Capital at risk

Investment strategy

Long Term Global Growth

Long Term Global Growth is an unconstrained equity strategy focused on exceptional companies. We invest over the long term in listed firms with the scope to grow to many multiples of their current size over the next decade.

Landscape of a still rippled ocean at dusk in mild weather with clouds across the sky.

We seek out transformational growth

We manage a concentrated portfolio of innovative growth companies. We embrace the asymmetry of equity markets by staying optimistic about the future to deliver transformational returns to our clients.

Long Term Global Growth: our philosophy

Investment manager Mark Urquhart introduces Long Term Global Growth, reflecting on the exciting opportunities ahead.

A selective strategy

We take a bottom-up approach to stock selection. Portfolio construction is purely stock-driven, so no reference is made to benchmark indices in our investment process. We are genuinely active, not passive. Portfolio holding sizes are based purely on the magnitude of the potential upside and the associated level of conviction.

This investment approach is consistent with outperforming a typical global equity benchmark by about 3 per cent per annum, net of fees, over the long term.

The performance target is aspirational and is not guaranteed. We don’t use it to compile the portfolio and returns will vary. A single performance target may not be appropriate across all vehicles and jurisdictions. We may not meet our investment objectives if, for example, our growth investment style is out of favour or we misjudge the long-term earnings growth of our holdings.

A concentrated, resilient portfolio

At its core, LTGG’s task is future-proofing. Investing with an eye on the next 10 years instead of the next quarter necessitates adaptability, diligent capital allocation and resilience from our holdings.

This is a high bar for inclusion, resulting in a portfolio of 30-40 stocks, and because we embrace asymmetry, position sizes are often skewed – winners can reach 10 per cent of the portfolio.

We believe that the rewards to the champions of change can far outweigh the losses of incumbents: the best feature of equities is the unlimited upside.
Mark Urquhart

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. 

Invest in this strategy

You can invest in this strategy through the following fund(s).

Explore further

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

Strategy portfolio holdings

A list of the top 10 holdings that the representative portfolio invests in.

All figures up to: 31 March 2024

#CompanyFund %
1NVIDIA8.3%
2Amazon.com6.7%
3ASML5.1%
4PDD Holdings Inc4.2%
5Adyen NV4.0%
6Dexcom Inc3.8%
7Spotify Technology SA3.5%
8Intuitive Surgical3.5%
9Cloudflare Inc3.4%
10The Trade Desk3.4%

Strategy holdings by sector

All figures up to: 31 March 2024

1Information Technology32.66%
2Consumer Discretionary27.66%
3Communication Services14.43%
4Health Care12.58%
5Financials7.84%
6Industrials3.44%
7Materials0.24%
8Cash1.15%
Total 100%

Strategy holdings by sector

All figures up to: 31 March 2024

Total: 100%

Strategy holdings by region

All figures up to: 31 March 2024

1North America57.14%
2Emerging Markets21.15%
3Europe (ex UK)20.56%
4Cash1.15%
Total 100%

Strategy holdings by region

All figures up to: 31 March 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.

Invest in this strategy

You can invest in this strategy through the following fund(s).

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

Viewing 102 of 102
  1. LTGG Reflections: e.l.f Beauty

    Why we believe e.l.f. Beauty's innovative approach and explosive growth make it a must-have in the LTGG portfolio.
    May 2024
    Article3 minutes
  2. Reflections: Risk

    How we identify leading high-growth companies by blending deep fundamental analysis with strategic insights.
    April 2024
    Article4 minutes
  3. Webinar: Why growth? Why now?

    Partners Tim Garratt and Stuart Dunbar identify signs of emerging growth.
    April 2024
    Video59 minutes
  4. Reflections: A robotic reality

    From surgery to warehouses, discover how robotics are redefining efficiency and innovation in 2024.
    March 2024
    Article3 minutes
  5. The opportunity in risk: LTGG Q1 2024

    How the LTGG team searches for companies willing to take bold risks to become future leaders.
    March 2024
    Article11 minutes
  6. Algorithmic alchemy: investing with optimism in AI

    How artificial intelligence creates growth opportunities and ways for us to serve you better.
    April 2024
    Article7 minutes
  7. Long Term Global Growth Q1 update

