Capital at risk
UK Alpha
We invest in a small collection of tremendously exciting UK businesses. Many may not be household names, but they are typically leaders in their fields with attractive competitive positions that rivals find hard to match.
We pride ourselves on the strength of our relationships with companies and the level of corporate access and insight this affords us.
A carefully selected portfolio
This is a punchy, concentrated portfolio of 30-50 carefully selected British businesses. We typically invest in them for at least five years to take full advantage of their strengths as they emerge over time.
UK Alpha Q2 update
Investment manager Milena Mileva reflects on recent performance, portfolio changes and market developments.
Seeking out potential
Our objective is to outperform the FTSE All-Share Index by 2 per cent per annum, after management fees, over rolling five-year periods.
To achieve this, we aim to identify well-managed, high-quality growth companies which enjoy sustainable competitive advantages. We seek out businesses that have the potential to deliver superior earnings growth over many years and hold onto them long enough for their strengths to emerge as the dominant influence on share prices.
We take stewardship seriously, meeting with management and boards regularly, voting thoughtfully at general meetings and advocating for change where needed.
Investing to add value
This is a concentrated portfolio, which only invests in between 30-50 stocks. Therefore, it looks very different to the broader UK equity index and has a very high active share.
This is simply because we believe that to add value over the long term, we need to take an active and differentiated approach.
When we look across the portfolio, we can group our holdings into broad themes that we are really excited about, including research and development innovators, digital consumer stocks and world-class industrials.
Meet the manager
Milena Mileva
Milena is an investment manager in the UK Equity Team and lead manager of the UK Alpha Strategy. She is a member of the International All Cap Portfolio Construction Group. She joined Baillie Gifford in 2009 and became a partner of the firm in 2022.Milena graduated BA in Social and Political Science from the University of Cambridge in 2007 and MPhil in Politics from the University of Oxford in 2009.
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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 | Games Workshop | 7.9% |
| 2 | Auto Trader | 5.8% |
| 3 | AJ Bell | 5.6% |
| 4 | Experian | 5.4% |
| 5 | 4imprint | 5.1% |
| 6 | Genus | 4.4% |
| 7 | Moonpig Group | 4.3% |
| 8 | Kainos | 4.1% |
| 9 | Wise | 3.9% |
| 10 | Renishaw | 3.9% |
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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Insights
Key articles, videos and podcasts relating to the strategy:
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Insights
UK Alpha Q3 update
Investment manager Milena Mileva reflects on recent performance, portfolio changes and market developments.
Our best UK ideas
Chloe Darling-Stewart on why the UK’s Autotrader, Moonpig and Genus are hidden treasures.
UK Alpha Q2 update
Investment manager Milena Mileva 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.
UK growth: opportunities amid tariff turbulence
How adaptable firms in growth-driving sectors can prosper over the long term despite trade restrictions.
UK Alpha Q1 update
The UK Alpha Team reflects on recent performance, portfolio changes and market developments.
Saving when sending abroad: a Wise move
With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world.
Wise: Money Without Borders
Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.
Creo Medical: at the spearhead of surgery
The Welsh company cutting surgery waiting lists – and costs.
Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
UK equities: growth on our doorstep
Our specialist approach is well-placed to take advantage of early-stage British businesses.
Joiners’ mate
Iain McCombie on how Howdens’ kitchens won the building trade’s trust.
UK Alpha Q2 update
Investment manager Milena Mileva reflects on recent performance, portfolio changes and market developments.
UK Alpha Q3 update
Investment manager Milena Mileva reflects on recent performance, portfolio changes and market developments.Our best UK ideas
Chloe Darling-Stewart on why the UK’s Autotrader, Moonpig and Genus are hidden treasures.UK Alpha Q2 update
Investment manager Milena Mileva 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.UK growth: opportunities amid tariff turbulence
How adaptable firms in growth-driving sectors can prosper over the long term despite trade restrictions.UK Alpha Q1 update
The UK Alpha Team reflects on recent performance, portfolio changes and market developments.Saving when sending abroad: a Wise move
With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world.Wise: Money Without Borders
Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.Creo Medical: at the spearhead of surgery
The Welsh company cutting surgery waiting lists – and costs.Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.UK equities: growth on our doorstep
Our specialist approach is well-placed to take advantage of early-stage British businesses.Joiners’ mate
Iain McCombie on how Howdens’ kitchens won the building trade’s trust.
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.
No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this website to the public in Israel. This website and the Funds mentioned herein have not been approved by the Israeli Securities Authority (the “ISA”). In addition, the Funds mentioned in this website are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754-1994 (the “Joint Investment Trusts Law”). This website and the Funds mentioned herein will only be distributed to Israeli residents in reliance on an exemption from any advice or marketing restrictions [in a manner that will not constitute “an offer to the public” under sections 15 and 15a of]/[in reliance on an exemption from the prospectus requirements under] the Israel Securities Law, 5728-1968 (the “Securities Law”) or the Joint Investment Trusts Law, and any guidelines, pronouncements or rulings issued from time to time by the ISA as applicable.