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Global Discovery
Global Discovery seeks ambitious companies looking to solve important, intractable problems. Smaller, nimbler businesses are often more adept at this. Using novel technologies, these promising companies offer solutions which are better and cheaper than those of their competitors. In doing so, they can challenge and displace today’s incumbents and shape our future.
Unearthing transformational growth
Global Discovery seeks to invest in immature, disruptive companies experiencing exciting, formative growth phases. We then look to hold them for the long term as they scale.
While this approach can lead to individual stock and strategy volatility, we believe it also increases the chance of highly asymmetrical outcomes.
The strategy aims to outperform (net of fees) the S&P Global Small Cap Index, in sterling, by at least 2 per cent per annum over rolling five-year periods.
We consider opportunities below $10bn but believe immaturity, not size, is the best proxy for potential. We hold regardless of market cap if the company has desirable traits.
A unique pursuit
The portfolio is built from the bottom up, disregarding the benchmark. Thus, it has a very high active share. This differentiates us from others.
We exist in a huge investible universe, but most companies don’t meet our specifications. So we place ourselves on the frontier of technological progress.
The resulting portfolio varies by industry and geography. What unites it is immaturity. We define this as:
- Scalability
- Quality and ambition of management
- Innovation to solve problems and reshape industry
- Emerging competitive edge
We established the Global Discovery Strategy to capture the opportunity in the enduring supercycle of innovation.
Meet the managers
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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 | Alnylam Pharmaceuticals | 5.8% |
| 2 | AeroVironment | 3.9% |
| 3 | Appian | 3.4% |
| 4 | Ocado | 3.3% |
| 5 | Axon Enterprise | 3.1% |
| 6 | JFrog | 3.1% |
| 7 | Exact Sciences | 3.1% |
| 8 | LiveRamp | 3.0% |
| 9 | STAAR Surgical | 2.9% |
| 10 | Schrödinger | 2.7% |
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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Insights
Key articles, videos and podcasts relating to the strategy:
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Insights
왜 지금 성장인가?
어려운 시기에 발휘되는 파트너십 지배구조의 강점: 급격한 변화 속에서 적응하고 성장할 수 있는 이유에 대해 분석합니다.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
Small caps: Beyond the myths
Opportunities remain in small-cap investing, regardless of interest rates or market volatility.
How Alnylam nips disease in the bud
The US-based company’s technology promises to ‘silence’ genetic disorders and target some of the world’s biggest killers.
Discovery: a view from the frontiers
Baillie Gifford’s Global Discovery Team reflects on the lessons of turbulent times.
Bricks and clicks
With online companies currently dominating sales, it is widely expected that the need for tangible stores will continue to decrease, but Baillie Gifford has spotted a rise in forward-thinking companies who are utilising physical spaces to provide an innovative and interactive shopping experience.
Global Discovery manager update
Head of Global Discovery Douglas Brodie joins investment specialist Bill Chater to share observations on technological progress, the operational performance of portfolio holdings, and the market environment.
Related insights
왜 지금 성장인가?
어려운 시기에 발휘되는 파트너십 지배구조의 강점: 급격한 변화 속에서 적응하고 성장할 수 있는 이유에 대해 분석합니다.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.Small caps: Beyond the myths
Opportunities remain in small-cap investing, regardless of interest rates or market volatility.How Alnylam nips disease in the bud
The US-based company’s technology promises to ‘silence’ genetic disorders and target some of the world’s biggest killers.Discovery: a view from the frontiers
Baillie Gifford’s Global Discovery Team reflects on the lessons of turbulent times.Bricks and clicks
With online companies currently dominating sales, it is widely expected that the need for tangible stores will continue to decrease, but Baillie Gifford has spotted a rise in forward-thinking companies who are utilising physical spaces to provide an innovative and interactive shopping experience.
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
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