Capital at risk
Investment strategy
Long Term Global Growth
Long Term Global Growth is an unconstrained equity strategy focused on exceptional companies. We invest over the long term in listed firms with the scope to grow to many multiples of their current size over the next decade.
We seek out transformational growth
We manage a concentrated portfolio of innovative growth companies. We embrace the asymmetry of equity markets by staying optimistic about the future to deliver transformational returns to our clients.
Long Term Global Growth: our philosophy
Investment manager Mark Urquhart introduces Long Term Global Growth, reflecting on the exciting opportunities ahead.
A selective strategy
We take a bottom-up approach to stock selection. Portfolio construction is purely stock-driven, so no reference is made to benchmark indices in our investment process. We are genuinely active, not passive. Portfolio holding sizes are based purely on the magnitude of the potential upside and the associated level of conviction.
This investment approach is consistent with outperforming a typical global equity benchmark by about 3 per cent per annum, net of fees, over the long term.
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 concentrated, resilient portfolio
At its core, LTGG’s task is future-proofing. Investing with an eye on the next 10 years instead of the next quarter necessitates adaptability, diligent capital allocation and resilience from our holdings.
This is a high bar for inclusion, resulting in a portfolio of 30-40 stocks, and because we embrace asymmetry, position sizes are often skewed – winners can reach 10 per cent of the portfolio.
We believe that the rewards to the champions of change can far outweigh the losses of incumbents: the best feature of equities is the unlimited upside.
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 March 2024
| # | Company | Fund % |
|---|---|---|
| 1 | NVIDIA | 8.3% |
| 2 | Amazon.com | 6.7% |
| 3 | ASML | 5.1% |
| 4 | PDD Holdings Inc | 4.2% |
| 5 | Adyen NV | 4.0% |
| 6 | Dexcom Inc | 3.8% |
| 7 | Spotify Technology SA | 3.5% |
| 8 | Intuitive Surgical | 3.5% |
| 9 | Cloudflare Inc | 3.4% |
| 10 | The Trade Desk | 3.4% |
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
Viewing 77 of 77
Reflections: Risk
How we identify leading high-growth companies by blending deep fundamental analysis with strategic insights.
Webinar: Why growth? Why now?
Partners Tim Garratt and Stuart Dunbar identify signs of emerging growth.
Reflections: A robotic reality
From surgery to warehouses, discover how robotics are redefining efficiency and innovation in 2024.
The opportunity in risk: LTGG Q1 2024
How the LTGG team searches for companies willing to take bold risks to become future leaders.
Algorithmic alchemy: investing with optimism in AI
How artificial intelligence creates growth opportunities and ways for us to serve you better.
Long Term Global Growth Q1 update
The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
LTGG Stewardship Report 2023
For the year ended December 2023.
Reflections: The year of the dragon
LTGG investment manager Mark Urquhart reflects on his recent trip to China.
Long Term Global Growth Strategy
Investment manager, Mark Urquhart, discusses the Baillie Gifford Long Term Global Growth Strategy.
Reflections: Llama mile
How the ecommerce giant is slashing delivery times with innovation and an unlikely courier fleet
Transformations
The LTGG Team explore themes that will be key to the next 20 years of transformational growth.
Long Term Global Growth Q4 update
The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?
LTGG’s 2023 year-end review
Was 2023 the year that saw transformational growth stories resume their conquest?
The 3 traits of great growth stocks
Why real-world problem solving, financial discipline and adaptability are critical to growth.
Reflections: Illumina
Why we sold Illumina after more than a decade in the portfolio.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
Reflections: Solar innovations
Enphase's role in the solar revolution and the potential for long-term growth.
A net zero initiative update
A reflection on Baillie Gifford’s commitment to the climate transition.
LTGG third quarter 2023 update
A look at portfolio performance over the recent quarter-end.
Long Term Global Growth Q3 update
The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
Reflections: from biologics to branded fashion
In this monthly update, the team discusses recent research visits to WuXi, Symbotic and Moncler.
Reflections: NVIDIA - chipping away at success
Following a successful quarter, the LTGG team consider the future of NVIDIA.
Growth investing across decades
Mark Urquhart discusses the science and art of picking growth stocks with enduring potential.
