Overview
Investment proposition
The LTGG Team is structured such that every investor can contribute meaningfully to the generation of new ideas, stock research and stock discussions. We want to bring cognitive diversity, creativity and imagination to the research process. Once a stock has been fully researched and discussed, the decision makers are responsible for making the ultimate decision on its inclusion (or otherwise) in the portfolio. Their decisions place an emphasis on backing enthusiasm rather than achieving a full consensus. The LTGG portfolio is deliberately concentrated so the bar is high for any stock to be included in the portfolio. Stocks will typically enter the portfolio as small positions. Thereafter, the bias is towards hold discipline and running winners with a belief that asymmetric returns will drive investment performance.
Strategy behind the fund
Long Term Global GrowthConcentrated portfolios of potentially game-changing companies, reshaping returns and embracing future structural shifts for success.
Share price and charges
Share class
B, Acc, USDNAV per share
40.18% change
-1.29%Ongoing charges*
0.68%Initial charge
0%Fund facts
As at: 30 April 2026
Current number of holdings
38
Guideline number of holdings
30-60
Benchmark
MSCI ACWI Index
Active share
88%**
Annual turnover
12%
Fund launch date
10 August 2016
Style
Long-term, bottom-up focus on stocks with very high growth rates
Fund Settlement Cycle
Trade date plus two business days (T+2)
Fund size calculated using base currency in US dollars and converted into listed currencies. **Relative to MSCI ACWI Index. Source: Baillie Gifford & Co, MSCI.
Meet the managers
Risks
General Investment Risk
Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested. The specific risks associated with the Fund include:
Custody
Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Emerging Markets
The Fund invests in emerging markets, which includes China, where difficulties with market volatility, political and economic instability including the risk of market shutdown, trading, liquidity, settlement, corporate governance, regulation, legislation and taxation could arise, resulting in a negative impact on the value of your investment.
Concentration
The Fund's concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.
Foreign Currency
The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.
Environmental, Social and Governance
The Fund's approach to Environmental, Social and Governance (ESG) means it cannot invest in certain sectors and companies. The universe of available investments will be more limited than other funds that do not apply such criteria/ exclusions, therefore the Fund may have different returns than a fund which has no such restrictions. Data used to apply the criteria may be provided by third party sources and is based on backward-looking analysis and the subjective nature of non-financial criteria means a wide variety of outcomes are possible. There is a risk that data provided may not adequately address the underlying detail around material non-financial considerations. Please consider all of the characteristics and objectives of the fund as described in the Key Information Document (KID) and prospectus before making a decision to invest in the Fund. For more information on how sustainability issues, such as climate change are considered, see bailliegifford.com.
Volatility
The Fund's share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.
Further Details
Further details of the risks associated with investing in the Fund can be found in the Key Information Document (KID), or the Prospectus. Copies of both the KID and Prospectus are available at bailliegifford.com.
Definitions
Active Share - A measure of the Fund's overlap with the benchmark. An active share of 100 indicates no overlap with the benchmark and an active share of zero indicates a portfolio that tracks the benchmark.
Index disclaimer
Source: MSCI. 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.
Complaints
In the first instance, clients should contact their normal Client Contact with any concerns. Alternatively, or for those clients who do not have a direct client contact assigned, complaints can be emailed to Baillie Gifford’s Compliance Department at: InstitutionalComplaints@bailliegifford.com.
A summary document which contains details on Baillie Gifford’s complaints management policy is available upon request. All material complaints are recorded in an in-house incident management system and are escalated to, and dealt with by, members of staff of suitable seniority, independent of the area from which the matter arose.
