Capital at risk
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.

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 Q4 update
The International All Cap Team 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.
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.
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: 31 December 2024
# | Holding | % of portfolio |
---|---|---|
1 | TSMC | 7.13 |
2 | United Overseas Bank | 3.19 |
3 | ASML | 2.45 |
4 | Auto Trader | 2.03 |
5 | Games Workshop | 1.99 |
6 | Tencent | 1.94 |
7 | Richemont | 1.90 |
8 | DSV | 1.88 |
9 | Recruit Holdings | 1.86 |
10 | Shopify | 1.83 |
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:
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International All Cap Q4 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.
Atlas Copco: Stock Story
Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.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.A long-term manifesto, revisited
Why exceptional growth companies must be brave enough to ignore short-term market pressures.International viewpoints: Europe's tech tailwinds
The European technology sector excels in niche markets, creating growth opportunities in global value chains.International All Cap Q4 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.International All Cap Q4 investor letter
The International All Cap Team reflects on recent performance, portfolio changes and market developments.International viewpoints: demographic crisis
Meet the problem-solvers already active in healthcare, retirement funding and workforce productivity.International viewpoints: power players
Companies rising to new energy challenges in diverse ways, and the economies driving demand.Saving when sending abroad: a Wise move
With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world.International All Cap Q3 investor letter
The International All Cap Team reflects on recent performance, portfolio changes and market developmentsWise: Money Without Borders
Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.International All Cap Q3 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.Luxury brands show promise amid slump
How brands like Hermès, Gucci and Ferrari defy downturns with heritage and innovation.
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