    The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video16 minutes
  8. LTGG Stewardship Report 2023

    For the year ended December 2023.
    March 2024
    Document
  9. A coulourful and tradional architecture structure with yellow and red ballons floating above against a deep blue sky, in Henan province, China

    Reflections: The year of the dragon

    LTGG investment manager Mark Urquhart reflects on his recent trip to China.
    February 2024
    Article3 minutes
  10. Long Term Global Growth Strategy

    Investment manager, Mark Urquhart, discusses the Baillie Gifford Long Term Global Growth Strategy.
    February 2024
    Video4 minutes
  11. Reflections: Llama mile

    How the ecommerce giant is slashing delivery times with innovation and an unlikely courier fleet
    January 2024
    Article3 minutes
  12. Transformations

    The LTGG Team explore themes that will be key to the next 20 years of transformational growth.
    January 2024
    Document
  13. Long Term Global Growth Q4 update

    The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video15 minutes
  14. Moderna: designing drugs on a computer

    Can scientists meet unmet health needs by writing code to help the body heal itself?
    January 2024
    Article4 minutes
  15. LTGG’s 2023 year-end review

    Was 2023 the year that saw transformational growth stories resume their conquest?
    January 2024
    Article9 minutes
  16. The 3 traits of great growth stocks

    Why real-world problem solving, financial discipline and adaptability are critical to growth.
    January 2024
    Podcast29 minutes
  17. Reflections: Illumina

    Why we sold Illumina after more than a decade in the portfolio.
    December 2023
    Article3 minutes
  18. 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
  19. Reflections: Solar innovations

    Enphase's role in the solar revolution and the potential for long-term growth.
    November 2023
    Article3 minutes
  20. A net zero initiative update

    A reflection on Baillie Gifford’s commitment to the climate transition.
    November 2023
    Article
  21. LTGG third quarter 2023 update

    A look at portfolio performance over the recent quarter-end.
    October 2023
    Article16 minutes
  22. Long Term Global Growth Q3 update

    The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video13 minutes
  23. Reflections: from biologics to branded fashion

    In this monthly update, the team discusses recent research visits to WuXi, Symbotic and Moncler.
    September 2023
    Document4 minutes
  24. Reflections: NVIDIA - chipping away at success

    Following a successful quarter, the LTGG team consider the future of NVIDIA.
    August 2023
    Document
  25. Growth investing across decades

    Mark Urquhart discusses the science and art of picking growth stocks with enduring potential.
    August 2023
    Article27 minutes
  26. Reflections: The transformative potential of AI

    Artificial intelligence is not as new as you think it is, as the LTGG portfolio reveals.
    July 2023
    Document
  27. Long Term Global Growth Q2 update

    The Long Term Global Growth team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video18 minutes
  28. Reflections: Defying data disorder

    Why Datadog's ability to master the chaos of cloud computing offers an attractive opportunity.
    June 2023
    Document
  29. LTGG second quarter 2023 update

    An update on portfolio performance, and the importance of adapting for the future.
    June 2023
    Document
  30. Reflections: Jevons paradox - a case for Samsara

    How Samsara's data-driven insights help its customers optimise their business operations.
    April 2023
    Document
  31. Long Term Global Growth Q1 investment update

    Long Term Global Growth Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video15 minutes
  32. Quarterly Review

    LTGG review the first quarter of 2023 and the engines of change.
    March 2023
    Document
  33. Reflections: Catch-22 Earnings

    Does the market under-appreciate the impact of intangible investments?
    March 2023
    Document
  34. Reflections: Rising from the ashes

    An investment portfolio update explaining why holdings have thrived despite economic chaos.
    February 2023
    Document
  35. LTGG investor update – January 2023

    LTGG’s Stewart Hogg and Gemma Barkhuizen on volatility, business culture, and the long-term view.
    February 2023
    Video21 minutes
  36. MercadoLibre: a lesson in innovation

    Investment manager Lawrence Burns talks to MercadoLibre’s CFO Pedro Arnt.
    February 2023
    Article
  37. Reflections: Shifting shades of grey

    Short-term, many companies seem grey and similar. But patience will reveal colourful outliers.
    January 2023
    Document
  38. LTGG quarterly commentary

