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Baillie Gifford

Capital at risk

Investment strategy

International Alpha

We believe the best way to navigate an uncertain world is to build a diversified portfolio of outstanding companies with deep competitive advantages and excellent stewardship.

Loch Coruisk viewed from a moantain top from above the valley.

An emphasis on quality

We invest across four types of growth: quality compounders, rapid growth, through-cycle winners and capital allocators. Our aim is to build a portfolio which can withstand economic cycles and take advantage of unpredictable events. 

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<p class="MsoNormal"><strong>Your capital is at risk. Past performance is not a guide to future returns.&nbsp;</strong></p> <p class="MsoNormal">&nbsp;</p> <p class="MsoNormal"><strong>Beatrice Faleri</strong>: We are used to thinking of extreme market concentration as a US phenomenon. But is that spreading overseas?&nbsp;</p> <p class="MsoNormal">Even though&nbsp;International&nbsp;markets are not&nbsp;nearly as&nbsp;concentrated than the S&amp;P 500, the last quarter&nbsp;has been an unusual one, in that two industries, semiconductor equipment and technology hardware, have driven almost 90 per cent of index returns. The driving theme behind&nbsp;this surges&nbsp;is, no prize for guessing, artificial intelligence.&nbsp;</p> <p class="MsoNormal">Building and running AI models takes an enormous investment in compute infrastructure. The big US players are spending vast sums on this build-out. And as a result, the companies supplying the chips and the equipment to produce them, and particularly the memory players, are experiencing a near-unprecedented surge in profits. This is a rally built on earnings, not multiples.&nbsp;</p> <p class="MsoNormal">But that kind of concentration can feel unnerving. But for us, as active, fundamental, growth investors, it's also an opportunity. When returns are this dispersed, the prize for good stock-picking can be significant. And last quarter, your portfolio has stayed ahead of the market, helped by some exceptional operational performance from companies we know extremely well and can hold in size.&nbsp;</p> <p class="MsoNormal">Take Samsung, which we've held for well over a decade. It's breaking its own profitability records: this year its operating profit is expected to rise more than sixfold, to around $185bn, more than any of the Magnificent Seven except Nvidia. And demand for its High Bandwidth Memory chips still far outstrips what it can supply. Yet less than a year ago, Samsung was written off as an also-ran in leading-edge memory, and pessimism was at its peak. We kept it as a large holding anyway, confident that its process advantage and balance-sheet strength would let it catch up.&nbsp;</p> <p class="MsoNormal">The rest of the market now sees all this too, but we believe that our key insight - that memory will continue to be the key bottleneck to inference - is still underappreciated, and that this is why we continue expressing strong conviction in the stock. That is how, as active managers, we add value when a single theme drives the market: by staying selective within that theme and backing the names we think are still mispriced. That's exactly what we've done. We have diversified across the AI supply chain rather than crowding into the obvious winners, and our attribution shows it, with some of this quarter's strongest contributions coming from newer holdings like MediaTek and SoftBank.&nbsp;</p> <p class="MsoNormal">But the open secret is that this AI rally won't last forever. We are very alert to this, and this is why we've kept broadening your portfolio well beyond AI. In fact, we've recycled some of the semiconductor gains into high-quality businesses the market has written off as AI losers, software names like Constellation Software and Scout24. We've also bought new names in areas that we think will define the next decade of growth, from aircraft engines, grid investment, and immunotherapies.&nbsp;</p> <p class="MsoNormal">It is an uncertain world we are living in. And in an uncertain world, you want more shots on goal. That’s the reason for our broadening the sources of growth within the portfolio too. And the risk data shows it’s working: lower tracking error, less valuation risk, and less reliance on any single theme.&nbsp;</p> <p class="MsoNormal">Of course, the long-term performance numbers will take a while to turn around, but our confidence in the portfolio from here comes from the strong and broad operational delivery we are seeing across all of your holdings. More than two-thirds of the portfolio is expected to deliver double-digit earnings growth this year, and almost half has had earnings forecasts revised up so far in 2026, and nine holdings are posting record earnings. This goes well beyond the chip names. It runs from a securities exchange in Brazil to an employment platform in Japan, and in companies like Tencent and MercadoLibre, where the delivery of operational returns has been excellent even where the market hasn't yet rewarded it.&nbsp;</p> <p class="MsoNormal">That leaves your portfolio in an unusual position. Despite owning exceptional companies at the heart of the world's most powerful growth trends, it has largely lost its valuation premium to the wider market. Basically, you're paying little or nothing extra for stronger margins, better returns and healthier balance sheets than the market as a whole.&nbsp;</p> <p class="MsoNormal">There's far more we could say, and we look forward to those conversations. But if I had to sum it up, it would be: this is a market rewarding a very narrow set of winners. We own some of the very best of them, and we are using this unusual market environment to build a portfolio that can thrive in many more versions of the future than just one, a portfolio that is balanced, ambitious, and poised for outperformance.