Capital at risk

Investment strategy

Developed EAFE All Cap

We have three core beliefs: superior profit growth leads to outperformance, fundamental analysis enables exploitation of market inefficiencies and share prices reflect fundamentals over the long term.

The sun shines through Glencoe, Scotland

Consistent investment in growing companies

An international growth portfolio, bringing together the best ideas from firmwide research. To perform better than the market, you need to be different from it. We search across the market cap spectrum for a balance of growth, quality and resilience. 

International All Cap Q3 update

Investment manager Iain Campbell reflects on recent performance, portfolio changes and market developments.

Taking a long-term advantage

We look to invest in businesses that exhibit some combination of sustained, above-average growth and strong competitive advantage, such as superior profit margins or returns on invested capital.  

We believe that stock markets have a recurring tendency to underappreciate the value of long-term compound growth. We aim to take advantage of this by investing with a minimum time horizon of five years in mind.

Embracing different types of growth

The strategy has a proud 30-year track record, following a consistent investment process. 

We invest in an eclectic mix of individual businesses and take great pride in drawing from firmwide research to bring the best ideas to the portfolio. 

The portfolio is tilted towards the lower end of the benchmark’s market cap range. We think this is a fertile hunting ground for focused, well-run growth companies. 

We are long-term in our approach and focused on identifying the structural growth drivers that could deliver strong returns for our clients over the coming decades.
Joe Faraday

Meet the managers

Documents

Stewardship report

Find out about our conversations with portfolio companies, shareholder vote activity and consideration of environmental, social and governance matters.

View PDF

Philosophy and process

Explore our investment philosophy and the processes around how the team constructs the portfolio.

View PDF

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

Strategy portfolio holdings

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

All figures up to: 31 October 2025

#CompanyFund %
1United Overseas Bank4.6%
2ASML4.0%
3LVMH2.8%
4Roche2.8%
5Investor2.6%
6AIA Group2.6%
7Unilever2.6%
8TotalEnergies2.4%
9Jeronimo Martins2.3%
10Assa Abloy 'B'2.3%

Strategy holdings by sector

All figures up to: 31 October 2025

Total: 100%

Strategy holdings by region

All figures up to: 31 October 2025

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.

Explore further

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

Insights

Key articles, videos and podcasts relating to the strategy:

Filters

Insights

Viewing 27 of 27
  1. International viewpoints: the quality derating

    Why overlooked quality businesses with competitive moats compound returns through any cycle.
    December 2025
    Article4 minutes
  2. SMC: Stock Story

    Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.
    November 2025
    Video0 minute
  3. Adyen: Stock Story

    Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
    November 2025
    Video4 minutes
  4. 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
  5. 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
  6. 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
  7. 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
  8. International viewpoints: digital disruptors

    MercadoLibre and Sea Ltd are examples of underappreciated digital disruptors driving global growth.
    June 2025
    Article3 minutes
  9. 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
  10. A new age of discovery: the case for international

    Explore how international equities offer unique opportunities in transformative markets.
    May 2025
    Video15 minutes
  11. “”

    Actual investing revisited

    In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
    May 2025
    ArticleLong read
  12. Atlas Copco: Stock Story

    Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
    March 2025
    Video3 minutes
  13. ASML: Stock Story

    Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
    March 2025
    Video3 minutes
  14. A digitally generated image of multi-coloured glowing data points floating on dark waves.

    A long-term manifesto, revisited

    Why exceptional growth companies must be brave enough to ignore short-term market pressures.
    February 2025
    Article10 minutes
  15. International All Cap Q4 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article8 minutes
  16. Saving when sending abroad: a Wise move

    With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world.
    October 2024
    Article4 minutes
  17. Wise: Money Without Borders

    Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.
    October 2024
    Video37 minutes
  18. 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
  19. Wise: Growing global money transfers

    Charting rising cross-border money payments and the opportunity for remittance service Wise.
    August 2024
    Article6 minutes
  20. 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
  21. Ashtead: hiding in plain sight

    This little-known equipment rental company is one of the UK’s most exciting growth stories.
    December 2023
    Article5 minutes
  22. 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
  23. Snippets from the archives

    Key insights from the International All Cap Strategy picked from the past 30 years.
    September 2022
    Article
  24. Shimano: our strategy in one stock

    How the cycle parts maker symbolises the kind of firms International All Cap is looking for.
    September 2022
    Article
  25. Growth flows

    Tracking our pursuit of growth companies over time.
    September 2022
    Article
  26. Investing in ingenuity

    Milena Mileva on picking International All Cap’s future winners.
    September 2022
    Article
  27. Forging a fund

    How relationship building, performance and tales of Scotland helped establish our international funds.
    September 2022
    Article

International All Cap Q3 update

Investment manager Iain Campbell reflects on recent performance, portfolio changes and market developments.

  1. International viewpoints: the quality derating

    Why overlooked quality businesses with competitive moats compound returns through any cycle.
    December 2025
    Article4 minutes
  2. SMC: Stock Story

    Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.
    November 2025
    Video0 minute
  3. Adyen: Stock Story

    Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
    November 2025
    Video4 minutes
  4. 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
  5. 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
  6. 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
  7. 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
  8. International viewpoints: digital disruptors

    MercadoLibre and Sea Ltd are examples of underappreciated digital disruptors driving global growth.
    June 2025
    Article3 minutes
  9. 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
  10. A new age of discovery: the case for international

    Explore how international equities offer unique opportunities in transformative markets.
    May 2025
    Video15 minutes
  11. “”

    Actual investing revisited

    In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
    May 2025
    ArticleLong read
  12. Atlas Copco: Stock Story

    Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
    March 2025
    Video3 minutes
  13. ASML: Stock Story

    Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
    March 2025
    Video3 minutes
  14. A digitally generated image of multi-coloured glowing data points floating on dark waves.

    A long-term manifesto, revisited

    Why exceptional growth companies must be brave enough to ignore short-term market pressures.
    February 2025
    Article10 minutes
  15. International All Cap Q4 investor letter

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article8 minutes
  16. Saving when sending abroad: a Wise move

    With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world.
    October 2024
    Article4 minutes
  17. Wise: Money Without Borders

    Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.
    October 2024
    Video37 minutes
  18. 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
  19. Wise: Growing global money transfers

    Charting rising cross-border money payments and the opportunity for remittance service Wise.
    August 2024
    Article6 minutes
  20. 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
  21. Ashtead: hiding in plain sight

    This little-known equipment rental company is one of the UK’s most exciting growth stories.
    December 2023
    Article5 minutes
  22. 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
  23. Snippets from the archives

    Key insights from the International All Cap Strategy picked from the past 30 years.
    September 2022
    Article
  24. Shimano: our strategy in one stock

    How the cycle parts maker symbolises the kind of firms International All Cap is looking for.
    September 2022
    Article
  25. Growth flows

    Tracking our pursuit of growth companies over time.
    September 2022
    Article
  26. Investing in ingenuity

    Milena Mileva on picking International All Cap’s future winners.
    September 2022
    Article
  27. Forging a fund

    How relationship building, performance and tales of Scotland helped establish our international funds.
    September 2022
    Article

Explore further

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

Important information

The content of this website is intended exclusively for professional investors in accordance with MiFID legislation. ’Professional investors’ are potential investors who are deemed to have the status of “professional clients”, within the meaning of MiFID (2004/39/EC), as transposed in Ireland. It is not intended for retail investors.
Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.
This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.