Overview
Investment proposition
The Fund invests in an actively managed portfolio of stocks from around the world with the intention of delivering significantly higher total returns than the MSCI ACWI Index. We focus on companies which we believe offer above average profit growth and we invest with a long-term (5 year) perspective. The Fund's three dedicated investment managers draw on a combination of their own investment ideas and those of our various investment teams to produce a portfolio that typically holds 70-120 stocks.
Share price and charges
Share class
B, Acc, USDNAV per share
34.96% change
-0.89%Ongoing charges*
0.65%Initial charge
0%Fund facts
As at: 30 April 2026
Current number of holdings
85
Guideline number of holdings
70-120
Benchmark
MSCI ACWI Index
Active share
80%**
Annual turnover
33%
Fund launch date
9 July 2012
Style
Long-term, bottom up growth
Fund Settlement Cycle
Trade date plus two business days (T+2)
Fund size calculated using base currency in Euro and converted into listed currencies. **Relative to MSCI ACWI Index. Source: Baillie Gifford & Co, MSCI.
Meet the managers
Risks
General Investment Risk
Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested. The specific risks associated with the Fund include:
Custody
Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Emerging Markets
The Fund invests in emerging markets where difficulties in trading could arise, resulting in a negative impact on the value of your investment.
Foreign Currency
The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.
Environmental, Social and Governance
The Fund's approach to Environmental, Social and Governance (ESG) means it cannot invest in certain sectors and companies. The universe of available investments will be more limited than other funds that do not apply such criteria/ exclusions, therefore the Fund may have different returns than a fund which has no such restrictions. Data used to apply the criteria may be provided by third party sources and is based on backward-looking analysis and the subjective nature of non-financial criteria means a wide variety of outcomes are possible. There is a risk that data provided may not adequately address the underlying detail around material non-financial considerations. Please consider all of the characteristics and objectives of the fund as described in the Key Information Document (KID) and prospectus before making a decision to invest in the Fund. For more information on how sustainability issues, such as climate change are considered, see bailliegifford.com.
Volatility
The Fund's share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.
Further Details
Further details of the risks associated with investing in the Fund can be found in the Key Information Document (KID), or the Prospectus. Copies of both the KID and Prospectus are available at bailliegifford.com.
Definitions
Active Share - A measure of the Fund's overlap with the benchmark. An active share of 100 indicates no overlap with the benchmark and an active share of zero indicates a portfolio that tracks the benchmark.
Index disclaimer
Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.
Complaints
In the first instance, clients should contact their normal Client Contact with any concerns. Alternatively, or for those clients who do not have a direct client contact assigned, complaints can be emailed to Baillie Gifford’s Compliance Department at: InstitutionalComplaints@bailliegifford.com.
A summary document which contains details on Baillie Gifford’s complaints management policy is available upon request. All material complaints are recorded in an in-house incident management system and are escalated to, and dealt with by, members of staff of suitable seniority, independent of the area from which the matter arose.
Fund performance
Performance data is not currently available for this share class.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | TSMC | 5.9% |
| 2 | NVIDIA | 5.8% |
| 3 | Alphabet | 4.2% |
| 4 | Amazon.com | 3.5% |
| 5 | Microsoft | 3.0% |
| 6 | Meta Platforms | 2.7% |
| 7 | Tencent | 2.3% |
| 8 | Samsung Electronics | 2.3% |
| 9 | Royalty Pharma | 2.3% |
| 10 | Martin Marietta Materials | 2.1% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 27.4 | 28.7 | -1.2 |
| 2 | Financials | 13.8 | 16.4 | -2.6 |
| 3 | Consumer Discretionary | 13.5 | 9.3 | 4.2 |
| 4 | Communication Services | 11.5 | 8.8 | 2.7 |
| 5 | Industrials | 9.7 | 11.3 | -1.5 |
| 6 | Health Care | 9.4 | 8.1 | 1.4 |
| 7 | Materials | 5.4 | 3.8 | 1.6 |
| 8 | Energy | 4.3 | 4.2 | 0.1 |
| 9 | Consumer Staples | 2.8 | 5.1 | -2.2 |
| 10 | Real Estate | 1.5 | 1.7 | -0.2 |
| 11 | Cash | 0.6 | 0.0 | 0.6 |
Total | 100.0 | 97.3 |
Top 10 geographical locations
As at: 30 April 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | United States | 58.8 | 63.4 | -4.6 |
| 2 | Taiwan | 6.4 | 2.9 | 3.5 |