Fund performance
Performance data is not currently available for this share class.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | Amazon.com | 8.0% |
| 2 | NVIDIA | 7.1% |
| 3 | ASML | 6.1% |
| 4 | TSMC | 5.2% |
| 5 | AppLovin | 4.5% |
| 6 | Cloudflare | 4.4% |
| 7 | Tencent | 3.3% |
| 8 | Nu Holdings | 3.2% |
| 9 | CATL | 3.1% |
| 10 | PDD Holdings | 2.9% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 33.1 | 28.7 | 4.4 |
| 2 | Consumer Discretionary | 28.2 | 9.3 | 18.8 |
| 3 | Communication Services | 11.6 | 8.8 | 2.8 |
| 4 | Industrials | 11.1 | 11.3 | -0.2 |
| 5 | Health Care | 6.0 | 8.1 | -2.1 |
| 6 | Financials | 5.6 | 16.4 | -10.8 |
| 7 | Consumer Staples | 2.7 | 5.1 | -2.4 |
| 8 | Cash | 1.8 | 0.0 | 1.8 |
Total | 100.0 | 87.6 |
Geographical location
As at: 30 April 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | United States | 46.9 | 63.4 | -16.6 |
| 2 | China | 16.0 | 2.7 | 13.3 |
| 3 | Netherlands | 8.6 | 1.2 | 7.4 |
| 4 | Brazil | 6.1 | 0.6 | 5.5 |
| 5 | Taiwan | 5.2 | 2.9 | 2.3 |
| 6 | Sweden | 2.7 | 0.8 | 2.0 |
| 7 | India | 2.6 | 1.4 | 1.1 |
| 8 | Canada | 2.3 | 3.1 | -0.8 |
| 9 | Singapore | 2.2 | 0.4 | 1.9 |
| 10 | France | 2.1 | 2.2 | -0.1 |
Total | 94.6 | 78.6 |
Regional analysis
As at: 30 April 2026
# | Region | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | North America | 49.1 | 66.5 | -17.3 |
| 2 | Emerging Markets | 34.1 | 11.8 | 22.4 |
| 3 | Europe (ex UK) | 15.0 | 11.2 | 3.8 |
| 4 | Pacific ex Japan | 0.0 | 2.3 | -2.3 |
| 5 | UK | 0.0 | 3.2 | -3.2 |
| 6 | Japan | 0.0 | 5.0 | -5.0 |
| 7 | Cash | 1.8 | 0.0 | 1.8 |
Total | 100.0 | 100.0 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- MakeMyTrip
Complete sales
- The Trade Desk
Additions
- AppLovin
- Axon Enterprise Inc
- Joby Aviation Inc
- Reddit, Inc. Cl A
- Samsara
Reductions
- Netflix Inc
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Viewing 138 of 138
The adaptability advantage: a key source of mispricing
Why reinvention, not just execution, can shape the most surprising growth stories.
QXO: Maslow and materials
Why QXO’s transformation of an outdated building materials sector is gaining real momentum.
BeOne: going global
Why BeOne’s global ambition is starting to look more meaningful for Long Term Global Growth.
Long Term Global Growth Q1 update
Investment specialist Jon Henry reflects on recent performance, portfolio changes and market developments.
Different by design
Why staying true to a patient approach can create opportunity over the long term.
MakeMyTrip: cleared for takeoff
India’s travel boom, competitive resilience and AI investment set the stage for MakeMyTrip’s next chapter.
Unprompted insight: the human edge
In an AI-saturated world, face-to-face conversations with company leaders can reveal what metrics miss.
The forge of intelligence
From models to matter, investment manager John MacDougall explores the rise of physical AI.
Smart models, sharp founders: AI’s future
Cutting through the noise to find AI growth companies that will really matter over the next decade.
Axon: rewiring public safety
Long Term Global Growth discusses Axon’s mission-led tech and why international growth could follow.
Long Term Global Growth Q4 update
Investment specialist Carla Bannatyne reflects on recent performance, portfolio changes and market developments.
Crowding at the waterhole: beyond megacaps
Index crowding into megacaps can leave investors overexposed; patient teams look beyond the obvious for winners.
What’s your flavour of choice?
Three investment managers debate growth strategies from tech disruption to steady compounders
Some like it hot
Why the 'riskiest' growth companies may actually be your portfolio's best defence.
Amazon: Stock Story
Jon Henry gives three key reasons why tech giant Amazon remains a special investment.
Fairytales and fundamentals revisited
Jonny Greenhill on Long Term Global Growth’s patient approach to backing transformative companies.
LTGG Reflections: Duolingo
Why Duolingo is a beneficiary of AI, not a victim – and why for the long-term investor, patience is a virtue.
LTGG Reflections: Cloudflare
How Cloudflare evolved from internet security to AI gatekeeper, controlling content access and reshaping digital economics.
Long Term Global Growth Q3 update
Investment specialist Jonny Greenhill reflects on recent performance, portfolio changes and market developments.
Fairytales and fundamentals
Finding investment clarity when markets speak nonsense and valuations tell curious tales.
LTGG Reflections: Netflix
Lessons in disruption, adaptability and the conviction required to invest in outliers.
LTGG Reflections: Rocket Lab
From a New Zealand shed to challenging SpaceX: why Rocket Lab's remarkable journey captivates LTGG.
Brittle botany
How LTGG cultivates resilience in a fractious world.
Long Term Global Growth Q2 update
Investment manager Mark Urquhart reflects on recent performance, portfolio changes and market developments.
LTGG Reflections: Listening beats forecasting
Why we value curiosity over certainty: recent lessons from the road
LTGG Stewardship Report
For the year ended December 2024.
LTGG Reflections: materiality
Why focusing on long-term business fundamentals, not headlines, drives LTGG's investment success.
LTGG Reflections: Know where your towel is
Why investors should avoid the temptation to throw in the towel during market turmoil.
With the benefit of foresight
Investors must navigate uncertainty to create long-term value in a rapidly changing world.
LTGG Reflections: TSMC, why now?