    A look at recent macroeconomic factors and performance and considerations for the future.
    January 2023
    Document
  39. Reflections: Operational growth hurdles

    Why growth is still possible in hard times.
    December 2022
    Document
  40. ASML: advancing chips to new limits

    The Dutch firm driving progress by making it possible to create more intricate computer chips.
    December 2022
    Article
  41. The changing face of advertising

    With data at the heart of digital advertising, advertising businesses now come in many forms.
    November 2022
    Document
  42. LTGG investor update

    The LTGG Team share their thoughts on the portfolio, the current environment and what makes them optimistic about the future.
    November 2022
    Video28 minutes
  43. Reflections: Engines of growth

    Understanding why certain ideas lead to growth can boost the chances of outperformance.
    October 2022
    Document
  44. LTGG: climate progress update

    Positive progress from a number of portfolio companies.
    October 2022
    Article
  45. LTGG: our companies’ character

    An LTGG ESG update.
    September 2022
    Document
  46. Reflections: LTGG on tour

    What do we learn from meeting management teams? That it’s good to be on the road again.
    September 2022
    Document
  47. Reflections: The fight for your free time

    Disruptive change within the entertainment world creates a wealth of opportunity.
    August 2022
    Document
  48. Reflections: Company check in

    We met holdings to track their progress as well as scouting out potential additions to the portfolio.
    July 2022
    Document
  49. Reflections: Second quarter 2022

    Sailing in the Roaring Forties.
    July 2022
    Document
  50. LTGG Manager Update

    The LTGG Team share their thoughts on what’s currently going on in the markets, what worries them and what they are excited about for the next 5-10 years.
    July 2022
    Video24 minutes
  51. Reflections: Sea Ltd

    LTGG unpacks the potential of a new holding in the fintech and gaming space.
    June 2022
    Document
  52. Jumpers in the hot wash

    Tim Garratt considers how we value exciting businesses and reflects on what we lose when we fail to imagine.
    May 2022
    Document
  53. Reflections: The future of synthetic biology

    How Ginkgo Bioworks is making advances in computing and DNA engineering.
    May 2022
    Document
  54. Reflections: A look back on Q1

    The LTGG team consider recent performance and the long-term outlook for the fund.
    April 2022
    Document
  55. Reflections: Roblox

    New holding, Roblox, aims to bring the world together through play. The LTGG Team take a closer look.
    March 2022
    Document
  56. Reflections: On short-term drawdowns

    The LTGG team on short-term drawdowns and investing in era-defining companies.
    February 2022
    Document
  57. Long Term Global Growth: Team evolution

    Scott Nisbet interviews the Long Term Global Growth decision-makers discussing volatility, inflation, interest rates, China and portfolio holdings: Roblox, SEA, Moderna and Coupang.
    February 2022
    Video60 minutes
  58. ESG collaborations

    Looking before we leap into industry initiatives.
    January 2022
    Article
  59. Reflections: Affirm

    The LTGG team take a closer look at how Affirm plan to transform the consumer credit industry.
    January 2022
    Document
  60. ESG data: Filling in the gaps

    LTGG is making efforts to improve environmental, social and governance metrics.
    January 2022
    Article
  61. Reflections: The return of the tartan army

    LTGG on demanding huge returns, backing companies that rip up the rule books, and looking to the future.
    January 2022
    Document
  62. Reflections: Illumina

    The genome sequencing specialist is playing a valuable role in the hunt for new treatments.
    December 2021
    Document
  63. Rules of the game

    Regulation and what we look for in companies’ responses.
    December 2021
    Article
  64. Working it out

    Adapting to the changing expectations of staff and society.
    December 2021
    Article
  65. Inside and out

    A focus on diversity and inclusion can result in competitive advantage.
    November 2021
    Article
  66. Reflections: Looking for a contribution

    The companies that LTGG invest in can turn their ability to improve society into a source of competitive advantage.
    October 2021
    Document
  67. China’s gen Z+

    How the digital natives’ wants and needs create opportunities for forward-thinking Chinese companies.
    October 2021
    Document
  68. Staying engaged

    What company engagement means to us.
    October 2021
    Article
  69. A question of character

