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: 30 November 2024
| # | Holding | % of portfolio |
|---|---|---|
| 1 | DSV | 6.1% |
| 2 | Prosus | 5.7% |
| 3 | Schibsted | 5.3% |
| 4 | Topicus.com | 5.2% |
| 5 | Ryanair | 5.0% |
| 6 | Novo Nordisk | 4.2% |
| 7 | Spotify | 4.1% |
| 8 | ASML | 3.8% |
| 9 | Nexans | 3.6% |
| 10 | Reply | 3.2% |
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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Insights
Key articles, videos and podcasts relating to the strategy:
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Insights
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.
European Equities Q1 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.
European Equities Q4 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
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 Q3 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
European Equities
Investment manager, Stephen Paice, discusses the Baillie Gifford approach to European Equities.
Europe: why now?
Chris Davies is joined by Thomas Hodges to discuss why he sees reasons for optimism in European equities, and why he believes now is the time to start paying attention.
Why are Swedish companies world leaders?
Sweden tops the charts for original thinking, from family businesses to founder-run companies.
European Equities Q3 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.European Equities Q1 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.European Equities Q4 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.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 Q3 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.European Equities
Investment manager, Stephen Paice, discusses the Baillie Gifford approach to European Equities.Europe: why now?
Chris Davies is joined by Thomas Hodges to discuss why he sees reasons for optimism in European equities, and why he believes now is the time to start paying attention.Why are Swedish companies world leaders?
Sweden tops the charts for original thinking, from family businesses to founder-run companies.
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
Important information
Qualified Investors include those that the Financial Services Act (FinSA) defines as Professional or Institutional Clients, which range from central banks to private investment structures with professional treasury operations created for a high-net-worth retail client. If you are not a qualified investor please select “Change” at the top of this page.
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. You can read details of our Legal and Important Information here.