Capital at risk

Investment strategy

EAFE Plus All Cap

Our philosophy is based on three core beliefs: that superior profit growth leads to outperformance in the long run; that fundamental analysis enables exploitation of market inefficiencies and that share prices reflect fundamentals over the long-term. 

An aerial view of a surfer at the end of a rolling wave.

Active growth for 30 years

An international portfolio supported by firmwide research and that follows a consistent investment philosophy and process. We believe that stock markets have a recurring tendency to under-appreciate the value of long-term compound growth. 

International All Cap Q4 investment update

Investment specialists Katie Muir and Joe Faraday give an update on the ACWI ex US All Cap, EAFE Plus All Cap and Developed EAFE All Cap strategies covering Q4 2023.

Different from the market

We look to invest in businesses that exhibit some combination of sustained, above-average growth and strong competitive advantage, such as superior profit margins or returns on invested capital.  

We aim to take advantage of this by investing with a minimum time horizon of five years in mind, a period that we think is long enough for share price moves to reflect the economic value of the underlying assets. 

Our philosophy and approach aim to offer strong tailwinds to growth and attractive returns and is aligned management teams. 

Enduring strategy

Embracing different types of growth results in an eclectic mix of businesses. We aim for a balance of growth, quality and resilience. 

We also take great pride in drawing from firmwide research to bring the best international ideas to the portfolio.  

The strategy’s 33-year track record has outlived personnel changes by following a consistent investment philosophy.

The result of our bottom-up stock picking approach is a portfolio that is tilted towards the lower end of the benchmark’s market cap range. We think this is a fertile hunting ground for focused, well-run growth companies.

We are long-term in our approach and focused on identifying the structural growth drivers that could deliver strong returns for our clients over the coming decades.
Joe Faraday

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. 

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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 December 2023

#Holding% of portfolio
1ASML3.21
2Atlas Copco2.96
3TSMC2.96
4United Overseas Bank2.84
5Auto Trader2.72
6SMC2.66
7MercadoLibre2.53
8Investor2.53
9Sartorius Group2.50
10AIA2.41

Strategy holdings by sector

All figures up to: 31 January 2024

1Industrials20.56%
2Consumer Discretionary15.27%
3Financials15.03%
4Information Technology14.71%
5Consumer Staples11.77%
6Health Care10.18%
7Communication Services7.05%
8Materials3.75%
9Cash1.15%
10Energy0.52%
Total 100%

Strategy holdings by sector

All figures up to: 31 January 2024

Total: 100%

Strategy holdings by region

All figures up to: 31 January 2024

1Europe (ex UK)41.38%
2Developed Asia Pacific30.09%
3UK15.84%
4Emerging Markets11.53%
5Cash1.15%
Total 100%

Strategy holdings by region

All figures up to: 31 January 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.

Explore further

Curious to learn more about our products and what we can offer you? Please get in touch.