    How we integrate environmental, social and governance factors into our investment approach.
    October 2021
    Article
  70. Disruption week webinar: Digital payments platforms

    New types of transactions and ecommerce services are being enabled by innovative fintechs.
    October 2021
    Video44 minutes
  71. Looking back going forward

    In this edition of Looking Back Going Forward we explain how environmental, social and governance (ESG) considerations have been deeply embedded in our Long Term Global Growth strategy.
    October 2021
    DocumentLong Read
  72. Reflections: Carvana

    Carvana, the US online car dealership, has a lofty but straightforward mission to change the way in which people buy cars.
    August 2021
    Document
  73. Reflections: China

    The LTGG Team reason that where there’s transformational growth, the regulatory backdrop will evolve to keep up. That’s as true of China as it is elsewhere.
    July 2021
    Document
  74. Reflections: LTGG and the elixir of youth

    LTGG’s Tim Garratt explains how the team have endeavoured to keep the portfolio youthful and forward looking.
    Second Quarter 2021
    Document
  75. Reflections: Alphabet

    The LTGG team explain why they decided to sell their clients’ holding in Google parent company, Alphabet.
    June 2021
    Document
  76. Reflections: Beike

    The LTGG team reflect on how Beike, China’s largest online house-buying platform, is disrupting the property market.
    May 2021
    Document
  77. The anatomy of outliers

    What characteristics do outperforming stocks have in common and how does the LTGG portfolio stack up?
    April 2021
    Document
  78. Leading the charge

    We reveal the research behind one of the highest-profile investments in Baillie Gifford’s 113-year history.
    April 2021
    Document
  79. Reflections: The trade desk

    The Trade Desk, a recent LTGG investment, is disrupting a $350bn market and challenging Facebook and Google’s control of online advertising. The LTGG Team discuss the opportunities ahead.
    March 2021
    Document
  80. Highlights video: Long Term Global Growth webinar

    Client Director Tatjana Evans-MacLeod highlights the most notable discussion points from the recent LTGG webinar, in which investment managers Mark Urquhart, Gemma Barkhuizen and Linda Lin discussed turnover, valuation, China, ESG, and capacity.
    February 2021
    Video0 minute
  81. Reflections: The roaring twenties

    When we are caught up in the drama of the present, it can be hard to see the accelerated progress that accompanies it. With technology firmly in the driving seat, Scott Nisbet explains why he sees a decade of growth ahead.
    First Quarter 2021
    Document
  82. Looking back going forward

    Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2020 issue
    October 2020
    Document
  83. A gallery for growth

    Much like an art curator, the role of the investment manager involves carefully selecting investments that will make a mark and grow in value over time.
    September 2020
    Article
  84. Sensible nonsense

    To stand the best chance of owning the winning companies of the 2030s, we should imagine how bizarre today’s ‘normal’ will seem when the next generation looks back.
    September 2020
    Article
  85. Navigating noise

    Navigating Noise, a video series brought to you by the Long Term Global Growth team, seeks to gather and share some of the thinking we find so valuable when investing for the long term.
    September 2020
    Document
  86. A View from the Midst of the Pandemic

    Technological developments over recent decades mean reality has outpaced the science fiction of his youth since Mark Urquhart joined Baillie Gifford almost 25 years ago.
    June 2020
    Document
  87. AI: Learning on the job

    Dubbed the new electricity, artificial intelligence is intrinsic to the strategy and operations of many companies in the Long Term Global Growth portfolio.
    April 2020
    Document
  88. Calm reflection during the amygdala hijack

    In times of stress stock markets, like people, often revert to act now, think later. Tim Garratt advocates doing the opposite.
    April 2020
    Document
  89. Footprints and first steps

    Mike Berners-Lee helps us to reassess how we calculate the environmental impact of the holdings within the LTGG portfolio.
    April 2020
    Document
  90. Lessons from the Sonoran Desert

    ‘Lessons from the Sonoran Desert’ explores further the pioneering work of Professor Hendrik Bessembinder at Arizona State University, whose heroic feat of global number-crunching revealed extraordinary things about the nature of company returns.
    April 2020
    Document
  91. Long-term talent