The 40-year-old company leading AI technology with advanced semiconductor production.
Long Term Global Growth Q1 update
The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.
LTGG Reflections: Resisting short-term noise
Mark Urquhart teaches us how to ignore market noise and focus on promising companies.
Climate scenarios: so what?
Six themes we think will influence companies’ futures as the world adapts to climate change.
AI revolution: behind the 'overnight' success
AI is revolutionising industries globally. Stewart Hogg explores how AI is reshaping companies and driving long-term growth.
Finding sanity in the circus
An LTGG insight into what really matters for long term growth investing at the current juncture.
Volatility in LTGG: a feature not a bug
Why volatility is crucial to LTGG's strategy of capturing outsized returns.
LTGG Reflections: Flying under the radar
Uncovering our portfolio holdings that fly under the radar: Intuitive Surgical, Atlassian and Tencent.
Kweichow Moutai: spirit of China
The fiery spirit that’s a profitable symbol of Chinese culture and luxury.
LTGG Reflections: From handbags to outliers
Exploring our enduring and high-performing luxury brand holdings and their investment potential.
LTGG Reflections: The value of culture
Why the critical role of corporate culture can be the heartbeat of business success.
Sugar rush: LTGG Q2 2024
Highlighting the companies driving portfolio returns and how our appetite for growth compares to market trends.
LTGG Reflections: Skipping the queue with Nubank
Discover how Nubank is freeing Brazilians from endless queues and leading a financial revolution.
Transformations
The LTGG Team explore themes that will be key to the next 20 years of transformational growth.
LTGG Reflections: e.l.f Beauty
Why we believe e.l.f. Beauty's innovative approach and explosive growth make it a must-have in the LTGG portfolio.
LTGG Reflections: Risk
How we identify leading high-growth companies by blending deep fundamental analysis with strategic insights.
Webinar: Why growth? Why now?
Partners Tim Garratt and Stuart Dunbar identify signs of emerging growth.
The opportunity in risk: LTGG Q1 2024
How the LTGG team searches for companies willing to take bold risks to become future leaders.
Algorithmic alchemy: investing with optimism in AI
How artificial intelligence creates growth opportunities and ways for us to serve you better.LTGG Stewardship Report 2023
For the year ended December 2023.
LTGG Reflections: The year of the dragon
LTGG investment manager Mark Urquhart reflects on his recent trip to China.
Long Term Global Growth Strategy
Investment manager, Mark Urquhart, discusses the Baillie Gifford Long Term Global Growth Strategy.
LTGG Reflections: Llama mile
How the ecommerce giant is slashing delivery times with innovation and an unlikely courier fleet
Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?
LTGG’s 2023 year-end review
Was 2023 the year that saw transformational growth stories resume their conquest?
The 3 traits of great growth stocks
Why real-world problem solving, financial discipline and adaptability are critical to growth.
LTGG Reflections: Illumina
Why we sold Illumina after more than a decade in the portfolio.
LTGG Reflections: Solar innovations
Enphase's role in the solar revolution and the potential for long-term growth.
LTGG third quarter 2023 update
A look at portfolio performance over the recent quarter-end.
LTGG Reflections: from biologics to branded fashion
In this monthly update, the team discusses recent research visits to WuXi, Symbotic and Moncler.
LTGG Reflections: NVIDIA - chipping away at success
Following a successful quarter, the LTGG team consider the future of NVIDIA.
Growth investing across decades
Mark Urquhart discusses the science and art of picking growth stocks with enduring potential.
LTGG Reflections: The transformative potential of AI
Artificial intelligence is not as new as you think it is, as the LTGG portfolio reveals.
LTGG Reflections: Defying data disorder
Why Datadog's ability to master the chaos of cloud computing offers an attractive opportunity.
LTGG second quarter 2023 update
An update on portfolio performance, and the importance of adapting for the future.
LTGG Reflections: Kaizen – continuous improvement
Reflections on performance, holdings and continuous improvement.
LTGG Reflections: Jevons paradox - a case for Samsara
How Samsara's data-driven insights help its customers optimise their business operations.
LTGG: Quarterly Review
LTGG review the first quarter of 2023 and the engines of change.
Reflections: Catch-22 Earnings
Does the market under-appreciate the impact of intangible investments?
LTGG Reflections: Rising from the ashes
An investment portfolio update explaining why holdings have thrived despite economic chaos.
LTGG investor update – January 2023
LTGG’s Stewart Hogg and Gemma Barkhuizen on volatility, business culture, and the long-term view.
MercadoLibre: a lesson in innovation
Investment manager Lawrence Burns talks to MercadoLibre’s CFO Pedro Arnt.
LTGG Reflections: Shifting shades of grey
Short-term, many companies seem grey and similar. But patience will reveal colourful outliers.
LTGG quarterly commentary
A look at recent macroeconomic factors and performance and considerations for the future.
