Capital at risk

Investment strategy

Global Alpha

Our core task is the identification and patient, engaged ownership of companies with the potential to deliver superior but underappreciated earnings growth. We are flexible and open-minded in seeking these opportunities, aware of the ways growth can be achieved. Our research draws on the work and insights of the entire Baillie Gifford investment floor.

Woman paddleboarding on Sylvenstein lake, Germany.

Recognising valuable diversity

An ambitious approach to investing in growth companies with exceptional potential from right across the spectrum of opportunity. Our philosophy is to make long-term investments in well-managed businesses with sustainable competitive advantages. 

Global Alpha: our philosophy

Investment manager Helen Xiong introduces Global Alpha, reflecting on the exciting opportunities ahead.

A truly global outlook

We aim to identify companies that can grow their earnings at a superior rate to the market over sustained periods, with great potential that is not reflected in their price. As share prices are ultimately driven by earnings growth, this approach underpins our objective to deliver returns 2 per cent to 3 per cent per annum ahead of the benchmark over rolling five-year periods, before the deduction of fees. The resulting portfolio of around 90 holdings represents the most attractive opportunities from across the growth spectrum at any point in time. 

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 portfolio of potential

We embrace the diversity of growth available to us, splitting the portfolio across our three growth profiles compounders, disruptors and capital allocators. The compounders profile looks to benefit from the underappreciated power of the long-term compounding of earnings. In disruptors, we seek to identify earlier-stage companies with the potential for major success. Capital allocators back skilled management teams, often in cyclical industries. 

At the heart of Global Alpha’s patient approach to long-term capital growth lies our belief in diversity. We don’t rely on a single definition of what ‘growth’ means.
Spencer Adair

Meet the managers

Documents

Philosophy and process

Explore our investment philosophy and the processes around how the Global Alpha team construct the portfolio through its three key growth profiles (compounders, disruptors and capital allocators).

Quarterly update

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

Global Alpha Research Agenda 2023

How can we invest in quality companies with the potential to generate sustainable returns in a changing market?

Important information

Please remember that all investment strategies have the potential for profit and loss and your or your clients’ capital may be at risk.
 
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