Capital at risk

Investment strategy

Pan Europe

Europe has no shortage of fantastic companies; it just takes a deeper look to find them.  

These companies can typically grow revenues faster than peers, expand their profit margins, have sustainable competitive advantages and are managed by exceptional capital allocators. By investing in them, we hope to deliver long-term capital appreciation for our clients. 

Electronics workers in clean room assembling electronic components.

Europe’s most exciting companies

We don’t want to own a collection of slightly better-than-average companies, instead we aspire to own Europe’s ‘outliers’ – special companies which have the potential to return a multiple of our investment. 

European Equities: our philosophy

Investment manager Stephen Paice introduces European Equities, reflecting on the exciting opportunities ahead.

Searching for the best opportunities

Our objective is to outperform the MSCI Europe ex UK index by 2 to 3 per cent per annum over rolling five-year periods. We construct our portfolios according to where we think the best opportunities are, looking for the European outliers that we believe have significant potential. 

We are focused on investing for the long-term. All our thinking about stocks is based on what we think might happen over the next 5-10 years because outsized returns generally don’t happen overnight.

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.

Standing out from the crowd

We do not construct our portfolios in relation to the benchmark. As a result, we typically have a very high active share and look different to many of our peers. We think this gives us the best chance to deliver on our performance objectives for clients. 

We construct portfolios of 30-50 companies that we think have large growth opportunities. 

We know that a small number of companies tend to drive market and portfolio returns, but you have to be patient for compounding to work its magic.
Chris Davies

Meet the managers

Documents

Philosophy and process

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

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: 31 March 2024

#Holding% of portfolio
1Schibsted4.2%
2Ryanair3.8%
3Prosus3.8%
4Topicus.com3.7%
5Hypoport 3.7%
6ASML3.6%
7Games Workshop3.3%
8Atlas Copco3.2%
9Reply3.0%
10Sartorius Stedim Biotech2.8%

Strategy holdings by sector

All figures up to: 31 March 2024

1Industrials24.20%
2Consumer Discretionary20.40%
3Information Technology18.10%
4Financials16.70%
5Health Care11.60%
6Communication Services8.20%
7Cash0.70%
Total 100%

Strategy holdings by sector

All figures up to: 31 March 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 12 of 12
  1. European Equities Q1 update

    The European Equities Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video11 minutes
  2. Moncler: from mountain to street

    How the outerwear pioneer innovated its way into the fashion elite.
    March 2024
    Article4 minutes
  3. European Equities Q4 update

    The European Equities Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video14 minutes
  4. HelloFresh: changing how people eat forever

    HelloFresh’s CEO explains the art and science of meal kit delivery at a global scale.
    December 2023
    Article
  5. 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
  6. A net zero initiative update

    A reflection on Baillie Gifford’s commitment to the climate transition.
    November 2023
    Article
  7. European Equities Q3 update

    The European Equities Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video12 minutes
  8. Pan Europe Stewardship Report

    Discover the tipping points and transformation stories in Europe’s energy transmission.
    September 2023
    Document
  9. European Equities

    Investment manager, Stephen Paice, discusses the Baillie Gifford approach to European Equities.
    September 2023
    Video3 minutes
  10. Europe: why now?

    Chris Davies is joined by Thomas Hodges to discuss why he sees reasons for optimism in European equities, and why he believes now is the time to start paying attention.
    October 2022
    Video34 minutes
  11. Pan Euro Stewardship Report

    For the year to 31 December 2021.
    May 2022
    Document
  12. Resurgence of European ambition

    Head of European Equities Stephen Paice explains why investors should evolve their mindsets in order to capture the growth opportunity in Europe.
    October 2021
    Video27 minutes

European Equities Q1 investment update

The European Equities Team reflects on recent performance, portfolio changes and market developments over the last quarter.

Related insights

  1. European Equities Q1 update

    The European Equities Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video11 minutes
  2. Moncler: from mountain to street

    How the outerwear pioneer innovated its way into the fashion elite.
    March 2024
    Article4 minutes
  3. European Equities Q4 update

    The European Equities Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video14 minutes
  4. HelloFresh: changing how people eat forever

    HelloFresh’s CEO explains the art and science of meal kit delivery at a global scale.
    December 2023
    Article
  5. 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
  6. A net zero initiative update

    A reflection on Baillie Gifford’s commitment to the climate transition.
    November 2023
    Article
  7. European Equities Q3 update

    The European Equities Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video12 minutes
  8. Pan Europe Stewardship Report

    Discover the tipping points and transformation stories in Europe’s energy transmission.
    September 2023
    Document
  9. European Equities

    Investment manager, Stephen Paice, discusses the Baillie Gifford approach to European Equities.
    September 2023
    Video3 minutes
  10. Europe: why now?

    Chris Davies is joined by Thomas Hodges to discuss why he sees reasons for optimism in European equities, and why he believes now is the time to start paying attention.
    October 2022
    Video34 minutes
  11. Pan Euro Stewardship Report

    For the year to 31 December 2021.
    May 2022
    Document
  12. Resurgence of European ambition

    Head of European Equities Stephen Paice explains why investors should evolve their mindsets in order to capture the growth opportunity in Europe.
    October 2021
    Video27 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.

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

Please remember that all investment strategies have the potential for profit and loss and your or your clients’ capital may be at risk.
 
The information on this Website is issued by Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港)有限公司 (the “Company”) which is licensed by the Securities and Futures Commission of Hong Kong (the “SFC”) under the Securities and Futures Ordinance (“SFO”) for Type 1 (Dealing in Securities) and a Type 2 (Dealing in Futures Contracts) regulated activities with CE Number BGB803. It allows the Company to market and distribute the Baillie Gifford’s range of collective investment schemes to Professional Investors (as defined by the SFO) in Hong Kong.
 
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This website is informative only and the information provided should not be considered as investment or other advice or a recommendation or offer to buy, sell or hold a particular investment. You can read details of our Legal and Important Information here. 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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Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港)有限公司 is incorporated in Hong Kong.  The Company’s principal place of business is Suites 2713-2715 Two International Finance Centre, 8 Finance Street, Central, Hong Kong . Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港)有限公司 is a wholly owned subsidiary of Baillie Gifford Overseas Limited, which is wholly owned by Baillie Gifford & Co. Baillie Gifford Overseas Limited and Baillie Gifford & Co are authorised and regulated in the UK by the Financial Conduct Authority.