LTGG Reflections: Operational growth hurdles
Why growth is still possible in hard times.
LTGG Reflections: Engines of growth
Understanding why certain ideas lead to growth can boost the chances of outperformance.
LTGG: climate progress update
Positive progress from a number of portfolio companies.
LTGG: our companies’ character
An LTGG ESG update.
LTGG Reflections: On tour
What do we learn from meeting management teams? That it’s good to be on the road again.
LTGG Reflections: The fight for your free time
Disruptive change within the entertainment world creates a wealth of opportunity.
LTGG Reflections: Company check in
We met holdings to track their progress as well as scouting out potential additions to the portfolio.
LTGG Reflections: Second quarter 2022
Sailing in the Roaring Forties.
LTGG Manager Update
The LTGG Team share their thoughts on what’s currently going on in the markets, what worries them and what they are excited about for the next 5-10 years.
LTGG Reflections: Sea Ltd
LTGG unpacks the potential of a new holding in the fintech and gaming space.
Jumpers in the hot wash
Tim Garratt considers how we value exciting businesses and reflects on what we lose when we fail to imagine.
LTGG Reflections: The future of synthetic biology
How Ginkgo Bioworks is making advances in computing and DNA engineering.
LTGG Reflections: Market timing
The LTGG Team explain why they aren’t tempted to time the market, despite recent volatility.
LTGG Reflections: A look back on Q1
The LTGG team consider recent performance and the long-term outlook for the fund.
LTGG Reflections: Roblox
New holding, Roblox, aims to bring the world together through play. The LTGG Team take a closer look.
LTGG Reflections: On short-term drawdowns
The LTGG team on short-term drawdowns and investing in era-defining companies.
Long Term Global Growth: Team evolution
Scott Nisbet interviews the Long Term Global Growth decision-makers discussing volatility, inflation, interest rates, China and portfolio holdings: Roblox, SEA, Moderna and Coupang.
ESG collaborations
Looking before we leap into industry initiatives.
LTGG Reflections: Affirm
The LTGG team take a closer look at how Affirm plan to transform the consumer credit industry.
ESG data: Filling in the gaps
LTGG is making efforts to improve environmental, social and governance metrics.
LTGG Reflections: The return of the tartan army
LTGG on demanding huge returns, backing companies that rip up the rule books, and looking to the future.
LTGG Reflections: Illumina
The genome sequencing specialist is playing a valuable role in the hunt for new treatments.
Rules of the game
Regulation and what we look for in companies’ responses.
Working it out
Adapting to the changing expectations of staff and society.
Inside and out
A focus on diversity and inclusion can result in competitive advantage.
LTGG Reflections: Looking for a contribution
The companies that LTGG invest in can turn their ability to improve society into a source of competitive advantage.
China’s gen Z+
How the digital natives’ wants and needs create opportunities for forward-thinking Chinese companies.
Staying engaged
What company engagement means to us.
A question of character
How we integrate environmental, social and governance factors into our investment approach.
Looking back going forward
In this edition of Looking Back Going Forward we explain how environmental, social and governance (ESG) considerations have been deeply embedded in our Long Term Global Growth strategy.
LTGG Reflections: Carvana
Carvana, the US online car dealership, has a lofty but straightforward mission to change the way in which people buy cars.
Economist John Kay and investment manager James Anderson discuss how changing attitudes to known unknowns could make us better investors.
LTGG Reflections: China
The LTGG Team reason that where there’s transformational growth, the regulatory backdrop will evolve to keep up. That’s as true of China as it is elsewhere.
LTGG Reflections: LTGG and the elixir of youth
LTGG’s Tim Garratt explains how the team have endeavoured to keep the portfolio youthful and forward looking.
LTGG Reflections: Alphabet
The LTGG team explain why they decided to sell their clients’ holding in Google parent company, Alphabet.
LTGG Reflections: Beike
The LTGG team reflect on how Beike, China’s largest online house-buying platform, is disrupting the property market.
LTGG Reflections: Bilibili
The LTGG team explain why they’re excited about Bilibili, a niche gaming platform that has developed a hardcore following in China.
The anatomy of outliers
What characteristics do outperforming stocks have in common and how does the LTGG portfolio stack up?
Looking back going forward
The LTGG Team look back on an extraordinary 12 months and discuss the growth prospects of the portfolio, the rapid development of vaccines and the importance of hold discipline.
Leading the charge
We reveal the research behind one of the highest-profile investments in Baillie Gifford’s 113-year history.
LTGG Reflections: The trade desk
The Trade Desk, a recent LTGG investment, is disrupting a $350bn market and challenging Facebook and Google’s control of online advertising. The LTGG Team discuss the opportunities ahead.
