the myths
Opportunities remain in small-cap investing, regardless of interest rates or market volatility.
Discovery Q1 update
The Discovery Team reflects on recent performance, portfolio changes and market developments.
Discovery Q1 update
The Discovery Team reflects on recent performance, portfolio changes and market developments.Discovery: our philosophy
Investment manager, Douglas Brodie, discusses the Baillie Gifford Discovery Strategies.Discovery Q4 update
The Discovery Team reflects on recent performance, portfolio changes and market developments.Small cap strife: big opportunities
Exploring the transformative potential of small-cap companies such as DexCom, Tesla and Axon.Discovery Q3 update
The Discovery Team reflects on recent performance, portfolio changes and market developments.Future Stocks: Our best disruptive ideas
Bill Chater spotlights three companies set to make world-changing breakthroughs.Discovery Q2 update
The Discovery Team reflects on recent performance, portfolio changes and market developments.Small caps: Beyond the myths
Opportunities remain in small-cap investing, regardless of interest rates or market volatility.
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.