Capital at risk

Investment strategy

Global Alpha

Our core task is the identification and patient, engaged ownership of companies with the potential to deliver superior but underappreciated earnings growth. We are flexible and open-minded in seeking these opportunities, aware of the ways growth can be achieved. Our research draws on the work and insights of the entire Baillie Gifford investment floor.

Woman paddleboarding on Sylvenstein lake, Germany.

Enduring growth

An ambitious approach to investing in growth companies with exceptional potential from right across the spectrum of opportunity. Our philosophy is to make long-term investments in well-managed businesses with sustainable competitive advantages. 

Global Alpha: our philosophy

Investment manager Helen Xiong introduces Global Alpha, reflecting on the exciting opportunities ahead.

High-quality companies with exceptional potential

We aim to identify companies that can grow their earnings at a superior rate to the market over sustained periods, with great potential that is not reflected in their price. As share prices are ultimately driven by earnings growth, this approach underpins our objective to deliver returns 2 per cent to 3 per cent per annum ahead of the benchmark over rolling five-year periods before the deduction of fees. The resulting portfolio of around 90 holdings represents the most attractive opportunities from across the growth spectrum at any point in time. 

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.

Diversified and differentiated

We embrace the diversity of growth available to us, splitting the portfolio across our three growth profiles compounders, disruptors and capital allocators. The compounders profile looks to benefit from the underappreciated power of the long-term compounding of earnings. In disruptors, we seek to identify earlier-stage companies with the potential for major success. Capital allocators back skilled management teams, often in cyclical industries. 

At the heart of Global Alpha’s patient approach to long-term capital growth lies our belief in diversity. We don’t rely on a single definition of what ‘growth’ means.
Spencer Adair

Meet the managers

Documents

Philosophy and process

Explore our investment philosophy and the processes around how the Global Alpha team construct the portfolio through its three key growth profiles (compounders, disruptors and capital allocators).

Quarterly update

Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting. 

Global Alpha Research Agenda 2024

How can we invest in quality companies with the potential to generate sustainable returns in a changing market?

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.

Strategy portfolio holdings

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

All figures up to: 31 March 2024

#CompanyFund %
1Meta Platforms Inc3.9%
2Microsoft3.8%
3Martin Marietta Materials3.7%
4Amazon.com3.7%
5Elevance Health Inc3.4%
6Ryanair ADR3.0%
7CRH2.9%
8Moody's2.9%
9Reliance Inds. GDR2.5%
10TSMC2.3%

Strategy holdings by sector

All figures up to: 31 March 2024

1Consumer Discretionary19.00%
2Information Technology17.79%
3Financials12.69%
4Communication Services11.46%
5Health Care11.38%
6Industrials10.50%
7Materials9.14%
8Energy2.73%
9Real Estate1.93%
10Consumer Staples1.54%
11Cash1.83%
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

1North America60.14%
2Europe (ex UK)18.26%
3Emerging Markets11.91%
4Developed Asia Pacific7.39%
5UK0.46%
6Cash1.83%
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.

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.

Insights

Key articles, videos and podcasts relating to the strategy:

Filters

Insights

Viewing 30 of 30
  1. Global Alpha Q1 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video13 minutes
  2. The US building bonanza

    America’s infrastructure upgrade plan vastly exceeds its spending on rebuilding post-war Europe.
    March 2024
    Article4 minutes
  3. Global Alpha Research Agenda

    From AI to infrastructure – Global Alpha homes in on the growth areas and companies best placed to exploit opportunities.
    Article8 minutes
  4. Global Alpha: back to growth

    The managers tell a London Investment Forum about new sources of opportunity and optimism.
    March 2024
    Article6 minutes
  5. Moderna: designing drugs on a computer

    Can scientists meet unmet health needs by writing code to help the body heal itself?
    January 2024
    Article4 minutes
  6. Global Alpha Q4 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video14 minutes
  7. 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
  8. How Microsoft got its mojo back

    By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.
    November 2023
    Article
  9. Global Alpha: manager update

    The managers discuss the market environment, portfolio positioning and current opportunities.
    October 2023
    Video60 minutes
  10. Global Alpha Q3 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video23 minutes
  11. Global Alpha Stewardship Report