Highlights video: Long Term Global Growth webinar
Client Director Tatjana Evans-MacLeod highlights the most notable discussion points from the recent LTGG webinar, in which investment managers Mark Urquhart, Gemma Barkhuizen and Linda Lin discussed turnover, valuation, China, ESG, and capacity.
LTGG Reflections: The roaring twenties
When we are caught up in the drama of the present, it can be hard to see the accelerated progress that accompanies it. With technology firmly in the driving seat, Scott Nisbet explains why he sees a decade of growth ahead.
LTGG Reflections: Atlassian
There are businesses which, to paraphrase a recent note from Mark Urquhart, are “quietly getting on with it”. The meeting that prompted this observation was with Sydney headquartered Atlassian. Learn more about our recent thoughts on the company in this month's 'Reflections'.
Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2020 issue
Transformational growth for transformational returns
For over 15 years Long Term Global Growth has taken a very different approach in its quest to deliver exceptional returns. This film explores not only how the team invest but also highlights the results they have delivered for clients over a decade and a half.
A gallery for growth
Much like an art curator, the role of the investment manager involves carefully selecting investments that will make a mark and grow in value over time.
Sensible nonsense
To stand the best chance of owning the winning companies of the 2030s, we should imagine how bizarre today’s ‘normal’ will seem when the next generation looks back.
Navigating noise
Navigating Noise, a video series brought to you by the Long Term Global Growth team, seeks to gather and share some of the thinking we find so valuable when investing for the long term.
AI: Learning on the job
Dubbed the new electricity, artificial intelligence is intrinsic to the strategy and operations of many companies in the Long Term Global Growth portfolio.
Calm reflection during the amygdala hijack
In times of stress stock markets, like people, often revert to act now, think later. Tim Garratt advocates doing the opposite.
Footprints and first steps
Mike Berners-Lee helps us to reassess how we calculate the environmental impact of the holdings within the LTGG portfolio.
Lessons from the Sonoran Desert
‘Lessons from the Sonoran Desert’ explores further the pioneering work of Professor Hendrik Bessembinder at Arizona State University, whose heroic feat of global number-crunching revealed extraordinary things about the nature of company returns.
Long-term talent
Gemma Barkhuizen and Robert Wilson recently joined the LTGG team as part of Baillie Gifford’s graduate training programme. Here they share their experiences, talk about what’s important to them, and give their view of LTGG’s way of looking at the world.
Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2020 issue.
When Milton met Billy
Shareholders seem to be obsessed with short-term profits. We aren’t. Scott Nisbet proposes an alternative path, where patience with the right companies is rewarded, and a less direct route to profitability can lead eventually to a more valuable outcome.
LTGG XV
The evolution of LTGG over the first 15 years.
Looking back going forward
In the latest edition of Looking Back Going Forward, John MacDougall looks back over the 15 years of Long Term Global Growth's history, reflecting on some of the holdings that have performed best, and the varied paths their share prices have followed.
Graham or growth?
In his latest paper, James Anderson discusses Ben Graham’s book The Intelligent Investor, the seminal work on Value investing that remains as valid today as it did when he wrote it seven decades ago. James considers the author’s views and their implications for Growth investing in the current environment.
Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2018 issue,
Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2018 issue.
Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2017 issue.
Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2017 issue.
Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2016 issue.
Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2016 issue.
LTGG presents
Transformations
Go behind the scenes of more than two decades of Long Term Global Growth (LTGG) thinking. This digital series brings our thinking to life, showing how the team has identified, debated and learned from transformational shifts to find those rare companies with the potential to shape the decade ahead.
The adaptability advantage: a key source of mispricing
Why reinvention, not just execution, can shape the most surprising growth stories.QXO: Maslow and materials
Why QXO’s transformation of an outdated building materials sector is gaining real momentum.BeOne: going global
Why BeOne’s global ambition is starting to look more meaningful for Long Term Global Growth.Long Term Global Growth Q1 update
Investment specialist Jon Henry reflects on recent performance, portfolio changes and market developments.Different by design
Why staying true to a patient approach can create opportunity over the long term.MakeMyTrip: cleared for takeoff
India’s travel boom, competitive resilience and AI investment set the stage for MakeMyTrip’s next chapter.Unprompted insight: the human edge
In an AI-saturated world, face-to-face conversations with company leaders can reveal what metrics miss.The forge of intelligence
From models to matter, investment manager John MacDougall explores the rise of physical AI.Smart models, sharp founders: AI’s future
Cutting through the noise to find AI growth companies that will really matter over the next decade.Axon: rewiring public safety
Long Term Global Growth discusses Axon’s mission-led tech and why international growth could follow.Long Term Global Growth Q4 update
Investment specialist Carla Bannatyne reflects on recent performance, portfolio changes and market developments.Crowding at the waterhole: beyond megacaps
Index crowding into megacaps can leave investors overexposed; patient teams look beyond the obvious for winners.What’s your flavour of choice?
