Capital at risk
Europe ex UK
Europe has no shortage of fantastic businesses, it just takes a deeper look to find them. The Europe ex UK strategy does just that to construct high-conviction portfolios of 30 to 50 companies which we think have large growth opportunities. By investing in such companies, we hope to deliver long-term capital appreciation for our clients.
Investing in the exceptional
We don’t want to own a collection of ‘slightly better than average’ companies. Instead, we aspire to own Europe’s ‘outliers’ – special companies which have the potential to return a multiple of our investment.
European equities: our philosophy
Investment manager Stephen Paice introduces European equities, reflecting on the exciting opportunities ahead.
Aiming to outperform
Our objective is to outperform the MSCI Europe ex UK index by 2-3 per cent per annum over rolling five-year periods. We believe the best way to meet this target is to find companies with the common characteristics that usually go along with great growth potential. These include being managed by exceptional capital allocators, as well as having the ability to grow revenues faster than peers, expand profit margins and possess sustainable competitive advantages.
A chance to deliver with a difference
We do not construct our portfolios in relation to the benchmark, rather we construct our portfolios according to where we think the best opportunities are. As a result, we typically have a very high active share and look different to many of our peers. We also know that a small number of companies tend to drive market and portfolio returns, but patience is required to let compounding work its magic. We think this approach gives us the best chance to deliver on our performance objectives for clients.
For outstanding returns, you must invest in outstanding companies. Not all will work out. What’s important is not how often you are right, but how much you make when you are.
Meet the managers
Documents
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 October 2025
| # | Holding | % of total assets |
|---|---|---|
| 1 | Prosus | 5.3% |
| 2 | Vend Marketplaces ASA | 5.1% |
| 3 | ASML | 5.1% |
| 4 | Topicus.com | 5.0% |
| 5 | Ryanair | 4.8% |
| 6 | DSV | 3.3% |
| 7 | Allegro.eu | 3.2% |
| 8 | EQT Partners | 3.2% |
| 9 | Spotify | 3.0% |
| 10 | Adyen | 3.0% |
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
Adyen: Stock Story
Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
Discovering Europe’s winners
Amid uncertainty, Europe’s most dynamic companies are proving that innovation can flourish where few expect it.
European Equities Q3 update
Investment specialist Thomas Hodges reflects on recent performance, portfolio changes and market developments.
Pushing rocks uphill: the case for European equities
Is this the turning point European investors have been waiting for?
European Equities Q2 update
Investment manager Chris Davies reflects on recent performance, portfolio changes and market developments.
Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
European Equities Q1 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
Nexans: Stock Story
Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.
Atlas Copco: Stock Story
Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
Europe: unique brands, hidden champions
Why a long-term approach to the continent’s growth stocks is more relevant than ever.
How DSV became global freight’s top dog
Conquering trade logistics one merger at a time.
European Equities Q4 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.
Our best ideas in Europe
Thomas Hodges uses Lonza, Topicus and Soitec to illustrate why Europe is more exciting than headlines suggest.
Moncler: from mountain to street
How the outerwear pioneer innovated its way into the fashion elite.
HelloFresh: changing how people eat forever
HelloFresh’s CEO explains the art and science of meal kit delivery at a global scale.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
European Equities
Investment manager, Stephen Paice, discusses the Baillie Gifford approach to European Equities.
Europe: why now?
Chris Davies is joined by Thomas Hodges to discuss why he sees reasons for optimism in European equities, and why he believes now is the time to start paying attention.
Why are Swedish companies world leaders?
Sweden tops the charts for original thinking, from family businesses to founder-run companies.
European Equities Q3 update
Investment specialist Thomas Hodges reflects on recent performance, portfolio changes and market developments.
Adyen: Stock Story
Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.Discovering Europe’s winners
Amid uncertainty, Europe’s most dynamic companies are proving that innovation can flourish where few expect it.European Equities Q3 update
Investment specialist Thomas Hodges reflects on recent performance, portfolio changes and market developments.Pushing rocks uphill: the case for European equities
Is this the turning point European investors have been waiting for?European Equities Q2 update
Investment manager Chris Davies reflects on recent performance, portfolio changes and market developments.Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.European Equities Q1 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.Nexans: Stock Story
Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.Atlas Copco: Stock Story
Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.Europe: unique brands, hidden champions
Why a long-term approach to the continent’s growth stocks is more relevant than ever.How DSV became global freight’s top dog
Conquering trade logistics one merger at a time.European Equities Q4 update
The European Equities Team reflects on recent performance, portfolio changes and market developments.Our best ideas in Europe
Thomas Hodges uses Lonza, Topicus and Soitec to illustrate why Europe is more exciting than headlines suggest.Moncler: from mountain to street
How the outerwear pioneer innovated its way into the fashion elite.HelloFresh: changing how people eat forever
HelloFresh’s CEO explains the art and science of meal kit delivery at a global scale.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.European Equities
Investment manager, Stephen Paice, discusses the Baillie Gifford approach to European Equities.Europe: why now?
Chris Davies is joined by Thomas Hodges to discuss why he sees reasons for optimism in European equities, and why he believes now is the time to start paying attention.Why are Swedish companies world leaders?
Sweden tops the charts for original thinking, from family businesses to founder-run companies.
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
Important information
Qualified Investors include those that the Financial Services Act (FinSA) defines as Professional or Institutional Clients, which range from central banks to private investment structures with professional treasury operations created for a high-net-worth retail client. If you are not a qualified investor please select “Change” at the top of this page.
Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.
Scottish Mortgage Investment Trust PLC (the “Company”) is an alternative investment fund for the purpose of Directive 2011/61/EU (the “AIFM Directive”). Baillie Gifford & Co Limited is the alternative investment fund manager (“AIFM”) of the Company and has been authorised for marketing to Professional Investors in this jurisdiction. This website is made available by Baillie Gifford Investment Management (Europe) Limited (“BGE”), which has been engaged by the AIFM to carry out promotional activities relating to the Company. BGE is authorised by the Central Bank of Ireland as an AIFM under the AIFM Regulations and as a UCITS management company under the UCITS Regulation. BGE also has regulatory permissions to perform promotional, advisory and Individual Portfolio Management activities. BGE has passported its authorisations under the mechanisms set out in the AIFM Directive.
This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. You can read details of our Legal and Important Information here.