    2022 update including company engagements, audit, ESG metrics, and voting record.
    July 2023
    Document
  12. Global Alpha Q2 update

    The Global Alpha team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video15 minutes
  13. Making health insurance manageable

    How Elevance Health uses its scale to smooth a path through the US health system’s maze.
    June 2023
    Article
  14. Global Alpha Q1 update

    Global Alpha Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video11 minutes
  15. Global Alpha Research Agenda 2023

    How can we invest in quality companies with the potential to generate sustainable returns in a changing market?
    January 2023
    Article
  16. Digital Disruption and the future

    Online infrastructures and digital developments in the education, energy, and transport sectors make for an exciting future.
    July 2022
    Article
  17. Global Alpha 2022 Research Agenda

    In their Research Agenda for 2022, the investment managers consider the benefits of deep work in helping them find growth opportunities.
    March 2022
    Article
  18. A dream within reach

    New technologies, plummeting costs and our own changing behaviours all promise progress in the energy transition– just don’t expect it to come in a straight line.
    March 2022
    Article
  19. Growth or value: it’s not a black or white choice

    Operational performance is a better indicator of growth than inflation. Malcolm MacColl shares why.
    February 2022
    Podcast19 minutes
  20. Global Alpha Stewardship Report 2021

    For the year to 30 September 2021.
    2021
    Document
  21. Harnessing growth for the next decade

    Investment manager Malcolm MacColl and Senior Governance and Sustainability Analyst Kieran Murray outline believed growth drivers and the development of Global Alpha’s ESG process.
    October 2021
    Video46 minutes
  22. Highlights Video: Harnessing growth for the next decade

    Watch the highlights from the recent Global Alpha webinar: Harnessing growth for the next decade.
    October 2021
    Video13 minutes
  23. Global Alpha Paris-Aligned

    The Global Alpha Paris-Aligned portfolio offers a pathway for clients to align their assets with the objectives of the Paris Agreement. Here, we provide some background to the Paris Accords and outline how we aim to implement its objectives.
    April 2021
    Document
  24. The Importance Of Looking Forward.

    This recording has been prepared for professional investors and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this recording by any other person who did not receive this recording from Baillie Gifford.
    March 2021
    Video0 minute
  25. Global Alpha research agenda

    In this year’s Research Agenda, Global Alpha’s investment managers share their thoughts on how change can help shape the portfolio.
    March 2021
    Document
  26. Global Alpha Stewardship Report.

    Our goal as investors is the identification and nurturing of companies capable of outstanding long-term returns. The excellent studies of Professor Hank Bessembinder and others make clear that long-run wealth creation is dominated by a remarkably small number of extraordinary companies, often powering technological or societal change.
    2020
    Document
  27. Global Alpha – Mental Models Highlights

    Client director Jon Henry talks through the highlights of the recent Global Alpha webinar on ‘Mental Models’, a concept introduced earlier this year in the Global Alpha Research Agenda.
    November 2020
    Video16 minutes
  28. Staying Ahead of Change.

    Few things matter more to an investor than understanding and anticipating change. As we celebrate 15 years of Global Alpha, we share some thoughts on how the portfolio, our process and the team have developed over time.
    September 2020
    External link
  29. Global Alpha - 10 minutes with Helen Xiong

    Ben Drury, client director, talks to Helen Xiong, an investor and soon-to-be key decision-maker for the Global Alpha strategy.
    August 2020
    Video10 minutes
  30. Back to the future

    This webinar has been prepared solely for the use of professional investors outside of the Unites States and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this webinar by any other person who did not receive this webinar from Baillie Gifford.
    June 2020
    Video0 minute

Global Alpha Q1 update

The Global Alpha Team reflects on recent performance, portfolio changes and market developments.

