Overview
Objective
The Global Alpha Fund aims to produce capital growth over the long term by investing primarily in global equities. Performance will be measured against the MSCI ACWI Index.
The Fund invests in an actively managed portfolio of stocks from around the world with the intention of delivering significantly higher total returns than the MSCI ACWI Index before fees. We focus on companies which we believe offer above average profit growth and we invest with a long-term (five year) perspective. The Fund’s four dedicated investment managers draw on a combination of their own investment ideas and those of our various investment teams to produce a portfolio that typically holds 70–120 stocks.
Strategy behind the fund
Global AlphaShare price and charges
Series
FNAV
22.51% change
0.40%Management fee
0.57%Operating expenses
0.02%Gross expense ratio
0.59%Net expense ratio
0.59%Fund facts
Fund launch date
15 July 2009
Fund size
$1,841.0m
Benchmark
MSCI ACWI Index
Current number of holdings
92
Active share
78%**
Annual turnover
25%
Style
Long-term, bottom-up growth
Guideline number of holdings
70-120
** Relative to MSCI ACWI Index.
Source: Baillie Gifford & Co and relevant underlying index provider(s).
Portfolio characteristics
The fund's characteristics compared to the index.
As at 31 October 2025
| Fund | MSCI ACWI Index | |
|---|---|---|
| Market cap (weighted average) | $1167.88bn | $1376.15bn |
| Price / Book | 5.78 | 3.72 |
| Price / Earnings (12 months forward) | 22.62 | 19.23 |
| Earnings growth (5 year historic) | 16.68% | 13.32% |
| Return on equity (12 months forward) | 25.42% | 19.30% |
| Standard deviation (trailing 3 years) | 14.93% | 10.15% |
| Beta | 1.27 | N/A |
Source: Revolution, MSCI. Canadian dollars.
Index disclaimer
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an ‘as is’ basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the ‘MSCI Parties’) expressly disclaims all warranties (including, without limitation, any warranties or originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com).
Important information
The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Baillie Gifford does not currently have any funds that offer securities under a simplified prospectus for general offer or sale within Canada. No securities regulatory authority in Canada has reviewed or in any way passed upon this website or the merits of any investment available, and any representation to the contrary is an offence.
Persons resident or domiciled in Canada should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to trade.
You can read details of our Legal and Important Information here.
Trade Matching Statement
This Trade-Matching Statement is being provided in accordance with National Instrument 24-101 -"Institutional Trade Matching and Settlement" and Companion Policy 24-101 CP (the "National
Instrument"). It applies to all trades that are subject to the National Instrument. View the whole statement.
Fund performance
Stock level attribution
Top and bottom 5 relative contributors
One month to: 30 September 2025
| Holding | Contribution |
|---|---|
| AppLovin | 0.61% |
| Prosus N.V. | 0.35% |
| CATL | 0.30% |
| AeroVironment | 0.30% |
| Kokusai Electric | 0.26% |
| Tesla Inc | -0.32% |
| Apple | -0.23% |
| Dutch Bros Inc. | -0.20% |
| Block Inc | -0.17% |
| Edenred | -0.15% |
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 September 2025
| # | Holding | % of total assets |
|---|---|---|
| 1 | NVIDIA | 5.84 |
| 2 | Meta Platforms | 4.47 |
| 3 | Microsoft | 4.43 |
| 4 | Prosus | 3.97 |
| 5 | TSMC | 3.84 |
| 6 | Amazon.com | 3.83 |
| 7 | DoorDash | 2.33 |
| 8 | Martin Marietta Materials | 2.17 |
| 9 | Mastercard | 2.10 |
| 10 | AppLovin | 2.09 |
Quarterly transactions
Transactions for the three-month period ending 30 September 2025
New purchases
- Coinbase Global Inc
- Medpace Holdings
- MSCI
- The Ensign Group
Complete sales
- Atlas Copco B
- BHP Group Ltd - DI
- Entegris Inc
- Genmab
- Soitec
- UnitedHealth
Additions
- AppLovin
- Epam Systems Inc
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
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.
TSMC: Stock Story
Qian Zhang unwraps TSMC, the company powering modern life.
Global Alpha insights: the grid for growth
AI’s massive electricity needs create compelling investment opportunities.
Global Alpha Q3 update
Investment manager Michael Taylor reflects on recent performance, portfolio changes and market developments.
Global Alpha Q3 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha insights: the future of finance
Coinbase is reshaping finance by uniting digital assets, stablecoins and trust.
Salesforce: putting AI agents to work
Agentforce’s promise of handling customer service 24/7, faster and at a lower cost.
Global Alpha insights: onsemi
How the chip maker reinvented itself from ugly duckling to industry leader.