    Gemma Barkhuizen and Robert Wilson recently joined the LTGG team as part of Baillie Gifford’s graduate training programme. Here they share their experiences, talk about what’s important to them, and give their view of LTGG’s way of looking at the world.
    April 2020
    Document
  92. Looking back going forward

    Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2020 issue.
    April 2020
    Document
  93. When Milton met Billy

    Shareholders seem to be obsessed with short-term profits. We aren’t. Scott Nisbet proposes an alternative path, where patience with the right companies is rewarded, and a less direct route to profitability can lead eventually to a more valuable outcome.
    Document
  94. LTGG XV

    The evolution of LTGG over the first 15 years.
    2019
    Document
  95. Looking back going forward

    In the latest edition of Looking Back Going Forward, John MacDougall looks back over the 15 years of Long Term Global Growth's history, reflecting on some of the holdings that have performed best, and the varied paths their share prices have followed.
    April 2019
    Document
  96. Graham or growth?

    In his latest paper, James Anderson discusses Ben Graham’s book The Intelligent Investor, the seminal work on Value investing that remains as valid today as it did when he wrote it seven decades ago. James considers the author’s views and their implications for Growth investing in the current environment.
    March 2019
    Document
  97. Looking back going forward

    Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2018 issue,
    October 2018
    Document
  98. Looking back going forward

    Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2018 issue.
    April 2018
    Document
  99. Looking back going forward

    Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2017 issue.
    October 2017
    Document
  100. Looking back going forward

    Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2017 issue.
    April 2017
    Document
  101. Looking back going forward

    Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2016 issue.
    October 2016
    Document
  102. Looking back going forward

    Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2016 issue.
    April 2016
    Document

Long Term Global Growth Q1 update

The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.

  1. LTGG Reflections: e.l.f Beauty

    Why we believe e.l.f. Beauty's innovative approach and explosive growth make it a must-have in the LTGG portfolio.
    May 2024
    Article3 minutes
  2. Reflections: Risk

    How we identify leading high-growth companies by blending deep fundamental analysis with strategic insights.
    April 2024
    Article4 minutes
  3. Webinar: Why growth? Why now?

    Partners Tim Garratt and Stuart Dunbar identify signs of emerging growth.
    April 2024
    Video59 minutes
  4. Reflections: A robotic reality

    From surgery to warehouses, discover how robotics are redefining efficiency and innovation in 2024.
    March 2024
    Article3 minutes
  5. The opportunity in risk: LTGG Q1 2024

    How the LTGG team searches for companies willing to take bold risks to become future leaders.
    March 2024
    Article11 minutes
  6. Algorithmic alchemy: investing with optimism in AI

    How artificial intelligence creates growth opportunities and ways for us to serve you better.
    April 2024
    Article7 minutes
  7. Long Term Global Growth Q1 update

    The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video16 minutes
  8. LTGG Stewardship Report 2023

    For the year ended December 2023.
    March 2024
    Document
  9. A coulourful and tradional architecture structure with yellow and red ballons floating above against a deep blue sky, in Henan province, China

    Reflections: The year of the dragon

    LTGG investment manager Mark Urquhart reflects on his recent trip to China.
    February 2024
    Article3 minutes
  10. Long Term Global Growth Strategy

    Investment manager, Mark Urquhart, discusses the Baillie Gifford Long Term Global Growth Strategy.
    February 2024
    Video4 minutes
  11. Reflections: Llama mile

    How the ecommerce giant is slashing delivery times with innovation and an unlikely courier fleet
    January 2024
    Article3 minutes
  12. Transformations

    The LTGG Team explore themes that will be key to the next 20 years of transformational growth.
    January 2024
    Document
  13. Long Term Global Growth Q4 update

    The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video15 minutes
  14. Moderna: designing drugs on a computer

    Can scientists meet unmet health needs by writing code to help the body heal itself?
    January 2024
    Article4 minutes
  15. LTGG’s 2023 year-end review

    Was 2023 the year that saw transformational growth stories resume their conquest?
    January 2024
    Article9 minutes
  16. The 3 traits of great growth stocks

    Why real-world problem solving, financial discipline and adaptability are critical to growth.
    January 2024
    Podcast29 minutes
  17. Reflections: Illumina

    Why we sold Illumina after more than a decade in the portfolio.
    December 2023
    Article3 minutes
  18. 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
  19. Reflections: Solar innovations

