Capital at risk
Investment strategy
International Alpha
We believe the best way to navigate an uncertain world is to build a diversified portfolio of outstanding companies with deep competitive advantages and excellent stewardship.
An emphasis on quality
We invest across four types of growth: quality compounders, rapid growth, through-cycle winners and capital allocators. Our aim is to build a portfolio which can withstand economic cycles and take advantage of unpredictable events.
International Alpha Q3 update
Investment manager Jenny Davis reflects on recent performance, portfolio changes and market developments.
Embracing every shade of growth
International Alpha is distinctly long term. We aim to outperform the MSCI ACWI ex-US benchmark by 2-3 per cent per annum over rolling five-year periods.
Our portfolio contains 60-90 holdings. We seek to take advantage of market inefficiencies by investing across different types of growth company, which given our time horizon allows us to take advantage of their idiosyncratic growth opportunities.
We find these companies through bottom-up research, holding on for the long term to capture the potential benefits of compounded growth.
The performance target is aspirational and is not guaranteed. We don’t use it to compile the portfolio and returns will vary. A single performance target may not be appropriate across all vehicles and jurisdictions. We may not meet our investment objectives if, for example, our growth investment style is out of favour or we misjudge the long-term earnings growth of our holdings.
A promising process
The International Alpha portfolio has a high active share, a genuinely long-term approach and a blend of high-quality growth companies that looks to exploit market inefficiencies by investing across all shades of growth. To do this we:
- Take a long-term perspective, resulting in low portfolio turnover
- Invest from the bottom up, supported by in-depth fundamental analysis
- Have a quality-growth orientation
- Follow a patient, repeatable process, drawing on the best ideas from firm-wide research
To invest in growth is to say that society will achieve more tomorrow than it does today… Curiosity should be at the heart of all good investment research.
Meet the managers
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Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 31 October 2025
| # | Company | Fund % |
|---|---|---|
| 1 | TSMC | 6.1% |
| 2 | Tencent | 4.3% |
| 3 | Samsung Electronics | 3.7% |
| 4 | MercadoLibre | 3.4% |
| 5 | Ryanair ADR | 2.7% |
| 6 | CRH | 2.5% |
| 7 | Sony | 2.1% |
| 8 | Danone | 2.1% |
| 9 | DSV | 2.0% |
| 10 | Scout24 | 2.0% |
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.
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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
Viewing 46 of 46
International viewpoints: the quality derating
Why overlooked quality businesses with competitive moats compound returns through any cycle.
International Alpha: why we do what we do
Why international diversification outperforms: the investing lessons from banana monocultures and resilient portfolios that weather any market.
SMC: Stock Story
Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.
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.
Tencent: Stock Story
Fernanda Lai explores how Tencent became the super-app pioneer connecting over one billion users.
International viewpoints: bubble or boom, trouble is brewing
Is AI in a bubble or a boom? Explore how market concentration, leverage, and global strategies shape the next phase of artificial intelligence.
International Alpha Q3 investor letter
The International Alpha Team reflects on recent performance, portfolio changes and market developments.
International viewpoints: the Asian century
The Asian century is now a structural reality. Explore manufacturing dominance, innovation in chips/EVs/ecommerce, key companies, and risks.
International Alpha Q3 update
Investment manager Jenny Davis reflects on recent performance, portfolio changes and market developments.
Our best international ideas
Andrew Brown travels the globe through Sweden’s MIPS, Kazakhstan’s Kaspi.kz and Japan’s Keyence.
The power of exceptional companies
Lawrence Burns and Paul Taylor reveal how they identify exceptional companies that drive market returns.
International viewpoints: the case for global supply chain champions
Learn about companies like ASML, TSMC, Adyen and SAP and their irreplaceable positions in enabling digital innovation.
Skin in the game: the power of persistence
Why ‘inside ownership’ makes companies more likely to focus on efforts that will pay off in the future.