Long Term Global Growth Q2 update
The Long Term Global Growth team reflects on recent performance, portfolio changes, and market developments.
Reflections: Jevons paradox - a case for Samsara
How Samsara's data-driven insights help its customers optimise their business operations.
Long Term Global Growth Q1 investment update
Long Term Global Growth Team reflects on recent performance, portfolio changes, and market developments.
Quarterly Review
LTGG review the first quarter of 2023 and the engines of change.
Reflections: Catch-22 Earnings
Does the market under-appreciate the impact of intangible investments?
Reflections: Rising from the ashes
An investment portfolio update explaining why holdings have thrived despite economic chaos.
LTGG investor update – January 2023
LTGG’s Stewart Hogg and Gemma Barkhuizen on volatility, business culture, and the long-term view.
MercadoLibre: a lesson in innovation
Investment manager Lawrence Burns talks to MercadoLibre’s CFO Pedro Arnt.
Reflections: Shifting shades of grey
Short-term, many companies seem grey and similar. But patience will reveal colourful outliers.
LTGG quarterly commentary
A look at recent macroeconomic factors and performance and considerations for the future.
Reflections: Operational growth hurdles
Why growth is still possible in hard times.
ASML: advancing chips to new limits
The Dutch firm driving progress by making it possible to create more intricate computer chips.
The changing face of advertising
With data at the heart of digital advertising, advertising businesses now come in many forms.
Reflections: Engines of growth
Understanding why certain ideas lead to growth can boost the chances of outperformance.
LTGG: climate progress update
Positive progress from a number of portfolio companies.
LTGG: our companies’ character
An LTGG ESG update.
Reflections: LTGG on tour
What do we learn from meeting management teams? That it’s good to be on the road again.
Reflections: The fight for your free time
Disruptive change within the entertainment world creates a wealth of opportunity.
Reflections: Company check in
We met holdings to track their progress as well as scouting out potential additions to the portfolio.
Reflections: Second quarter 2022
Sailing in the Roaring Forties.
LTGG Manager Update
The LTGG Team share their thoughts on what’s currently going on in the markets, what worries them and what they are excited about for the next 5-10 years.
Reflections: Sea Ltd
LTGG unpacks the potential of a new holding in the fintech and gaming space.
Jumpers in the hot wash
Tim Garratt considers how we value exciting businesses and reflects on what we lose when we fail to imagine.
Reflections: The future of synthetic biology
How Ginkgo Bioworks is making advances in computing and DNA engineering.
Reflections: A look back on Q1
The LTGG team consider recent performance and the long-term outlook for the fund.
Reflections: Roblox
New holding, Roblox, aims to bring the world together through play. The LTGG Team take a closer look.
Reflections: On short-term drawdowns
The LTGG team on short-term drawdowns and investing in era-defining companies.
Long Term Global Growth: Team evolution
Scott Nisbet interviews the Long Term Global Growth decision-makers discussing volatility, inflation, interest rates, China and portfolio holdings: Roblox, SEA, Moderna and Coupang.
ESG collaborations
Looking before we leap into industry initiatives.
Reflections: Affirm
The LTGG team take a closer look at how Affirm plan to transform the consumer credit industry.
ESG data: Filling in the gaps
LTGG is making efforts to improve environmental, social and governance metrics.
Reflections: The return of the tartan army
LTGG on demanding huge returns, backing companies that rip up the rule books, and looking to the future.
Rules of the game
Regulation and what we look for in companies’ responses.
Working it out
Adapting to the changing expectations of staff and society.
Inside and out
A focus on diversity and inclusion can result in competitive advantage.
China’s gen Z+
How the digital natives’ wants and needs create opportunities for forward-thinking Chinese companies.
Staying engaged
What company engagement means to us.
The anatomy of outliers
What characteristics do outperforming stocks have in common and how does the LTGG portfolio stack up?
Leading the charge
We reveal the research behind one of the highest-profile investments in Baillie Gifford’s 113-year history.
Navigating noise
Navigating Noise, a video series brought to you by the Long Term Global Growth team, seeks to gather and share some of the thinking we find so valuable when investing for the long term.