    Enphase's role in the solar revolution and the potential for long-term growth.
    November 2023
    Article3 minutes
  20. A net zero initiative update

    A reflection on Baillie Gifford’s commitment to the climate transition.
    November 2023
    Article
  21. LTGG third quarter 2023 update

    A look at portfolio performance over the recent quarter-end.
    October 2023
    Article16 minutes
  22. Long Term Global Growth Q3 update

    The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video13 minutes
  23. Reflections: from biologics to branded fashion

    In this monthly update, the team discusses recent research visits to WuXi, Symbotic and Moncler.
    September 2023
    Document4 minutes
  24. Reflections: NVIDIA - chipping away at success

    Following a successful quarter, the LTGG team consider the future of NVIDIA.
    August 2023
    Document
  25. Growth investing across decades

    Mark Urquhart discusses the science and art of picking growth stocks with enduring potential.
    August 2023
    Article27 minutes
  26. Reflections: The transformative potential of AI

    Artificial intelligence is not as new as you think it is, as the LTGG portfolio reveals.
    July 2023
    Document
  27. Long Term Global Growth Q2 update

    The Long Term Global Growth team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video18 minutes
  28. Reflections: Defying data disorder

    Why Datadog's ability to master the chaos of cloud computing offers an attractive opportunity.
    June 2023
    Document
  29. LTGG second quarter 2023 update

    An update on portfolio performance, and the importance of adapting for the future.
    June 2023
    Document
  30. Reflections: Jevons paradox - a case for Samsara

    How Samsara's data-driven insights help its customers optimise their business operations.
    April 2023
    Document
  31. Long Term Global Growth Q1 investment update

    Long Term Global Growth Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video15 minutes
  32. Quarterly Review

    LTGG review the first quarter of 2023 and the engines of change.
    March 2023
    Document
  33. Reflections: Catch-22 Earnings

    Does the market under-appreciate the impact of intangible investments?
    March 2023
    Document
  34. Reflections: Rising from the ashes

    An investment portfolio update explaining why holdings have thrived despite economic chaos.
    February 2023
    Document
  35. LTGG investor update – January 2023

    LTGG’s Stewart Hogg and Gemma Barkhuizen on volatility, business culture, and the long-term view.
    February 2023
    Video21 minutes
  36. MercadoLibre: a lesson in innovation

    Investment manager Lawrence Burns talks to MercadoLibre’s CFO Pedro Arnt.
    February 2023
    Article
  37. Reflections: Shifting shades of grey

    Short-term, many companies seem grey and similar. But patience will reveal colourful outliers.
    January 2023
    Document
  38. LTGG quarterly commentary

    A look at recent macroeconomic factors and performance and considerations for the future.
    January 2023
    Document
  39. Reflections: Operational growth hurdles

    Why growth is still possible in hard times.
    December 2022
    Document
  40. ASML: advancing chips to new limits

    The Dutch firm driving progress by making it possible to create more intricate computer chips.
    December 2022
    Article
  41. The changing face of advertising

    With data at the heart of digital advertising, advertising businesses now come in many forms.
    November 2022
    Document
  42. LTGG investor update

    The LTGG Team share their thoughts on the portfolio, the current environment and what makes them optimistic about the future.
    November 2022
    Video28 minutes
  43. Reflections: Engines of growth

    Understanding why certain ideas lead to growth can boost the chances of outperformance.
    October 2022
    Document
  44. LTGG: climate progress update

    Positive progress from a number of portfolio companies.
    October 2022
    Article
  45. LTGG: our companies’ character

    An LTGG ESG update.
    September 2022
    Document
  46. Reflections: LTGG on tour

    What do we learn from meeting management teams? That it’s good to be on the road again.
    September 2022
    Document
  47. Reflections: The fight for your free time

    Disruptive change within the entertainment world creates a wealth of opportunity.
    August 2022
    Document
  48. Reflections: Company check in

    We met holdings to track their progress as well as scouting out potential additions to the portfolio.
    July 2022
    Document
  49. Reflections: Second quarter 2022

    Sailing in the Roaring Forties.
    July 2022
    Document
  50. LTGG Manager Update