Nibblers and gobblers: the art of acquisitive growth
Companies like Constellation Software and DSV have defied the odds to create substantial shareholder value through disciplined acquisition strategies.
International viewpoints: enduring value – investing in brands built to last
Can businesses that blend heritage, stewardship and steady reinvention outperform their flashier, short-term-focused rivals?
International Alpha Q2 investor letter
The International Alpha Team reflects on recent performance, portfolio changes and market developments.
International viewpoints: digital disruptors
MercadoLibre and Sea Ltd are examples of underappreciated digital disruptors driving global growth.
International Alpha Q2 update
Investment manager Chris Davies reflects on recent performance, portfolio changes and market developments.
Beyond the familiar: the case for international
Discover how venturing into unexplored investment territory is yielding hidden gems.
A new age of discovery: the case for international
Explore how international equities offer unique opportunities in transformative markets.
Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
International viewpoints: the end of the road for range anxiety
Explore how electric vehicle innovations are ending range anxiety with faster charging and longer battery life.
International viewpoints: US vs international debate
Signs are pointing to a shift from US to international markets. When has this happened before, and what’s ahead?
International Alpha Q1 update
The International Alpha Team reflects on recent performance, portfolio changes and market developments.International Alpha Q1 investor letter
The International Alpha Team reflects on recent performance, portfolio changes and market developments.
Nexans: Stock Story
Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.
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.
International viewpoints: Europe's tech tailwinds
The European technology sector excels in niche markets, creating growth opportunities in global value chains.
International Alpha Q4 update
The International Alpha Team reflects on recent performance, portfolio changes and market developments.
International Alpha Q4 investor letter
The International Alpha 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.
Luxury brands show promise amid slump
How brands like Hermès, Gucci and Ferrari defy downturns with heritage and innovation.
Our best ideas in Asia
Qian Zhang covers Samsung, Delhivery and Bank Rakyat, three companies at the heart of global structural trends.
Our best ideas in Europe
Thomas Hodges uses Lonza, Topicus and Soitec to illustrate why Europe is more exciting than headlines suggest.
The importance of focus
Why focus and patience are crucial elements when investing and identifying growth companies.
MercadoLibre: Latin America’s unbanked
MercadoLibre offers hope to Latin America’s 178 million unbanked population.
International viewpoints: semi-cap resilience
Why our long-term conviction in ASML, Tokyo Electron and TSMC stands up to recent sector volatility.
International viewpoints: global EV trends
Analysing market dynamics, industry challenges and future trends of EVs’ global adoption.
International viewpoints: eastern promise
What market sentiment, recent valuations and policy changes mean for us as investors in Asian growth companies.
China through a Japanese lens
Japanese tech dominance is under increasing pressure in China from domestic challengers.
Tilting the odds in your favour
The Magnificent Seven’s reputation goes before them but that’s not enough to save them.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
International Alpha Q3 update
Investment manager Jenny Davis reflects on recent performance, portfolio changes and market developments.