Global Alpha insights: power-up mode
Turning a potential AI threat into a strategic advantage, what is software company EPAM Systems' game plan?
Global Alpha Q2 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q2 update
Investment manager Helen Xiong reflects on recent performance, portfolio changes and market developments.
Uncommon understanding
Global Alpha’s investment managers reveal how they spot what others don’t see.
Global Alpha insights: infrastructure
Why companies like Martin Marietta are set to benefit from increased spending on infrastructure.
Global Alpha: introducing Michael Taylor
Investment manager Michael Taylor joins Global Alpha as a decision-maker. We explore his background, strengths, and vision for the portfolio’s future opportunities.
Global Alpha insights: turbulent times
How can we participate in long-term progress without it being undone by every policy turn?
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.
Global Alpha Q1 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q1 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha insights: a time to trade?
Explore how we're evolving the portfolio as the investment environment enters a period of rapid change.
Cloudflare: Stock Story
Ben James highlights how one cybersecurity approach is redefining digital infrastructure.
Nexans: Stock Story
Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.
Atlas Copco: Stock Story
Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
DoorDash: delivering the goods
How DoorDash’s ambitions extend far beyond restaurant deliveries.
Global Alpha Insights: investing in resilience beyond political cycles
Why the Global Alpha Team believes elections don't impact stock market returns.
Global Alpha Q4 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q4 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha insights: Rakuten and the 'Dog Shogun'
Richie Vernon, investment specialist, explains why the Global Alpha Team has a different perspective on Rakuten's future market growth.
Why growth investors can’t ignore China
China’s electric car, battery and other advanced manufacturers are on the rise.
Global Alpha insights: unlocking the magic of Disney
Why the Global Alpha Team believes there is a magical journey ahead for Disney.
Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks in the US.
Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.
Kweichow Moutai: spirit of China
The fiery spirit that’s a profitable symbol of Chinese culture and luxury.
Beyond NVIDIA: investing in semiconductors
Why some of the leading computer chip makers and companies enabling them have room to grow.
Global Alpha Research Agenda
From AI to infrastructure – Global Alpha homes in on the growth areas and companies best placed to exploit opportunities.
Global Alpha: back to growth
The managers tell a London Investment Forum about new sources of opportunity and optimism.
Global Alpha Research Agenda 2023
How can we invest in quality companies with the potential to generate sustainable returns in a changing market?
Digital Disruption and the future
Online infrastructures and digital developments in the education, energy, and transport sectors make for an exciting future.
Global Alpha 2022 Research Agenda
In their Research Agenda for 2022, the investment managers consider the benefits of deep work in helping them find growth opportunities.
Harnessing growth for the next decade
Investment manager Malcolm MacColl and Senior Governance and Sustainability Analyst Kieran Murray outline believed growth drivers and the development of Global Alpha’s ESG process.
Highlights Video: Harnessing growth for the next decade
Watch the highlights from the recent Global Alpha webinar: Harnessing growth for the next decade.
Global Alpha Paris-Aligned
The Global Alpha Paris-Aligned portfolio offers a pathway for clients to align their assets with the objectives of the Paris Agreement. Here, we provide some background to the Paris Accords and outline how we aim to implement its objectives.
The importance of looking forward
This recording has been prepared for professional investors and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this recording by any other person who did not receive this recording from Baillie Gifford.
Global Alpha research agenda
In this year’s Research Agenda, Global Alpha’s investment managers share their thoughts on how change can help shape the portfolio.
Global Alpha - 10 minutes with Helen Xiong
Ben Drury, client director, talks to Helen Xiong, an investor and soon-to-be key decision-maker for the Global Alpha strategy.
Back to the future
This webinar has been prepared solely for the use of professional investors outside of the Unites States and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this webinar by any other person who did not receive this webinar from Baillie Gifford.
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.TSMC: Stock Story
Qian Zhang unwraps TSMC, the company powering modern life.Global Alpha insights: the grid for growth
AI’s massive electricity needs create compelling investment opportunities.Global Alpha Q3 update
Investment manager Michael Taylor reflects on recent performance, portfolio changes and market developments.Global Alpha Q3 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha insights: the future of finance
Coinbase is reshaping finance by uniting digital assets, stablecoins and trust.Salesforce: putting AI agents to work
Agentforce’s promise of handling customer service 24/7, faster and at a lower cost.Global Alpha insights: onsemi
How the chip maker reinvented itself from ugly duckling to industry leader.Global Alpha insights: power-up mode
Turning a potential AI threat into a strategic advantage, what is software company EPAM Systems' game plan?Global Alpha Q2 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha Q2 update
Investment manager Helen Xiong reflects on recent performance, portfolio changes and market developments.Uncommon understanding
Global Alpha’s investment managers reveal how they spot what others don’t see.Global Alpha insights: infrastructure
Why companies like Martin Marietta are set to benefit from increased spending on infrastructure.Global Alpha: introducing Michael Taylor
Investment manager Michael Taylor joins Global Alpha as a decision-maker. We explore his background, strengths, and vision for the portfolio’s future opportunities.Global Alpha insights: turbulent times
How can we participate in long-term progress without it being undone by every policy turn?Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.Global Alpha Q1 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha Q1 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha insights: a time to trade?