  1. Global Alpha Q1 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video13 minutes
  2. The US building bonanza

    America’s infrastructure upgrade plan vastly exceeds its spending on rebuilding post-war Europe.
    March 2024
    Article4 minutes
  3. Global Alpha Research Agenda

    From AI to infrastructure – Global Alpha homes in on the growth areas and companies best placed to exploit opportunities.
    Article8 minutes
  4. Global Alpha: back to growth

    The managers tell a London Investment Forum about new sources of opportunity and optimism.
    March 2024
    Article6 minutes
  5. Moderna: designing drugs on a computer

    Can scientists meet unmet health needs by writing code to help the body heal itself?
    January 2024
    Article4 minutes
  6. Global Alpha Q4 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video14 minutes
  7. 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
  8. How Microsoft got its mojo back

    By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.
    November 2023
    Article
  9. Global Alpha: manager update

    The managers discuss the market environment, portfolio positioning and current opportunities.
    October 2023
    Video60 minutes
  10. Global Alpha Q3 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video23 minutes
  11. Global Alpha Stewardship Report

    2022 update including company engagements, audit, ESG metrics, and voting record.
    July 2023
    Document
  12. Global Alpha Q2 update

    The Global Alpha team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video15 minutes
  13. Making health insurance manageable

    How Elevance Health uses its scale to smooth a path through the US health system’s maze.
    June 2023
    Article
  14. Global Alpha Q1 update

    Global Alpha Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video11 minutes
  15. Global Alpha Research Agenda 2023

    How can we invest in quality companies with the potential to generate sustainable returns in a changing market?
    January 2023
    Article
  16. Digital Disruption and the future

    Online infrastructures and digital developments in the education, energy, and transport sectors make for an exciting future.
    July 2022
    Article
  17. Global Alpha 2022 Research Agenda

    In their Research Agenda for 2022, the investment managers consider the benefits of deep work in helping them find growth opportunities.
    March 2022
    Article
  18. A dream within reach

    New technologies, plummeting costs and our own changing behaviours all promise progress in the energy transition– just don’t expect it to come in a straight line.
    March 2022
    Article
  19. Growth or value: it’s not a black or white choice

    Operational performance is a better indicator of growth than inflation. Malcolm MacColl shares why.
    February 2022
    Podcast19 minutes
  20. Global Alpha Stewardship Report 2021

    For the year to 30 September 2021.
    2021
    Document
  21. Harnessing growth for the next decade

    Investment manager Malcolm MacColl and Senior Governance and Sustainability Analyst Kieran Murray outline believed growth drivers and the development of Global Alpha’s ESG process.
    October 2021
    Video46 minutes
  22. Highlights Video: Harnessing growth for the next decade

    Watch the highlights from the recent Global Alpha webinar: Harnessing growth for the next decade.
    October 2021
    Video13 minutes
  23. Global Alpha Paris-Aligned

    The Global Alpha Paris-Aligned portfolio offers a pathway for clients to align their assets with the objectives of the Paris Agreement. Here, we provide some background to the Paris Accords and outline how we aim to implement its objectives.
    April 2021
    Document
  24. The Importance Of Looking Forward.

    This recording has been prepared for professional investors and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this recording by any other person who did not receive this recording from Baillie Gifford.
    March 2021
    Video0 minute
  25. Global Alpha research agenda

    In this year’s Research Agenda, Global Alpha’s investment managers share their thoughts on how change can help shape the portfolio.
    March 2021
    Document
  26. Global Alpha Stewardship Report.

    Our goal as investors is the identification and nurturing of companies capable of outstanding long-term returns. The excellent studies of Professor Hank Bessembinder and others make clear that long-run wealth creation is dominated by a remarkably small number of extraordinary companies, often powering technological or societal change.
    2020
    Document
  27. Global Alpha – Mental Models Highlights

    Client director Jon Henry talks through the highlights of the recent Global Alpha webinar on ‘Mental Models’, a concept introduced earlier this year in the Global Alpha Research Agenda.
    November 2020
    Video16 minutes
  28. Staying Ahead of Change.

    Few things matter more to an investor than understanding and anticipating change. As we celebrate 15 years of Global Alpha, we share some thoughts on how the portfolio, our process and the team have developed over time.
    September 2020
    External link
  29. Global Alpha - 10 minutes with Helen Xiong

    Ben Drury, client director, talks to Helen Xiong, an investor and soon-to-be key decision-maker for the Global Alpha strategy.
    August 2020
    Video10 minutes
  30. Back to the future

    This webinar has been prepared solely for the use of professional investors outside of the Unites States and is not for further distribution. Baillie Gifford takes no responsibility for the reliance on this webinar by any other person who did not receive this webinar from Baillie Gifford.
    June 2020
    Video0 minute

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.