Capital at risk

Investment strategy

ACWI ex US All Cap

We have three core beliefs: superior profit growth leads to outperformance; fundamental analysis enables exploitation of market inefficiencies, and share prices reflect fundamentals in the long term. 

A surfer in the middle of a crashing wave at sunset.

Identifying the drivers of growth

A growth portfolio taking the best ideas from firmwide research. For over 30 years, International All Cap has had a consistent investment process, actively making long-term investments in growing companies. 

0 seconds of 0 secondsVolume 90%
Press shift question mark to access a list of keyboard shortcuts
00:00
00:00
00:00
 
View transcript

International All Cap Q1 update

The International All Cap Team reflects on recent performance, portfolio changes and market developments.

Searching for superior companies

To perform better than the market, you need to be different from it. We look to invest in businesses that exhibit some combination of sustained, above-average growth and strong competitive advantage, such as superior profit margins or returns on invested capital.  

We believe that stock markets have a recurring tendency to under-appreciate the value of long-term compound growth. We aim to take advantage of this by investing with a minimum time horizon of five years in mind. 

An eclectic portfolio

We take great pride in drawing from firmwide research to bring our best international ideas to the portfolio.  

We search for growth across the market cap spectrum. The result is a portfolio tilted towards the lower end of the benchmark’s market cap range. We think this is a fertile hunting ground for focused, well-run growth companies. 

The strategy has a long and proud history. Our track record has outlived personnel changes by following a consistent investment philosophy and process. 

Human ingenuity will continue to generate opportunities for strong returns long into the future.
Milena Mileva

Meet the managers

Documents

Stewardship report

Find out about our conversations with portfolio companies, shareholder vote activity and consideration of environmental, social and governance matters.

View PDF

Philosophy and process

Explore our investment philosophy and the processes around how the team constructs the portfolio.

View PDF

Explore further

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 March 2025

#Holding% of portfolio
1TSMC5.65
2United Overseas Bank3.40
3Tencent2.30
4ASML2.29
5Investor1.96
6Experian1.91
7Lonza1.86
8Richemont1.82
9DSV1.69
10MercadoLibre1.68

Strategy holdings by sector

All figures up to: 31 May 2025

Created with Highcharts 11.4.6IndustrialsFinancialsInformation TechnologyConsumer DiscretionaryConsumer StaplesHealth CareCommunication ServicesMaterialsCashEnergy1234567891021.14%19.33%18.07%11.68%11.51%5.97%5.94%3.49%1.47%1.39%

Total: 100%

Strategy holdings by region

All figures up to: 31 May 2025

Created with Highcharts 11.4.6Europe (ex UK)Emerging MarketsDeveloped Asia PacificUKCanadaCash12345635.67%23.39%19.94%15.42%4.11%1.47%

Total: 100%

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.

Explore further

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:

Filters

0 seconds of 0 secondsVolume 90%
Press shift question mark to access a list of keyboard shortcuts
00:00
00:00
00:00
 
View transcript

International All Cap Q1 update

The International All Cap Team reflects on recent performance, portfolio changes and market developments.

  1. group walking on snowy mountain

    Beyond the familiar: the case for international

    Discover how venturing into unexplored investment territory is yielding hidden gems.
    May 2025
    Article6 minutes
  2. A new age of discovery: the case for international

    Explore how international equities offer unique opportunities in transformative markets.
    May 2025
    Video15 minutes
  3. “”

    Actual investing revisited

    In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
    May 2025
    ArticleLong read
  4. two electric vehicles, one is charging

    International viewpoints: the end of the road for range anxiety

    Explore how electric vehicle innovations are ending range anxiety with faster charging and longer battery life.
    April 2025
    Article3 minutes
  5. International viewpoints: US vs international debate

    Signs are pointing to a shift from US to international markets. When has this happened before, and what’s ahead?
    March 2025
    Article4 minutes
  6. International All Cap Q1 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Article9 minutes
  7. Atlas Copco: Stock Story

    Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
    March 2025
    Video3 minutes
  8. ASML: Stock Story

    Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
    March 2025
    Video3 minutes
  9. Moutai: Stock Story

    Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
    March 2025
    Video3 minutes
  10. 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.
    March 2025
    Article2 minutes
  11. A digitally generated image of multi-coloured glowing data points floating on dark waves.

    A long-term manifesto, revisited

    Why exceptional growth companies must be brave enough to ignore short-term market pressures.
    February 2025
    Article10 minutes
  12. International viewpoints: Europe's tech tailwinds

    The European technology sector excels in niche markets, creating growth opportunities in global value chains.
    January 2025
    Article4 minutes
  13. International All Cap Q4 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article8 minutes
  14. An explosion of motion and colour as a large crowd hurries through central Tokyo.

    International viewpoints: demographic crisis

    Meet the problem-solvers already active in healthcare, retirement funding and workforce productivity.
    December 2024
    Article4 minutes
  15. Pylons looming in silhouette against a grey-blue sky.

    International viewpoints: power players

    Companies rising to new energy challenges in diverse ways, and the economies driving demand.
    November 2024
    Article4 minutes

Explore further

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.