International viewpoints: the quality derating
Why overlooked quality businesses with competitive moats compound returns through any cycle.International Alpha: why we do what we do
Why international diversification outperforms: the investing lessons from banana monocultures and resilient portfolios that weather any market.SMC: Stock Story
Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.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.Tencent: Stock Story
Fernanda Lai explores how Tencent became the super-app pioneer connecting over one billion users.International viewpoints: bubble or boom, trouble is brewing
Is AI in a bubble or a boom? Explore how market concentration, leverage, and global strategies shape the next phase of artificial intelligence.International Alpha Q3 investor letter
The International Alpha Team reflects on recent performance, portfolio changes and market developments.International viewpoints: the Asian century
The Asian century is now a structural reality. Explore manufacturing dominance, innovation in chips/EVs/ecommerce, key companies, and risks.International Alpha Q3 update
Investment manager Jenny Davis reflects on recent performance, portfolio changes and market developments.Our best international ideas
Andrew Brown travels the globe through Sweden’s MIPS, Kazakhstan’s Kaspi.kz and Japan’s Keyence.The power of exceptional companies
Lawrence Burns and Paul Taylor reveal how they identify exceptional companies that drive market returns.International viewpoints: the case for global supply chain champions
Learn about companies like ASML, TSMC, Adyen and SAP and their irreplaceable positions in enabling digital innovation.Skin in the game: the power of persistence
Why ‘inside ownership’ makes companies more likely to focus on efforts that will pay off in the future.Nibblers and gobblers: the art of acquisitive growth
Companies like Constellation Software and DSV have defied the odds to create substantial shareholder value through disciplined acquisition strategies.International viewpoints: enduring value – investing in brands built to last
Can businesses that blend heritage, stewardship and steady reinvention outperform their flashier, short-term-focused rivals?International Alpha Q2 investor letter
The International Alpha Team reflects on recent performance, portfolio changes and market developments.International viewpoints: digital disruptors
MercadoLibre and Sea Ltd are examples of underappreciated digital disruptors driving global growth.International Alpha Q2 update
Investment manager Chris Davies reflects on recent performance, portfolio changes and market developments.Beyond the familiar: the case for international
Discover how venturing into unexplored investment territory is yielding hidden gems.A new age of discovery: the case for international
Explore how international equities offer unique opportunities in transformative markets.Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.International viewpoints: the end of the road for range anxiety
Explore how electric vehicle innovations are ending range anxiety with faster charging and longer battery life.International viewpoints: US vs international debate
Signs are pointing to a shift from US to international markets. When has this happened before, and what’s ahead?International Alpha Q1 update
The International Alpha Team reflects on recent performance, portfolio changes and market developments.International Alpha Q1 investor letter
The International Alpha Team reflects on recent performance, portfolio changes and market developments.Nexans: Stock Story
Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.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.International viewpoints: Europe's tech tailwinds
The European technology sector excels in niche markets, creating growth opportunities in global value chains.International Alpha Q4 update
The International Alpha Team reflects on recent performance, portfolio changes and market developments.International Alpha Q4 investor letter
The International Alpha 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.Luxury brands show promise amid slump
How brands like Hermès, Gucci and Ferrari defy downturns with heritage and innovation.Our best ideas in Asia
Qian Zhang covers Samsung, Delhivery and Bank Rakyat, three companies at the heart of global structural trends.Our best ideas in Europe
Thomas Hodges uses Lonza, Topicus and Soitec to illustrate why Europe is more exciting than headlines suggest.The importance of focus
Why focus and patience are crucial elements when investing and identifying growth companies.MercadoLibre: Latin America’s unbanked
MercadoLibre offers hope to Latin America’s 178 million unbanked population.International viewpoints: semi-cap resilience
Why our long-term conviction in ASML, Tokyo Electron and TSMC stands up to recent sector volatility.International viewpoints: global EV trends
Analysing market dynamics, industry challenges and future trends of EVs’ global adoption.International viewpoints: eastern promise
What market sentiment, recent valuations and policy changes mean for us as investors in Asian growth companies.China through a Japanese lens
Japanese tech dominance is under increasing pressure in China from domestic challengers.Tilting the odds in your favour
The Magnificent Seven’s reputation goes before them but that’s not enough to save them.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
Important information
Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients. Both are authorised and regulated by the Financial Conduct Authority.
The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Any general enquiries regarding Baillie Gifford should be directed to the relevant individual as noted in the Contact Us section.
The information contained in this website has been compiled with considerable care to ensure its accuracy at the date of publication. However, no representation or warranty, express or implied, is made to its accuracy or completeness. Nothing in this information or elsewhere in this website shall exclude, limit or restrict our duties and liabilities to you under the United Kingdom's Financial Services and Markets Act 2000 or any conduct of business rules which we are bound to comply with.
This website is informative only and the information provided should not be considered as investment advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.