| 3 | China | 5.4 | 2.7 | 2.7 |
| 4 | Japan | 4.9 | 5.0 | -0.2 |
| 5 | Brazil | 4.5 | 0.6 | 4.0 |
| 6 | Ireland | 2.9 | 0.1 | 2.8 |
| 7 | Canada | 2.5 | 3.1 | -0.6 |
| 8 | South Korea | 2.3 | 2.2 | 0.1 |
| 9 | Sweden | 2.1 | 0.8 | 1.3 |
| 10 | UK | 1.7 | 3.2 | -1.6 |
Total | 91.4 | 84.0 |
Region
As at: 30 April 2026
# | Region | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | North America | 61.3 | 66.5 | -5.2 |
| 2 | Emerging Markets | 20.6 | 11.8 | 8.8 |
| 3 | Europe (ex UK) | 10.2 | 11.2 | -1.1 |
| 4 | Developed Asia Pacific | 5.7 | 7.3 | -1.6 |
| 5 | UK | 1.7 | 3.2 | -1.6 |
| 6 | Cash | 0.6 | 0.0 | 0.6 |
Total | 100.0 | 100.0 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- Chugai Pharmaceutical
- Credicorp
- Dino Polska
- EOG Resources
- Eqt Corp
- Freeport-Mcmoran Copper
- Midea Group 'A'
- Poste Italiane SPA
- SEB Bank
- Tencent
- United Overseas Bank
Complete sales
- AJ Gallagher & Co
- ASM International NV
- Block Inc
- Coupang
- Epam Systems Inc
- Floor & Decor Holdings
- FTAI Aviation
- Li Auto 'H'
- PDD Holdings Inc
- Prosus N.V.
- Rakuten
- Reliance Inds. GDR
- S&P Global Inc
- Salesforce.com
- The Trade Desk
- Walt Disney
Additions
- Adyen NV
- B3 S.A.
- Brunswick Corp
- Petrobras Common ADR
- Samsara
- Samsung Electronics
- Shopify 'A'
Reductions
- Amazon.com
- CRH
- Elevance Health Inc
- Microsoft
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Viewing 64 of 64
The big squeeze: bottlenecks as advantage
When demand outstrips supply, companies that sit astride the pinch point can gain an enduring edge.
Uber’s age of autonomy
Why the taxi-tech giant is set to benefit from the shift to driverless cabs.
AI: valuing scarcity
AI is creating new abundance and shifting bottlenecks. We explore which businesses can win in the long term.
Global Alpha Q1 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha Q1 update
Investment manager Malcolm MacColl reflects on recent performance, portfolio changes and market developments.
AI is coming for your mind
AI is reshaping human cognition. What does that mean for workers, companies and society?
Global Alpha insights: agentic commerce
As AI simplifies shopping, where does durable ecommerce advantage remain?
Global Alpha insights: QXO's recipe for steady compounding
An $800bn analogue industry meets operational discipline.
What's your growth flavour?
Three investment managers. Three different approaches to growth investing. But can all of them be right?
Don’t burn your boats: investing in AI
Why we’re ruthlessly selective about AI-related stocks.
Global Alpha Q4 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q4 update
Investment specialist Ben Drury reflects on recent performance, portfolio changes and market developments.
What’s your flavour of choice?
Three investment managers debate growth strategies from tech disruption to steady compounders
Global Alpha Research Agenda 2025
From AI to emerging consumers, we focus on the growth areas and companies capitalising on opportunities.
Global Alpha insights: our reliable growth engine
Not flashy, just dependable. Why compounders remain the engine of durable long-term returns.
Amazon: Stock Story
Jon Henry gives three key reasons why tech giant Amazon remains a special investment.
Adyen: Stock Story
Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
TSMC: Stock Story
Qian Zhang unwraps TSMC, the company powering modern life.
Global Alpha insights: the grid for growth
AI’s massive electricity needs create compelling investment opportunities.
Global Alpha Q3 update
Investment manager Michael Taylor reflects on recent performance, portfolio changes and market developments.
Global Alpha Q3 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha insights: the future of finance
Coinbase is reshaping finance by uniting digital assets, stablecoins and trust.
Global Alpha insights: onsemi
How the chip maker reinvented itself from ugly duckling to industry leader.
Global Alpha Q2 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q2 update
Investment manager Helen Xiong reflects on recent performance, portfolio changes and market developments.
Uncommon understanding
Global Alpha’s investment managers reveal how they spot what others don’t see.
Global Alpha: an enduring focus in a changing world
Explore 20 years of Global Alpha in our anthology of articles covering the past, present and future.
Global Alpha insights: infrastructure
Why companies like Martin Marietta are set to benefit from increased spending on infrastructure.
Global Alpha: introducing Michael Taylor
Investment manager Michael Taylor joins Global Alpha as a decision-maker. We explore his background, strengths, and vision for the portfolio’s future opportunities.
Global Alpha insights: turbulent times
How can we participate in long-term progress without it being undone by every policy turn?
