Capital at risk
International Alpha
We believe the best way to navigate an uncertain world is to build a diversified portfolio of outstanding companies with deep competitive advantages and excellent stewardship.
An emphasis on quality
We invest across four types of growth: quality compounders, rapid growth, through-cycle winners and capital allocators. Our aim is to build a portfolio which can withstand economic cycles and take advantage of unpredictable events.
International Alpha Q3 update
The International Alpha Team reflects on recent performance, portfolio changes and market developments.
Embracing every shade of growth
International Alpha is distinctly long term. We aim to outperform the MSCI ACWI ex-US benchmark by 2-3 per cent per annum over rolling five-year periods.
Our portfolio contains 70-110 holdings. We seek to take advantage of market inefficiencies by investing across different types of growth company, which given our time horizon allows us to take advantage of their idiosyncratic growth opportunities.
We find these companies through bottom-up research, holding on for the long term to capture the potential benefits of compounded growth.
A promising process
The International Alpha portfolio has a high active share, a genuinely long-term approach and a blend of high-quality growth companies that looks to exploit market inefficiencies by investing across all shades of growth. To do this we:
- Take a long-term perspective, resulting in low portfolio turnover
- Invest from the bottom up, supported by in-depth fundamental analysis
- Have a quality-growth orientation
- Follow a patient, repeatable process, drawing on the best ideas from firm-wide research
To invest in growth is to say that society will achieve more tomorrow than it does today… Curiosity should be at the heart of all good investment research.
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.
Stewardship report
Find out about our conversations with portfolio companies, shareholder vote activity and consideration of environmental, social and governance matters.
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Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 30 September 2024
| # | Company | Fund % |
|---|---|---|
| 1 | MercadoLibre | 4.7% |
| 2 | TSMC | 4.5% |
| 3 | Tencent | 3.2% |
| 4 | CRH | 2.6% |
| 5 | SAP | 2.6% |
| 6 | Scout24 | 2.3% |
| 7 | Samsung Electronics | 2.2% |
| 8 | Ryanair ADR | 2.1% |
| 9 | Deutsche Boerse | 2.1% |
| 10 | Kingspan Group | 2.0% |
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
International viewpoints: demographic crisis
Meet the problem-solvers already active in healthcare, retirement funding and workforce productivity.
International viewpoints: power players
Companies rising to new energy challenges in diverse ways, and the economies driving demand.
Luxury brands show promise amid slump
How brands like Hermès, Gucci and Ferrari defy downturns with heritage and innovation.
Future Stocks: Our best ideas in Asia
Qian Zhang highlights three Asian companies at the forefront of global structural trends.
Future Stocks: Our best ideas in Europe
Thomas Hodges uncovers three of Europe’s hidden growth champions: Lonza, Topicus and Soitec.
The importance of focus
Why focus and patience are crucial elements when investing and identifying growth companies.
MercadoLibre: Latin America’s unbanked
MercadoLibre offers hope to Latin America’s 178 million unbanked population.
International viewpoints: semi-cap resilience
Why our long-term conviction in ASML, Tokyo Electron and TSMC stands up to recent sector volatility.
International Alpha Q2 update
The International Alpha Team reflects on recent performance, portfolio changes and market developments.
International viewpoints: global EV trends
Analysing market dynamics, industry challenges and future trends of EVs’ global adoption.
International viewpoints: eastern promise
What market sentiment, recent valuations and policy changes mean for us as investors in Asian growth companies.
China through a Japanese lens
Japanese tech dominance is under increasing pressure in China from domestic challengers.
Tilting the odds in your favour
The Magnificent Seven’s reputation goes before them but that’s not enough to save them.
International Alpha Q1 update
The International Alpha Team reflects on recent performance, portfolio changes and market developments.
International Alpha Q4 update
The International Alpha Team reflects on recent performance, portfolio changes and market developments.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
International Alpha Q3 update
The International Alpha Team reflects on recent performance, portfolio changes and market developments.
Adapting to survive – and thrive
Using a fighter pilot’s business strategy can help a company orient itself amid change.
International Alpha Q2 update
The International Alpha team reflects on recent performance, portfolio changes, and market developments.
International Alpha Q1 update
International Alpha Team reflects on recent performance, portfolio changes, and market developments.
International Alpha Q3 update
The International Alpha Team reflects on recent performance, portfolio changes and market developments.
International viewpoints: demographic crisis
Meet the problem-solvers already active in healthcare, retirement funding and workforce productivity.International viewpoints: power players
Companies rising to new energy challenges in diverse ways, and the economies driving demand.Luxury brands show promise amid slump
How brands like Hermès, Gucci and Ferrari defy downturns with heritage and innovation.Future Stocks: Our best ideas in Asia
Qian Zhang highlights three Asian companies at the forefront of global structural trends.Future Stocks: Our best ideas in Europe
Thomas Hodges uncovers three of Europe’s hidden growth champions: Lonza, Topicus and Soitec.The importance of focus
Why focus and patience are crucial elements when investing and identifying growth companies.MercadoLibre: Latin America’s unbanked
MercadoLibre offers hope to Latin America’s 178 million unbanked population.International viewpoints: semi-cap resilience
Why our long-term conviction in ASML, Tokyo Electron and TSMC stands up to recent sector volatility.International Alpha Q2 update
The International Alpha Team reflects on recent performance, portfolio changes and market developments.International viewpoints: global EV trends
Analysing market dynamics, industry challenges and future trends of EVs’ global adoption.International viewpoints: eastern promise
What market sentiment, recent valuations and policy changes mean for us as investors in Asian growth companies.China through a Japanese lens
Japanese tech dominance is under increasing pressure in China from domestic challengers.Tilting the odds in your favour
The Magnificent Seven’s reputation goes before them but that’s not enough to save them.International Alpha Q1 update
The International Alpha Team reflects on recent performance, portfolio changes and market developments.International Alpha Q4 update
The International Alpha Team reflects on recent performance, portfolio changes and market developments.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.International Alpha Q3 update
The International Alpha Team reflects on recent performance, portfolio changes and market developments.Adapting to survive – and thrive
Using a fighter pilot’s business strategy can help a company orient itself amid change.International Alpha Q2 update
The International Alpha team reflects on recent performance, portfolio changes, and market developments.International Alpha Q1 update
International Alpha 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.