Capital at risk

Investment strategy

EAFE Plus All Cap

Our philosophy is based on three core beliefs: that superior profit growth leads to outperformance in the long run, that fundamental analysis enables exploitation of market inefficiencies and that share prices reflect fundamentals over the long term. 

The sun shines above the mountain peaks of GLencoe, Scotland

Active growth for 30 years

An international portfolio supported by firmwide research and that follows a consistent investment philosophy and process. We believe that stock markets have a recurring tendency to underappreciate the value of long-term compound growth. 

International All Cap Q3 update

Investment manager Iain Campbell reflects on recent performance, portfolio changes and market developments.

Different from the market

We look to invest in businesses that exhibit some combination of sustained, above-average growth and strong competitive advantage, such as superior profit margins or returns on invested capital.  

We aim to take advantage of this by investing with a minimum time horizon of five years in mind, a period that we think is long enough for share price moves to reflect the economic value of the underlying assets. 

Our philosophy and approach aim to offer strong tailwinds to growth and attractive returns and is aligned management teams. 

Enduring strategy

Embracing different types of growth results in an eclectic mix of businesses. We aim for a balance of growth, quality and resilience. 

We also take great pride in drawing from firmwide research to bring the best international ideas to the portfolio.  

The strategy’s 33-year track record has outlived personnel changes by following a consistent investment philosophy.

The result of our bottom-up stock picking approach is a portfolio that is tilted towards the lower end of the benchmark’s market cap range. We think this is a fertile hunting ground for focused, well-run growth companies.

We are long-term in our approach and focused on identifying the structural growth drivers that could deliver strong returns for our clients over the coming decades.
Joe Faraday

Meet the managers

Documents

Stewardship report

Find out about our conversations with portfolio companies, shareholder vote activity and consideration of environmental, social and governance matters.

View PDF

Philosophy and process

Explore our investment philosophy and the processes around how the team constructs the portfolio.

View PDF

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.

Strategy portfolio holdings

A list of the top 10 holdings that the representative portfolio invests in.

All figures up to: 31 October 2025

#Holding% of total assets
1TSMC3.52
2United Overseas Bank3.39
3Investor2.91
4ASML2.77
5AIA2.44
6Roche2.31
7Unilever2.22
8LVMH2.21
9TotalEnergies2.15
10Assa Abloy2.13

Strategy holdings by sector

All figures up to: 31 October 2025

Total: 100%

Strategy holdings by region

All figures up to: 31 October 2025

Total: 100%

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:

Filters

Insights

Viewing 29 of 29
  1. International viewpoints: the quality derating

    Why overlooked quality businesses with competitive moats compound returns through any cycle.
    December 2025
    Article4 minutes
  2. SMC: Stock Story

    Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.
    November 2025
    Video0 minute
  3. Adyen: Stock Story

    Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
    November 2025
    Video4 minutes
  4. 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.
    November 2025
    Article4 minutes
  5. 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.
    October 2025
    Article4 minutes
  6. International All Cap Q3 update

    Investment manager Iain Campbell reflects on recent performance, portfolio changes and market developments.
    October 2025
    Video8 minutes
  7. International All Cap Q3 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    October 2025
    Article
  8. 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.
    September 2025
    Article3 minutes
  9. 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?
    August 2025
    Article3 minutes
  10. International viewpoints: digital disruptors

    MercadoLibre and Sea Ltd are examples of underappreciated digital disruptors driving global growth.
    June 2025
    Article3 minutes
  11. International All Cap Q2 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    July 2025
    Article8 minutes
  12. International All Cap Q2 update

    Investment manager Joe Faraday reflects on recent performance, portfolio changes and market developments.
    July 2025
    Video6 minutes
  13. group walking on snowy mountain

    Beyond the familiar: the case for international

    Discover how venturing into unexplored investment territory is yielding hidden gems.
    May 2025
    Article6 minutes
  14. A new age of discovery: the case for international

    Explore how international equities offer unique opportunities in transformative markets.
    May 2025
    Video15 minutes
  15. “”

    Actual investing revisited

    In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
    May 2025
    ArticleLong read
  16. International All Cap Q1 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Video9 minutes
  17. International All Cap Q1 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Article9 minutes
  18. Atlas Copco: Stock Story

    Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
    March 2025
    Video3 minutes
  19. ASML: Stock Story

    Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
    March 2025
    Video3 minutes
  20. A digitally generated image of multi-coloured glowing data points floating on dark waves.