A View from the Midst of the Pandemic
Technological developments over recent decades mean reality has outpaced the science fiction of his youth since Mark Urquhart joined Baillie Gifford almost 25 years ago.
AI: Learning on the job
Dubbed the new electricity, artificial intelligence is intrinsic to the strategy and operations of many companies in the Long Term Global Growth portfolio.
Footprints and first steps
Mike Berners-Lee helps us to reassess how we calculate the environmental impact of the holdings within the LTGG portfolio.
Lessons from the Sonoran Desert
‘Lessons from the Sonoran Desert’ explores further the pioneering work of Professor Hendrik Bessembinder at Arizona State University, whose heroic feat of global number-crunching revealed extraordinary things about the nature of company returns.
Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2020 issue.
LTGG XV
The evolution of LTGG over the first 15 years.
Looking back going forward
In the latest edition of Looking Back Going Forward, John MacDougall looks back over the 15 years of Long Term Global Growth's history, reflecting on some of the holdings that have performed best, and the varied paths their share prices have followed.
Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2018 issue,
Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2018 issue.
Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2017 issue.
Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2017 issue.
Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2016 issue.
Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2016 issue.
Long Term Global Growth Q1 update
The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
Reflections: Risk
How we identify leading high-growth companies by blending deep fundamental analysis with strategic insights.Webinar: Why growth? Why now?
Partners Tim Garratt and Stuart Dunbar identify signs of emerging growth.Reflections: A robotic reality
From surgery to warehouses, discover how robotics are redefining efficiency and innovation in 2024.The opportunity in risk: LTGG Q1 2024
How the LTGG team searches for companies willing to take bold risks to become future leaders.Algorithmic alchemy: investing with optimism in AI
How artificial intelligence creates growth opportunities and ways for us to serve you better.Long Term Global Growth Q1 update
The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.LTGG Stewardship Report 2023
For the year ended December 2023.Reflections: The year of the dragon
LTGG investment manager Mark Urquhart reflects on his recent trip to China.Long Term Global Growth Strategy
Investment manager, Mark Urquhart, discusses the Baillie Gifford Long Term Global Growth Strategy.Reflections: Llama mile
How the ecommerce giant is slashing delivery times with innovation and an unlikely courier fleetTransformations
The LTGG Team explore themes that will be key to the next 20 years of transformational growth.Long Term Global Growth Q4 update
The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?LTGG’s 2023 year-end review
Was 2023 the year that saw transformational growth stories resume their conquest?The 3 traits of great growth stocks
Why real-world problem solving, financial discipline and adaptability are critical to growth.Reflections: Illumina
Why we sold Illumina after more than a decade in the portfolio.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.Reflections: Solar innovations
Enphase's role in the solar revolution and the potential for long-term growth.A net zero initiative update
A reflection on Baillie Gifford’s commitment to the climate transition.LTGG third quarter 2023 update
A look at portfolio performance over the recent quarter-end.Long Term Global Growth Q3 update
The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.Reflections: from biologics to branded fashion
In this monthly update, the team discusses recent research visits to WuXi, Symbotic and Moncler.Reflections: NVIDIA - chipping away at success
Following a successful quarter, the LTGG team consider the future of NVIDIA.Growth investing across decades
Mark Urquhart discusses the science and art of picking growth stocks with enduring potential.Long Term Global Growth Q2 update
The Long Term Global Growth team reflects on recent performance, portfolio changes, and market developments.Reflections: Jevons paradox - a case for Samsara
How Samsara's data-driven insights help its customers optimise their business operations.Long Term Global Growth Q1 investment update
Long Term Global Growth Team reflects on recent performance, portfolio changes, and market developments.Quarterly Review
LTGG review the first quarter of 2023 and the engines of change.Reflections: Catch-22 Earnings
Does the market under-appreciate the impact of intangible investments?Reflections: Rising from the ashes
An investment portfolio update explaining why holdings have thrived despite economic chaos.LTGG investor update – January 2023
LTGG’s Stewart Hogg and Gemma Barkhuizen on volatility, business culture, and the long-term view.MercadoLibre: a lesson in innovation
Investment manager Lawrence Burns talks to MercadoLibre’s CFO Pedro Arnt.Reflections: Shifting shades of grey
