Capital at risk

Investment strategy

ACWI ex US All Cap

We have three core beliefs: superior profit growth leads to outperformance; fundamental analysis enables exploitation of market inefficiencies, and share prices reflect fundamentals in the long term. 

A surfer in the middle of a crashing wave at sunset.

Identifying the drivers of growth

A growth portfolio taking the best ideas from firmwide research. For over 30 years, International All Cap has had a consistent investment process, actively making long-term investments in growing companies. 

International All Cap Q1 update

The International All Cap Team reflects on recent performance, portfolio changes and market developments.

Searching for superior companies

To perform better than the market, you need to be different from it. 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 believe that stock markets have a recurring tendency to under-appreciate the value of long-term compound growth. We aim to take advantage of this by investing with a minimum time horizon of five years in mind. 

An eclectic portfolio

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

We search for growth across the market cap spectrum. The result is a portfolio 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. 

The strategy has a long and proud history. Our track record has outlived personnel changes by following a consistent investment philosophy and process. 

Human ingenuity will continue to generate opportunities for strong returns long into the future.
Milena Mileva

Meet the managers

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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
1TSMC4.43
2ASML3.37
3Atlas Copco2.47
4Tokyo Electron2.38
5United Overseas Bank2.34
6MercadoLibre2.24
7Investor2.21
8Shopify2.17
9Auto Trader2.03
10Richemont1.97

Strategy holdings by sector

All figures up to: 30 April 2024

1Industrials21.88%
2Information Technology18.01%
3Consumer Discretionary14.07%
4Financials13.91%
5Consumer Staples12.97%
6Health Care7.41%
7Communication Services5.44%
8Materials3.13%
9Cash1.80%
10Energy1.39%
Total 100%

Strategy holdings by sector

All figures up to: 30 April 2024

Total: 100%

Strategy holdings by region

All figures up to: 30 April 2024

1Europe (ex UK)33.92%
2Developed Asia Pacific23.77%
3Emerging Markets20.49%
4UK16.03%
5Canada3.98%
6Cash1.80%
Total 100%

Strategy holdings by region

All figures up to: 30 April 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.

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Insights

Key articles, videos and podcasts relating to the strategy:

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Insights

Viewing 9 of 9
  1. International All Cap Q1 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video21 minutes
  2. A surfer on choppy waves with a snowy cliff in the background.

    International All Cap Stewardship Report 2023

    For the year ended December 2023.
    March 2024
    Document
  3. International All Cap Q4 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video13 minutes
  4. 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
  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. International All Cap Q3 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video14 minutes
  7. International All Cap Q2 update

    The International All Cap team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video12 minutes
  8. International All Cap Q1 update

    International All Cap Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video16 minutes
  9. International All Cap Stewardship Report 2022

    For the year ended June 2022.
    February 2023
    Document

International All Cap Q1 update

The International All Cap Team reflects on recent performance, portfolio changes and market developments.

Explore further

Curious to learn more about our products and what we can offer you? Please get in touch.

Important information

The content of this website is intended exclusively for professional investors in accordance with MiFID legislation. 'Professional investors' are potential investors who are deemed to have the status of “professional clients”, within the meaning of MiFID (2004/39/EC), as transposed in Ireland. It is not intended for retail investors.

Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.

This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.