Three investment managers debate growth strategies from tech disruption to steady compoundersSome like it hot
Why the 'riskiest' growth companies may actually be your portfolio's best defence.Amazon: Stock Story
Jon Henry gives three key reasons why tech giant Amazon remains a special investment.Fairytales and fundamentals revisited
Jonny Greenhill on Long Term Global Growth’s patient approach to backing transformative companies.LTGG Reflections: Duolingo
Why Duolingo is a beneficiary of AI, not a victim – and why for the long-term investor, patience is a virtue.LTGG Reflections: Cloudflare
How Cloudflare evolved from internet security to AI gatekeeper, controlling content access and reshaping digital economics.Long Term Global Growth Q3 update
Investment specialist Jonny Greenhill reflects on recent performance, portfolio changes and market developments.Fairytales and fundamentals
Finding investment clarity when markets speak nonsense and valuations tell curious tales.LTGG Reflections: Netflix
Lessons in disruption, adaptability and the conviction required to invest in outliers.LTGG Reflections: Rocket Lab
From a New Zealand shed to challenging SpaceX: why Rocket Lab's remarkable journey captivates LTGG.Brittle botany
How LTGG cultivates resilience in a fractious world.Long Term Global Growth Q2 update
Investment manager Mark Urquhart reflects on recent performance, portfolio changes and market developments.LTGG Reflections: Listening beats forecasting
Why we value curiosity over certainty: recent lessons from the roadLTGG Stewardship Report
For the year ended December 2024.LTGG Reflections: materiality
Why focusing on long-term business fundamentals, not headlines, drives LTGG's investment success.LTGG Reflections: Know where your towel is
Why investors should avoid the temptation to throw in the towel during market turmoil.With the benefit of foresight
Investors must navigate uncertainty to create long-term value in a rapidly changing world.LTGG Reflections: TSMC, why now?
The 40-year-old company leading AI technology with advanced semiconductor production.Long Term Global Growth Q1 update
The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.LTGG Reflections: Resisting short-term noise
Mark Urquhart teaches us how to ignore market noise and focus on promising companies.Climate scenarios: so what?
Six themes we think will influence companies’ futures as the world adapts to climate change.AI revolution: behind the 'overnight' success
AI is revolutionising industries globally. Stewart Hogg explores how AI is reshaping companies and driving long-term growth.Finding sanity in the circus
An LTGG insight into what really matters for long term growth investing at the current juncture.Volatility in LTGG: a feature not a bug
Why volatility is crucial to LTGG's strategy of capturing outsized returns.LTGG Reflections: Flying under the radar
Uncovering our portfolio holdings that fly under the radar: Intuitive Surgical, Atlassian and Tencent.Kweichow Moutai: spirit of China
The fiery spirit that’s a profitable symbol of Chinese culture and luxury.LTGG Reflections: From handbags to outliers
Exploring our enduring and high-performing luxury brand holdings and their investment potential.LTGG Reflections: The value of culture
Why the critical role of corporate culture can be the heartbeat of business success.Sugar rush: LTGG Q2 2024
Highlighting the companies driving portfolio returns and how our appetite for growth compares to market trends.LTGG Reflections: Skipping the queue with Nubank
Discover how Nubank is freeing Brazilians from endless queues and leading a financial revolution.Transformations
The LTGG Team explore themes that will be key to the next 20 years of transformational growth.LTGG Reflections: e.l.f Beauty
Why we believe e.l.f. Beauty's innovative approach and explosive growth make it a must-have in the LTGG portfolio.LTGG Reflections: Risk
How we identify leading high-growth companies by blending deep fundamental analysis with strategic insights.Webinar: Why growth? Why now?