    A long-term manifesto, revisited

    Why exceptional growth companies must be brave enough to ignore short-term market pressures.
    February 2025
    Article10 minutes
  21. International All Cap Q4 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Video11 minutes
  22. International All Cap Q4 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article8 minutes
  23. Saving when sending abroad: a Wise move

    With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world.
    October 2024
    Article4 minutes
  24. Wise: Money Without Borders

    Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.
    October 2024
    Video37 minutes
  25. Investment specialist Thomas Hodges

    Our best ideas in Europe

    Thomas Hodges uses Lonza, Topicus and Soitec to illustrate why Europe is more exciting than headlines suggest.
    September 2024
    Video3 minutes
  26. Wise: Growing global money transfers

    Charting rising cross-border money payments and the opportunity for remittance service Wise.
    August 2024
    Article6 minutes
  27. Tilting the odds in your favour

    The Magnificent Seven’s reputation goes before them but that’s not enough to save them.
    April 2024
    Article8 minutes
  28. Ashtead: hiding in plain sight

    This little-known equipment rental company is one of the UK’s most exciting growth stories.
    December 2023
    Article5 minutes
  29. Why growth, why now?

    Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
    December 2023
    Article17 minutes

International All Cap Q3 update

Investment manager Iain Campbell reflects on recent performance, portfolio changes and market developments.

  1. International viewpoints: the quality derating

    Why overlooked quality businesses with competitive moats compound returns through any cycle.
    December 2025
    Article4 minutes
  2. SMC: Stock Story

    Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.
    November 2025
    Video0 minute
  3. Adyen: Stock Story

    Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
    November 2025
    Video4 minutes
  4. 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.
    November 2025
    Article4 minutes
  5. 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.
    October 2025
    Article4 minutes
  6. International All Cap Q3 update

    Investment manager Iain Campbell reflects on recent performance, portfolio changes and market developments.
    October 2025
    Video8 minutes
  7. International All Cap Q3 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    October 2025
    Article
  8. 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.
    September 2025
    Article3 minutes
  9. 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?
    August 2025
    Article3 minutes
  10. International viewpoints: digital disruptors

    MercadoLibre and Sea Ltd are examples of underappreciated digital disruptors driving global growth.
    June 2025
    Article3 minutes
  11. International All Cap Q2 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    July 2025
    Article8 minutes
  12. International All Cap Q2 update

    Investment manager Joe Faraday reflects on recent performance, portfolio changes and market developments.
    July 2025
    Video6 minutes
  13. group walking on snowy mountain

    Beyond the familiar: the case for international

    Discover how venturing into unexplored investment territory is yielding hidden gems.
    May 2025
    Article6 minutes
  14. A new age of discovery: the case for international

    Explore how international equities offer unique opportunities in transformative markets.
    May 2025
    Video15 minutes
  15. “”

    Actual investing revisited

    In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
    May 2025
    ArticleLong read
  16. International All Cap Q1 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Video9 minutes
  17. International All Cap Q1 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Article9 minutes
  18. Atlas Copco: Stock Story

    Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
    March 2025
    Video3 minutes
  19. ASML: Stock Story

    Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
    March 2025
    Video3 minutes
  20. A digitally generated image of multi-coloured glowing data points floating on dark waves.

    A long-term manifesto, revisited

    Why exceptional growth companies must be brave enough to ignore short-term market pressures.
    February 2025
    Article10 minutes
  21. International All Cap Q4 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Video11 minutes
  22. International All Cap Q4 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article8 minutes
  23. Saving when sending abroad: a Wise move

    With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world.
    October 2024
    Article4 minutes
  24. Wise: Money Without Borders

    Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.
    October 2024
    Video37 minutes
  25. Investment specialist Thomas Hodges

    Our best ideas in Europe

    Thomas Hodges uses Lonza, Topicus and Soitec to illustrate why Europe is more exciting than headlines suggest.
    September 2024
    Video3 minutes
  26. Wise: Growing global money transfers

    Charting rising cross-border money payments and the opportunity for remittance service Wise.
    August 2024
    Article6 minutes
  27. Tilting the odds in your favour

    The Magnificent Seven’s reputation goes before them but that’s not enough to save them.
    April 2024
    Article8 minutes
  28. Ashtead: hiding in plain sight

    This little-known equipment rental company is one of the UK’s most exciting growth stories.
    December 2023
    Article5 minutes
  29. Why growth, why now?

    Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
    December 2023
    Article17 minutes

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

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.