Capital at risk
Investment strategy
Responsible Global Alpha
Our core task is the patient, engaged ownership of responsible companies with the potential to deliver superior but underappreciated earnings growth.
A diverse range of responsible companies
An ambitious approach to investing in responsible growth companies from right across the spectrum of opportunity. We are flexible in seeking these opportunities, recognising the valuable diversity of ways in which growth can be achieved.
Global Alpha: our philosophy
Investment manager Helen Xiong introduces Global Alpha, reflecting on the exciting opportunities ahead.
A truly global portfolio
We aim to identify companies which can grow their earnings at a superior rate to the market over sustained periods, where this potential is not reflected in the price.
As share prices are ultimately driven by earnings growth, this approach underpins our objective to deliver returns 2 to 3 per cent per annum ahead of the benchmark over rolling five-year periods before the deduction of fees. The strategy also excludes investment in companies which fail to meet our criteria for responsible behaviour.
Our research draws on the work and insights of the entire Baillie Gifford investment floor.
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.
Attractive opportunities from across the spectrum
Our philosophy is to invest long-term in well-managed businesses with sustainable competitive advantages. We embrace diversity, splitting the portfolio of around 90 holdings across our three growth profiles:
Compounders aim to exploit the power of earnings compounding. Disruptors seek to identify early-stage firms with explosive potential. Capital allocators back skilled management teams, often in cyclical industries.
At the heart of Global Alpha’s patient approach to long-term capital growth lies our belief in diversity. We don’t rely on a single definition of what ‘growth’ means.
Meet the managers
Documents
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: 30 April 2026
| # | Company | Fund % |
|---|---|---|
| 1 | TSMC | 5.6% |
| 2 | NVIDIA | 5.5% |
| 3 | Alphabet Inc Class C | 4.3% |
| 4 | Amazon.com | 3.5% |
| 5 | Microsoft | 3.1% |
| 6 | Meta Platforms Inc | 2.8% |
| 7 | Samsung Electronics | 2.4% |
| 8 | Tencent | 2.4% |
| 9 | Royalty Pharma | 2.3% |
| 10 | Martin Marietta Materials | 2.2% |
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:
Filters
Insights
Viewing 62 of 62
The big squeeze: bottlenecks as advantage
When demand outstrips supply, companies that sit astride the pinch point can gain an enduring edge.
Uber’s age of autonomy
Why the taxi-tech giant is set to benefit from the shift to driverless cabs.
AI: valuing scarcity
AI is creating new abundance and shifting bottlenecks. We explore which businesses can win in the long term.
Global Alpha Q1 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha Q1 update
Investment manager Malcolm MacColl reflects on recent performance, portfolio changes and market developments.
Global Alpha insights: agentic commerce
As AI simplifies shopping, where does durable ecommerce advantage remain?
Global Alpha insights: QXO's recipe for steady compounding
An $800bn analogue industry meets operational discipline.
What's your growth flavour?
Three investment managers. Three different approaches to growth investing. But can all of them be right?
Don’t burn your boats: investing in AI
Why we’re ruthlessly selective about AI-related stocks.
Global Alpha Q4 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q4 update
Investment specialist Ben Drury reflects on recent performance, portfolio changes and market developments.
What’s your flavour of choice?
Three investment managers debate growth strategies from tech disruption to steady compounders
Global Alpha Research Agenda 2025
From AI to emerging consumers, we focus on the growth areas and companies capitalising on opportunities.
Global Alpha insights: our reliable growth engine
Not flashy, just dependable. Why compounders remain the engine of durable long-term returns.
Global Alpha insights: the grid for growth
AI’s massive electricity needs create compelling investment opportunities.
Global Alpha Q3 update
Investment manager Michael Taylor reflects on recent performance, portfolio changes and market developments.
Global Alpha Q3 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha insights: the future of finance
Coinbase is reshaping finance by uniting digital assets, stablecoins and trust.
Salesforce: putting AI agents to work
Agentforce’s promise of handling customer service 24/7, faster and at a lower cost.
Global Alpha insights: onsemi
How the chip maker reinvented itself from ugly duckling to industry leader.
Global Alpha Q2 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q2 update
Investment manager Helen Xiong reflects on recent performance, portfolio changes and market developments.
Uncommon understanding
Global Alpha’s investment managers reveal how they spot what others don’t see.
Global Alpha: an enduring focus in a changing world
Explore 20 years of Global Alpha in our anthology of articles covering the past, present and future.
Global Alpha insights: infrastructure
Why companies like Martin Marietta are set to benefit from increased spending on infrastructure.
Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
Global Alpha: introducing Michael Taylor
Investment manager Michael Taylor joins Global Alpha as a decision-maker. We explore his background, strengths, and vision for the portfolio’s future opportunities.
Global Alpha insights: turbulent times
How can we participate in long-term progress without it being undone by every policy turn?
Global Alpha Q1 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q1 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha insights: a time to trade?
Explore how we're evolving the portfolio as the investment environment enters a period of rapid change.
Cloudflare: Stock Story
Ben James highlights how one cybersecurity approach is redefining digital infrastructure.
DoorDash: delivering the goods
How DoorDash’s ambitions extend far beyond restaurant deliveries.
Global Alpha Insights: investing in resilience beyond political cycles
Why the Global Alpha Team believes elections don't impact stock market returns.
Global Alpha Q4 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha insights: Rakuten and the 'Dog Shogun'
Richie Vernon, investment specialist, explains why the Global Alpha Team has a different perspective on Rakuten's future market growth.
Why growth investors can’t ignore China
China’s electric car, battery and other advanced manufacturers are on the rise.
Global Alpha insights: unlocking the magic of Disney
Why the Global Alpha Team believes there is a magical journey ahead for Disney.
Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks in the US.
Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.
Beyond NVIDIA: investing in semiconductors
Why some of the leading computer chip makers and companies enabling them have room to grow.
China: the new shoots of growth
Why advanced manufacturing and social context are key to investing in tomorrow’s Chinese giants.
The US building bonanza
America’s infrastructure upgrade plan vastly exceeds its spending on rebuilding post-war Europe.Global Alpha Research Agenda
From AI to infrastructure – Global Alpha homes in on the growth areas and companies best placed to exploit opportunities.
Global Alpha: back to growth
The managers tell a London Investment Forum about new sources of opportunity and optimism.
Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
How Microsoft got its mojo back
By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.
Global Alpha: manager update
The managers discuss the market environment, portfolio positioning and current opportunities.
Making health insurance manageable
How Elevance Health uses its scale to smooth a path through the US health system’s maze.
Global Alpha Research Agenda 2023
How can we invest in quality companies with the potential to generate sustainable returns in a changing market?
Digital Disruption and the future
Online infrastructures and digital developments in the education, energy, and transport sectors make for an exciting future.
Global Alpha 2022 Research Agenda
In their Research Agenda for 2022, the investment managers consider the benefits of deep work in helping them find growth opportunities.
Growth or value: it’s not a black or white choice
Operational performance is a better indicator of growth than inflation. Malcolm MacColl shares why.
Harnessing growth for the next decade
Investment manager Malcolm MacColl and Senior Governance and Sustainability Analyst Kieran Murray outline believed growth drivers and the development of Global Alpha’s ESG process.
Highlights Video: Harnessing growth for the next decade
Watch the highlights from the recent Global Alpha webinar: Harnessing growth for the next decade.
Global Alpha Paris-Aligned
The Global Alpha Paris-Aligned portfolio offers a pathway for clients to align their assets with the objectives of the Paris Agreement. Here, we provide some background to the Paris Accords and outline how we aim to implement its objectives.
The importance of looking forward
This recording has been prepared for professional investors and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this recording by any other person who did not receive this recording from Baillie Gifford.
Global Alpha research agenda
In this year’s Research Agenda, Global Alpha’s investment managers share their thoughts on how change can help shape the portfolio.
Global Alpha – mental models highlights
Client director Jon Henry talks through the highlights of the recent Global Alpha webinar on ‘Mental Models’, a concept introduced earlier this year in the Global Alpha Research Agenda.
Global Alpha - 10 minutes with Helen Xiong
Ben Drury, client director, talks to Helen Xiong, an investor and soon-to-be key decision-maker for the Global Alpha strategy.
Back to the future
This webinar has been prepared solely for the use of professional investors outside of the Unites States and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this webinar by any other person who did not receive this webinar from Baillie Gifford.