Partners Tim Garratt and Stuart Dunbar identify signs of emerging growth.The opportunity in risk: LTGG Q1 2024
How the LTGG team searches for companies willing to take bold risks to become future leaders.Algorithmic alchemy: investing with optimism in AI
How artificial intelligence creates growth opportunities and ways for us to serve you better.LTGG Stewardship Report 2023
For the year ended December 2023.LTGG Reflections: The year of the dragon
LTGG investment manager Mark Urquhart reflects on his recent trip to China.Long Term Global Growth Strategy
Investment manager, Mark Urquhart, discusses the Baillie Gifford Long Term Global Growth Strategy.LTGG Reflections: Llama mile
How the ecommerce giant is slashing delivery times with innovation and an unlikely courier fleetModerna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?LTGG’s 2023 year-end review
Was 2023 the year that saw transformational growth stories resume their conquest?The 3 traits of great growth stocks
Why real-world problem solving, financial discipline and adaptability are critical to growth.LTGG Reflections: Illumina
Why we sold Illumina after more than a decade in the portfolio.LTGG Reflections: Solar innovations
Enphase's role in the solar revolution and the potential for long-term growth.LTGG third quarter 2023 update
A look at portfolio performance over the recent quarter-end.LTGG Reflections: from biologics to branded fashion
In this monthly update, the team discusses recent research visits to WuXi, Symbotic and Moncler.LTGG Reflections: NVIDIA - chipping away at success
Following a successful quarter, the LTGG team consider the future of NVIDIA.Growth investing across decades
Mark Urquhart discusses the science and art of picking growth stocks with enduring potential.LTGG Reflections: The transformative potential of AI
Artificial intelligence is not as new as you think it is, as the LTGG portfolio reveals.LTGG Reflections: Defying data disorder
Why Datadog's ability to master the chaos of cloud computing offers an attractive opportunity.LTGG second quarter 2023 update
An update on portfolio performance, and the importance of adapting for the future.LTGG Reflections: Kaizen – continuous improvement
Reflections on performance, holdings and continuous improvement.LTGG Reflections: Jevons paradox - a case for Samsara
How Samsara's data-driven insights help its customers optimise their business operations.LTGG: Quarterly Review
LTGG review the first quarter of 2023 and the engines of change.Reflections: Catch-22 Earnings
Does the market under-appreciate the impact of intangible investments?LTGG Reflections: Rising from the ashes
An investment portfolio update explaining why holdings have thrived despite economic chaos.LTGG investor update – January 2023
LTGG’s Stewart Hogg and Gemma Barkhuizen on volatility, business culture, and the long-term view.MercadoLibre: a lesson in innovation
Investment manager Lawrence Burns talks to MercadoLibre’s CFO Pedro Arnt.LTGG Reflections: Shifting shades of grey
Short-term, many companies seem grey and similar. But patience will reveal colourful outliers.LTGG quarterly commentary
A look at recent macroeconomic factors and performance and considerations for the future.LTGG Reflections: Operational growth hurdles
Why growth is still possible in hard times.LTGG Reflections: Engines of growth
Understanding why certain ideas lead to growth can boost the chances of outperformance.LTGG: climate progress update
Positive progress from a number of portfolio companies.LTGG: our companies’ character
An LTGG ESG update.LTGG Reflections: On tour
What do we learn from meeting management teams? That it’s good to be on the road again.LTGG Reflections: The fight for your free time
Disruptive change within the entertainment world creates a wealth of opportunity.LTGG Reflections: Company check in
We met holdings to track their progress as well as scouting out potential additions to the portfolio.LTGG Reflections: Second quarter 2022
Sailing in the Roaring Forties.LTGG Manager Update
The LTGG Team share their thoughts on what’s currently going on in the markets, what worries them and what they are excited about for the next 5-10 years.LTGG Reflections: Sea Ltd
LTGG unpacks the potential of a new holding in the fintech and gaming space.Jumpers in the hot wash
Tim Garratt considers how we value exciting businesses and reflects on what we lose when we fail to imagine.LTGG Reflections: The future of synthetic biology
How Ginkgo Bioworks is making advances in computing and DNA engineering.LTGG Reflections: Market timing
The LTGG Team explain why they aren’t tempted to time the market, despite recent volatility.LTGG Reflections: A look back on Q1
The LTGG team consider recent performance and the long-term outlook for the fund.LTGG Reflections: Roblox
New holding, Roblox, aims to bring the world together through play. The LTGG Team take a closer look.LTGG Reflections: On short-term drawdowns
The LTGG team on short-term drawdowns and investing in era-defining companies.Long Term Global Growth: Team evolution
Scott Nisbet interviews the Long Term Global Growth decision-makers discussing volatility, inflation, interest rates, China and portfolio holdings: Roblox, SEA, Moderna and Coupang.ESG collaborations
Looking before we leap into industry initiatives.LTGG Reflections: Affirm
The LTGG team take a closer look at how Affirm plan to transform the consumer credit industry.ESG data: Filling in the gaps
LTGG is making efforts to improve environmental, social and governance metrics.LTGG Reflections: The return of the tartan army
LTGG on demanding huge returns, backing companies that rip up the rule books, and looking to the future.LTGG Reflections: Illumina
The genome sequencing specialist is playing a valuable role in the hunt for new treatments.Rules of the game
Regulation and what we look for in companies’ responses.Working it out
Adapting to the changing expectations of staff and society.Inside and out
A focus on diversity and inclusion can result in competitive advantage.LTGG Reflections: Looking for a contribution
The companies that LTGG invest in can turn their ability to improve society into a source of competitive advantage.China’s gen Z+
How the digital natives’ wants and needs create opportunities for forward-thinking Chinese companies.Staying engaged
What company engagement means to us.A question of character
How we integrate environmental, social and governance factors into our investment approach.Looking back going forward
In this edition of Looking Back Going Forward we explain how environmental, social and governance (ESG) considerations have been deeply embedded in our Long Term Global Growth strategy.LTGG Reflections: Carvana
Carvana, the US online car dealership, has a lofty but straightforward mission to change the way in which people buy cars.Rethinking Risk: Uncertainty and Investment Returns.