&nbsp;</p> <p class="MsoNormal">&nbsp;</p> <h3 class="TABLEHEADER1212pt">International Alpha&nbsp;</h3> <p><strong>Annual past performance to 30 June each year (%)</strong></p> <table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 92.9923px;"> <tbody> <tr style="height: 18.6641px;"> <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: 18.6641px; width: 49.6897%;">&nbsp;</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: 18.6641px; text-align: center; width: 10.5918%;"><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: 18.6641px; text-align: center; width: 10.5918%;"><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: 18.6641px; text-align: center; width: 9.67642%;"><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: 18.6641px; text-align: center; width: 9.67642%;"><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: 18.6641px; text-align: center; width: 9.67642%;"><strong>2026</strong></td> </tr> <tr style="height: 37px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 37px; width: 49.6897%;">International Alpha Composite (gross)</td> <td style="border: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 27.75pt; width: 10.5918%; text-align: center;"> <p class="MsoNormal">&nbsp;-34.1</p> </td> <td style="border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt 7.5pt 7.5pt 0.75pt; height: 27.75pt; width: 10.5918%; text-align: center;"> <p class="MsoNormal">&nbsp;18.4&nbsp;</p> </td> <td style="border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 27.75pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">8.6&nbsp;</p> </td> <td style="border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 27.75pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">19.7&nbsp;</p> </td> <td style="border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt 7.5pt 7.5pt 0.75pt; height: 27.75pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">&nbsp;8.8</p> </td> </tr> <tr style="height: 18.6641px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6641px; width: 49.6897%;">International Alpha Composite (net)</td> <td valign="bottom" style="border-width: medium 1pt 1pt; border-style: none solid solid; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204); padding: 7.5pt; height: 14pt; width: 10.5918%; text-align: center;"> <p class="MsoNormal">-34.5</p> </td> <td valign="bottom" style="border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14pt; width: 10.5918%; text-align: center;"> <p class="MsoNormal">17.7</p> </td> <td valign="bottom" style="border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">8.0</p> </td> <td valign="bottom" style="border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">19.0</p> </td> <td valign="bottom" style="border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">8.2</p> </td> </tr> <tr style="height: 18.6641px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6641px; width: 49.6897%;">MSCI ACWI ex US Index</td> <td style="border-width: medium 1pt 1pt; border-style: none solid solid; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204); padding: 7.5pt; height: 14pt; width: 10.5918%; text-align: center;"> <p class="MsoNormal">&nbsp;-19.0</p> </td> <td style="border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14pt; width: 10.5918%; text-align: center;"> <p class="MsoNormal">13.3&nbsp;</p> </td> <td style="border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">12.2&nbsp;</p> </td> <td style="border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">18.4&nbsp;</p> </td> <td style="border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">28.3&nbsp;</p> </td> </tr> </tbody> </table> <p>&nbsp;</p> <p><strong>Annualised returns to 30 June 2026 (%)</strong></p> <table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 93.3523px;"> <tbody> <tr style="height: 36.9886px;"> <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: 36.9886px; width: 61.3276%;">&nbsp;</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: 36.9886px; width: 13.0762%; text-align: center;"><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: 36.9886px; width: 12.684%; text-align: center;"><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: 36.9886px; width: 12.8147%; text-align: center;"><strong>10 years</strong></td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 61.3276%;">International Alpha Composite (gross)</td> <td width="13%" style="width: 13.0762%; border: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">&nbsp;8.8</p> </td> <td width="12%" style="width: 12.684%; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">2.0</p> </td> <td width="12%" style="width: 12.8147%; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">9.2</p> </td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 61.3276%;">International Alpha Composite (net)</td> <td width="13%" style="width: 13.0762%; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204); padding: 7.5pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">&nbsp;8.2</p> </td> <td width="12%" style="width: 12.684%; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">1.4&nbsp;</p> </td> <td width="12%" style="width: 12.8147%; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt 7.5pt 7.5pt 0.75pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">&nbsp; 8.5&nbsp;</p> </td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 61.3276%;">MSCI ACWI ex US Index</td> <td width="13%" style="width: 13.0762%; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204); padding: 7.5pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">&nbsp;28.3</p> </td> <td width="12%" style="width: 12.684%; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt 7.5pt 7.5pt 0.75pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">&nbsp;9.3</p> </td> <td width="12%" style="width: 12.8147%; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">10.5&nbsp;</p> </td> </tr> </tbody> </table> <p><strong>Source:</strong> 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.<br><br></p> <p><strong>Past performance is not a guide to future returns.</strong></p> <p>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.</p> <h3>Risk factors&nbsp;</h3> <p>This communication was produced and approved in July 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 &amp; Co and is current unless otherwise stated.&nbsp;</p> <p>The images used in this communication are for illustrative purposes only.</p> <p><strong>Important information<br></strong>Baillie Gifford &amp; Co and Baillie Gifford &amp; Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford &amp; 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 &amp; Co. Baillie Gifford &amp; Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK.&nbsp;</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>

