Capital at risk
US Alpha
Growing businesses will dominate US Equities’ stock market returns over a decade. Some will grow rapidly, others quietly compound, and still more will progress in leaps and pauses. US Alpha celebrates this breadth of growth and patiently backs exceptional companies over a decade in the hope of generating extraordinary returns for our clients.
Seeking a breadth of growth
We don’t want to own one or two of any decade’s top outperformers. We want to hold them all. Focusing on growing businesses is the best way to drive returns, and it’s clear that not all such opportunities look the same.
US Alpha Q2 update
Investment manager Sacha Meyers reflects on recent performance, portfolio changes and market developments.
We don’t follow the benchmark
‘More ways to win’ makes sense in a market as rich and deep as North America. We are inspired by diversity, and our broad approach gives us the best chance of finding the most exciting prospects in the US in whatever industry we find them while diversifying the drivers of risks.
Our objective is to perform 2 per cent above the S&P 500 per annum, over rolling five-year periods by investing in a broad range of exceptional growth businesses. We believe this to be a reasonable estimate of the amount by which we can outperform in the long term, considering the opportunity set and the many types of growth our companies exhibit.
Disruptors, adaptors and pilots
We invest in three types of companies. Where the market underestimates the growth of exceptional firms, we look for ‘disruptors’, with young cultures and inventive founders. Where duration is underappreciated, we look for ‘adaptors’, which know whether to preserve an asset or embrace change. And in turbulent industries, we look for ‘pilots’, which put capital allocation above all else. The result is a portfolio with a low overlap with the index and low turnover, which we are confident can deliver differentiated long-term results.
We celebrate the breadth of opportunity before us, embrace uncertainty and invest with optimism.
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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 June 2025
| # | Holding | % of portfolio |
|---|---|---|
| 1 | Amazon.com | 4.1% |
| 2 | Microsoft | 3.9% |
| 3 | NVIDIA | 3.6% |
| 4 | Meta Platforms | 3.3% |
| 5 | Netflix | 2.9% |
| 6 | AppLovin | 2.5% |
| 7 | Alphabet | 2.4% |
| 8 | Dollar General Corp | 2.2% |
| 9 | Shopify | 2.1% |
| 10 | Booking Holdings | 2.1% |
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
US perspectives: stablecoin summer
Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth for investors and fintech innovators.
Cloudflare: Stock Story
Ben James highlights how one cybersecurity approach is redefining digital infrastructure.
US Alpha Q2 update
Investment manager Sacha Meyers reflects on recent performance, portfolio changes and market developments.
US perspectives: infrastructure, the invisible opportunity
A look at the long-term shifts in US infrastructure and the businesses poised to benefit from its rebuild.
Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
US perspectives: comfortable in discomfort
Explore how embracing uncertainty and discomfort can lead to exceptional investment opportunities and long-term success.
US perspectives: the retail ecosystem
Explore the evolution of retail, where cutting-edge technology and shifting consumer trends drive innovation.
US Alpha Q1 update
The US Alpha Team reflects on recent performance, portfolio changes and market developments.
Why ants, scaffolding and long jumps matter to growth investors
Kirsty Gibson shares frameworks to analyse the cultures of exceptional growth businesses.
The concentration conundrum: challenge or opportunity?
In today’s era of US mega caps, is market concentration a challenge or an opportunity?
US Alpha Q4 update
The US Alpha Team reflects on recent performance, portfolio changes and market developments.
US Alpha Q3 update
The US Alpha Team reflects on recent performance, portfolio changes and market developments.
Future Stocks: Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks.
US Alpha Q1 update
The US Alpha Team reflects on recent performance, portfolio changes and market developments.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
US Alpha Q2 update
Investment manager Sacha Meyers reflects on recent performance, portfolio changes and market developments.
US perspectives: stablecoin summer
Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth for investors and fintech innovators.Cloudflare: Stock Story
Ben James highlights how one cybersecurity approach is redefining digital infrastructure.US Alpha Q2 update
Investment manager Sacha Meyers reflects on recent performance, portfolio changes and market developments.US perspectives: infrastructure, the invisible opportunity
A look at the long-term shifts in US infrastructure and the businesses poised to benefit from its rebuild.Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.US perspectives: comfortable in discomfort
Explore how embracing uncertainty and discomfort can lead to exceptional investment opportunities and long-term success.US perspectives: the retail ecosystem
Explore the evolution of retail, where cutting-edge technology and shifting consumer trends drive innovation.US Alpha Q1 update
The US Alpha Team reflects on recent performance, portfolio changes and market developments.Why ants, scaffolding and long jumps matter to growth investors
Kirsty Gibson shares frameworks to analyse the cultures of exceptional growth businesses.The concentration conundrum: challenge or opportunity?
In today’s era of US mega caps, is market concentration a challenge or an opportunity?US Alpha Q4 update
The US Alpha Team reflects on recent performance, portfolio changes and market developments.US Alpha Q3 update
The US Alpha Team reflects on recent performance, portfolio changes and market developments.Future Stocks: Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks.US Alpha Q1 update
The US Alpha Team reflects on recent performance, portfolio changes and market developments.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
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.
How to 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
The content of this website is intended exclusively for professional investors in accordance with MiFID legislation. ’Professional investors’ are potential investors who are deemed to have the status of “professional clients”, within the meaning of MiFID (2004/39/EC), as transposed in Ireland. It is not intended for retail investors.
Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.
Scottish Mortgage Investment Trust PLC (the “Company”) is an alternative investment fund for the purpose of Directive 2011/61/EU (the “AIFM Directive”). Baillie Gifford & Co Limited is the alternative investment fund manager (“AIFM”) of the Company and has been authorised for marketing to Professional Investors in this jurisdiction. This website is made available by Baillie Gifford Investment Management (Europe) Limited (“BGE”), which has been engaged by the AIFM to carry out promotional activities relating to the Company. BGE is authorised by the Central Bank of Ireland as an AIFM under the AIFM Regulations and as a UCITS management company under the UCITS Regulation. BGE also has regulatory permissions to perform promotional, advisory and Individual Portfolio Management activities. BGE has passported its authorisations under the mechanisms set out in the AIFM Directive.
This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.