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.
Global Alpha Q1 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q1 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha insights: a time to trade?
Explore how we're evolving the portfolio as the investment environment enters a period of rapid change.
Cloudflare: Stock Story
Ben James highlights how one cybersecurity approach is redefining digital infrastructure.
Nexans: Stock Story
Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.
Atlas Copco: Stock Story
Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
DoorDash: delivering the goods
How DoorDash’s ambitions extend far beyond restaurant deliveries.
Global Alpha Insights: investing in resilience beyond political cycles
Why the Global Alpha Team believes elections don't impact stock market returns.
Global Alpha Q4 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha insights: Rakuten and the 'Dog Shogun'
Richie Vernon, investment specialist, explains why the Global Alpha Team has a different perspective on Rakuten's future market growth.
Why growth investors can’t ignore China
China’s electric car, battery and other advanced manufacturers are on the rise.
Global Alpha insights: unlocking the magic of Disney
Why the Global Alpha Team believes there is a magical journey ahead for Disney.
Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks in the US.
Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.
Kweichow Moutai: spirit of China
The fiery spirit that’s a profitable symbol of Chinese culture and luxury.
Beyond NVIDIA: investing in semiconductors
Why some of the leading computer chip makers and companies enabling them have room to grow.
China: the new shoots of growth
Why advanced manufacturing and social context are key to investing in tomorrow’s Chinese giants.Global Alpha Research Agenda
From AI to infrastructure – Global Alpha homes in on the growth areas and companies best placed to exploit opportunities.
Global Alpha: back to growth
The managers tell a London Investment Forum about new sources of opportunity and optimism.
Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?
How Microsoft got its mojo back
By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.
Global Alpha: manager update
The managers discuss the market environment, portfolio positioning and current opportunities.
Global Alpha
Investment manager, Helen Xiong, discusses Global Alpha.
Global Alpha Research Agenda 2023
How can we invest in quality companies with the potential to generate sustainable returns in a changing market?
Digital Disruption and the future
Online infrastructures and digital developments in the education, energy, and transport sectors make for an exciting future.
Global Alpha 2022 Research Agenda
In their Research Agenda for 2022, the investment managers consider the benefits of deep work in helping them find growth opportunities.
A dream within reach
New technologies, plummeting costs and our own changing behaviours all promise progress in the energy transition– just don’t expect it to come in a straight line.
Harnessing growth for the next decade
Investment manager Malcolm MacColl and Senior Governance and Sustainability Analyst Kieran Murray outline believed growth drivers and the development of Global Alpha’s ESG process.
Highlights Video: Harnessing growth for the next decade
Watch the highlights from the recent Global Alpha webinar: Harnessing growth for the next decade.
Global Alpha – mental models highlights
Client director Jon Henry talks through the highlights of the recent Global Alpha webinar on ‘Mental Models’, a concept introduced earlier this year in the Global Alpha Research Agenda.
Global Alpha - 10 minutes with Helen Xiong
Ben Drury, client director, talks to Helen Xiong, an investor and soon-to-be key decision-maker for the Global Alpha strategy.
Back to the future
This webinar has been prepared solely for the use of professional investors outside of the Unites States and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this webinar by any other person who did not receive this webinar from Baillie Gifford.
The big squeeze: bottlenecks as advantage
When demand outstrips supply, companies that sit astride the pinch point can gain an enduring edge.Uber’s age of autonomy
Why the taxi-tech giant is set to benefit from the shift to driverless cabs.AI: valuing scarcity
AI is creating new abundance and shifting bottlenecks. We explore which businesses can win in the long term.Global Alpha Q1 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha Q1 update
Investment manager Malcolm MacColl reflects on recent performance, portfolio changes and market developments.AI is coming for your mind
AI is reshaping human cognition. What does that mean for workers, companies and society?Global Alpha insights: agentic commerce
As AI simplifies shopping, where does durable ecommerce advantage remain?Global Alpha insights: QXO's recipe for steady compounding
An $800bn analogue industry meets operational discipline.What's your growth flavour?
Three investment managers. Three different approaches to growth investing. But can all of them be right?Don’t burn your boats: investing in AI
Why we’re ruthlessly selective about AI-related stocks.Global Alpha Q4 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha Q4 update
Investment specialist Ben Drury reflects on recent performance, portfolio changes and market developments.What’s your flavour of choice?
