Capital at risk

Investment strategy

International Alpha

We believe the best way to navigate an uncertain world is to build a diversified portfolio of outstanding companies with deep competitive advantages and excellent stewardship.

Loch Coruisk viewed from a moantain top from above the valley.

An emphasis on quality

We invest across four types of growth: quality compounders, rapid growth, through-cycle winners and capital allocators. Our aim is to build a portfolio which can withstand economic cycles and take advantage of unpredictable events. 

International Alpha Q1 update

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

Embracing every shade of growth

International Alpha is distinctly long term. We aim to outperform the MSCI ACWI ex-US benchmark by 2-3 per cent per annum over rolling five-year periods.  

Our portfolio contains 70-110 holdings. We seek to take advantage of market inefficiencies by investing across different types of growth company, which given our time horizon allows us to take advantage of their idiosyncratic growth opportunities.  

We find these companies through bottom-up research, holding on for the long term to capture the potential benefits of compounded growth.  

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.

A promising process

The International Alpha portfolio has a high active share, a genuinely long-term approach and a blend of high-quality growth companies that looks to exploit market inefficiencies by investing across all shades of growth. To do this we:  

  • Take a long-term perspective, resulting in low portfolio turnover
  • Invest from the bottom up, supported by in-depth fundamental analysis
  • Have a quality-growth orientation
  • Follow a patient, repeatable process, drawing on the best ideas from firm-wide research  
To invest in growth is to say that society will achieve more tomorrow than it does today… Curiosity should be at the heart of all good investment research.
Jenny Davis

Meet the managers

Documents

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. 

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 %
1TSMC4.6%
2MercadoLibre3.8%
3SAP3.4%
4Samsung Electronics3.2%
5Ryanair ADR3.0%
6CRH2.7%
7Kingspan Group2.2%
8Scout242.2%
9Deutsche Boerse2.0%
10Rio Tinto1.9%

Strategy holdings by sector

All figures up to: 31 March 2024

1Industrials22.59%
2Information Technology22.28%
3Consumer Discretionary14.95%
4Financials13.54%
5Communication Services8.04%
6Materials6.60%
7Consumer Staples5.68%
8Health Care3.20%
9Energy1.94%
10Cash1.19%
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)48.65%
2Emerging Markets25.96%
3Developed Asia Pacific13.96%
4Canada5.15%
5UK5.09%
6Cash1.19%
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.

Insights

Key articles, videos and podcasts relating to the strategy:

Filters

Insights

Viewing 12 of 12
  1. The landscape seen from lens in Shanghai, China

    China through a Japanese lens

    Japanese tech dominance is under increasing pressure in China from domestic challengers.
    May 2024
    Article8 minutes
  2. 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
  3. International Alpha Q1 update

    The International Alpha Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video20 minutes
  4. 왜 지금 성장인가?

    어려운 시기에 발휘되는 파트너십 지배구조의 강점: 급격한 변화 속에서 적응하고 성장할 수 있는 이유에 대해 분석합니다.
    2024년 3월
    Document17분
  5. International Alpha Q4 update

    The International Alpha Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video16 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 Alpha Q3 update

    The International Alpha Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video17 minutes
  8. Adapting to survive – and thrive

    Using a fighter pilot’s business strategy can help a company orient itself amid change.
    August 2023
    Article
  9. International Alpha Q2 update

    The International Alpha team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video15 minutes
  10. International Alpha Q1 update

    International Alpha Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video8 minutes
  11. International Alpha Stewardship Report

    To 31 May 2022.
    July 2022
    Document
  12. How to surf the waves of growth

    Good investing takes quick reactions as well as a long-term vision.
    November 2021
    Article

International Alpha Q1 update

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

  1. The landscape seen from lens in Shanghai, China

    China through a Japanese lens

    Japanese tech dominance is under increasing pressure in China from domestic challengers.
    May 2024
    Article
  2. 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
  3. International Alpha Q1 update

    The International Alpha Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video20 minutes
  4. 왜 지금 성장인가?

    어려운 시기에 발휘되는 파트너십 지배구조의 강점: 급격한 변화 속에서 적응하고 성장할 수 있는 이유에 대해 분석합니다.
    2024년 3월
    Document17분
  5. International Alpha Q4 update

    The International Alpha Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video16 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 Alpha Q3 update

    The International Alpha Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video17 minutes
  8. Adapting to survive – and thrive

    Using a fighter pilot’s business strategy can help a company orient itself amid change.
    August 2023
    Article
  9. International Alpha Q2 update

    The International Alpha team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video15 minutes
  10. International Alpha Q1 update

    International Alpha Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video8 minutes
  11. International Alpha Stewardship Report

    To 31 May 2022.
    July 2022
    Document
  12. How to surf the waves of growth

    Good investing takes quick reactions as well as a long-term vision.
    November 2021
    Article

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 and a Type 2 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.