Capital at risk
US Alpha
Growing businesses will dominate US Equities’ stock market returns over a decade. Some will grow rapidly, others quietly compound, and still more will progress in leaps and pauses. US Alpha celebrates this breadth of growth and patiently backs exceptional companies over a decade in the hope of generating extraordinary returns for our clients.
Seeking a breadth of growth
We don’t want to own one or two of any decade’s top outperformers. We want to hold them all. Focusing on growing businesses is the best way to drive returns, and it’s clear that not all such opportunities look the same.
US Alpha Q1 investment update
The US Alpha Team reflects on recent performance, portfolio changes and market developments over the last quarter.
We don’t follow the benchmark
‘More ways to win’ makes sense in a market as rich and deep as North America. We are inspired by diversity, and our broad approach gives us the best chance of finding the most exciting prospects in the US in whatever industry we find them while diversifying the drivers of risks.
Our objective is to perform 2 per cent above the S&P 500 per annum, over rolling five-year periods by investing in a broad range of exceptional growth businesses. We believe this to be a reasonable estimate of the amount by which we can outperform in the long term, considering the opportunity set and the many types of growth our companies exhibit.
Disruptors, adaptors and pilots
We invest in three types of companies. Where the market underestimates the growth of exceptional firms, we look for ‘disruptors’, with young cultures and inventive founders. Where duration is underappreciated, we look for ‘adaptors’, which know whether to preserve an asset or embrace change. And in turbulent industries, we look for ‘pilots’, which put capital allocation above all else. The result is a portfolio with a low overlap with the index and low turnover, which we are confident can deliver differentiated long-term results.
We celebrate the breadth of opportunity before us, embrace uncertainty and invest with optimism.
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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Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 31 March 2024
| # | Holding | % of portfolio |
|---|---|---|
| 1 | Microsoft | 3.5% |
| 2 | Shopify | 3.2% |
| 3 | Meta Platforms | 2.5% |
| 4 | DoorDash | 2.4% |
| 5 | Alphabet | 2.4% |
| 6 | NVIDIA | 2.3% |
| 7 | Amazon.com | 2.2% |
| 8 | AutoZone | 2.0% |
| 9 | Netflix | 2.0% |
| 10 | Hershey Foods Corporation | 1.9% |
Please note
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co. Please note that totals may not add due to rounding.
Invest in this strategy
You can invest in this strategy through the following fund(s).
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
How to invest in this strategy
You can invest in this strategy through the following fund(s).
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
Important information
Please remember that all investment strategies have the potential for profit and loss and your or your clients’ capital may be at risk.
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