Economist John Kay and investment manager James Anderson discuss how changing attitudes to known unknowns could make us better investors.LTGG Reflections: China
The LTGG Team reason that where there’s transformational growth, the regulatory backdrop will evolve to keep up. That’s as true of China as it is elsewhere.LTGG Reflections: LTGG and the elixir of youth
LTGG’s Tim Garratt explains how the team have endeavoured to keep the portfolio youthful and forward looking.LTGG Reflections: Alphabet
The LTGG team explain why they decided to sell their clients’ holding in Google parent company, Alphabet.LTGG Reflections: Beike
The LTGG team reflect on how Beike, China’s largest online house-buying platform, is disrupting the property market.LTGG Reflections: Bilibili
The LTGG team explain why they’re excited about Bilibili, a niche gaming platform that has developed a hardcore following in China.The anatomy of outliers
What characteristics do outperforming stocks have in common and how does the LTGG portfolio stack up?Looking back going forward
The LTGG Team look back on an extraordinary 12 months and discuss the growth prospects of the portfolio, the rapid development of vaccines and the importance of hold discipline.Leading the charge
We reveal the research behind one of the highest-profile investments in Baillie Gifford’s 113-year history.LTGG Reflections: The trade desk
The Trade Desk, a recent LTGG investment, is disrupting a $350bn market and challenging Facebook and Google’s control of online advertising. The LTGG Team discuss the opportunities ahead.Highlights video: Long Term Global Growth webinar
Client Director Tatjana Evans-MacLeod highlights the most notable discussion points from the recent LTGG webinar, in which investment managers Mark Urquhart, Gemma Barkhuizen and Linda Lin discussed turnover, valuation, China, ESG, and capacity.LTGG Reflections: The roaring twenties
When we are caught up in the drama of the present, it can be hard to see the accelerated progress that accompanies it. With technology firmly in the driving seat, Scott Nisbet explains why he sees a decade of growth ahead.LTGG Reflections: Atlassian
There are businesses which, to paraphrase a recent note from Mark Urquhart, are “quietly getting on with it”. The meeting that prompted this observation was with Sydney headquartered Atlassian. Learn more about our recent thoughts on the company in this month's 'Reflections'.Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2020 issueTransformational growth for transformational returns
For over 15 years Long Term Global Growth has taken a very different approach in its quest to deliver exceptional returns. This film explores not only how the team invest but also highlights the results they have delivered for clients over a decade and a half.A gallery for growth
Much like an art curator, the role of the investment manager involves carefully selecting investments that will make a mark and grow in value over time.Sensible nonsense
To stand the best chance of owning the winning companies of the 2030s, we should imagine how bizarre today’s ‘normal’ will seem when the next generation looks back.Navigating noise
Navigating Noise, a video series brought to you by the Long Term Global Growth team, seeks to gather and share some of the thinking we find so valuable when investing for the long term.AI: Learning on the job
Dubbed the new electricity, artificial intelligence is intrinsic to the strategy and operations of many companies in the Long Term Global Growth portfolio.Calm reflection during the amygdala hijack
In times of stress stock markets, like people, often revert to act now, think later. Tim Garratt advocates doing the opposite.Footprints and first steps
Mike Berners-Lee helps us to reassess how we calculate the environmental impact of the holdings within the LTGG portfolio.Lessons from the Sonoran Desert
‘Lessons from the Sonoran Desert’ explores further the pioneering work of Professor Hendrik Bessembinder at Arizona State University, whose heroic feat of global number-crunching revealed extraordinary things about the nature of company returns.Long-term talent
Gemma Barkhuizen and Robert Wilson recently joined the LTGG team as part of Baillie Gifford’s graduate training programme. Here they share their experiences, talk about what’s important to them, and give their view of LTGG’s way of looking at the world.Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2020 issue.When Milton met Billy
Shareholders seem to be obsessed with short-term profits. We aren’t. Scott Nisbet proposes an alternative path, where patience with the right companies is rewarded, and a less direct route to profitability can lead eventually to a more valuable outcome.LTGG XV
The evolution of LTGG over the first 15 years.Looking back going forward
In the latest edition of Looking Back Going Forward, John MacDougall looks back over the 15 years of Long Term Global Growth's history, reflecting on some of the holdings that have performed best, and the varied paths their share prices have followed.Graham or growth?
In his latest paper, James Anderson discusses Ben Graham’s book The Intelligent Investor, the seminal work on Value investing that remains as valid today as it did when he wrote it seven decades ago. James considers the author’s views and their implications for Growth investing in the current environment.Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2018 issue,Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2018 issue.Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2017 issue.Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2017 issue.Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the October 2016 issue.Looking back going forward
Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2016 issue.
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Documents
Documents
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