    The LTGG Team share their thoughts on what’s currently going on in the markets, what worries them and what they are excited about for the next 5-10 years.
    July 2022
    Video24 minutes
  51. Reflections: Sea Ltd

    LTGG unpacks the potential of a new holding in the fintech and gaming space.
    June 2022
    Document
  52. Jumpers in the hot wash

    Tim Garratt considers how we value exciting businesses and reflects on what we lose when we fail to imagine.
    May 2022
    Document
  53. Reflections: The future of synthetic biology

    How Ginkgo Bioworks is making advances in computing and DNA engineering.
    May 2022
    Document
  54. Reflections: A look back on Q1

    The LTGG team consider recent performance and the long-term outlook for the fund.
    April 2022
    Document
  55. Reflections: Roblox

    New holding, Roblox, aims to bring the world together through play. The LTGG Team take a closer look.
    March 2022
    Document
  56. Reflections: On short-term drawdowns

    The LTGG team on short-term drawdowns and investing in era-defining companies.
    February 2022
    Document
  57. Long Term Global Growth: Team evolution

    Scott Nisbet interviews the Long Term Global Growth decision-makers discussing volatility, inflation, interest rates, China and portfolio holdings: Roblox, SEA, Moderna and Coupang.
    February 2022
    Video60 minutes
  58. ESG collaborations

    Looking before we leap into industry initiatives.
    January 2022
    Article
  59. Reflections: Affirm

    The LTGG team take a closer look at how Affirm plan to transform the consumer credit industry.
    January 2022
    Document
  60. ESG data: Filling in the gaps

    LTGG is making efforts to improve environmental, social and governance metrics.
    January 2022
    Article
  61. Reflections: The return of the tartan army

    LTGG on demanding huge returns, backing companies that rip up the rule books, and looking to the future.
    January 2022
    Document
  62. Reflections: Illumina

    The genome sequencing specialist is playing a valuable role in the hunt for new treatments.
    December 2021
    Document
  63. Rules of the game

    Regulation and what we look for in companies’ responses.
    December 2021
    Article
  64. Working it out

    Adapting to the changing expectations of staff and society.
    December 2021
    Article
  65. Inside and out

    A focus on diversity and inclusion can result in competitive advantage.
    November 2021
    Article
  66. Reflections: Looking for a contribution

    The companies that LTGG invest in can turn their ability to improve society into a source of competitive advantage.
    October 2021
    Document
  67. China’s gen Z+

    How the digital natives’ wants and needs create opportunities for forward-thinking Chinese companies.
    October 2021
    Document
  68. Staying engaged

    What company engagement means to us.
    October 2021
    Article
  69. A question of character

    How we integrate environmental, social and governance factors into our investment approach.
    October 2021
    Article
  70. Disruption week webinar: Digital payments platforms

    New types of transactions and ecommerce services are being enabled by innovative fintechs.
    October 2021
    Video44 minutes
  71. Looking back going forward

    In this edition of Looking Back Going Forward we explain how environmental, social and governance (ESG) considerations have been deeply embedded in our Long Term Global Growth strategy.
    October 2021
    DocumentLong Read
  72. Reflections: Carvana

    Carvana, the US online car dealership, has a lofty but straightforward mission to change the way in which people buy cars.
    August 2021
    Document
  73. Reflections: China

    The LTGG Team reason that where there’s transformational growth, the regulatory backdrop will evolve to keep up. That’s as true of China as it is elsewhere.
    July 2021
    Document
  74. Reflections: LTGG and the elixir of youth

    LTGG’s Tim Garratt explains how the team have endeavoured to keep the portfolio youthful and forward looking.
    Second Quarter 2021
    Document
  75. Reflections: Alphabet

    The LTGG team explain why they decided to sell their clients’ holding in Google parent company, Alphabet.
    June 2021
    Document
  76. Reflections: Beike

    The LTGG team reflect on how Beike, China’s largest online house-buying platform, is disrupting the property market.
    May 2021
    Document
  77. The anatomy of outliers

    What characteristics do outperforming stocks have in common and how does the LTGG portfolio stack up?
    April 2021
    Document
  78. Leading the charge

    We reveal the research behind one of the highest-profile investments in Baillie Gifford’s 113-year history.
    April 2021
    Document
  79. Reflections: The trade desk