International Alpha Q2 update

Investment specialist Beatrice Faleri reflects on recent performance, portfolio changes and market developments.

Embracing every shade of growth

International Alpha is distinctly long term. We aim to outperform the MSCI ACWI ex-US benchmark by 2-3 per cent per annum over rolling five-year periods.  

Our portfolio contains 60-90 holdings. We seek to take advantage of market inefficiencies by investing across different types of growth company, which given our time horizon allows us to take advantage of their idiosyncratic growth opportunities.  

We find these companies through bottom-up research, holding on for the long term to capture the potential benefits of compounded growth.  

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 promising process

The International Alpha portfolio has a high active share, a genuinely long-term approach and a blend of high-quality growth companies that looks to exploit market inefficiencies by investing across all shades of growth. To do this we:  

  • Take a long-term perspective, resulting in low portfolio turnover
  • Invest from the bottom up, supported by in-depth fundamental analysis
  • Have a quality-growth orientation
  • Follow a patient, repeatable process, drawing on the best ideas from firm-wide research  
To invest in growth is to say that society will achieve more tomorrow than it does today… Curiosity should be at the heart of all good investment research.
Jenny Davis

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 June 2026

#CompanyFund %
1TSMC7.8%
2Samsung Electronics6.5%
3Tencent2.8%
4ASML2.6%
5Rio Tinto2.6%
6Mediatek2.5%
7Deutsche Boerse2.3%
8Roche Holding AG2.1%
9DSV2.0%
10Discovery Ltd1.8%

Strategy holdings by sector

All figures up to: 30 June 2026

Total: 100%

Strategy holdings by region

All figures up to: 30 June 2026

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.

Start a conversation

Insights

Key articles, videos and podcasts relating to the strategy:

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Insights

Viewing 54 of 54
  1. alt=""

    International Alpha Q2 investor letter

    The International Alpha Team reflects on recent performance, portfolio changes and market developments.
    July 2026
    ArticleLong read

  2. International viewpoints: energy transition

    The energy transition is real, but demand is rewriting the investment debate.
    July 2026
    Article4 minutes
  3. Amy Leishman on Sea Limited

    Stock story: Sea Limited

    Amy Leishman examines Sea’s role in Southeast Asia’s changing digital economy.
    June 2026
    Video4 minutes
  4. User is navigating the Spotify app on their phone

    International viewpoints: danger of easy narratives

    As AI reshapes music, Spotify’s advantage may lie less in software alone and more in the data and relationships around it.
    June 2026
    Article4 minutes

  5. International opportunities: creative destruction

    Paulina McPadden explores how creative destruction can reshape international markets and create long-term investment opportunities.
    June 2026
    Video33 minutes

  6. International viewpoints: China’s innovation economy

    Katie Muir explains how China’s innovation economy is reshaping industries far beyond its own market.
    May 2026
    Article6 minutes
  7. alt=""

    International Alpha Q1 investor letter

    The International Alpha Team reflects on recent performance, portfolio changes and market developments.
    April 2026
    ArticleLong read

  8. International viewpoints: a regime shift

    Tia Chen explores the new opportunities emerging from a shifting market regime.
    April 2026
    Article3 minutes
  9. Scientist in protective gear pipetting into a vial, with lab glassware in foreground

