- UK
Institutional investor
Overview
The International Fund aims to outperform (after deduction of costs) the MSCI ACWI ex-UK Index, as stated in Sterling, by at least 2% per annum over rolling five-year periods. There is no guarantee that this objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods.
The manager believes this is an appropriate benchmark given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Global Sector.
Stocks are picked on the basis of fundamental attractions, irrespective of location. Industry and regional exposure are a derivative of the stock selection process. We focus on companies that we believe can deliver above average growth.
Performance & Portfolio
Periodic performance
All figures to 31/03/2025 6 Months
1 Year
3 Years
5 Years
Class B-Acc -3.5% -3.7% 2.1% 9.2% Index* 1.6% 5.1% 8.1% 14.9% Target Benchmark** 2.6% 7.2% 10.3% 17.2% Sector Average*** -1.1% -0.3% 4.3% 11.5% Sector Ranking 414/547 414/539 358/482 323/410 Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual discrete performance 31 March each year
Annual percentage return (Updated Quarterly) 31/03/2020
31/03/202131/03/2021
31/03/202231/03/2022
31/03/202331/03/2023
31/03/202431/03/2024
31/03/2025Class B-Acc 52.4% -4.4% -7.5% 19.5% -3.7% Index* 40.5% 12.7% -1.2% 21.7% 5.1% Target Benchmark** 43.3% 14.9% 0.8% 24.1% 7.2% Sector Average*** 40.6% 8.4% -2.7% 16.7% -0.3% Please bear in mind that past performance is not a guide to future returns. The value of your investment may go down as well as up, and you may not get back the amount you invested.
Source: FE, Revolution. Total return net of charges, in sterling.Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*MSCI ACWI ex UK Index.
**MSCI AC World ex UK Index (in sterling) plus at least 2% per annum over rolling five-year periods.
***IA Global Sector.
Top ten holdings 31/03/2025
Fund % 1 Meta Platforms 4.3% 2 Amazon.com 4.0% 3 Microsoft 4.0% 4 Prosus 3.6% 5 NVIDIA 3.5% 6 TSMC 3.0% 7 DoorDash 2.9% 8 Elevance Health Inc. 2.8% 9 Mastercard 2.5% 10 Service Corporation International 2.4% Total 32.9% Geographic analysis of total assets 31/03/2025Fund %
- 1 United States 59.26
- 2 Netherlands 5.54
- 3 Japan 4.08
- 4 China 3.65
- 5 Ireland 3.31
- 6 Canada 2.99
- 7 Taiwan 2.99
- 8 Brazil 2.74
- 9 Sweden 2.73
- 10 Others 11.22
- 11 Cash 1.49
- Total 100.00
Sector analysis of total assets 31/03/2025Fund %
- 1 Consumer Discretionary 22.87
- 2 Information Technology 20.06
- 3 Financials 12.86
- 4 Industrials 11.73
- 5 Communication Services 10.70
- 6 Health Care 9.81
- 7 Materials 5.84
- 8 Energy 1.98
- 9 Real Estate 1.87
- 10 Consumer Staples 0.80
- 11 Cash 1.49
- Total 100.00
As the Fund invests in overseas securities, changes in the rates of exchange may cause the value of your investment (and any income it may pay) to go down or up.
As well as cash in the bank, this balance includes unsettled cash flows arising from both shareholder flows and outstanding trades. Therefore, a negative balance may arise from timing differences between shareholder flows and security trading, and does not necessarily represent a bank overdraft.
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. Source Baillie Gifford & Co.
Please note that totals may not sum due to rounding.
Meet the Managers
Malcolm MacColl
Malcolm is an investment manager in the Global Alpha Team. He has been involved in Global Alpha since the product’s inception in 2005 and this is his sole portfolio responsibility. He joined Baillie Gifford in 1999 and became a partner of the firm in 2011. In 2021 he became a managing partner with overall oversight for the investment department. Malcolm previously worked in the UK Small Cap and North American equity teams. He managed the North American portion of wider global portfolios while in the North American Equity Team. Malcolm graduated MA in Economics and History in 1998 and MLitt in Economics, Politics and Management in 1999, both from the University of St Andrews.
Spencer Adair
Spencer is an investment manager in the Global Alpha Team. He has been an investment manager in the Global Alpha Team since its inception in 2005 and Monks Investment Trust since 2015. Spencer is a co-manager of International Concentrated Growth Strategy. He joined Baillie Gifford in 2000 and became a partner in 2013. Spencer has also spent time working in the Fixed Income, Japanese, European, Emerging Markets and UK Equities teams. He graduated BSc in Medicine from the University of St Andrews in 1997.
Helen Xiong
Helen is an investment manager in the Global Alpha Team. She joined Baillie Gifford in 2008 and became a partner in 2020. In addition to Global Alpha, Helen has spent time working in our Developed Asia, UK, US Equity Growth, and Emerging Markets Equity teams. She graduated BSc (Hons) in Economics from the University of Warwick in 2007 and MPhil in Economics from the University of Cambridge in 2008.
FUND PLATFORMS/SUPERMARKETS
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FUND PLATFORMS/SUPERMARKETS
Documents
You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).
To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.
Application forms
Enhanced disclosure document
Factsheets
Key investor information documents (KIIDs)
Quarterly investor reports
Shareholders rights directive
Sustainability-related disclosures and climate reports
Value assessment
Implementation statement
Complaints
In the first instance, clients should contact their normal Client Contact with any concerns. Alternatively, or for those clients who do not have a direct client contact assigned, complaints can be emailed to Baillie Gifford’s Compliance Department at: InstitutionalComplaints@bailliegifford.com. A summary document which contains details on Baillie Gifford’s complaints management policy is available upon request. All material complaints are recorded in an in-house incident management system and are escalated to, and dealt with by, members of staff of suitable seniority, independent of the area from which the matter arose.