    The Trade Desk, a recent LTGG investment, is disrupting a $350bn market and challenging Facebook and Google’s control of online advertising. The LTGG Team discuss the opportunities ahead.
    March 2021
    Document
  80. Highlights video: Long Term Global Growth webinar

    Client Director Tatjana Evans-MacLeod highlights the most notable discussion points from the recent LTGG webinar, in which investment managers Mark Urquhart, Gemma Barkhuizen and Linda Lin discussed turnover, valuation, China, ESG, and capacity.
    February 2021
    Video0 minute
  81. Reflections: The roaring twenties

    When we are caught up in the drama of the present, it can be hard to see the accelerated progress that accompanies it. With technology firmly in the driving seat, Scott Nisbet explains why he sees a decade of growth ahead.
    First Quarter 2021
    Document
  82. Looking back going forward

    Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2020 issue
    October 2020
    Document
  83. A gallery for growth

    Much like an art curator, the role of the investment manager involves carefully selecting investments that will make a mark and grow in value over time.
    September 2020
    Article
  84. Sensible nonsense

    To stand the best chance of owning the winning companies of the 2030s, we should imagine how bizarre today’s ‘normal’ will seem when the next generation looks back.
    September 2020
    Article
  85. Navigating noise

    Navigating Noise, a video series brought to you by the Long Term Global Growth team, seeks to gather and share some of the thinking we find so valuable when investing for the long term.
    September 2020
    Document
  86. A View from the Midst of the Pandemic

    Technological developments over recent decades mean reality has outpaced the science fiction of his youth since Mark Urquhart joined Baillie Gifford almost 25 years ago.
    June 2020
    Document
  87. AI: Learning on the job

    Dubbed the new electricity, artificial intelligence is intrinsic to the strategy and operations of many companies in the Long Term Global Growth portfolio.
    April 2020
    Document
  88. Calm reflection during the amygdala hijack

    In times of stress stock markets, like people, often revert to act now, think later. Tim Garratt advocates doing the opposite.
    April 2020
    Document
  89. Footprints and first steps

    Mike Berners-Lee helps us to reassess how we calculate the environmental impact of the holdings within the LTGG portfolio.
    April 2020
    Document
  90. Lessons from the Sonoran Desert

    ‘Lessons from the Sonoran Desert’ explores further the pioneering work of Professor Hendrik Bessembinder at Arizona State University, whose heroic feat of global number-crunching revealed extraordinary things about the nature of company returns.
    April 2020
    Document
  91. Long-term talent

    Gemma Barkhuizen and Robert Wilson recently joined the LTGG team as part of Baillie Gifford’s graduate training programme. Here they share their experiences, talk about what’s important to them, and give their view of LTGG’s way of looking at the world.
    April 2020
    Document
  92. Looking back going forward

    Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2020 issue.
    April 2020
    Document
  93. When Milton met Billy

    Shareholders seem to be obsessed with short-term profits. We aren’t. Scott Nisbet proposes an alternative path, where patience with the right companies is rewarded, and a less direct route to profitability can lead eventually to a more valuable outcome.
    Document
  94. LTGG XV

    The evolution of LTGG over the first 15 years.
    2019
    Document
  95. Looking back going forward

    In the latest edition of Looking Back Going Forward, John MacDougall looks back over the 15 years of Long Term Global Growth's history, reflecting on some of the holdings that have performed best, and the varied paths their share prices have followed.
    April 2019
    Document
  96. Graham or growth?

    In his latest paper, James Anderson discusses Ben Graham’s book The Intelligent Investor, the seminal work on Value investing that remains as valid today as it did when he wrote it seven decades ago. James considers the author’s views and their implications for Growth investing in the current environment.
    March 2019
    Document
  97. Looking back going forward

    Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2018 issue,
    October 2018
    Document
  98. Looking back going forward

    Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2018 issue.
    April 2018
    Document
  99. Looking back going forward

    Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2017 issue.
    October 2017
    Document
  100. Looking back going forward

    Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2017 issue.
    April 2017
    Document
  101. Looking back going forward

    Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2016 issue.
    October 2016
    Document
  102. Looking back going forward

    Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2016 issue.
    April 2016
    Document

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