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Investment strategy

Long Term Global Growth

Long Term Global Growth is an unconstrained equity strategy focused on exceptional companies. We invest over the long term in listed firms with the scope to grow to many multiples of their current size over the next decade.

Landscape of a still rippled ocean at dusk in mild weather with clouds across the sky.

We seek out transformational growth

We manage a concentrated portfolio of innovative growth companies. We embrace the asymmetry of equity markets by staying optimistic about the future to deliver transformational returns to our clients.

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Long Term Global Growth: our philosophy

Investment manager Mark Urquhart introduces Long Term Global Growth, reflecting on the exciting opportunities ahead.

A selective strategy

We take a bottom-up approach to stock selection. Portfolio construction is purely stock-driven, so no reference is made to benchmark indices in our investment process. We are genuinely active, not passive. Portfolio holding sizes are based purely on the magnitude of the potential upside and the associated level of conviction.

This investment approach is consistent with outperforming a typical global equity benchmark by about 3 per cent per annum, net of fees, over the long term.

The performance target is aspirational and is not guaranteed. We don’t use it to compile the portfolio and returns will vary. A single performance target may not be appropriate across all vehicles and jurisdictions. We may not meet our investment objectives if, for example, our growth investment style is out of favour or we misjudge the long-term earnings growth of our holdings.

A concentrated, resilient portfolio

At its core, LTGG’s task is future-proofing. Investing with an eye on the next 10 years instead of the next quarter necessitates adaptability, diligent capital allocation and resilience from our holdings.

This is a high bar for inclusion, resulting in a portfolio of 30-40 stocks, and because we embrace asymmetry, position sizes are often skewed – winners can reach 10 per cent of the portfolio.

We believe that the rewards to the champions of change can far outweigh the losses of incumbents: the best feature of equities is the unlimited upside.
Mark Urquhart

Meet the managers

Documents

Philosophy and process

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

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Quarterly update

Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting. 

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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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You can invest in this strategy through the following fund(s).

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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

#CompanyFund %
1Amazon.com6.5%
2Netflix Inc4.6%
3NVIDIA4.4%
4Spotify Technology SA4.3%
5Meituan4.2%
6PDD Holdings Inc3.9%
7Sea Ltd ADR3.9%
8Shopify 'A'3.6%
9Tencent3.5%
10Cloudflare Inc3.4%

Strategy holdings by sector

All figures up to: 31 March 2025

Created with Highcharts 11.4.6Information TechnologyConsumer DiscretionaryCommunication ServicesHealth CareFinancialsConsumer StaplesIndustrialsCash1234567830.61%27.22%20.79%8.57%5.91%3.17%2.69%1.05%

Total: 100%

Strategy holdings by region

All figures up to: 31 March 2025

Created with Highcharts 11.4.6North AmericaEmerging MarketsEurope (ex UK)Cash123448.08%34.72%16.14%1.05%

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.

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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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Long Term Global Growth Q1 update

The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.

  1. LTGG Reflections: materiality

    Why focusing on long-term business fundamentals, not headlines, drives LTGG's investment success.
    May 2025
    Article7 minutes
  2. LTGG Reflections: Know where your towel is

    Why investors should avoid the temptation to throw in the towel during market turmoil.
    April 2025
    Article3 minutes
  3. With the benefit of foresight

    Investors must navigate uncertainty to create long-term value in a rapidly changing world.
    April 2025
    Article17 minutes
  4. LTGG Reflections: TSMC, why now?

    The 40-year-old company leading AI technology with advanced semiconductor production.
    March 2025
    Article5 minutes
  5. Long Term Global Growth Q1 update

    The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Video8 minutes
  6. ASML: Stock Story

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

    Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
    March 2025
    Video3 minutes
  8. LTGG Reflections: Resisting short-term noise

    Mark Urquhart teaches us how to ignore market noise and focus on promising companies.
    February 2025
    Article5 minutes
  9. Climate scenarios: so what?

    Six themes we think will influence companies’ futures as the world adapts to climate change.
    February 2025
    Article13 minutes
  10. Climate scenarios: preparing for uncertainty

    How scenario analysis and climate adaptation can unlock exciting investment opportunities in resilient companies.
    February 2025
    Video47 minutes
  11. LTGG Reflections: Politics and portfolios

    How we navigate noisy politics to uncover transformative investment opportunities.
    January 2025
    Article4 minutes
  12. AI revolution: behind the 'overnight' success

    AI is revolutionising industries globally. Stewart Hogg explores how AI is reshaping companies and driving long-term growth.
    January 2025
    Video28 minutes
  13. Finding sanity in the circus

    An LTGG insight into what really matters for long term growth investing at the current juncture.
    January 2025
    Article22 minutes
  14. LTGG Reflections: Jewels in the crown

    How we consider the balance of tradition and transformation when it comes to investing in India.
    December 2024
    Article4 minutes
  15. Volatility in LTGG: a feature not a bug

    Why volatility is crucial to LTGG's strategy of capturing outsized returns.
    January 2025
    Article15 minutes

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

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.