Capital at risk

UK OEIC

International Fund

Share class

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Overview

Fund objective

The International Fund aims to outperform (after deduction of costs) the MSCI ACWI ex UK Index, as stated in sterling, over rolling five-year periods.

The manager believes this is an appropriate benchmark 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.

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.

Investment proposition

The Fund invests in an actively managed portfolio of stocks from around the world (excluding the UK) with the aim of delivering significantly higher total returns than the corresponding index before fees. We focus on companies which we believe offer above average profit growth and we invest with a long-term (five year) perspective. The Fund's four dedicated investment managers draw on a combination of their own investment ideas and those of our various investment teams to produce a portfolio that typically holds 70-120 stocks.

Strategy behind the fund

Global Alpha
Ambitious growth investing in exceptional companies, prioritising long-term sustainability and competitive advantages for lasting success.

The capabilities behind this strategy

Share price and charges

Share class

B, Inc

Price

10330.00p

% change

-0.67%

Yield

0.1%

Ex-dividend (XD)

N

Ongoing charges*

0.59%

Initial charge

0%

Minimum investment

£100,000

Minimum top up

£1,000

Fund facts

As at: 30 April 2026

Fund launch date

1 July 1980

Fund size

£908.30m

The Investment Association sector

Global

Comparative Index

MSCI ACWI ex UK Index

Active share

79%**

Annual turnover

30%

Guideline number of holdings

70-120

Current number of holdings

85

Style

Growth

XD Date

Last day of January and July each year

Distribution

Last day of March and September each year

Pricing

Valuation point 10am daily, swinging single price

Fund settlement cycle

Trade date plus two business days (T+2)

**Relative to MSCI ACWI ex UK Index. Source: Baillie Gifford & Co, MSCI.

Ratings

As at: 31 March 2026

Morningstar Medalist Rating™

Morningstar Medalist Rating™ - Bronze

Morningstar Analyst data

Analyst-driven %

100

Data-coverage %

100

Rayner Spencer Mills Research Rated Fund

Rayner Spencer Mills Research Rated Fund - Rated Fund

Meet the managers

Risk Warnings

Risk Introduction

Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested. The specific risks associated with the Fund include:

Custody

Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

Emerging Markets

The Fund invests in emerging markets where difficulties in trading could arise, resulting in a negative impact on the value of your investment.

Foreign Currency

The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.

Volatility

The Fund's share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.

Further Information

Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.

Index disclaimer

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Complaints

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.

Contact us

Still have a question?  Please get in touch with us.

Fund performance

Periodic performance

As at: 30 April 2026

1 Month
3 Months
6 Months
1 Year
3 Years
5 Years
Class B-Acc
9.8%
-0.7%
-5.3%
21.1%
11.0%
2.6%
Index*
7.1%
4.8%
4.2%
29.4%
17.4%
11.5%
Sector Average**
6.7%
2.8%
2.7%
23.3%
12.2%
7.4%
Sector Ranking
73/588
487/585
505/580
334/571
296/500
372/439

Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.

Annual discrete performance

As at: 31 March 2026

31/03/2021 –
31/03/2022
31/03/2022 –
31/03/2023
31/03/2023 –
31/03/2024
31/03/2024 –
31/03/2025
31/03/2025 –
31/03/2026
Class B-Acc
-4.4%
-7.5%
19.5%
-3.7%
7.5%
Index*
12.7%
-1.2%
21.7%
5.1%
17.8%
Sector Average**
8.4%
-2.7%
16.7%
-0.3%
13.4%

Contact us

Still have a question?  Please get in touch with us.

Fund portfolio holdings

The list of top 10 holdings that this fund invests in.