View transcript
<p><strong>Your capital is at risk. Past performance is not a guide to future returns. </strong></p>
<p> </p>
<p><strong>Malcolm MacColl:</strong> It’s been quite the start to the year for global equity investors. As I record this update, there is war in Iran and the Strait of Hormuz, a narrow chokepoint between the Persian Gulf and the Arabian Sea, has been effectively closed by Iran, bringing significant disruption to global energy markets.</p>
<p>This disruption is symptomatic of one of two major themes in markets over the first quarter.</p>
<p>First, worries about geopolitics, a fragmenting world and access to scarce resources, of which the unfolding energy crisis is only the most recent expression.</p>
<p>The second clear trend in markets was triggered by the release of Claude CodeWork, an agentic coding tool which triggered an abrupt reassessment of what might constitute a long-lasting advantage in software.</p>
<p>In contrast to the scarcity of certain physical resources, intelligence is becoming abundant, and the cost of creating code is collapsing. Against this backdrop, our returns in the first part of the year have lagged global indices, which have also, amidst the uncertainty, fallen from their recent highs.</p>
<p>A theme of physical bottlenecks is clearly visible in the attribution. Those companies benefiting from the three major limiting factors in the build-out of AI infrastructure, memory chips, leading-edge manufacturing capacity for the most advanced AI chips, and power and cooling systems, saw Samsung Electronics, TSMC and Comfort Systems all enjoy strong share price appreciation. Energy and power-related companies also did well.</p>
<p>In contrast, the angst towards businesses seen as having any part of their competitive advantage, even tangentially, rooted in software, saw companies such as AppLovin in digital advertising, ecommerce businesses DoorDash, Shopify, and Sea, Adyen in payments, and CoStar, which provides data for the real estate industry, all suffering share price declines of over 30 percent. We view these drawdowns as overreactions and have been selectively adding to positions.</p>
<p>Amongst this noise, our role is to distinguish clear signals within themes. Perhaps most importantly, we see a broadening of the growth opportunities available to us. Specifically, decades of underinvestment in physical assets, alongside trends towards electrification, the rebuilding of defence capabilities, and reshoring, all point towards an improving outlook for heavier industries.</p>
<p>We see mismatches in some metals and commodity markets, for instance. Copper will be in demand as AI infrastructure and electrification build-outs continue globally, and we have taken new holdings in the American miner Freeport McMoRan and the Peruvian bank Credicorp, both well-placed to benefit from this trend.</p>
<p>Similarly, fossil fuels will continue to be needed at scale for decades. And where restrictions permit, we have added to the US onshore driller EOG and the US gas company EQT, and have also increased clients’ holdings in the Brazilian major Petrobras. These actions were taken prior to the most recent disruptions in the Gulf.</p>
<p>Physical bottlenecks of a different sort exist with the AI revolution too, as the infrastructure build-out continues to become more capital-intensive. We’ve added to Samsung on the strength of its memory business, and also own positions in other specialist machine makers and data centre builders, where the scarcity of their expertise represents other profitable bottlenecks.</p>
<p>If the market remains conflicted about AI, with the narrative oscillating between exuberance and scepticism, this flipping of sentiment has been especially dramatic in software. Such a widespread draining of confidence offers a rich opportunity.</p>
<p>For instance, in contrast to the prevailing mood, the ecommerce platform Shopify and the payment technology platform Adyen should be strengthened by AI agents. Both provide critical support to merchants and a broadening network helps them if an army of empowered sellers relies on them to make transactions happen. Similarly, Samsara combines an operating dashboard with sensors that customers attach to vehicles and equipment. The combination of hardware and software gives Samsara durability.</p>
<p>We’ve added to all three. In contrast, we’ve sold where the pace of change is weakening holdings.</p>
<p>One example of Salesforce, where we expected the company to embed AI to its advantage into its customer relationship software. However, it looks now more likely to be overtaken by advances in other companies.</p>
<p>Overall, our recent actions have done two things for the portfolio.</p>
<p>First, they’ve broadened our sources of growth, moderating previous areas of underexposure. That feels right given the widening range of possible futures and the rising capital intensity of growth across several end markets.</p>
<p>Second, they’ve kept our growth ambitions high. And evening out of our sector and industry positions gives us the freedom to swing for the fences in the right stocks. We’ve adjusted our technology-focused holdings to give us the best chance of owning the most rewarding group of high-growth businesses.</p>
<p>And what I find most exciting right now is that we’ve not had to pay up to make this switch. In relative valuation terms, the portfolio remains around historic lows. The previous times we’ve approached those lows, this has preceded rewarding spells for shareholders, and I’m confident that we’re well-placed to deliver that once again.</p>
<p> </p>
<p> </p>
<h3 class="TABLEHEADER1212pt">Global Alpha</h3>
<p><strong>Annual past performance to 31 March each year (%)</strong></p>
<table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 74.6668px;">
<tbody>
<tr style="height: 18.6667px;">
