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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


Philosophy and process

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

Quarterly update

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

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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 March 2024

#CompanyFund %
1Meta Platforms Inc4.2%
2Martin Marietta Materials3.9%
5Elevance Health Inc3.5%
6Ryanair ADR3.1%
10Service Corp.Intl.2.3%

Strategy holdings by sector

All figures up to: 31 March 2024

1Consumer Discretionary19.44%
2Information Technology18.52%
4Communication Services12.16%
5Health Care11.80%
8Real Estate1.97%
9Consumer Staples0.55%
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 America62.78%
2Europe (ex UK)17.87%
3Emerging Markets9.79%
4Developed Asia Pacific6.91%
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.

Explore further

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

Important information

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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.

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