Explore how we're evolving the portfolio as the investment environment enters a period of rapid change.Cloudflare: Stock Story
Ben James highlights how one cybersecurity approach is redefining digital infrastructure.Nexans: Stock Story
Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.Atlas Copco: Stock Story
Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.DoorDash: delivering the goods
How DoorDash’s ambitions extend far beyond restaurant deliveries.Global Alpha Insights: investing in resilience beyond political cycles
Why the Global Alpha Team believes elections don't impact stock market returns.Global Alpha Q4 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha Q4 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha insights: Rakuten and the 'Dog Shogun'
Richie Vernon, investment specialist, explains why the Global Alpha Team has a different perspective on Rakuten's future market growth.Why growth investors can’t ignore China
China’s electric car, battery and other advanced manufacturers are on the rise.Global Alpha insights: unlocking the magic of Disney
Why the Global Alpha Team believes there is a magical journey ahead for Disney.Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks in the US.Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.Kweichow Moutai: spirit of China
The fiery spirit that’s a profitable symbol of Chinese culture and luxury.Beyond NVIDIA: investing in semiconductors
Why some of the leading computer chip makers and companies enabling them have room to grow.Global Alpha Research Agenda
From AI to infrastructure – Global Alpha homes in on the growth areas and companies best placed to exploit opportunities.Global Alpha: back to growth
The managers tell a London Investment Forum about new sources of opportunity and optimism.Global Alpha Research Agenda 2023
How can we invest in quality companies with the potential to generate sustainable returns in a changing market?Digital Disruption and the future
Online infrastructures and digital developments in the education, energy, and transport sectors make for an exciting future.Global Alpha 2022 Research Agenda
In their Research Agenda for 2022, the investment managers consider the benefits of deep work in helping them find growth opportunities.Harnessing growth for the next decade
Investment manager Malcolm MacColl and Senior Governance and Sustainability Analyst Kieran Murray outline believed growth drivers and the development of Global Alpha’s ESG process.Highlights Video: Harnessing growth for the next decade
Watch the highlights from the recent Global Alpha webinar: Harnessing growth for the next decade.Global Alpha Paris-Aligned
The Global Alpha Paris-Aligned portfolio offers a pathway for clients to align their assets with the objectives of the Paris Agreement. Here, we provide some background to the Paris Accords and outline how we aim to implement its objectives.The importance of looking forward
This recording has been prepared for professional investors and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this recording by any other person who did not receive this recording from Baillie Gifford.Global Alpha research agenda
In this year’s Research Agenda, Global Alpha’s investment managers share their thoughts on how change can help shape the portfolio.Global Alpha - 10 minutes with Helen Xiong
Ben Drury, client director, talks to Helen Xiong, an investor and soon-to-be key decision-maker for the Global Alpha strategy.Back to the future
This webinar has been prepared solely for the use of professional investors outside of the Unites States and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this webinar by any other person who did not receive this webinar from Baillie Gifford.
Tax and distributions
The Fund intends to pay dividends to its unitholders at least annually. Distributions will be automatically reinvested in additional units of the Fund or, if a unitholder requests, paid directly to unitholder.
The distribution date for the Fund shall be the last Valuation Date in each taxation year or such other frequency as may be determined by the Manager. The distribution dates will appear on this page alongside the rates once they become available. For more information on the Funds distributions please see the Offering Memorandum.
Recent distributions
The below table shows the makeup of the most recent distributions paid.
| Series F | Series Z | |
|---|---|---|
| Income dividends | 0.59119 | 0.61248 |
| Capital gain | 3.08559 | 3.19670 |
| Total per share | 3.67678 | 3.80918 |
| Ex-dividend date | 31 Dec 2024 | 31 Dec 2024 |
| Pay date | 31 Dec 2024 | 31 Dec 2024 |
| Status | Final | Final |
Source: CIBC Mellon and Baillie Gifford & Co.
Upcoming distributions
Please click here to view estimated capital gain distributions for 2025.
The table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.
2025
30 December 2025
31 December 2025
31 December 2025
Source: CIBC Mellon and Baillie Gifford & Co.