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px;"> </td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; text-align: right;"><strong>2022</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; text-align: right;"><strong>2023</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; text-align: right;"><strong>2024</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; text-align: right;"><strong>2025</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; text-align: right;"><strong>2026</strong></td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">Global Alpha Composite (gross)</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-10.8</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-9.9</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">20.9</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-0.8</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">13.2</td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">Global Alpha Composite (net)</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-11.4</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-10.5</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">20.2</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-1.4</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">12.5</td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">MSCI ACWI Index</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">7.7</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-7.0</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">23.8</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">7.6</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">20.5</td>
</tr>
</tbody>
</table>
<p> </p>
<p><strong>Annualised returns to 31 March 2026 (%)</strong></p>
<table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 93.0001px;">
<tbody>
<tr style="height: 37px;">
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 37px; width: 61.3387%;"> </td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 37px; width: 13.1043%; text-align: right;"><strong>1 year</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 37px; width: 12.713%; text-align: right;"><strong>5 years</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 37px; width: 12.844%; text-align: right;"><strong>10 years</strong></td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 61.3387%;">Global Alpha Composite (gross)</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.1043%; text-align: right;">13.2</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.713%; text-align: right;">1.8</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.844%; text-align: right;">10.6</td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 61.3387%;">Global Alpha Composite (net)</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.1043%; text-align: right;">12.5</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.713%; text-align: right;">1.1</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.844%; text-align: right;">9.9</td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 61.3387%;">MSCI ACWI Index</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.1043%; text-align: right;">20.5</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.713%; text-align: right;">10.0</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.844%; text-align: right;">11.9</td>
</tr>
</tbody>
</table>
<p><strong><span class="source-text">Source:</span></strong><span class="source-text"> Revolution, MSCI. US dollars. Net returns have been calculated by reducing the gross return by the highest annual management fee for the composite. 1 year figures are not annualised.</span><br><br></p>
<p><strong>Past performance is not a guide to future returns.</strong></p>
<p><span class="source-text">Legal notice: MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.</span></p>
<p> </p>
<h3>Risk factors </h3>
<p>This communication was produced and approved in April 2026 and has not been updated subsequently. It represents views held at the time and may not reflect current thinking.</p>
<p>The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.</p>
<p>This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, but is classified as advertising under Art 68 of the Financial Services Act (‘FinSA’) and Baillie Gifford and its staff may have dealt in the investments concerned.</p>
<p>All information is sourced from Baillie Gifford & Co and is current unless otherwise stated. </p>
<p>The images used in this communication are for illustrative purposes only.</p>
<p> </p>
<p><strong>Important information<br></strong>Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford & Co Limited is an Authorised Corporate Director of OEICs.</p>
<p>Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK Professional/Institutional clients only. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford & Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK. </p>
<p>Persons resident or domiciled outside the UK should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to invest, and with their tax advisers for advice relevant to their own particular circumstances.</p>
<p><strong>Financial intermediaries</strong><br>This communication is suitable for use of financial intermediaries. Financial intermediaries are solely responsible for any further distribution and Baillie Gifford takes no responsibility for the reliance on this document by any other person who did not receive this document directly from Baillie Gifford.</p>
Global Alpha Q1 update
Investment manager Malcolm MacColl reflects on recent performance, portfolio changes and market developments.
The big squeeze: bottlenecks as advantage
When demand outstrips supply, companies that sit astride the pinch point can gain an enduring edge.Uber’s age of autonomy
Why the taxi-tech giant is set to benefit from the shift to driverless cabs.AI: valuing scarcity
AI is creating new abundance and shifting bottlenecks. We explore which businesses can win in the long term.Global Alpha Q1 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha Q1 update
Investment manager Malcolm MacColl reflects on recent performance, portfolio changes and market developments.Global Alpha insights: agentic commerce
As AI simplifies shopping, where does durable ecommerce advantage remain?Global Alpha insights: QXO's recipe for steady compounding
An $800bn analogue industry meets operational discipline.What's your growth flavour?
Three investment managers. Three different approaches to growth investing. But can all of them be right?Don’t burn your boats: investing in AI
Why we’re ruthlessly selective about AI-related stocks.Global Alpha Q4 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha Q4 update
Investment specialist Ben Drury reflects on recent performance, portfolio changes and market developments.What’s your flavour of choice?