    International viewpoints: biotech's next chapter

    How ADCs and bispecifics are remaking antibody medicine.
    March 2026
    Article5 minutes

  10. AI and software: beyond the binary

    Why lower software valuations may not tell the full story.
    February 2026
    Article4 minutes
  11. alt=""

    International Alpha Q4 investor letter

    The International Alpha Team reflects on recent performance, portfolio changes and market developments.
    January 2026
    ArticleLong read

  12. International viewpoints: from bits to atoms

    Discover what rising robot density means for global manufacturing, and the tools that make automation reliable.
    January 2026
    Article4 minutes

  13. International viewpoints: the quality derating

    Why overlooked quality businesses with competitive moats compound returns through any cycle.
    December 2025
    Article4 minutes

  14. International Alpha: why we do what we do

    Why international diversification outperforms: the investing lessons from banana monocultures and resilient portfolios that weather any market.
    December 2025
    Article8 minutes

  15. SMC: Stock Story

    Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.
    November 2025
    Video0 minute

  16. Adyen: Stock Story

    Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
    November 2025
    Video4 minutes

  17. TSMC: Stock Story

    Qian Zhang unwraps TSMC, the company powering modern life.
    November 2025
    Video3 minutes
  18. alt=""

    Tencent: Stock Story

    Fernanda Lai explores how Tencent became the super-app pioneer connecting over one billion users.
    November 2025
    Video3 minutes

  19. International viewpoints: bubble or boom, trouble is brewing

    Is AI in a bubble or a boom? Explore how market concentration, leverage, and global strategies shape the next phase of artificial intelligence.
    November 2025
    Article4 minutes

  20. International Alpha Q3 investor letter

    The International Alpha Team reflects on recent performance, portfolio changes and market developments.
    October 2025
    Article

  21. International viewpoints: the Asian century

    The Asian century is now a structural reality. Explore manufacturing dominance, innovation in chips/EVs/ecommerce, key companies, and risks.
    October 2025
    Article4 minutes

  22. Our best international ideas

    Andrew Brown travels the globe through Sweden’s MIPS, Kazakhstan’s Kaspi.kz and Japan’s Keyence.
    September 2025
    Video3 minutes

  23. The power of exceptional companies

    Lawrence Burns and Paul Taylor reveal how they identify exceptional companies that drive market returns.
    September 2025
    Video46 minutes

  24. International viewpoints: the case for global supply chain champions

    Learn about companies like ASML, TSMC, Adyen and SAP and their irreplaceable positions in enabling digital innovation.
    September 2025
    Article3 minutes

  25. Skin in the game: the power of persistence

    Why ‘inside ownership’ makes companies more likely to focus on efforts that will pay off in the future.
    August 2025
    Podcast32 minutes

  26. Nibblers and gobblers: the art of acquisitive growth

    Companies like Constellation Software and DSV have defied the odds to create substantial shareholder value through disciplined acquisition strategies.
    July 2025
    Article10 minutes

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

    Can businesses that blend heritage, stewardship and steady reinvention outperform their flashier, short-term-focused rivals?
    August 2025
    Article3 minutes

  28. International viewpoints: digital disruptors

    MercadoLibre and Sea Ltd are examples of underappreciated digital disruptors driving global growth.
    June 2025
    Article3 minutes
  29. group walking on snowy mountain

    Beyond the familiar: the case for international

    Discover how venturing into unexplored investment territory is yielding hidden gems.
    May 2025
    Article6 minutes

  30. A new age of discovery: the case for international

    Explore how international equities offer unique opportunities in transformative markets.
    May 2025
    Video15 minutes
  31. “”

