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. 

International All Cap Q2 update

Investment manager Joe Faraday 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

Invest through other vehicles

Get in touch to learn about the other ways to invest, including:

  • Baillie Gifford International All Cap Collective Investment Trust (CIT)
  • Separate account

Strategy portfolio holdings

A list of the top 10 holdings that the representative portfolio invests in.

All figures up to: 30 June 2025

#Holding% of portfolio
1TSMC5.89
2United Overseas Bank3.23
3ASML2.52
4Tencent2.34
5HDFC Bank1.79
6Investor1.75
7TotalEnergies1.73
8Roche1.68
9Unilever1.64
10Experian1.63

Strategy holdings by sector

All figures up to: 30 June 2025

Created with Highcharts 11.4.6IndustrialsFinancialsInformation TechnologyConsumer StaplesConsumer DiscretionaryCommunication ServicesHealth CareMaterialsEnergyCash1234567891020.56%19.13%18.62%11.52%11.25%6.15%5.70%4.13%1.73%1.23%

Total: 100%

Strategy holdings by region

All figures up to: 30 June 2025

Created with Highcharts 11.4.6Europe (ex UK)Emerging MarketsDeveloped Asia PacificUKCanadaCash12345635.88%24.09%19.01%15.18%4.61%1.23%

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.

Invest through other vehicles

Get in touch to learn about the other ways to invest, including:

  • Baillie Gifford International All Cap Collective Investment Trust (CIT)
  • Separate account

Insights

Key articles, videos and podcasts relating to the strategy:

Filters

International All Cap Q2 update

Investment manager Joe Faraday reflects on recent performance, portfolio changes and market developments.

  1. International viewpoints: digital disruptors

    MercadoLibre and Sea Ltd are examples of underappreciated digital disruptors driving global growth.
    June 2025
    Article3 minutes
  2. International All Cap Q2 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    July 2025
    Article8 minutes
  3. International All Cap Q2 update

    Investment manager Joe Faraday reflects on recent performance, portfolio changes and market developments.
    July 2025
    Video6 minutes
  4. 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
  5. A new age of discovery: the case for international

    Explore how international equities offer unique opportunities in transformative markets.
    May 2025
    Video15 minutes
  6. “”

    Actual investing revisited

    In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
    May 2025
    ArticleLong read
  7. 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
  8. 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
  9. International All Cap Q1 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Video9 minutes
  10. International All Cap Q1 investor letter

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

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

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

    Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
    March 2025
    Video3 minutes
  14. 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
  15. 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

Invest through other vehicles

Get in touch to learn about the other ways to invest, including:

  • Baillie Gifford International All Cap Collective Investment Trust (CIT)
  • Separate account

Invest through other vehicles

Get in touch to learn about the other ways to invest, including:

  • Baillie Gifford International All Cap Collective Investment Trust (CIT)
  • Separate account