Three investment managers debate growth strategies from tech disruption to steady compoundersGlobal Alpha Research Agenda 2025
From AI to emerging consumers, we focus on the growth areas and companies capitalising on opportunities.Global Alpha insights: our reliable growth engine
Not flashy, just dependable. Why compounders remain the engine of durable long-term returns.Global Alpha insights: the grid for growth
AI’s massive electricity needs create compelling investment opportunities.Global Alpha Q3 update
Investment manager Michael Taylor reflects on recent performance, portfolio changes and market developments.Global Alpha Q3 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha insights: the future of finance
Coinbase is reshaping finance by uniting digital assets, stablecoins and trust.Salesforce: putting AI agents to work
Agentforce’s promise of handling customer service 24/7, faster and at a lower cost.Global Alpha insights: onsemi
How the chip maker reinvented itself from ugly duckling to industry leader.Global Alpha Q2 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha Q2 update
Investment manager Helen Xiong reflects on recent performance, portfolio changes and market developments.Uncommon understanding
Global Alpha’s investment managers reveal how they spot what others don’t see.Global Alpha: an enduring focus in a changing world
Explore 20 years of Global Alpha in our anthology of articles covering the past, present and future.Global Alpha insights: infrastructure
Why companies like Martin Marietta are set to benefit from increased spending on infrastructure.Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.Global Alpha: introducing Michael Taylor
Investment manager Michael Taylor joins Global Alpha as a decision-maker. We explore his background, strengths, and vision for the portfolio’s future opportunities.Global Alpha insights: turbulent times
How can we participate in long-term progress without it being undone by every policy turn?Global Alpha Q1 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha Q1 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha insights: a time to trade?
Explore how we're evolving the portfolio as the investment environment enters a period of rapid change.Cloudflare: Stock Story
Ben James highlights how one cybersecurity approach is redefining digital infrastructure.DoorDash: delivering the goods
How DoorDash’s ambitions extend far beyond restaurant deliveries.Global Alpha Insights: investing in resilience beyond political cycles
Why the Global Alpha Team believes elections don't impact stock market returns.Global Alpha Q4 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.Global Alpha insights: Rakuten and the 'Dog Shogun'
Richie Vernon, investment specialist, explains why the Global Alpha Team has a different perspective on Rakuten's future market growth.Why growth investors can’t ignore China
China’s electric car, battery and other advanced manufacturers are on the rise.Global Alpha insights: unlocking the magic of Disney
Why the Global Alpha Team believes there is a magical journey ahead for Disney.Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks in the US.Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.Beyond NVIDIA: investing in semiconductors
Why some of the leading computer chip makers and companies enabling them have room to grow.China: the new shoots of growth
Why advanced manufacturing and social context are key to investing in tomorrow’s Chinese giants.The US building bonanza
America’s infrastructure upgrade plan vastly exceeds its spending on rebuilding post-war Europe.Global Alpha Research Agenda
From AI to infrastructure – Global Alpha homes in on the growth areas and companies best placed to exploit opportunities.Global Alpha: back to growth
The managers tell a London Investment Forum about new sources of opportunity and optimism.Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.How Microsoft got its mojo back
By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.Global Alpha: manager update
The managers discuss the market environment, portfolio positioning and current opportunities.Making health insurance manageable
How Elevance Health uses its scale to smooth a path through the US health system’s maze.Global Alpha Research Agenda 2023
How can we invest in quality companies with the potential to generate sustainable returns in a changing market?Digital Disruption and the future
Online infrastructures and digital developments in the education, energy, and transport sectors make for an exciting future.Global Alpha 2022 Research Agenda
In their Research Agenda for 2022, the investment managers consider the benefits of deep work in helping them find growth opportunities.Growth or value: it’s not a black or white choice
Operational performance is a better indicator of growth than inflation. Malcolm MacColl shares why.Harnessing growth for the next decade
Investment manager Malcolm MacColl and Senior Governance and Sustainability Analyst Kieran Murray outline believed growth drivers and the development of Global Alpha’s ESG process.Highlights Video: Harnessing growth for the next decade
Watch the highlights from the recent Global Alpha webinar: Harnessing growth for the next decade.Global Alpha Paris-Aligned
The Global Alpha Paris-Aligned portfolio offers a pathway for clients to align their assets with the objectives of the Paris Agreement. Here, we provide some background to the Paris Accords and outline how we aim to implement its objectives.The importance of looking forward
This recording has been prepared for professional investors and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this recording by any other person who did not receive this recording from Baillie Gifford.Global Alpha research agenda
In this year’s Research Agenda, Global Alpha’s investment managers share their thoughts on how change can help shape the portfolio.Global Alpha – mental models highlights
Client director Jon Henry talks through the highlights of the recent Global Alpha webinar on ‘Mental Models’, a concept introduced earlier this year in the Global Alpha Research Agenda.Global Alpha - 10 minutes with Helen Xiong
Ben Drury, client director, talks to Helen Xiong, an investor and soon-to-be key decision-maker for the Global Alpha strategy.Back to the future
This webinar has been prepared solely for the use of professional investors outside of the Unites States and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this webinar by any other person who did not receive this webinar from Baillie Gifford.
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 Annex II of Directive 2014/65/EU (MiFID II), as transposed in Ireland (including the European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375/2017), as amended). It is not intended for retail clients.
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.