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Investment strategy

International Concentrated Growth

International Concentrated Growth is a bottom-up equity strategy focused on outstanding growth firms. It invests in businesses making structural changes to the economy and society.

Person on mountain summit with night sky

Powerful potential

This is a concentrated portfolio of exceptional international growth companies, which are driving transformation in societies and economies and therefore have the potential to take substantial market share.

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As with any investment, your capital is at risk. Lawrence Burns: Equity markets are not a level playing field. Over the last three decades, fewer than 0.25 per cent of stocks generated half of all net wealth created in international markets. That extreme distribution tells us something important: over time, only a very small number of exceptional companies truly matter. That’s because equities have asymmetric payoffs. The downside is mathematically bounded by the amount of capital invested, but the upside can potentially be a large multiple of that investment. That structure enables the extreme skew in equity markets. The opportunity is to find those rare positive outliers – and stay invested long enough for compounding to do its work. Our International Concentrated Growth Strategy is designed to do just that, to identify and then hold on to outlier businesses for the long term. International equities give us a rich and varied hunting ground to do that across countries, industries and stages of development. Emerging economies add an extra dimension: rising incomes, urbanisation and technological leapfrogging that can drive powerful growth and help create distinctive local champions. And because different markets specialise in different industries, a broad international remit helps us focus on the very best growth opportunities across a wide range of businesses. Capturing outlier payoffs demands long-termism. Many of the most rewarding companies take years to reshape industries – and almost all experience drawdowns along the way. At Baillie Gifford, our partnership structure supports patience through volatility, aligns incentives with multi-year outcomes and gives us the freedom to let winners run – looking beyond today’s noise to tomorrow’s cash flows.  Because outliers are rare, we run a deliberately concentrated portfolio – typically 20 to 35 holdings. We size positions around our view of long-term upside and downside across a range of scenarios, taking into account the breadth of possible outcomes and where we believe we have genuine insight. Finding tomorrow’s outliers requires us to think and behave differently. We draw on networks of visionary founders, private-company entrepreneurs, and academics, giving us different perspectives to identify businesses with the potential to compound value far beyond what the market expects today. In short: optimism to recognise potential, focus to select the exceptional few, patience to hold them through fluctuations. That is how International Concentrated Growth aims to harness the power of outliers for our clients, today and over the long run.   <h3 data-gtm-vis-recent-on-screen934959_1669="1806" data-gtm-vis-first-on-screen934959_1669="1806" data-gtm-vis-total-visible-time934959_1669="100" data-gtm-vis-has-fired934959_1669="1">Risk factors</h3> This communication was produced and approved in March 2026 and has not been updated subsequently. It represents views held at the time and may not reflect current thinking. 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. 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. All information is sourced from Baillie Gifford & Co and is current unless otherwise stated. The images used in this communication are for illustrative purposes only. Important Information  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.  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. 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. Financial Intermediaries 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.

International Concentrated Growth: our philosophy

Investment manager Lawrence Burns discusses the Baillie Gifford International Concentrated Growth Strategy and reflects on its philosophy and the exciting opportunities ahead.

Unique, concentrated, long term

ICG has three advantages. First, it has exceptionally long holding periods. Second, it is centred on the asymmetry of stock returns and the investment case upside. Third, it is concentrated and willing to take large holdings when justified by the probability-weighted returns available.

The strategy aims to grow clients’ assets over a five to 10-year horizon by investing in growth companies driving change. Our goal is to exceed the MSCI ACWI ex US Index by at least 3 per cent per annum over rolling five-year periods. Our approach to portfolio construction is purely stock-driven without reference to any benchmark.

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.

Years, not quarters

Long-termism is central to our philosophy. A company’s value is rarely determined over a few quarters.

We’re interested in companies that may grow significantly over five to 10 years, in structural or even explosive ways. These are rare, so we adopt a concentrated portfolio of 20-35 stocks from developed and emerging markets.

We believe it’s important not to ignore companies that may significantly disrupt international markets, despite being based in the US. The strategy can therefore invest up to 15 per cent in the US.

We each bring our passions and interests to the team. What links us together is a commitment to investing in companies that are driving deep structural changes in the economy.

Paulina McPadden

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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Quarterly update

Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting.

