Capital at risk
International Concentrated Growth
International Concentrated Growth is a bottom-up equity strategy focused on outstanding growth firms. It invests in businesses making structural changes to the economy and society.
Powerful potential
This is a concentrated portfolio of exceptional international growth companies, which are driving transformation in societies and economies and therefore have the potential to take substantial market share.
International Concentrated Growth: manager introductions
Radical companies may seem risky, but they’re building the future. Paulina McPadden, Spencer Adair and Lawrence Burns discuss how investing in firms with extraordinary potential is a simple approach to long-term wealth creation.
Unique, concentrated, long term
ICG has three advantages. First, it has exceptionally long holding periods. Second, it is centred on the asymmetry of stock returns and the investment case upside. Third, it is concentrated and willing to take large holdings when justified by the probability-weighted returns available.
The strategy aims to grow clients’ assets over a five to 10-year horizon by investing in growth companies driving change. Our goal is to exceed the MSCI ACWI ex US Index by at least 3 per cent per annum over rolling five-year periods. Our approach to portfolio construction is purely stock-driven without reference to any benchmark.
Years, not quarters
Long-termism is central to our philosophy. A company’s value is rarely determined over a few quarters.
We’re interested in companies that may grow significantly over five to 10 years, in structural or even explosive ways. These are rare, so we adopt a concentrated portfolio of 20-35 stocks from developed and emerging markets.
We believe it’s important not to ignore companies that may significantly disrupt international markets, despite being based in the US. The strategy can therefore invest up to 15 per cent in the US.
We each bring our passions and interests to the team. What links us together is a commitment to investing in companies that are driving deep structural changes in the economy.
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 |
|---|---|---|
| 1 | MercadoLibre | 11.55 |
| 2 | ASML | 11.15 |
| 3 | NVIDIA | 9.00 |
| 4 | Spotify | 7.59 |
| 5 | Adyen | 6.32 |
| 6 | Ferrari | 4.53 |
| 7 | Hermès International | 4.48 |
| 8 | Meituan | 3.80 |
| 9 | Moderna | 3.28 |
| 10 | Kering | 2.99 |
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.
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:
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Insights
Tilting the odds in your favour
The Magnificent Seven’s reputation goes before them but that’s not enough to save them.
Ferrari: racing through time
How a car manufacturer turned luxury icon can continue to outpace the competition.
International Concentrated Growth Q1 update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.
AI: intelligence everywhere
Why AI could be the printing press of intelligence.
Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?
International Concentrated Growth Q4 update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.
Ferrari: Magic from Maranello
How has Ferrari grown to be a $78 billion company when it only sells 13,000 cars a year? After investing in the iconic company for many years, investment manager Brian Lum joined the Business Breakdowns podcast to unpack the business behind the brand.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
China revisited
Lawrence Burns explores the new landscape of opportunity.
International Concentrated Growth Q3 update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.
Change as a growth driver
We live in changing times. And that will create opportunities for long-term growth investors.
Genmab and the future of cancer therapy
The Denmark-based pharmaceutical company breaking new ground in antibody design.
International Concentrated Growth Q2 update
The International Concentrated Growth team reflects on recent performance, portfolio changes, and market developments.
Adyen: pioneer of payments
The Dutch firm making everyday payments fast and friction-free.
International Concentrated Growth Q1 update
International Concentrated Growth Team reflects on recent performance, portfolio changes, and market developments.
International Concentrated Growth: manager introductions
Radical companies may seem risky, but they’re building the future. Paulina McPadden, Spencer Adair and Lawrence Burns discuss how investing in firms with extraordinary potential is a simple approach to long-term wealth creation.
International Concentrated Growth Q1 investment update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.
Related insights
Tilting the odds in your favour
The Magnificent Seven’s reputation goes before them but that’s not enough to save them.Ferrari: racing through time
How a car manufacturer turned luxury icon can continue to outpace the competition.International Concentrated Growth Q1 update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.AI: intelligence everywhere
Why AI could be the printing press of intelligence.Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?International Concentrated Growth Q4 update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.Ferrari: Magic from Maranello
How has Ferrari grown to be a $78 billion company when it only sells 13,000 cars a year? After investing in the iconic company for many years, investment manager Brian Lum joined the Business Breakdowns podcast to unpack the business behind the brand.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.China revisited
Lawrence Burns explores the new landscape of opportunity.International Concentrated Growth Q3 update
The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.Change as a growth driver
We live in changing times. And that will create opportunities for long-term growth investors.Genmab and the future of cancer therapy
The Denmark-based pharmaceutical company breaking new ground in antibody design.International Concentrated Growth Q2 update
The International Concentrated Growth team reflects on recent performance, portfolio changes, and market developments.Adyen: pioneer of payments
The Dutch firm making everyday payments fast and friction-free.International Concentrated Growth Q1 update
International Concentrated Growth Team reflects on recent performance, portfolio changes, and market developments.International Concentrated Growth: manager introductions
Radical companies may seem risky, but they’re building the future. Paulina McPadden, Spencer Adair and Lawrence Burns discuss how investing in firms with extraordinary potential is a simple approach to long-term wealth creation.
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.