Short-term, many companies seem grey and similar. But patience will reveal colourful outliers.LTGG quarterly commentary
A look at recent macroeconomic factors and performance and considerations for the future.Reflections: Operational growth hurdles
Why growth is still possible in hard times.ASML: advancing chips to new limits
The Dutch firm driving progress by making it possible to create more intricate computer chips.The changing face of advertising
With data at the heart of digital advertising, advertising businesses now come in many forms.Reflections: Engines of growth
Understanding why certain ideas lead to growth can boost the chances of outperformance.LTGG: climate progress update
Positive progress from a number of portfolio companies.LTGG: our companies’ character
An LTGG ESG update.Reflections: LTGG on tour
What do we learn from meeting management teams? That it’s good to be on the road again.Reflections: The fight for your free time
Disruptive change within the entertainment world creates a wealth of opportunity.Reflections: Company check in
We met holdings to track their progress as well as scouting out potential additions to the portfolio.Reflections: Second quarter 2022
Sailing in the Roaring Forties.LTGG Manager Update
The LTGG Team share their thoughts on what’s currently going on in the markets, what worries them and what they are excited about for the next 5-10 years.Reflections: Sea Ltd
LTGG unpacks the potential of a new holding in the fintech and gaming space.Jumpers in the hot wash
Tim Garratt considers how we value exciting businesses and reflects on what we lose when we fail to imagine.Reflections: The future of synthetic biology
How Ginkgo Bioworks is making advances in computing and DNA engineering.Reflections: A look back on Q1
The LTGG team consider recent performance and the long-term outlook for the fund.Reflections: Roblox
New holding, Roblox, aims to bring the world together through play. The LTGG Team take a closer look.Reflections: On short-term drawdowns
The LTGG team on short-term drawdowns and investing in era-defining companies.Long Term Global Growth: Team evolution
Scott Nisbet interviews the Long Term Global Growth decision-makers discussing volatility, inflation, interest rates, China and portfolio holdings: Roblox, SEA, Moderna and Coupang.ESG collaborations
Looking before we leap into industry initiatives.Reflections: Affirm
The LTGG team take a closer look at how Affirm plan to transform the consumer credit industry.ESG data: Filling in the gaps
LTGG is making efforts to improve environmental, social and governance metrics.Reflections: The return of the tartan army
LTGG on demanding huge returns, backing companies that rip up the rule books, and looking to the future.Rules of the game
Regulation and what we look for in companies’ responses.Working it out
Adapting to the changing expectations of staff and society.Inside and out
A focus on diversity and inclusion can result in competitive advantage.China’s gen Z+
How the digital natives’ wants and needs create opportunities for forward-thinking Chinese companies.Staying engaged
What company engagement means to us.The anatomy of outliers
What characteristics do outperforming stocks have in common and how does the LTGG portfolio stack up?Leading the charge
We reveal the research behind one of the highest-profile investments in Baillie Gifford’s 113-year history.Navigating noise
Navigating Noise, a video series brought to you by the Long Term Global Growth team, seeks to gather and share some of the thinking we find so valuable when investing for the long term.A View from the Midst of the Pandemic
Technological developments over recent decades mean reality has outpaced the science fiction of his youth since Mark Urquhart joined Baillie Gifford almost 25 years ago.AI: Learning on the job
Dubbed the new electricity, artificial intelligence is intrinsic to the strategy and operations of many companies in the Long Term Global Growth portfolio.Footprints and first steps
Mike Berners-Lee helps us to reassess how we calculate the environmental impact of the holdings within the LTGG portfolio.Lessons from the Sonoran Desert
‘Lessons from the Sonoran Desert’ explores further the pioneering work of Professor Hendrik Bessembinder at Arizona State University, whose heroic feat of global number-crunching revealed extraordinary things about the nature of company returns.Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2020 issue.LTGG XV
The evolution of LTGG over the first 15 years.Looking back going forward
In the latest edition of Looking Back Going Forward, John MacDougall looks back over the 15 years of Long Term Global Growth's history, reflecting on some of the holdings that have performed best, and the varied paths their share prices have followed.Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2018 issue,Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2018 issue.Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2017 issue.Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2017 issue.Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2016 issue.Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2016 issue.
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
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