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 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.
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: 31 December 2024

#Holding% of portfolio
1TSMC7.13
2United Overseas Bank3.19
3ASML2.45
4Auto Trader2.03
5Games Workshop1.99
6Tencent1.94
7Richemont1.90
8DSV1.88
9Recruit Holdings1.86
10Shopify1.83

Strategy holdings by sector

All figures up to: 28 February 2025

Created with Highcharts 11.4.6IndustrialsInformation TechnologyFinancialsConsumer DiscretionaryConsumer StaplesHealth CareCommunication ServicesMaterialsCashEnergy1234567891021.60%18.50%17.72%13.07%10.16%6.68%6.62%3.45%1.25%0.95%

Total: 100%

Strategy holdings by region

All figures up to: 28 February 2025

Created with Highcharts 11.4.6Europe (ex UK)Emerging MarketsDeveloped Asia PacificUKCanadaCash12345635.60%22.69%20.60%16.04%3.82%1.25%

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 Q4 update

The International All Cap Team reflects on recent performance, portfolio changes and market developments.

  1. Atlas Copco: Stock Story

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

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

    Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
    March 2025
    Video3 minutes
  4. 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
  5. 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
  6. International viewpoints: Europe's tech tailwinds

    The European technology sector excels in niche markets, creating growth opportunities in global value chains.
    January 2025
    Article4 minutes
  7. International All Cap Q4 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Video11 minutes
  8. International All Cap Q4 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article8 minutes
  9. An explosion of motion and colour as a large crowd hurries through central Tokyo.

    International viewpoints: demographic crisis

    Meet the problem-solvers already active in healthcare, retirement funding and workforce productivity.
    December 2024
    Article4 minutes
  10. Pylons looming in silhouette against a grey-blue sky.

    International viewpoints: power players

    Companies rising to new energy challenges in diverse ways, and the economies driving demand.
    November 2024
    Article4 minutes
  11. 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.
    October 2024
    Article4 minutes
  12. International All Cap Q3 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments
    October 2024
    Article5 minutes
  13. Wise: Money Without Borders

    Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.
    October 2024
    Video37 minutes
  14. Mountain surrounded by cloud

    International All Cap Q3 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    October 2024
    Video11 minutes
  15. Luxury brands show promise amid slump

    How brands like Hermès, Gucci and Ferrari defy downturns with heritage and innovation.
    October 2024
    Article3 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