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Strategy portfolio holdings

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

All figures up to: 30 April 2026

#	Holding	% of total assets
1	TSMC	14.38
2	MercadoLibre	9.29
3	Spotify	7.25
4	NVIDIA	5.62
5	ASML	4.91
6	Adyen	4.61
7	Shopify	3.82
8	Nu Holdings	3.71
9	Tencent	3.55
10	Sea Limited	3.51

Holdings by sector

As at: 30 April 2026

#	Sector	Fund %	Benchmark %*	Difference %
1	Consumer Discretionary	34.11	8.20	25.91
2	Information Technology	30.34	18.23	12.10
3	Financials	12.20	24.32	-12.13
4	Communication Services	10.79	4.73	6.07
5	Industrials	4.81	14.98	-10.17
6	Consumer Staples	3.32	5.41	-2.09
7	Health Care	2.71	7.09	-4.39
8	Cash	1.73	0.00	1.73
	Total	100.00	82.96

Holdings by region

As at: 30 April 2026

#	Region	Fund %	Benchmark %*	Difference %
1	Emerging Markets	47.72	32.17	15.56
2	Europe (ex UK)	34.71	30.65	4.06
3	North America	10.83	8.41	2.42
4	UK	4.31	8.88	-4.57
5	Developed Asia Pacific	0.70	19.90	-19.20
6	Cash	1.73	0.00	1.73
	Total	100.00	100.00

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).

View Baillie Gifford International Concentrated Growth ETF

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

Start a conversation

Insights

Key articles, videos and podcasts relating to the strategy:

View transcript

Your capital is at risk. Past performance is not a guide to future returns. The following update is based on a representative portfolio. As such, stock examples may not be held in every client portfolio, and performance may differ.   Paul Taylor: Markets do not like uncertainty. They rarely wait patiently. They simplify, they extrapolate, and they move quickly towards whatever feels most certain in the moment. That, in many ways, was the story of the last quarter. Conflict in the Gulf unsettled markets and renewed concerns about oil and inflation. But for the International Concentrated Growth Strategy, the bigger driver of recent performance was uncertainty around artificial intelligence. Not whether it matters, it clearly does, but which businesses it will strengthen, which it will weaken, and where the value will end up. And markets dislike uncertainty so much. They did what they very often do. They rush to impose order on a situation that is far from orderly. By the end of February, parts of the market were beginning to behave as though the outlines of AI's economic future were already becoming clear. There was already more confidence about who would benefit and who would lose out than we think the facts currently justify. Several holdings, including Adyen and Spotify, were marked down during the quarter despite reporting solid results and positive outlooks. Obviously, what the market is trying to judge is not the next quarter, maybe the next year, but what we need to focus on is what these businesses will be worth over time. This did not come entirely out of nowhere. We had already started to see some of the pressures emerge late last year, especially across software and related businesses. What changed more recently was the speed and intensity of that reassessment. On the other side of the ledger, our digital infrastructure holdings performed very strongly. TSMC and ASML remain central to the semiconductor manufacturing ecosystem. If the world wants more computing power and more advanced chips, it will continue to need businesses like these. That strength helped offset some of the weakness elsewhere in the portfolio, but overall performance for the quarter was negative in absolute terms and behind the benchmark. What matters now is not whether AI will matter. It will. The harder question is where its benefits will actually accrue. Some businesses will face a tougher competitive environment, but others will emerge stronger. Core systems that businesses rely on, workflow tools that are deeply embedded, and infrastructure where trust and reliability matter most may prove resilient, the current market assumes. That is why we think the market is asking broadly the right question, but too often reaching for the lazy answer. ‘Touched by AI’ is not the same as ‘made obsolete by AI’. Adyen is a good example. It was a detractor for the quarter, but payments are not an optional layer. They are core infrastructure. As interfaces evolve, fraud risks become more sophisticated. The need for secure and reliable payment rails does not go away. If anything, it becomes more important. For the right companies, AI will reinforce competitive advantages rather than erode it. Spotify offers a different lens. It too is a detractor for the quarter, but we do not think it is well understood if it's seen simply as a music streaming service exposed to disruption. Spotify is a global discovery and distribution platform. It connects creators and audiences at scale. Better recommendations, deeper personalisation and new interfaces should strengthen that position over time. The important question is not whether AI changes the landscape. It obviously does. The question is whether it weakens the moat or deepens it. We think Spotify is a business that will benefit from further adoption of AI. With so much focus on artificial intelligence at present, It's well worth saying that our work is not all about AI, or even more about digitisation more broadly. One notable addition to the portfolio during the quarter was Exail Technologies, a French defence company. Exail helps customers navigate and operate safely in difficult nautical environments, especially where GPS is unreliable and underwater drones are becoming more widely used. We think this speaks to an important long-term shift in defence procurement. We've been talking about this for some time, but we had struggled with the long-term growth prospects of some of the incumbents. Little military innovation tends to happen between conflicts. And then, all of a sudden, the next war is being fought in a very different way from the last. We think Exail is on the right side of that evolution. We funded the purchase through reductions in positions that performed strongly over the past few years, including ASML, TSMC and MercadoLibre. So, what do periods like this require from us? Not to rush and mirror the market's mood, not a willingness to treat every sharp price move as proof of insight, and not a portfolio built around whatever narrative happens to be most fashionable at the time. Our job is to think clearly when markets are uncomfortable, to keep testing which businesses are genuinely adaptable, deeply embedded and competitively advantaged, and to back exceptional companies through periods when the path is noisy and uncertain. Long-term value is rarely created reacting to uncertainty in the same way as everyone else. It's created by owning exceptional businesses and backing them with patience and thinking independently when markets become too certain, too quickly. That remains our focus.   <h3 class="TABLEHEADER1212pt">International Concentrated Growth</h3> Annual past performance to 31 March each year (%) <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;">2022</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;">2023</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;">2024</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;">2025</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;">2026</td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">International Concentrated Growth Composite (gross)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-19.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-9.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">9.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">9.7</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">1.9</td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">International Concentrated Growth Composite (net)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-20.3</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-9.7</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">9.0</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">9.0</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">1.2</td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">MSCI ACWI ex US Index</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-1.0</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-4.6</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">13.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">6.6</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">25.6</td> </tr> </tbody> </table>   Annualised returns to 31 March 2026 (%) <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;">1 year</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;">5 years</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;">10 years</td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 61.3387%;">International Concentrated Growth Composite (gross)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.1043%; text-align: right;">1.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.713%; text-align: right;">-2.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.844%; text-align: right;">13.1</td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 61.3387%;">International Concentrated Growth Composite (net)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.1043%; text-align: right;">1.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.713%; text-align: right;">-2.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.844%; text-align: right;">12.4</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 ex US Index</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.1043%; text-align: right;">25.6</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.713%; text-align: right;">7.6</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.844%; text-align: right;">8.9</td> </tr> </tbody> </table> Source: 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. Past performance is not a guide to future returns. 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.   <h3>Risk factors </h3> 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. 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. 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. All information is sourced from Baillie Gifford & Co and is current unless otherwise stated.  The images used in this communication are for illustrative purposes only.   Important information 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. 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.  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. Financial intermediaries 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.