    Actual investing revisited

    In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
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View transcript
<p class="MsoNormal"><strong>Your capital is at risk. Past performance is not a guide to future returns.&nbsp;</strong></p> <p class="MsoNormal">&nbsp;</p> <p class="MsoNormal"><strong>Beatrice Faleri</strong>: We are used to thinking of extreme market concentration as a US phenomenon. But is that spreading overseas?&nbsp;</p> <p class="MsoNormal">Even though&nbsp;International&nbsp;markets are not&nbsp;nearly as&nbsp;concentrated than the S&amp;P 500, the last quarter&nbsp;has been an unusual one, in that two industries, semiconductor equipment and technology hardware, have driven almost 90 per cent of index returns. The driving theme behind&nbsp;this surges&nbsp;is, no prize for guessing, artificial intelligence.&nbsp;</p> <p class="MsoNormal">Building and running AI models takes an enormous investment in compute infrastructure. The big US players are spending vast sums on this build-out. And as a result, the companies supplying the chips and the equipment to produce them, and particularly the memory players, are experiencing a near-unprecedented surge in profits. This is a rally built on earnings, not multiples.&nbsp;</p> <p class="MsoNormal">But that kind of concentration can feel unnerving. But for us, as active, fundamental, growth investors, it's also an opportunity. When returns are this dispersed, the prize for good stock-picking can be significant. And last quarter, your portfolio has stayed ahead of the market, helped by some exceptional operational performance from companies we know extremely well and can hold in size.&nbsp;</p> <p class="MsoNormal">Take Samsung, which we've held for well over a decade. It's breaking its own profitability records: this year its operating profit is expected to rise more than sixfold, to around $185bn, more than any of the Magnificent Seven except Nvidia. And demand for its High Bandwidth Memory chips still far outstrips what it can supply. Yet less than a year ago, Samsung was written off as an also-ran in leading-edge memory, and pessimism was at its peak. We kept it as a large holding anyway, confident that its process advantage and balance-sheet strength would let it catch up.&nbsp;</p> <p class="MsoNormal">The rest of the market now sees all this too, but we believe that our key insight - that memory will continue to be the key bottleneck to inference - is still underappreciated, and that this is why we continue expressing strong conviction in the stock. That is how, as active managers, we add value when a single theme drives the market: by staying selective within that theme and backing the names we think are still mispriced. That's exactly what we've done. We have diversified across the AI supply chain rather than crowding into the obvious winners, and our attribution shows it, with some of this quarter's strongest contributions coming from newer holdings like MediaTek and SoftBank.&nbsp;</p> <p class="MsoNormal">But the open secret is that this AI rally won't last forever. We are very alert to this, and this is why we've kept broadening your portfolio well beyond AI. In fact, we've recycled some of the semiconductor gains into high-quality businesses the market has written off as AI losers, software names like Constellation Software and Scout24. We've also bought new names in areas that we think will define the next decade of growth, from aircraft engines, grid investment, and immunotherapies.&nbsp;</p> <p class="MsoNormal">It is an uncertain world we are living in. And in an uncertain world, you want more shots on goal. That’s the reason for our broadening the sources of growth within the portfolio too. And the risk data shows it’s working: lower tracking error, less valuation risk, and less reliance on any single theme.&nbsp;</p> <p class="MsoNormal">Of course, the long-term performance numbers will take a while to turn around, but our confidence in the portfolio from here comes from the strong and broad operational delivery we are seeing across all of your holdings. More than two-thirds of the portfolio is expected to deliver double-digit earnings growth this year, and almost half has had earnings forecasts revised up so far in 2026, and nine holdings are posting record earnings. This goes well beyond the chip names. It runs from a securities exchange in Brazil to an employment platform in Japan, and in companies like Tencent and MercadoLibre, where the delivery of operational returns has been excellent even where the market hasn't yet rewarded it.&nbsp;</p> <p class="MsoNormal">That leaves your portfolio in an unusual position. Despite owning exceptional companies at the heart of the world's most powerful growth trends, it has largely lost its valuation premium to the wider market. Basically, you're paying little or nothing extra for stronger margins, better returns and healthier balance sheets than the market as a whole.&nbsp;</p> <p class="MsoNormal">There's far more we could say, and we look forward to those conversations. But if I had to sum it up, it would be: this is a market rewarding a very narrow set of winners. We own some of the very best of them, and we are using this unusual market environment to build a portfolio that can thrive in many more versions of the future than just one, a portfolio that is balanced, ambitious, and poised for outperformance.