Capital at risk
Responsible Global Alpha Paris Aligned
We identify companies with the potential to deliver superior earnings growth while keeping emissions consistent with the Paris Agreement on climate change.
Recognising diversity
An ambitious approach to investing in responsible growth companies from across the spectrum of opportunity, consistent with addressing the climate crisis. We are flexible and open-minded, recognising the diverse ways in which growth can be achieved.
Global Alpha: our philosophy
Investment manager Helen Xiong introduces Global Alpha, reflecting on the exciting opportunities ahead.
Patient, engaged ownership
We aim to identify companies which can grow their earnings at a superior rate to the market over sustained periods, where this potential is not reflected in the price. As share prices are ultimately driven by earnings growth, this approach underpins our objective to deliver returns 2 to 3 per cent per annum ahead of the benchmark over rolling five-year periods before the deduction of fees.
The strategy also commits to maintaining a Weighted Average Greenhouse Gas Intensity lower than the MSCI ACWI EU Paris Aligned Requirements Index and excludes companies which fail to meet our responsible behaviour criteria.
A truly global portfolio
Our philosophy is to invest long-term in well-managed businesses with sustainable competitive advantages. We embrace diversity, splitting the portfolio across three growth profiles – compounders, disruptors and capital allocators – which exploit different inefficiencies.
Each holding is analysed to ensure consistency with the low-carbon transition. The resulting portfolio of about 90 holdings represents the most attractive opportunities from across the growth spectrum.
The 2020s must be the decisive decade of action on the climate crisis, and there will unquestionably be greater discussion on the need to align funds with a 1.5C warming scenario.
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Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 30 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | NVIDIA | 5.8% |
| 2 | TSMC | 5.8% |
| 3 | Alphabet | 4.3% |
| 4 | Amazon.com | 3.9% |
| 5 | Microsoft | 3.5% |
| 6 | Meta Platforms | 2.8% |
| 7 | Samsung Electronics | 2.5% |
| 8 | Royalty Pharma | 2.4% |
| 9 | Tencent | 2.3% |
| 10 | CATL | 2.3% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 28.6 | 28.7 | 0.0 |
| 2 | Financials | 15.0 | 16.4 | -1.4 |
| 3 | Consumer Discretionary | 14.8 | 9.3 | 5.5 |
| 4 | Communication Services | 12.1 | 8.8 | 3.3 |
| 5 | Industrials | 10.4 | 11.3 | -0.8 |
| 6 | Health Care | 10.0 | 8.1 | 2.0 |
| 7 | Materials | 4.2 | 3.8 | 0.4 |
| 8 | Consumer Staples | 2.4 | 5.1 | -2.7 |
| 9 | Real Estate | 1.6 | 1.7 | -0.2 |
| 10 | Cash | 0.9 | 0.0 | 0.9 |
Total | 100.0 | 93.1 |
Top 10 geographical locations
As at: 30 April 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | United States | 58.9 | 63.4 | -4.5 |
| 2 | Taiwan | 6.3 | 2.9 | 3.4 |
| 3 | China | 5.6 | 2.7 | 2.9 |
| 4 | Japan | 5.2 | 5.0 | 0.2 |
| 5 | Brazil | 3.6 | 0.6 | 3.1 |
| 6 | South Korea | 2.5 | 2.2 | 0.3 |
| 7 | Canada | 2.4 | 3.1 | -0.6 |
| 8 | Sweden | 2.1 | 0.8 | 1.3 |
| 9 | Ireland | 2.1 | 0.1 | 2.0 |
| 10 | UK | 1.7 | 3.2 | -1.5 |
Total | 90.4 | 84.0 |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 28.6 | 28.7 | 0.0 |
| 2 | Financials | 15.0 | 16.4 | -1.4 |
| 3 | Consumer Discretionary | 14.8 | 9.3 | 5.5 |
| 4 | Communication Services | 12.1 | 8.8 | 3.3 |
| 5 | Industrials | 10.4 | 11.3 | -0.8 |
| 6 | Health Care | 10.0 | 8.1 | 2.0 |
| 7 | Materials | 4.2 | 3.8 | 0.4 |
| 8 | Consumer Staples | 2.4 | 5.1 | -2.7 |
| 9 | Real Estate | 1.6 | 1.7 | -0.2 |
| 10 | Cash | 0.9 | 0.0 | 0.9 |
Total | 100.0 | 93.1 |
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).
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
Insights
Key articles, videos and podcasts relating to the strategy:
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Insights
Global Alpha: our philosophy
Investment manager Helen Xiong introduces Global Alpha, reflecting on the exciting opportunities ahead.
The big squeeze: bottlenecks as advantage
When demand outstrips supply, companies that sit astride the pinch point can gain an enduring edge.
AI: valuing scarcity
AI is creating new abundance and shifting bottlenecks. We explore which businesses can win in the long term.
Global Alpha Q1 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha Q1 update
Investment manager Malcolm MacColl reflects on recent performance, portfolio changes and market developments.
Global Alpha insights: agentic commerce
As AI simplifies shopping, where does durable ecommerce advantage remain?
Global Alpha insights: QXO's recipe for steady compounding
An $800bn analogue industry meets operational discipline.
What's your growth flavour?
Three investment managers. Three different approaches to growth investing. But can all of them be right?
Don’t burn your boats: investing in AI
Why we’re ruthlessly selective about AI-related stocks.
Global Alpha Q4 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q4 update
Investment specialist Ben Drury reflects on recent performance, portfolio changes and market developments.
What’s your flavour of choice?
Three investment managers debate growth strategies from tech disruption to steady compounders
Global Alpha Research Agenda 2025
From AI to emerging consumers, we focus on the growth areas and companies capitalising on opportunities.
Global Alpha insights: our reliable growth engine
Not flashy, just dependable. Why compounders remain the engine of durable long-term returns.
Amazon: Stock Story
Jon Henry gives three key reasons why tech giant Amazon remains a special investment.
Adyen: Stock Story
Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
Invest in this strategy
You can invest in this strategy through the following fund(s).
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
Important information
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The information in this area contains general information only. It does not take into account any person’s objectives, financial situation or needs.