International Concentrated Growth Q1 update

Investment specialist Paul Taylor reflects on recent performance, portfolio changes and market developments.

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The content of this website is intended exclusively for professional investors in accordance with MiFID legislation. ’Professional investors’ are potential investors who are deemed to have the status of “professional clients”, within the meaning of MiFID (2004/39/EC), as transposed in Ireland. It is not intended for retail investors.

Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.

This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.

International Concentrated Growth

Powerful potential

International Concentrated Growth: our philosophy

Unique, concentrated, long term

Years, not quarters

Meet the managers

Lawrence Burns

Paulina McPadden

Kirsty Gibson

Documents

Philosophy and process

Quarterly update

Invest in this strategy

Explore further

Strategy portfolio holdings

Holdings by sector

Holdings by region

Please note

Invest in this strategy

Explore further

Insights

Filters

Insights

International opportunities: creative destruction

Sea surge

International Concentrated Growth Q1 investor letter

International opportunities to watch

International Concentrated Growth: our philosophy

International Concentrated Growth Q4 investor letter

International viewpoints: from bits to atoms

The power of exceptional companies

International viewpoints: the quality derating

Adyen: Stock Story

International viewpoints: bubble or boom, trouble is brewing

International Concentrated Growth Q3 investor letter

International viewpoints: the Asian century

The power of exceptional companies

International viewpoints: the case for global supply chain champions

International viewpoints: enduring value – investing in brands built to last

International viewpoints: digital disruptors

International Concentrated Growth Q2 investor letter

Beyond the familiar: the case for international

A new age of discovery: the case for international

Actual investing revisited

International viewpoints: the end of the road for range anxiety

International viewpoints: US vs international debate

International Concentrated Growth Q1 investor letter

ASML: Stock Story

L'Oréal: Stock Story

Nubank: Latin America’s digital disrupter

The power of external perspectives

International viewpoints: Shifting tides toward international markets

International viewpoints: Europe's tech tailwinds

International Concentrated Growth Q4 investor letter

International viewpoints: demographic crisis

International viewpoints: power players

Saving when sending abroad: a Wise move

Wise: Money Without Borders

Luxury brands show promise amid slump

Trip Notes: Seoul and Mumbai

MercadoLibre: Latin America’s unbanked

International viewpoints: semi-cap resilience

International viewpoints: global EV trends

International viewpoints: eastern promise

Stock story: MercadoLibre

Tilting the odds in your favour

Ferrari: racing through time

AI: intelligence everywhere

Moderna: designing drugs on a computer

Ferrari: Magic from Maranello

Why growth, why now?

China revisited

Change as a growth driver

Genmab and the future of cancer therapy

Moderna’s new challenge

Adyen: pioneer of payments

Japan’s place in the chip market

Ocado’s robot revolution

MercadoLibre: a lesson in innovation

ASML: advancing chips to new limits