1. Overview

    The Global Alpha Paris-Aligned Fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in Sterling, by at least 2% per annum over rolling five-year periods. In addition, the Fund commits to having a weighted average greenhouse gas intensity lower than that of the MSCI ACWI EU Paris Aligned Requirements Index.

    Global Alpha Paris-Aligned is consistent with the objectives of the Paris Agreement. The portfolio is a variant of the core Global Alpha strategy. It is managed by the same team and with the same investment philosophy and performance objective. However, there is an additional process to screen out carbon intensive companies that do not or will not play a major role in our energy transition. 

    There is no guarantee that this objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods. The manager believes this is an appropriate performance target given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this fund is the Investment Association Global Sector. 

    Our Global Alpha investment managers draw on the broad capabilities of our 120 research analysts and insights of the Baillie Gifford investment teams.

    Performance & Portfolio

    Periodic Performance

    All figures to 31/05/2024

    6 Months

    1 Year

    3 Years

    Since Inception

    Class B-Acc 13.2%14.1%-1.1%-2.2%
    Index* 13.7%20.8%9.6%8.7%
    Target Benchmark** 14.9%23.3%11.8%10.9%

    Figures for 3 years and Since Inception are shown as the annualised rate of return. This is the average yearly return over the specified period.

    Annual Discrete Performance to 31 March each year

    Annual percentage return (Updated Quarterly)






    Class B-Acc n/an/an/a-8.4%17.6%
    Index* n/an/an/a-0.9%21.2%
    Target Benchmark** n/an/an/a1.1%23.6%
    Sector Average*** n/an/an/a-2.7%16.7%

    Please bear in mind that past performance is not a guide to future performance.
    The value of your investment may go down as well as up, and you may not get back the amount you invested.

    Source: FE, Revolution, MSCI. Total return net of charges, in sterling.
    Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
    †15 April 2021
    *MSCI ACWI Index.
    **MSCI ACWI Index, as stated in sterling, by at least 2% per annum over rolling five-year periods.
    ***IA Global Sector.

    Top Ten Holdings - 31/05/2024

    Fund %
    1 Microsoft 4.9%
    2 Meta Platforms 4.4%
    3 Amazon.com 4.2%
    4 Elevance Health Inc. 3.8%
    5 Moody's 3.1%
    6 NVIDIA 2.6%
    7 Prosus 2.6%
    8 Alphabet 2.5%
    9 Mastercard 2.5%
    10 Service Corporation International 2.3%
    Total 33.0%

    Fund %

    • 1 North America 64.69
    • 2 Europe (ex UK) 16.54
    • 3 Emerging Markets 10.46
    • 4 Developed Asia Pacific 6.69
    • 5 UK 0.51
    • 6 Cash 1.11
    • Total 100.00

    As the Fund invests in overseas securities, changes in the rates of exchange may cause the value of your investment (and any income it may pay) to go down or up.
    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.

    Meet the Managers

    Malcolm MacColl

    Malcolm is an Investment Manager in the Global Alpha Team. He has been involved in Global Alpha since the product’s inception in 2005 and this is his sole portfolio responsibility. He joined Baillie Gifford in 1999 and spent his graduate rotation in the UK Small Cap Team before joining the North American Team. Malcolm managed the North American portion of wider Global portfolios whilst in the North American Team. He became a Partner of the firm in 2011 and, in 2021, he became a Managing Partner with overall oversight for the investment department. He is a member of the CFA Society of the UK. Malcolm graduated MA in Economics and History in 1998 and MLitt in Economics, Politics and Management in 1999, both from the University of St Andrews.

    Spencer Adair

    Spencer joined Baillie Gifford in 2000 and is an Investment Manager in the Global Alpha Team. He became a Partner in 2013 and has also spent time working in the Fixed Income, Japanese, European and UK Equity Teams. Spencer graduated BSc in Medicine from the University of St Andrews in 1997, followed by two years of clinical training in Edinburgh.

    Helen Xiong

    Helen joined Baillie Gifford in 2008 and is a partner and investment manager on the Global Alpha Team. In addition to Global Alpha, Helen has spent time working on our Developed Asia, UK, North America, Emerging Markets and Global Equity Teams. Before coming to live and work in the UK, Helen lived in China, South Africa and Norway. She graduated BSc (Hons) in Economics from the University of Warwick in 2007 and MPhil in Economics from the University of Cambridge the following year.


    You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).

    To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.


    In the first instance, clients should contact their normal Client Contact with any concerns. Alternatively, or for those clients who do not have a direct client contact assigned, complaints can be emailed to Baillie Gifford’s Compliance Department at: InstitutionalComplaints@bailliegifford.com. A summary document which contains details on Baillie Gifford’s complaints management policy is available upon request. All material complaints are recorded in an in-house incident management system and are escalated to, and dealt with by, members of staff of suitable seniority, independent of the area from which the matter arose.