Capital at risk
Global 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.
Unearthing transformational growth
Global Discovery seeks to invest in immature, disruptive companies experiencing exciting, formative growth phases. We then look to hold them for the long term as they scale.
While this approach can lead to individual stock and strategy volatility, we believe it also increases the chance of highly asymmetrical outcomes.
The strategy aims to outperform (net of fees) the S&P Global Small Cap Index, in sterling, by at least 2 per cent per annum over rolling five-year periods.
We consider opportunities below $10bn but believe immaturity, not size, is the best proxy for potential. We hold regardless of market cap if the company has desirable traits.
Discovery Q3 update
The Discovery Team reflects on recent performance, portfolio changes and market developments.
A unique pursuit
The portfolio is built from the bottom up, disregarding the benchmark. Thus, it has a very high active share. This differentiates us from others.
We exist in a huge investible universe, but most companies don’t meet our specifications. So we place ourselves on the frontier of technological progress.
The resulting portfolio varies by industry and geography. What unites it is immaturity. We define this as:
- Scalability
- Quality and ambition of management
- Innovation to solve problems and reshape industry
- Emerging competitive edge
We established the Global Discovery Strategy to capture the opportunity in the enduring supercycle of innovation.
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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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 October 2024
| # | Holding | % of portfolio |
|---|---|---|
| 1 | Alnylam Pharmaceuticals | 7.0% |
| 2 | AeroVironment | 4.7% |
| 3 | Zillow | 3.6% |
| 4 | Axon Enterprise | 3.5% |
| 5 | Oxford Nanopore Tech | 3.4% |
| 6 | Appian | 3.3% |
| 7 | Ocado | 3.2% |
| 8 | American Superconductor Corp | 3.2% |
| 9 | Exact Sciences | 3.1% |
| 10 | LiveRamp | 2.5% |
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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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
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.
Stock story: PsiQuantum
How one company is finally bringing the boundless possibilities of quantum computing into reach of the wider market.
Global Discovery manager update
Hear why investors’ confidence in the Strategy remains steadfast despite challenging times.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
Small caps: Beyond the myths
Opportunities remain in small-cap investing, regardless of interest rates or market volatility.
How Alnylam nips disease in the bud
The US-based company’s technology promises to ‘silence’ genetic disorders and target some of the world’s biggest killers.
Global Discovery manager update
Investors discuss recent performance, holdings, and portfolio positioning for the Global Discovery Strategy.
Discovery: a view from the frontiers
Baillie Gifford’s Global Discovery Team reflects on the lessons of turbulent times.
A decade of discovery
A focus on growth and innovation has led to exciting finds such as Tesla and Ocado.
Bricks and clicks
With online companies currently dominating sales, it is widely expected that the need for tangible stores will continue to decrease, but Baillie Gifford has spotted a rise in forward-thinking companies who are utilising physical spaces to provide an innovative and interactive shopping experience.
Discovery Q3 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.Stock story: PsiQuantum
How one company is finally bringing the boundless possibilities of quantum computing into reach of the wider market.Global Discovery manager update
Hear why investors’ confidence in the Strategy remains steadfast despite challenging times.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.Small caps: Beyond the myths
Opportunities remain in small-cap investing, regardless of interest rates or market volatility.How Alnylam nips disease in the bud
The US-based company’s technology promises to ‘silence’ genetic disorders and target some of the world’s biggest killers.Global Discovery manager update
Investors discuss recent performance, holdings, and portfolio positioning for the Global Discovery Strategy.Discovery: a view from the frontiers
Baillie Gifford’s Global Discovery Team reflects on the lessons of turbulent times.A decade of discovery
A focus on growth and innovation has led to exciting finds such as Tesla and Ocado.Bricks and clicks
With online companies currently dominating sales, it is widely expected that the need for tangible stores will continue to decrease, but Baillie Gifford has spotted a rise in forward-thinking companies who are utilising physical spaces to provide an innovative and interactive shopping experience.
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.