Capital at risk
Global Discovery
The strategy seeks ambitious, rare companies that could shape our future by solving today’s most important, complex problems. We aim to find them at an early stage and hold them for the long term as they scale.
Unearthing transformational growth
Global Discovery seeks to invest in immature, disruptive companies experiencing exciting, formative growth phases. We then look to hold them for the long term as they scale.
While this approach can lead to individual stock and strategy volatility, we believe it also increases the chance of highly asymmetrical outcomes.
The strategy aims to outperform (net of fees) the S&P Global Small Cap Index, in sterling, by at least 2 per cent per annum over rolling five-year periods.
We consider opportunities below $10bn but believe immaturity, not size, is the best proxy for potential. We hold regardless of market cap if the company has desirable traits.
Discovery: our philosophy
Investment manager, Douglas Brodie, discusses the Baillie Gifford Discovery Strategies and reflects on their philosophy and the exciting opportunities ahead.
A unique pursuit
The portfolio is built from the bottom up, disregarding the benchmark. Thus, it has a very high active share. This differentiates us from others.
We exist in a huge investible universe, but most companies don’t meet our specifications. So we place ourselves on the frontier of technological progress.
The resulting portfolio varies by industry and geography. What unites it is immaturity. We define this as:
- Scalability
- Quality and ambition of management
- Innovation to solve problems and reshape industry
- Emerging competitive edge
We established the Global Discovery Strategy to capture the opportunity in the enduring supercycle of innovation.
Meet the managers
Documents
Philosophy and process
Explore our investment philosophy and the processes around how the team constructs the portfolio.
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You can invest in this strategy through the following fund(s).
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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 October 2025
| # | Holding | % of total assets |
|---|---|---|
| 1 | Alnylam Pharmaceuticals | 7.3% |
| 2 | AeroVironment | 5.2% |
| 3 | American Superconductor Corp | 3.9% |
| 4 | Axon Enterprise | 3.7% |
| 5 | JFrog | 3.1% |
| 6 | Zillow | 2.9% |
| 7 | Oxford Nanopore Tech | 2.9% |
| 8 | Xometry, Inc. | 2.8% |
| 9 | Exact Sciences | 2.6% |
| 10 | DLocal | 2.4% |
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).
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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
Discovery Q3 update
Investment specialist Bill Chater reflects on recent performance, portfolio changes and market developments.
Discovery Q2 update
Investment manager Douglas Brodie reflects on recent performance, portfolio changes and market developments.
Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.
Discovery Q1 update
The Discovery Team reflects on recent performance, portfolio changes and market developments.
Discovery: our philosophy
Investment manager, Douglas Brodie, discusses the Baillie Gifford Discovery Strategies.
Quantum, space, fusion: the big three
How PsiQuantum, SpaceX and SHINE Technologies seek to shape the future and deliver growth.
Discovery Q4 update
The Discovery Team reflects on recent performance, portfolio changes and market developments.
Small cap strife: big opportunities
Exploring the transformative potential of small-cap companies such as DexCom, Tesla and Axon.
Our best disruptive ideas
Bill Chater spotlights three companies making world-changing breakthroughs: Alnylam, Axon and SpaceX.
Stock story: PsiQuantum
How one company is finally bringing the boundless possibilities of quantum computing into reach of the wider market.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
Small caps: Beyond the myths
Opportunities remain in small-cap investing, regardless of interest rates or market volatility.
How Alnylam nips disease in the bud
The US-based company’s technology promises to ‘silence’ genetic disorders and target some of the world’s biggest killers.
Global Discovery manager update
Investors discuss recent performance, holdings, and portfolio positioning for the Global Discovery Strategy.
Discovery Q3 update
Investment specialist Bill Chater reflects on recent performance, portfolio changes and market developments.
Discovery Q3 update
Investment specialist Bill Chater reflects on recent performance, portfolio changes and market developments.Discovery Q2 update
Investment manager Douglas Brodie reflects on recent performance, portfolio changes and market developments.Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.Discovery Q1 update
The Discovery Team reflects on recent performance, portfolio changes and market developments.Discovery: our philosophy
Investment manager, Douglas Brodie, discusses the Baillie Gifford Discovery Strategies.Quantum, space, fusion: the big three
How PsiQuantum, SpaceX and SHINE Technologies seek to shape the future and deliver growth.Discovery Q4 update
The Discovery Team reflects on recent performance, portfolio changes and market developments.Small cap strife: big opportunities
Exploring the transformative potential of small-cap companies such as DexCom, Tesla and Axon.Our best disruptive ideas
Bill Chater spotlights three companies making world-changing breakthroughs: Alnylam, Axon and SpaceX.Stock story: PsiQuantum
How one company is finally bringing the boundless possibilities of quantum computing into reach of the wider market.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.Small caps: Beyond the myths
Opportunities remain in small-cap investing, regardless of interest rates or market volatility.How Alnylam nips disease in the bud
The US-based company’s technology promises to ‘silence’ genetic disorders and target some of the world’s biggest killers.Global Discovery manager update
Investors discuss recent performance, holdings, and portfolio positioning for the Global Discovery Strategy.
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.
How to 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.
Important information
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients and is authorised and regulated by the UK Financial Conduct Authority. Baillie Gifford Overseas Limited is not licensed under the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance pursuant to the Advice Law.
Baillie Gifford Overseas Limited markets and distributes Baillie Gifford’s range of collective investment schemes to Qualified Clients and Qualified Investors in Israel, as listed in the First Addendum to the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and in the First Addendum to the Israel Securities Law, 5728-1968 (the “Securities Law”). Detailed disclosure of the collective investment schemes can be found within this website and in the relevant scheme prospectus.
Baillie Gifford Overseas Limited does not provide investment advice. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
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