&nbsp;</p> <p class="MsoNormal">&nbsp;</p> <h3 class="TABLEHEADER1212pt">International Alpha&nbsp;</h3> <p><strong>Annual past performance to 30 June each year (%)</strong></p> <table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 92.9923px;"> <tbody> <tr style="height: 18.6641px;"> <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: 18.6641px; width: 49.6897%;">&nbsp;</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: 18.6641px; text-align: center; width: 10.5918%;"><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: 18.6641px; text-align: center; width: 10.5918%;"><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: 18.6641px; text-align: center; width: 9.67642%;"><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: 18.6641px; text-align: center; width: 9.67642%;"><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: 18.6641px; text-align: center; width: 9.67642%;"><strong>2026</strong></td> </tr> <tr style="height: 37px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 37px; width: 49.6897%;">International Alpha Composite (gross)</td> <td style="border: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 27.75pt; width: 10.5918%; text-align: center;"> <p class="MsoNormal">&nbsp;-34.1</p> </td> <td style="border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt 7.5pt 7.5pt 0.75pt; height: 27.75pt; width: 10.5918%; text-align: center;"> <p class="MsoNormal">&nbsp;18.4&nbsp;</p> </td> <td style="border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 27.75pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">8.6&nbsp;</p> </td> <td style="border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 27.75pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">19.7&nbsp;</p> </td> <td style="border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt 7.5pt 7.5pt 0.75pt; height: 27.75pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">&nbsp;8.8</p> </td> </tr> <tr style="height: 18.6641px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6641px; width: 49.6897%;">International Alpha Composite (net)</td> <td valign="bottom" style="border-width: medium 1pt 1pt; border-style: none solid solid; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204); padding: 7.5pt; height: 14pt; width: 10.5918%; text-align: center;"> <p class="MsoNormal">-34.5</p> </td> <td valign="bottom" style="border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14pt; width: 10.5918%; text-align: center;"> <p class="MsoNormal">17.7</p> </td> <td valign="bottom" style="border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">8.0</p> </td> <td valign="bottom" style="border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">19.0</p> </td> <td valign="bottom" style="border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">8.2</p> </td> </tr> <tr style="height: 18.6641px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6641px; width: 49.6897%;">MSCI ACWI ex US Index</td> <td style="border-width: medium 1pt 1pt; border-style: none solid solid; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204); padding: 7.5pt; height: 14pt; width: 10.5918%; text-align: center;"> <p class="MsoNormal">&nbsp;-19.0</p> </td> <td style="border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14pt; width: 10.5918%; text-align: center;"> <p class="MsoNormal">13.3&nbsp;</p> </td> <td style="border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">12.2&nbsp;</p> </td> <td style="border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">18.4&nbsp;</p> </td> <td style="border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14pt; width: 9.67642%; text-align: center;"> <p class="MsoNormal">28.3&nbsp;</p> </td> </tr> </tbody> </table> <p>&nbsp;</p> <p><strong>Annualised returns to 30 June 2026 (%)</strong></p> <table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 93.3523px;"> <tbody> <tr style="height: 36.9886px;"> <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: 36.9886px; width: 61.3276%;">&nbsp;</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: 36.9886px; width: 13.0762%; text-align: center;"><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: 36.9886px; width: 12.684%; text-align: center;"><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: 36.9886px; width: 12.8147%; text-align: center;"><strong>10 years</strong></td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 61.3276%;">International Alpha Composite (gross)</td> <td width="13%" style="width: 13.0762%; border: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">&nbsp;8.8</p> </td> <td width="12%" style="width: 12.684%; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">2.0</p> </td> <td width="12%" style="width: 12.8147%; border-width: 1pt 1pt 1pt medium; border-style: solid solid solid none; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">9.2</p> </td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 61.3276%;">International Alpha Composite (net)</td> <td width="13%" style="width: 13.0762%; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204); padding: 7.5pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">&nbsp;8.2</p> </td> <td width="12%" style="width: 12.684%; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">1.4&nbsp;</p> </td> <td width="12%" style="width: 12.8147%; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt 7.5pt 7.5pt 0.75pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">&nbsp; 8.5&nbsp;</p> </td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 61.3276%;">MSCI ACWI ex US Index</td> <td width="13%" style="width: 13.0762%; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204); padding: 7.5pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">&nbsp;28.3</p> </td> <td width="12%" style="width: 12.684%; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt 7.5pt 7.5pt 0.75pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">&nbsp;9.3</p> </td> <td width="12%" style="width: 12.8147%; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt; height: 14.1pt; text-align: center;"> <p class="MsoNormal">10.5&nbsp;</p> </td> </tr> </tbody> </table> <p><strong>Source:</strong> 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.<br><br></p> <p><strong>Past performance is not a guide to future returns.</strong></p> <p>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.</p> <h3>Risk factors&nbsp;</h3> <p>This communication was produced and approved in July 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 &amp; Co and is current unless otherwise stated.&nbsp;</p> <p>The images used in this communication are for illustrative purposes only.</p> <p><strong>Important information<br></strong>Baillie Gifford &amp; Co and Baillie Gifford &amp; Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford &amp; 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 &amp; Co. Baillie Gifford &amp; Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK.&nbsp;</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>

