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.

Ocean wave at sunset time, Indian Ocean, Maldives.

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 Q1 update

The International All Cap Team 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

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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

#CompanyFund %
1ASML4.7%
2United Overseas Bank3.4%
3LVMH3.0%
4Auto Trader2.8%
5SMC2.8%
6Experian2.8%
7Tokyo Electron2.4%
8EXOR2.3%
9Richemont2.3%
10Lonza Group2.3%

Strategy holdings by sector

All figures up to: 31 March 2024

1Industrials23.45%
2Financials16.75%
3Information Technology12.99%
4Consumer Discretionary12.76%
5Health Care10.89%
6Consumer Staples10.55%
7Communication Services7.74%
8Materials3.73%
9Cash1.14%
Total 100%

Strategy holdings by sector

All figures up to: 31 March 2024

Total: 100%

Strategy holdings by region

All figures up to: 31 March 2024

1Europe (ex UK)46.96%
2Developed Asia Pacific32.38%
3UK19.52%
4Cash1.14%
Total 100%

Strategy holdings by region

All figures up to: 31 March 2024

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.

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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:

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Insights

Viewing 14 of 14
  1. 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
  2. International All Cap Q1 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video21 minutes
  3. A surfer on choppy waves with a snowy cliff in the background.

    International All Cap Stewardship Report 2023

    For the year ended December 2023.
    March 2024
    Document
  4. International All Cap Q4 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video13 minutes
  5. 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
  6. 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
  7. International All Cap Q3 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video14 minutes
  8. International All Cap Q2 update

    The International All Cap team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video12 minutes
  9. International All Cap Stewardship Report 2022

    For the year ended June 2022.
    February 2023
    Document
  10. Snippets from the archives

    Key insights from the International All Cap Strategy picked from the past 30 years.
    September 2022
    Article
  11. 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
  12. Growth flows

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

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

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

International All Cap Q1 update

The International All Cap Team reflects on recent performance, portfolio changes and market developments.

  1. 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
  2. International All Cap Q1 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video21 minutes
  3. A surfer on choppy waves with a snowy cliff in the background.

    International All Cap Stewardship Report 2023

    For the year ended December 2023.
    March 2024
    Document
  4. International All Cap Q4 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video13 minutes
  5. 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
  6. 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
  7. International All Cap Q3 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video14 minutes
  8. International All Cap Q2 update

    The International All Cap team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video12 minutes
  9. International All Cap Stewardship Report 2022

    For the year ended June 2022.
    February 2023
    Document
  10. Snippets from the archives

    Key insights from the International All Cap Strategy picked from the past 30 years.
    September 2022
    Article
  11. 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
  12. Growth flows

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

    Milena Mileva on picking International All Cap’s future winners.
    September 2022
    Article
  14. 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.