Capital at risk

Investment strategy

Health Innovation

Healthcare is undergoing monumental change. Perhaps more than any other sector, it offers extreme payoffs for those seeking long-term disruptive investments. Companies developing technologies that improve outcomes for large numbers of patients can grow exponentially. Our quest is to own those rare firms for long periods while they transform the full value chain of human health.  

Abstract depiction of DNA against a dark blue background.

Radical change, radical possibilities

The future of human health is radically changing. We aim to find and invest in companies addressing society’s biggest problems to make healthcare more efficient and accessible, in turn generating strong long-term returns for our clients.  

Health Innovation Strategy

Investment manager, Julia Angeles, discusses the Baillie Gifford Health Innovation Strategy.

Driving transformation

Our objective is to deliver +3 per cent (gross fees) against the MSCI ACWI on a rolling five-year basis by investing in the companies which are driving the transformation of healthcare, from diagnosis and treatment to efficiency and access.  

Our approach is agnostic to sector and benchmark composition. We aim to find and own those few companies that really matter in the theme and hold them in a concentrated portfolio of 25-50 names over the long term, generally for five years or more.   

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.

Different than the average

This is not just another healthcare sector fund. We are not restricted to the MSCI World Health Care Index – our opportunity set is much broader than that. This is a thematic fund. We are experiencing a great convergence of science and technology, and we are seeking the transformative companies at the heart of this. 

That's why we think we can offer something different. This approach isn't new to Baillie Gifford; we have been investing in innovation since our inception in 1908, and today close to 15 per cent of our clients’ assets are invested in leading healthcare companies.

Most of the exorbitant costs of healthcare today are associated with care that is not transformative and not personalised. It's clear that this model is unsustainable.
Marina Record

Meet the managers

Documents

Philosophy and process

Explore our investment process and idea generation as our Health Innovation investors believe it’s time to rethink what the term healthcare means.

Quarterly update

Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting. 

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: 29 February 2024

#Holding% of portfolio
1ShockWave Medical6.6%
2Moderna6.1%
3Genmab5.9%
4argenx5.5%
5Ambu 5.2%
6Dexcom5.0%
7Sartorius Group4.9%
8Edwards Lifesciences4.8%
9ALK-Abello4.6%
10Alnylam Pharmaceuticals4.2%

Strategy holdings by country

All figures up to: 29 February 2024

1North America63.90%
2Europe (ex UK)29.20%
3Emerging Markets2.50%
4Developed Asia Pacific2.50%
5UK1.20%
6Cash0.70%
Total 100%

Strategy holdings by country

All figures up to: 29 February 2024

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 16 of 16
  1. Five years of the Health Innovation Strategy

    A deep dive into five years of the Health Innovation Strategy and the progress made within healthcare.
    March 2024
    Video43 minutes
  2. Moderna: designing drugs on a computer

    Can scientists meet unmet health needs by writing code to help the body heal itself?
    January 2024
    Article4 minutes
  3. Health Innovation Q4 update

    The Health Innovation Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video13 minutes
  4. 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
  5. Health Innovation Q3 update

    The Health Innovation Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video15 minutes
  6. Health Innovation Strategy

    Investment manager, Julia Angeles, discusses the Baillie Gifford Health Innovation Strategy.
    September 2023
    Video3 minutes
  7. Health Innovation Q2 update

    The Health Innovation team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video11 minutes
  8. Sustainable investing in the health sector

    The Health Innovation team on ESG, the future of medicine and making a positive global impact.
    February 2023
    DocumentLong read
  9. A dose of innovation

    Your money or your health. Marina Record asks if society is ready to pay for health innovation.
    December 2022
    Article
  10. Disrupting heart disease

    Rose Nguyen on the companies seeking to overcome the scourge of heart disease.
    November 2022
    Podcast23 minutes
  11. Solving the antimicrobial crisis

    If we don’t tackle the AMR crisis now, it could be the world’s biggest killer by 2050.
    November 2022
    Article
  12. Transforming the future of healthcare

    Supporting companies with the potential to transform the field of healthcare and generate attractive returns.
    August 2022
    Video5 minutes
  13. Health Innovation: impact and ESG

    Why the forthcoming Health Innovation Impact Strategy should focus minds.
    January 2022
    Article
  14. Investing in exceptional biotech

    Drugs with fewer side effects, reprogramming the immune system and more from the Health Innovation Team.
    January 2022
    Podcast44 minutes
  15. Breaking the biotech model

    Could the messenger RNA vaccines deployed against Covid, help fight cancer and other diseases? After a year of crisis, Julia Angeles, co-manager of Baillie Gifford’s Health Innovation Fund, looks at the positive signs.
    April 2021
    Video15 minutes
  16. Health Innovation: it’s time to rethink what the word ‘healthcare’ means

    We are in an era of great convergence. The Health Innovation strategy seeks to support this era of change by looking out for innovative and pioneering companies that have the potential to bring substantial improvements to human health and healthcare systems.
    July 2020
    Video0 minute

Health Innovation Q4 investment update

Investment manager Julia Angeles and investment specialist Diana Philip give an update on the Health Innovation Strategy covering Q4 2023.

Related insights

  1. Five years of the Health Innovation Strategy

    A deep dive into five years of the Health Innovation Strategy and the progress made within healthcare.
    March 2024
    Video43 minutes
  2. Moderna: designing drugs on a computer

    Can scientists meet unmet health needs by writing code to help the body heal itself?
    January 2024
    Article4 minutes
  3. Health Innovation Q4 update

    The Health Innovation Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video13 minutes
  4. 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
  5. Health Innovation Q3 update

    The Health Innovation Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video15 minutes
  6. Health Innovation Strategy

    Investment manager, Julia Angeles, discusses the Baillie Gifford Health Innovation Strategy.
    September 2023
    Video3 minutes
  7. Health Innovation Q2 update

    The Health Innovation team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video11 minutes
  8. Sustainable investing in the health sector

    The Health Innovation team on ESG, the future of medicine and making a positive global impact.
    February 2023
    DocumentLong read
  9. A dose of innovation

    Your money or your health. Marina Record asks if society is ready to pay for health innovation.
    December 2022
    Article
  10. Disrupting heart disease

    Rose Nguyen on the companies seeking to overcome the scourge of heart disease.
    November 2022
    Podcast23 minutes
  11. Solving the antimicrobial crisis

    If we don’t tackle the AMR crisis now, it could be the world’s biggest killer by 2050.
    November 2022
    Article
  12. Transforming the future of healthcare

    Supporting companies with the potential to transform the field of healthcare and generate attractive returns.
    August 2022
    Video5 minutes
  13. Health Innovation: impact and ESG

    Why the forthcoming Health Innovation Impact Strategy should focus minds.
    January 2022
    Article
  14. Investing in exceptional biotech

    Drugs with fewer side effects, reprogramming the immune system and more from the Health Innovation Team.
    January 2022
    Podcast44 minutes
  15. Breaking the biotech model

    Could the messenger RNA vaccines deployed against Covid, help fight cancer and other diseases? After a year of crisis, Julia Angeles, co-manager of Baillie Gifford’s Health Innovation Fund, looks at the positive signs.
    April 2021
    Video15 minutes

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.