Capital at risk

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.

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.

Quarterly update

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

Stewardship report

Find out about our conversations with portfolio companies, shareholder vote activity and consideration of environmental, social and governance matters.

Invest in this strategy

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

Invest through other vehicles

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

  • Separate account

Strategy portfolio holdings

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

All figures up to: 30 September 2024

#CompanyFund %
1NVIDIA6.9%
2Amazon.com6.3%
3Meituan4.9%
4PDD Holdings Inc4.1%
5ASML4.0%
6The Trade Desk3.9%
7Intuitive Surgical3.9%
8Netflix Inc3.4%
9Adyen NV3.4%
10MercadoLibre3.3%

Strategy holdings by sector

All figures up to: 30 September 2024

1Consumer Discretionary30.18%
2Information Technology29.10%
3Communication Services16.03%
4Health Care10.47%
5Financials7.20%
6Industrials3.52%
7Consumer Staples2.89%
8Cash0.62%
Total 100%

Strategy holdings by sector

All figures up to: 30 September 2024

Total: 100%

Strategy holdings by region

All figures up to: 30 September 2024

1North America52.99%
2Emerging Markets30.52%
3Europe (ex UK)15.88%
4Cash0.62%
Total 100%

Strategy holdings by region

All figures up to: 30 September 2024

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 in this strategy

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

Invest through other vehicles

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

  • Separate account

Insights

Key articles, videos and podcasts relating to the strategy:

Filters

Insights

Viewing 43 of 43
  1. Reflections: Private eyes

    Our approach to private market investments and the AI new buy it led to.
    November 2024
    Article4 minutes
  2. Busy crowd of people using their phones

    Reflections: When life gives you lemons, make lemonade

    Our new portfolio holding AppLovin has an innovative approach to app marketing, driving success in a crowded market.
    October 2024
    Article3 minutes
  3. Long Term Global Growth Q3 investor letter

    The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments
    October 2024
    Article11 minutes
  4. Long Term Global Growth Q3 update

    The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
    October 2024
    Video11 minutes
  5. An owl sitting in a tree

    Reflections: Flying under the radar

    Uncovering our portfolio holdings that fly under the radar: Intuitive Surgical, Atlassian and Tencent.
    September 2024
    Article4 minutes
  6. Three business people in discussion sitting on colourful seats, overhead view.

    Reflections: The value of culture

    Why the critical role of corporate culture can be the heartbeat of business success.
    July 2024
    Article4 minutes
  7. Long Term Global Growth Q2 update

    The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video13 minutes
  8. Sugar rush: LTGG Q2 2024

    Highlighting the companies driving portfolio returns and how our appetite for growth compares to market trends.
    June 2024
    Article11 minutes
  9. Reflections: Skipping the queue with Nubank

    Discover how Nubank is freeing Brazilians from endless queues and leading a financial revolution.
    June 2024
    Article3 minutes
  10. Transformations

    The LTGG Team explore themes that will be key to the next 20 years of transformational growth.
    June 2024
    Document
  11. LTGG Reflections: e.l.f Beauty

    Why we believe e.l.f. Beauty's innovative approach and explosive growth make it a must-have in the LTGG portfolio.
    May 2024
    Article3 minutes
  12. Reflections: Risk

    How we identify leading high-growth companies by blending deep fundamental analysis with strategic insights.
    April 2024
    Article4 minutes
  13. Webinar: Why growth? Why now?

    Partners Tim Garratt and Stuart Dunbar identify signs of emerging growth.
    April 2024
    Video59 minutes
  14. Reflections: A robotic reality

    From surgery to warehouses, discover how robotics are redefining efficiency and innovation in 2024.
    March 2024
    Article3 minutes
  15. The opportunity in risk: LTGG Q1 2024

    How the LTGG team searches for companies willing to take bold risks to become future leaders.
    March 2024
    Article11 minutes
  16. Algorithmic alchemy: investing with optimism in AI

    How artificial intelligence creates growth opportunities and ways for us to serve you better.
    April 2024
    Article7 minutes
  17. Long Term Global Growth Q1 update

    The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video16 minutes
  18. A coulourful and tradional architecture structure with yellow and red ballons floating above against a deep blue sky, in Henan province, China

    Reflections: The year of the dragon

    LTGG investment manager Mark Urquhart reflects on his recent trip to China.
    February 2024
    Article3 minutes
  19. Long Term Global Growth Strategy

    Investment manager, Mark Urquhart, discusses the Baillie Gifford Long Term Global Growth Strategy.
    February 2024
    Video4 minutes
  20. Reflections: Llama mile

    How the ecommerce giant is slashing delivery times with innovation and an unlikely courier fleet
    January 2024
    Article3 minutes
  21. Moderna: designing drugs on a computer

    Can scientists meet unmet health needs by writing code to help the body heal itself?
    January 2024
    Article4 minutes
  22. LTGG’s 2023 year-end review

    Was 2023 the year that saw transformational growth stories resume their conquest?
    January 2024
    Article9 minutes
  23. Reflections: Illumina

    Why we sold Illumina after more than a decade in the portfolio.
    December 2023
    Article3 minutes
  24. Why growth, why now?

    Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
    December 2023
    Article17 minutes
  25. Reflections: Solar innovations

    Enphase's role in the solar revolution and the potential for long-term growth.
    November 2023
    Article3 minutes
  26. LTGG third quarter 2023 update

    A look at portfolio performance over the recent quarter-end.
    October 2023
    Article16 minutes
  27. Reflections: from biologics to branded fashion

    In this monthly update, the team discusses recent research visits to WuXi, Symbotic and Moncler.
    September 2023
    Document4 minutes
  28. Reflections: NVIDIA - chipping away at success

    Following a successful quarter, the LTGG team consider the future of NVIDIA.
    August 2023
    Document
  29. Growth investing across decades

    Mark Urquhart discusses the science and art of picking growth stocks with enduring potential.
    August 2023
    Podcast27 minutes
  30. Reflections: The transformative potential of AI

    Artificial intelligence is not as new as you think it is, as the LTGG portfolio reveals.
    July 2023
    Document
  31. Reflections: Defying data disorder

    Why Datadog's ability to master the chaos of cloud computing offers an attractive opportunity.
    June 2023
    Document
  32. LTGG second quarter 2023 update

    An update on portfolio performance, and the importance of adapting for the future.
    June 2023
    Document
  33. Reflections: Kaizen – continuous improvement

    Reflections on performance, holdings and continuous improvement.
    May 2023
    Document
  34. Reflections: Jevons paradox - a case for Samsara

    How Samsara's data-driven insights help its customers optimise their business operations.
    April 2023
    Document
  35. Quarterly Review

    LTGG review the first quarter of 2023 and the engines of change.
    March 2023
    Document
  36. Reflections: Catch-22 Earnings

    Does the market under-appreciate the impact of intangible investments?
    March 2023
    Document
  37. Reflections: Rising from the ashes

    An investment portfolio update explaining why holdings have thrived despite economic chaos.
    February 2023
    Document
  38. LTGG investor update – January 2023

    LTGG’s Stewart Hogg and Gemma Barkhuizen on volatility, business culture, and the long-term view.
    February 2023
    Video21 minutes
  39. MercadoLibre: a lesson in innovation

    Investment manager Lawrence Burns talks to MercadoLibre’s CFO Pedro Arnt.
    February 2023
    Article
  40. Reflections: Shifting shades of grey

    Short-term, many companies seem grey and similar. But patience will reveal colourful outliers.
    January 2023
    Document
  41. LTGG quarterly commentary

    A look at recent macroeconomic factors and performance and considerations for the future.
    January 2023
    Document
  42. Reflections: Operational growth hurdles

    Why growth is still possible in hard times.
    December 2022
    Document
  43. ASML: advancing chips to new limits

    The Dutch firm driving progress by making it possible to create more intricate computer chips.
    December 2022
    Article

Long Term Global Growth Q3 update

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

  1. Reflections: Private eyes

    Our approach to private market investments and the AI new buy it led to.
    November 2024
    Article4 minutes
  2. Busy crowd of people using their phones

    Reflections: When life gives you lemons, make lemonade

    Our new portfolio holding AppLovin has an innovative approach to app marketing, driving success in a crowded market.
    October 2024
    Article3 minutes
  3. Long Term Global Growth Q3 investor letter

    The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments
    October 2024
    Article11 minutes
  4. Long Term Global Growth Q3 update

    The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
    October 2024
    Video11 minutes
  5. An owl sitting in a tree

    Reflections: Flying under the radar

    Uncovering our portfolio holdings that fly under the radar: Intuitive Surgical, Atlassian and Tencent.
    September 2024
    Article4 minutes
  6. Three business people in discussion sitting on colourful seats, overhead view.

    Reflections: The value of culture

    Why the critical role of corporate culture can be the heartbeat of business success.
    July 2024
    Article4 minutes
  7. Long Term Global Growth Q2 update

    The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video13 minutes
  8. Sugar rush: LTGG Q2 2024

    Highlighting the companies driving portfolio returns and how our appetite for growth compares to market trends.
    June 2024
    Article11 minutes
  9. Reflections: Skipping the queue with Nubank

    Discover how Nubank is freeing Brazilians from endless queues and leading a financial revolution.
    June 2024
    Article3 minutes
  10. Transformations

    The LTGG Team explore themes that will be key to the next 20 years of transformational growth.
    June 2024
    Document
  11. LTGG Reflections: e.l.f Beauty

    Why we believe e.l.f. Beauty's innovative approach and explosive growth make it a must-have in the LTGG portfolio.
    May 2024
    Article3 minutes
  12. Reflections: Risk

    How we identify leading high-growth companies by blending deep fundamental analysis with strategic insights.
    April 2024
    Article4 minutes
  13. Webinar: Why growth? Why now?