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    Can businesses that blend heritage, stewardship and steady reinvention outperform their flashier, short-term-focused rivals?
    August 2025
    Article3 minutes

  28. International viewpoints: digital disruptors

    MercadoLibre and Sea Ltd are examples of underappreciated digital disruptors driving global growth.
    June 2025
    Article3 minutes
  29. group walking on snowy mountain

    Beyond the familiar: the case for international

    Discover how venturing into unexplored investment territory is yielding hidden gems.
    May 2025
    Article6 minutes

  30. A new age of discovery: the case for international

    Explore how international equities offer unique opportunities in transformative markets.
    May 2025
    Video15 minutes
  31. “”

    Actual investing revisited

    In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
    May 2025
    ArticleLong read
  32. two electric vehicles, one is charging

    International viewpoints: the end of the road for range anxiety

    Explore how electric vehicle innovations are ending range anxiety with faster charging and longer battery life.
    April 2025
    Article3 minutes

  33. International viewpoints: US vs international debate

    Signs are pointing to a shift from US to international markets. When has this happened before, and what’s ahead?
    March 2025
    Article4 minutes

  34. International Alpha Q1 investor letter

    The International Alpha Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Article7 minutes

  35. Nexans: Stock Story

    Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.
    March 2025
    Video3 minutes

  36. ASML: Stock Story

    Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
    March 2025
    Video3 minutes

  37. Moutai: Stock Story

    Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
    March 2025
    Video3 minutes

  38. International viewpoints: Shifting tides toward international markets

    The US stock market has outperformed international markets in recent years, but signs suggest a change in this trend.
    March 2025
    Article2 minutes

  39. International viewpoints: Europe's tech tailwinds

    The European technology sector excels in niche markets, creating growth opportunities in global value chains.
    January 2025
    Article4 minutes

  40. International Alpha Q4 investor letter

    The International Alpha Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article6 minutes
  41. An explosion of motion and colour as a large crowd hurries through central Tokyo.

    International viewpoints: demographic crisis

    Meet the problem-solvers already active in healthcare, retirement funding and workforce productivity.
    December 2024
    Article4 minutes
  42. Pylons looming in silhouette against a grey-blue sky.

    International viewpoints: power players

    Companies rising to new energy challenges in diverse ways, and the economies driving demand.
    November 2024
    Article4 minutes

  43. Luxury brands show promise amid slump

    How brands like Hermès, Gucci and Ferrari defy downturns with heritage and innovation.
    October 2024
    Article3 minutes
  44. Investment specialist Qian Zhang

    Our best ideas in Asia

    Qian Zhang covers Samsung, Delhivery and Bank Rakyat, three companies at the heart of global structural trends.
    September 2024
    Video3 minutes
  45. Investment specialist Thomas Hodges

    Our best ideas in Europe

    Thomas Hodges uses Lonza, Topicus and Soitec to illustrate why Europe is more exciting than headlines suggest.
    September 2024
    Video3 minutes

  46. The importance of focus

    Why focus and patience are crucial elements when investing and identifying growth companies.
    September 2024
    Article8 minutes

  47. MercadoLibre: Latin America’s unbanked

    MercadoLibre offers hope to Latin America’s 178 million unbanked population.
    September 2024
    Article5 minutes
  48. An employee wearing PPE carefully examines the microchips on a wafer

    International viewpoints: semi-cap resilience

    Why our long-term conviction in ASML, Tokyo Electron and TSMC stands up to recent sector volatility.
    August 2024
    Article3 minutes

  49. International viewpoints: global EV trends

    Analysing market dynamics, industry challenges and future trends of EVs’ global adoption.
    July 2024
    Article2 minutes
  50. Hundreds of lit lanterns are hanging together from a temple ceiling

    International viewpoints: eastern promise

    What market sentiment, recent valuations and policy changes mean for us as investors in Asian growth companies.
    June 2024
    Article2 minutes
  51. The landscape seen from lens in Shanghai, China

    China through a Japanese lens

    Japanese tech dominance is under increasing pressure in China from domestic challengers.
    May 2024
    Article

  52. Tilting the odds in your favour

    The Magnificent Seven’s reputation goes before them but that’s not enough to save them.
    April 2024
    Article8 minutes

  53. 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

  54. Adapting to survive – and thrive

    Using a fighter pilot’s business strategy can help a company orient itself amid change.
    August 2023
    Article

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