Capital at risk

Investment strategy

Global Alpha Ethically Restricted

Our core task is the patient, engaged ownership of responsible companies with the potential to deliver superior but underappreciated earnings growth.  

Drone view of a car crossing a bridge in Iceland with blue steams of glacier water.

A diverse range of responsible companies

An ambitious approach to investing in responsible growth companies from right across the spectrum of opportunity. We are flexible in seeking these opportunities, recognising the valuable diversity of ways in which growth can be achieved.

Global Alpha: our philosophy

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

A truly global portfolio

We aim to identify companies which can grow their earnings at a superior rate to the market over sustained periods, where this potential is not reflected in the price.  

As share prices are ultimately driven by earnings growth, this approach underpins our objective to deliver returns 2 to 3 per cent per annum ahead of the benchmark over rolling five-year periods before the deduction of fees. The strategy also excludes investment in companies which fail to meet our criteria for responsible behaviour.  

Our research draws on the work and insights of the entire Baillie Gifford investment floor. 

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.

Attractive opportunities from across the spectrum

Our philosophy is to invest long-term in well-managed businesses with sustainable competitive advantages. We embrace diversity, splitting the portfolio of around 90 holdings across our three growth profiles:  

Compounders aim to exploit the power of earnings compounding. Disruptors seek to identify early-stage firms with explosive potential. 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 team constructs the portfolio.

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: 30 June 2024

#CompanyFund %
1Microsoft4.3%
2Amazon.com4.3%
3Meta Platforms Inc3.9%
4Elevance Health Inc3.7%
5Martin Marietta Materials3.4%
6NVIDIA3.1%
7TSMC3.0%
8CRH2.7%
9Ryanair ADR2.6%
10Alphabet Inc Class C2.5%

Strategy holdings by sector

All figures up to: 30 June 2024

1Consumer Discretionary19.76%
2Information Technology19.70%
3Health Care13.92%
4Financials12.33%
5Communication Services12.00%
6Industrials10.00%
7Materials9.23%
8Real Estate1.69%
9Consumer Staples0.58%
10Cash0.78%
Total 100%

Strategy holdings by sector

All figures up to: 30 June 2024

Total: 100%

Strategy holdings by region

All figures up to: 30 June 2024

1North America64.13%
2Europe (ex UK)17.70%
3Emerging Markets10.19%
4Developed Asia Pacific6.75%
5UK0.46%
6Cash0.78%
Total 100%

Strategy holdings by region

All figures up to: 30 June 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.

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 32 of 32
  1. Global Alpha insights: unlocking the magic of Disney

    Why the Global Alpha Team believes there is a magical journey ahead for Disney.
    September 2024
    Article4 minutes
  2. Investment specialist Ben James

    Future Stocks: Our best ideas in the US

    Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks.
    September 2024
    Video3 minutes
  3. Eric Beinhocker: evolutionary economist

    How successful companies harness the power of adaptation.
    September 2024
    Article7 minutes
  4. Illustrated flat lay, with a large Moutai bottle taking centre stage, larger than the other things around it. Other things include ice cream, old style jars and different types of Moutai bottles.

    Kweichow Moutai: spirit of China

    The fiery spirit that’s a profitable symbol of Chinese culture and luxury.
    September 2024
    Article7 minutes
  5. Illustration of semiconductors making up a DNA strand with products floating in background.

    Beyond NVIDIA: investing in semiconductors

    Why some of the leading computer chip makers and companies enabling them have room to grow.
    September 2024
    Article6 minutes
  6. China: the new shoots of growth

    Why advanced manufacturing and social context are key to investing in tomorrow’s Chinese giants.
    September 2024
    Article5 minutes
  7. Global Alpha Q2 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video11 minutes
  8. Global Alpha Q1 update

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

    America’s infrastructure upgrade plan vastly exceeds its spending on rebuilding post-war Europe.
    March 2024
    Article4 minutes
  10. 왜 지금 성장인가?