    Partners Tim Garratt and Stuart Dunbar identify signs of emerging growth.
    April 2024
    Video59 minutes
  14. Reflections: A robotic reality

    From surgery to warehouses, discover how robotics are redefining efficiency and innovation in 2024.
    March 2024
    Article3 minutes
  15. The opportunity in risk: LTGG Q1 2024

    How the LTGG team searches for companies willing to take bold risks to become future leaders.
    March 2024
    Article11 minutes
  16. Algorithmic alchemy: investing with optimism in AI

    How artificial intelligence creates growth opportunities and ways for us to serve you better.
    April 2024
    Article7 minutes
  17. Long Term Global Growth Q1 update

    The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video16 minutes
  18. A coulourful and tradional architecture structure with yellow and red ballons floating above against a deep blue sky, in Henan province, China

    Reflections: The year of the dragon

    LTGG investment manager Mark Urquhart reflects on his recent trip to China.
    February 2024
    Article3 minutes
  19. Long Term Global Growth Strategy

    Investment manager, Mark Urquhart, discusses the Baillie Gifford Long Term Global Growth Strategy.
    February 2024
    Video4 minutes
  20. Reflections: Llama mile

    How the ecommerce giant is slashing delivery times with innovation and an unlikely courier fleet
    January 2024
    Article3 minutes
  21. Moderna: designing drugs on a computer

    Can scientists meet unmet health needs by writing code to help the body heal itself?
    January 2024
    Article4 minutes
  22. LTGG’s 2023 year-end review

    Was 2023 the year that saw transformational growth stories resume their conquest?
    January 2024
    Article9 minutes
  23. Reflections: Illumina

    Why we sold Illumina after more than a decade in the portfolio.
    December 2023
    Article3 minutes
  24. Why growth, why now?

    Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
    December 2023
    Article17 minutes
  25. Reflections: Solar innovations

    Enphase's role in the solar revolution and the potential for long-term growth.
    November 2023
    Article3 minutes
  26. LTGG third quarter 2023 update

    A look at portfolio performance over the recent quarter-end.
    October 2023
    Article16 minutes
  27. Reflections: from biologics to branded fashion

    In this monthly update, the team discusses recent research visits to WuXi, Symbotic and Moncler.
    September 2023
    Document4 minutes
  28. Reflections: NVIDIA - chipping away at success

    Following a successful quarter, the LTGG team consider the future of NVIDIA.
    August 2023
    Document
  29. Growth investing across decades

    Mark Urquhart discusses the science and art of picking growth stocks with enduring potential.
    August 2023
    Podcast27 minutes
  30. Reflections: The transformative potential of AI

    Artificial intelligence is not as new as you think it is, as the LTGG portfolio reveals.
    July 2023
    Document
  31. Reflections: Defying data disorder

    Why Datadog's ability to master the chaos of cloud computing offers an attractive opportunity.
    June 2023
    Document
  32. LTGG second quarter 2023 update

    An update on portfolio performance, and the importance of adapting for the future.
    June 2023
    Document
  33. Reflections: Kaizen – continuous improvement

    Reflections on performance, holdings and continuous improvement.
    May 2023
    Document
  34. Reflections: Jevons paradox - a case for Samsara

    How Samsara's data-driven insights help its customers optimise their business operations.
    April 2023
    Document
  35. Quarterly Review

    LTGG review the first quarter of 2023 and the engines of change.
    March 2023
    Document
  36. Reflections: Catch-22 Earnings

    Does the market under-appreciate the impact of intangible investments?
    March 2023
    Document
  37. Reflections: Rising from the ashes

    An investment portfolio update explaining why holdings have thrived despite economic chaos.
    February 2023
    Document
  38. LTGG investor update – January 2023

    LTGG’s Stewart Hogg and Gemma Barkhuizen on volatility, business culture, and the long-term view.
    February 2023
    Video21 minutes
  39. MercadoLibre: a lesson in innovation

    Investment manager Lawrence Burns talks to MercadoLibre’s CFO Pedro Arnt.
    February 2023
    Article
  40. Reflections: Shifting shades of grey

    Short-term, many companies seem grey and similar. But patience will reveal colourful outliers.
    January 2023
    Document
  41. LTGG quarterly commentary

    A look at recent macroeconomic factors and performance and considerations for the future.
    January 2023
    Document
  42. Reflections: Operational growth hurdles

    Why growth is still possible in hard times.
    December 2022
    Document
  43. ASML: advancing chips to new limits

    The Dutch firm driving progress by making it possible to create more intricate computer chips.
    December 2022
    Article

Invest in this strategy

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

Invest through other vehicles

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

  • Separate account

How to invest in this strategy

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

Invest through other vehicles

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

  • Separate account