Capital at risk

Investment strategy

EAFE Plus All Cap

Our philosophy is based on three core beliefs: that superior profit growth leads to outperformance in the long run, that fundamental analysis enables exploitation of market inefficiencies and that share prices reflect fundamentals over the long term. 

An aerial view of a surfer at the end of a rolling wave.

Active growth for 30 years

An international portfolio supported by firmwide research and that follows a consistent investment philosophy and process. We believe that stock markets have a recurring tendency to underappreciate the value of long-term compound growth. 

International All Cap Q1 update

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

Different from the market

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 aim to take advantage of this by investing with a minimum time horizon of five years in mind, a period that we think is long enough for share price moves to reflect the economic value of the underlying assets. 

Our philosophy and approach aim to offer strong tailwinds to growth and attractive returns and is aligned management teams. 

Enduring strategy

Embracing different types of growth results in an eclectic mix of businesses. We aim for a balance of growth, quality and resilience. 

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

The strategy’s 33-year track record has outlived personnel changes by following a consistent investment philosophy.

The result of our bottom-up stock picking approach is a portfolio that is 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.

We are long-term in our approach and focused on identifying the structural growth drivers that could deliver strong returns for our clients over the coming decades.
Joe Faraday

Meet the managers

Documents

Quarterly update

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

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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
1Cash and Deposits5.45
2ASML3.79
3TSMC3.63
4Atlas Copco3.06
5United Overseas Bank2.65
6SMC2.57
7Investor2.55
8Auto Trader2.44
9Sartorius Group2.32
10Experian2.27

Strategy holdings by sector

All figures up to: 30 April 2024

1Industrials23.80%
2Financials15.95%
3Information Technology14.77%
4Consumer Discretionary13.24%
5Consumer Staples11.76%
6Health Care8.61%
7Communication Services6.76%
8Materials3.44%
9Cash1.13%
10Energy0.54%
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)40.66%
2Developed Asia Pacific27.40%
3UK18.72%
4Emerging Markets12.09%
5Cash1.13%
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. Tilting the odds in your favour

    The Magnificent Seven’s reputation goes before them but that’s not enough to save them.
    April 2024
    Article8 minutes
  2. International All Cap Q1 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video21 minutes
  3. 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
  4. International All Cap Q4 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video13 minutes
  5. 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
  6. 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
  7. International All Cap Q3 update

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

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

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.