As at: 30 April 2026

#Holding% of total assets
1TSMC6.0%
2NVIDIA5.5%
3Alphabet4.2%
4Amazon.com3.5%
5Microsoft3.0%
6Meta Platforms2.7%
7Tencent2.3%
8Samsung Electronics2.3%
9Royalty Pharma2.2%
10Martin Marietta Materials2.1%

Sector

As at: 30 April 2026

#
Sector
Fund %
Index % *
Difference %
1
Information Technology
27.4
29.6
-2.2
2
Financials
13.9
16.1
-2.3
3
Consumer Discretionary
12.4
9.5
2.9
4
Communication Services
10.9
9.0
1.9
5
Industrials
10.4
11.2
-0.8
6
Health Care
9.3
7.8
1.4
7
Materials
5.4
3.6
1.8
8
Energy
4.4
3.9
0.5
9
Consumer Staples
3.6
4.8
-1.2
10
Real Estate
1.5
1.8
-0.2
11
Cash
0.8
0.0
0.8
Total
100.0
97.4

Top 10 geographical locations

As at: 30 April 2026

#
Top 10 locations
Fund %
Index % *
Difference %
1
United States
59.9
65.5
-5.7
2
Taiwan
6.5
3.0
3.5
3
China
5.4
2.8
2.6
4
Japan
4.8
5.2
-0.4
5
Brazil
4.6
0.6
4.0
6
Ireland
2.9
0.1
2.8
7
Canada
2.6
3.2
-0.6
8
South Korea
2.3
2.3
0.0
9
Sweden
2.1
0.8
1.3
10
Singapore
1.5
0.4
1.1
Total
92.7
83.9

Region

As at: 30 April 2026

#
Region
Fund %
Index % *
Difference %
1
North America
62.5
68.7
-6.2
2
Emerging Markets
20.9
12.2
8.7
3
Europe (ex UK)
10.2
11.6
-1.4
4
Developed Asia Pacific
5.6
7.5
-1.9
5
Cash
0.8
0.0
0.8
Total
100.0
100.0

Quarterly transactions

Transactions for the three-month period ending 31 March 2026

New purchases

  • Chugai Pharmaceutical
  • Credicorp
  • Dino Polska
  • EOG Resources
  • Eqt Corp
  • Freeport-Mcmoran Copper
  • Midea Group 'A'
  • Philip Morris
  • Poste Italiane SPA
  • SEB Bank
  • Tencent
  • United Overseas Bank

Complete sales

  • AJ Gallagher & Co
  • ASM International NV
  • Block Inc
  • Coupang
  • Epam Systems Inc
  • Floor & Decor Holdings
  • FTAI Aviation
  • Li Auto 'H'
  • PDD Holdings Inc
  • Prosus N.V.
  • Rakuten
  • Reliance Inds. GDR
  • S&P Global Inc
  • Salesforce.com
  • The Trade Desk
  • Walt Disney

Additions

  • Adyen NV
  • B3 S.A.
  • Brunswick Corp
  • Cosmos Pharmaceutical
  • Petrobras Common ADR
  • Samsara
  • Samsung Electronics
  • Shopify 'A'

Reductions

  • Amazon.com
  • CRH
  • Elevance Health Inc
  • Microsoft

Contact us

Still have a question?  Please get in touch with us.

Insights

Key articles, videos and podcasts relating to the fund:

Filters

Insights

Viewing 29 of 29
  1. Global Alpha Q1 investor letter

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    April 2026
    ArticleLong read
  2. Global Alpha Q1 update

    Investment manager Malcolm MacColl reflects on recent performance, portfolio changes and market developments.
    April 2026
    Video6 minutes
  3. Global Alpha Q4 investor letter

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    January 2026
    ArticleLong read
  4. Global Alpha Q4 update

    Investment specialist Ben Drury reflects on recent performance, portfolio changes and market developments.
    January 2026
    Video6 minutes
  5. Amazon: Stock Story

    Jon Henry gives three key reasons why tech giant Amazon remains a special investment.
    November 2025
    Video4 minutes
  6. SMC: Stock Story

    Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.
    November 2025
    Video0 minute
  7. Adyen: Stock Story

    Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
    November 2025
    Video4 minutes
  8. Global Alpha Q3 update

    Investment manager Michael Taylor reflects on recent performance, portfolio changes and market developments.
    October 2025
    Video6 minutes
  9. Global Alpha Q3 investor letter

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    October 2025
    Article
  10. Global Alpha Q2 investor letter

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    July 2025
    Article12 minutes
  11. Global Alpha Q2 update

    Investment manager Helen Xiong reflects on recent performance, portfolio changes and market developments.
    July 2025
    Video6 minutes
  12. Alnylam: Stock Story

    Richie Vernon explores the revolutionary drugs transforming patient lives.
    April 2025
    Video3 minutes
  13. Global Alpha Q1 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Video9 minutes
  14. Global Alpha Q1 investor letter

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Article12 minutes
  15. Cloudflare: Stock Story

    Ben James highlights how one cybersecurity approach is redefining digital infrastructure.
    March 2025
    Video4 minutes
  16. Nexans: Stock Story

    Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.
    March 2025
    Video3 minutes
  17. Atlas Copco: Stock Story

    Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
    March 2025
    Video3 minutes
  18. Moutai: Stock Story

    Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
    March 2025
    Video3 minutes
  19. Illustration of delivery cyclist with oversized leg muscles and passport stamps on his clothes

    DoorDash: delivering the goods

    How DoorDash’s ambitions extend far beyond restaurant deliveries.
    March 2025
    Article7 minutes
  20. Global Alpha Q4 investor letter

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article11 minutes
  21. A shepherd dog popping his head up from a sheep flock. Disguise, uniqueness and/or lost in the crowd concept

    Global Alpha insights: Rakuten and the 'Dog Shogun'

    Richie Vernon, investment specialist, explains why the Global Alpha Team has a different perspective on Rakuten's future market growth.
    October 2024
    Article4 minutes
  22. Eric Beinhocker: evolutionary economist

    How successful companies harness the power of adaptation.
    September 2024
    Article7 minutes
  23. Illustrated flat lay, with a large Moutai bottle taking centre stage, larger than the other things around it. Other things include ice cream, old style jars and different types of Moutai bottles.

    Kweichow Moutai: spirit of China

    The fiery spirit that’s a profitable symbol of Chinese culture and luxury.
    September 2024
    Article7 minutes
  24. Illustration of semiconductors making up a DNA strand with products floating in background.

    Beyond NVIDIA: investing in semiconductors

    Why some of the leading computer chip makers and companies enabling them have room to grow.
    September 2024
    Article6 minutes
  25. The US building bonanza

    America’s infrastructure upgrade plan vastly exceeds its spending on rebuilding post-war Europe.
    March 2024
    Article4 minutes
  26. Global Alpha: back to growth

    The managers tell a London Investment Forum about new sources of opportunity and optimism.
    March 2024
    Article6 minutes
  27. How Microsoft got its mojo back

    By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.
    September 2023
    Article
  28. Nothing lasts forever

    Why international equity markets shouldn’t be forgotten.
    February 2023
    Article
  29. Inflation: analysing resilience

    Four ways to consider growth companies’ ability to deal with rising prices.
    October 2022
    Article

  1. Global Alpha Q1 investor letter

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    April 2026
    ArticleLong read
  2. Global Alpha Q1 update

    Investment manager Malcolm MacColl reflects on recent performance, portfolio changes and market developments.
    April 2026
    Video6 minutes
  3. Global Alpha Q4 investor letter

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    January 2026
    ArticleLong read
  4. Global Alpha Q4 update

    Investment specialist Ben Drury reflects on recent performance, portfolio changes and market developments.
    January 2026
    Video6 minutes
  5. Amazon: Stock Story

    Jon Henry gives three key reasons why tech giant Amazon remains a special investment.
    November 2025
    Video4 minutes
  6. SMC: Stock Story

    Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.
    November 2025
    Video0 minute
  7. Adyen: Stock Story

    Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
    November 2025
    Video4 minutes
  8. Global Alpha Q3 update

    Investment manager Michael Taylor reflects on recent performance, portfolio changes and market developments.
    October 2025
    Video6 minutes
  9. Global Alpha Q3 investor letter

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    October 2025
    Article
  10. Global Alpha Q2 investor letter

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    July 2025
    Article12 minutes
  11. Global Alpha Q2 update

    Investment manager Helen Xiong reflects on recent performance, portfolio changes and market developments.
    July 2025
    Video6 minutes
  12. Alnylam: Stock Story

    Richie Vernon explores the revolutionary drugs transforming patient lives.
    April 2025
    Video3 minutes
  13. Global Alpha Q1 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Video9 minutes
  14. Global Alpha Q1 investor letter

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Article12 minutes
  15. Cloudflare: Stock Story

    Ben James highlights how one cybersecurity approach is redefining digital infrastructure.
    March 2025
    Video4 minutes
  16. Nexans: Stock Story

    Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.
    March 2025
    Video3 minutes
  17. Atlas Copco: Stock Story

    Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
    March 2025
    Video3 minutes
  18. Moutai: Stock Story

    Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
    March 2025
    Video3 minutes
  19. Illustration of delivery cyclist with oversized leg muscles and passport stamps on his clothes

    DoorDash: delivering the goods

    How DoorDash’s ambitions extend far beyond restaurant deliveries.
    March 2025
    Article7 minutes
  20. Global Alpha Q4 investor letter

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article11 minutes
  21. A shepherd dog popping his head up from a sheep flock. Disguise, uniqueness and/or lost in the crowd concept

    Global Alpha insights: Rakuten and the 'Dog Shogun'

    Richie Vernon, investment specialist, explains why the Global Alpha Team has a different perspective on Rakuten's future market growth.
    October 2024
    Article4 minutes
  22. Eric Beinhocker: evolutionary economist

    How successful companies harness the power of adaptation.
    September 2024
    Article7 minutes
  23. Illustrated flat lay, with a large Moutai bottle taking centre stage, larger than the other things around it. Other things include ice cream, old style jars and different types of Moutai bottles.

    Kweichow Moutai: spirit of China

    The fiery spirit that’s a profitable symbol of Chinese culture and luxury.
    September 2024
    Article7 minutes
  24. Illustration of semiconductors making up a DNA strand with products floating in background.

    Beyond NVIDIA: investing in semiconductors

    Why some of the leading computer chip makers and companies enabling them have room to grow.
    September 2024
    Article6 minutes
  25. The US building bonanza

    America’s infrastructure upgrade plan vastly exceeds its spending on rebuilding post-war Europe.
    March 2024
    Article4 minutes
  26. Global Alpha: back to growth

    The managers tell a London Investment Forum about new sources of opportunity and optimism.
    March 2024
    Article6 minutes
  27. How Microsoft got its mojo back

    By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.
    September 2023
    Article
  28. Nothing lasts forever

    Why international equity markets shouldn’t be forgotten.
    February 2023
    Article
  29. Inflation: analysing resilience

    Four ways to consider growth companies’ ability to deal with rising prices.
    October 2022
    Article

Contact us

Still have a question?  Please get in touch with us.

How to buy

You can invest in our funds via a number of fund platforms. Information on the range of funds available through platforms can be obtained from platforms@bailliegifford.com

Further information on the funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.

OEIC terms of business

To buy and sell our funds, you must complete and return a copy of the document below, if you don't already have an agreement with us. In order for us to accept your business for our range of OEICs, please complete and return the Terms of Business Acceptance Form.

Contact us

Still have a question?  Please get in touch with us.

Documents

You can access any literature about the Fund here.

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.

Contact us

Still have a question?  Please get in touch with us.