    어려운 시기에 발휘되는 파트너십 지배구조의 강점: 급격한 변화 속에서 적응하고 성장할 수 있는 이유에 대해 분석합니다.
    2024년 3월
    Document17분
  11. Global Alpha Research Agenda

    From AI to infrastructure – Global Alpha homes in on the growth areas and companies best placed to exploit opportunities.
    March 2024
    Article8 minutes
  12. Global Alpha: back to growth

    The managers tell a London Investment Forum about new sources of opportunity and optimism.
    March 2024
    Article6 minutes
  13. 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
  14. Global Alpha Q4 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video14 minutes
  15. 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
  16. How Microsoft got its mojo back

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

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

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video23 minutes
  19. Global Alpha Q2 update

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

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

    Global Alpha Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video11 minutes
  22. 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
  23. 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
  24. 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
  25. 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
  26. 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
  27. 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
  28. 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
  29. 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
  30. 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
  31. 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
  32. 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
    Video60 minutes

Global Alpha Q2 update

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

  1. Global Alpha insights: unlocking the magic of Disney

    Why the Global Alpha Team believes there is a magical journey ahead for Disney.
    September 2024
    Article4 minutes
  2. Investment specialist Ben James

    Future Stocks: Our best ideas in the US

    Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks.
    September 2024
    Video3 minutes
  3. Eric Beinhocker: evolutionary economist

    How successful companies harness the power of adaptation.
    September 2024
    Article7 minutes
  4. Illustrated flat lay, with a large Moutai bottle taking centre stage, larger than the other things around it. Other things include ice cream, old style jars and different types of Moutai bottles.

    Kweichow Moutai: spirit of China

    The fiery spirit that’s a profitable symbol of Chinese culture and luxury.
    September 2024
    Article7 minutes
  5. Illustration of semiconductors making up a DNA strand with products floating in background.

    Beyond NVIDIA: investing in semiconductors

    Why some of the leading computer chip makers and companies enabling them have room to grow.
    September 2024
    Article6 minutes
  6. China: the new shoots of growth

    Why advanced manufacturing and social context are key to investing in tomorrow’s Chinese giants.
    September 2024
    Article5 minutes
  7. Global Alpha Q2 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video11 minutes
  8. Global Alpha Q1 update

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

    America’s infrastructure upgrade plan vastly exceeds its spending on rebuilding post-war Europe.
    March 2024
    Article4 minutes
  10. 왜 지금 성장인가?

    어려운 시기에 발휘되는 파트너십 지배구조의 강점: 급격한 변화 속에서 적응하고 성장할 수 있는 이유에 대해 분석합니다.
    2024년 3월
    Document17분
  11. Global Alpha Research Agenda

    From AI to infrastructure – Global Alpha homes in on the growth areas and companies best placed to exploit opportunities.
    March 2024
    Article8 minutes
  12. Global Alpha: back to growth

    The managers tell a London Investment Forum about new sources of opportunity and optimism.
    March 2024
    Article6 minutes
  13. 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
  14. Global Alpha Q4 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video14 minutes
  15. 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
  16. How Microsoft got its mojo back

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

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

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video23 minutes
  19. Global Alpha Q2 update

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

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

    Global Alpha Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video11 minutes
  22. 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
  23. 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
  24. 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
  25. 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
  26. 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
  27. 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
  28. 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
  29. 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
  30. 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
  31. 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
  32. 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
    Video60 minutes

Explore further

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

Important information

By clicking on South Korea, you have confirmed that you are based in South Korea and that you meet the following requirements.

The information in this area of the website is intended for qualified professional investors and consultants based in South Korea. It is not intended for use by any other persons including members of the general public or investors from other jurisdictions.

Please remember that all investment strategies have the potential for profit and loss and your or your clients’ capital may be at risk.

Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients. Both are authorised and regulated by the Financial Conduct Authority. Baillie Gifford Overseas Limited is licensed with the Financial Services Commission in South Korea as a cross border Discretionary Investment Manager and Non-Discretionary Investment Adviser.

Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港)有限公司 is wholly owned by Baillie Gifford Overseas Limited and holds a Type 1 licence from the Securities and Futures Commission of Hong Kong to market and distribute Baillie Gifford’s range of collective investment schemes to professional investors in Hong Kong.
Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港)有限公司 can be contacted at Suites 2713-2715, Two International Finance Centre, 8 Finance Street, Central, Hong Kong, Telephone +852 3756 5700.

The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Any general enquiries regarding Baillie Gifford should be directed to the relevant individual as noted in the Contact Us section.

The information contained in this website has been compiled with considerable care to ensure its accuracy at the date of publication. However, no representation or warranty, express or implied, is made to its accuracy or completeness. Nothing in this information or elsewhere in this website shall exclude, limit or restrict our duties and liabilities to you under the United Kingdom's Financial Services and Markets Act 2000 or any conduct of business rules which we are bound to comply with.

This website is informative only and the information provided should not be considered as investment advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.