Three investment managers debate growth strategies from tech disruption to steady compoundersGlobal Alpha Research Agenda 2025
From AI to emerging consumers, we focus on the growth areas and companies capitalising on opportunities.Global Alpha insights: our reliable growth engine
Not flashy, just dependable. Why compounders remain the engine of durable long-term returns.Amazon: Stock Story
Jon Henry gives three key reasons why tech giant Amazon remains a special investment.Adyen: Stock Story
Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.TSMC: Stock Story
Qian Zhang unwraps TSMC, the company powering modern life.Global Alpha insights: the grid for growth
AI’s massive electricity needs create compelling investment opportunities.Global Alpha Q3 update
Investment manager Michael Taylor reflects on recent performance, portfolio changes and market developments.Global Alpha Q3 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha insights: the future of finance
Coinbase is reshaping finance by uniting digital assets, stablecoins and trust.Global Alpha insights: onsemi
How the chip maker reinvented itself from ugly duckling to industry leader.Global Alpha Q2 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha Q2 update
Investment manager Helen Xiong reflects on recent performance, portfolio changes and market developments.Uncommon understanding
Global Alpha’s investment managers reveal how they spot what others don’t see.Global Alpha: an enduring focus in a changing world
Explore 20 years of Global Alpha in our anthology of articles covering the past, present and future.Global Alpha insights: infrastructure
Why companies like Martin Marietta are set to benefit from increased spending on infrastructure.Global Alpha: introducing Michael Taylor
Investment manager Michael Taylor joins Global Alpha as a decision-maker. We explore his background, strengths, and vision for the portfolio’s future opportunities.Global Alpha insights: turbulent times
How can we participate in long-term progress without it being undone by every policy turn?Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.Global Alpha Q1 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha Q1 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha insights: a time to trade?
Explore how we're evolving the portfolio as the investment environment enters a period of rapid change.Cloudflare: Stock Story
Ben James highlights how one cybersecurity approach is redefining digital infrastructure.Nexans: Stock Story
Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.Atlas Copco: Stock Story
Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.DoorDash: delivering the goods
How DoorDash’s ambitions extend far beyond restaurant deliveries.Global Alpha Insights: investing in resilience beyond political cycles
Why the Global Alpha Team believes elections don't impact stock market returns.Global Alpha Q4 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha insights: Rakuten and the 'Dog Shogun'
Richie Vernon, investment specialist, explains why the Global Alpha Team has a different perspective on Rakuten's future market growth.Why growth investors can’t ignore China
China’s electric car, battery and other advanced manufacturers are on the rise.Global Alpha insights: unlocking the magic of Disney
Why the Global Alpha Team believes there is a magical journey ahead for Disney.Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks in the US.Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.Kweichow Moutai: spirit of China
The fiery spirit that’s a profitable symbol of Chinese culture and luxury.Beyond NVIDIA: investing in semiconductors
Why some of the leading computer chip makers and companies enabling them have room to grow.China: the new shoots of growth
Why advanced manufacturing and social context are key to investing in tomorrow’s Chinese giants.Global Alpha Research Agenda
From AI to infrastructure – Global Alpha homes in on the growth areas and companies best placed to exploit opportunities.Global Alpha: back to growth
The managers tell a London Investment Forum about new sources of opportunity and optimism.Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?How Microsoft got its mojo back
By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.Global Alpha: manager update
The managers discuss the market environment, portfolio positioning and current opportunities.Global Alpha
Investment manager, Helen Xiong, discusses Global Alpha.Global Alpha Research Agenda 2023
How can we invest in quality companies with the potential to generate sustainable returns in a changing market?Digital Disruption and the future
Online infrastructures and digital developments in the education, energy, and transport sectors make for an exciting future.Global Alpha 2022 Research Agenda
In their Research Agenda for 2022, the investment managers consider the benefits of deep work in helping them find growth opportunities.A dream within reach
New technologies, plummeting costs and our own changing behaviours all promise progress in the energy transition– just don’t expect it to come in a straight line.Harnessing growth for the next decade
Investment manager Malcolm MacColl and Senior Governance and Sustainability Analyst Kieran Murray outline believed growth drivers and the development of Global Alpha’s ESG process.Highlights Video: Harnessing growth for the next decade
Watch the highlights from the recent Global Alpha webinar: Harnessing growth for the next decade.Global Alpha – mental models highlights
Client director Jon Henry talks through the highlights of the recent Global Alpha webinar on ‘Mental Models’, a concept introduced earlier this year in the Global Alpha Research Agenda.Global Alpha - 10 minutes with Helen Xiong
Ben Drury, client director, talks to Helen Xiong, an investor and soon-to-be key decision-maker for the Global Alpha strategy.Back to the future
This webinar has been prepared solely for the use of professional investors outside of the Unites States and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this webinar by any other person who did not receive this webinar from Baillie Gifford.
How to invest
You can invest in our funds through a wide range of investment platforms. If your preferred platform does not currently offer our funds, they may be made available upon request by contacting the platform directly.
Baillie Gifford does not sponsor, maintain, or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
Documents
Documents
You can access any literature about the Fund here.
To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.