Capital at risk
Investment strategy
Worldwide Discovery
The strategy seeks ambitious, rare companies that could shape our future by solving today’s most important, complex problems. We aim to find them at an early stage and hold them for the long term as they scale.
Investing in the immature and innovative
Unearthing the transformational growth companies of the next decade when they’re small and nimble, hoping to reap rewards by holding them as they experience the most exciting phases of growth.
Harnessing asymmetry
Worldwide Discovery is a global smaller companies equities strategy. It invests in disruptive companies, with a range of possible outcomes.
This can lead to volatility but can increase the chance of a highly asymmetrical outcome.
The strategy aims to outperform (net of fees) the MSCI ACWI Small Cap Index, mainly through capital appreciation, over rolling five-year periods.
We consider opportunities below $10bn but believe immaturity, not size, is the best proxy for potential. We hold based on conviction, not market cap.
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.
View transcript
<p><strong>As with any investment, your capital is at risk.</strong></p>
<p> </p>
<p><strong>Douglas Brodie: </strong>Welcome to the forefront of innovation. By investing in smaller companies, we're gaining access to businesses that are not just challenging the status quo, but are creating entirely new markets. These companies are the pioneers of progress, the architects of the future, and the potential large companies of tomorrow.</p>
<p>But the universe of smaller companies is vast. And the secret that no one talks about is that most fail to grow and scale. However, the select few that do possess the ambition, the innovation, and the competitive edge required to redefine their industries, they have the potential to go on to deliver significant outlier returns for investors. These are exactly the types of companies our Discovery Strategy is focused on. Delightfully, this part of the market is wonderfully inefficient, often overlooked and misunderstood, creating a unique opportunity for long-term investors. Within our discovery strategy, we aim to capitalise on this opportunity by investing with a radically different mindset. We invest with imagination, thinking in terms of probabilities, not certainties. We invest with fortitude, recognising that some companies will fail. And we invest with patience, understanding that exceptional progress takes time to deliver.</p>
<p>A key feature of our Discovery Strategy is its exposure to multiple structural growth themes. From the convergence of technology and science in reshaping healthcare, to the digitisation of enterprises, and the groundbreaking innovations in engineering. This portfolio is a testament to our belief in the transformative power of innovation. Grounded in a consistent and differentiated approach, our Discovery Strategy invests not just in today's disruptors, but also in the creators of entirely new markets. We seek out ambitious innovators solving today's largest problems, and thus offer our clients the opportunity to invest in a unique portfolio of world-class growth companies. Join us and invest in the future.</p>
<p> </p>
<h3 data-gtm-vis-recent-on-screen934959_1669="1806" data-gtm-vis-first-on-screen934959_1669="1806" data-gtm-vis-total-visible-time934959_1669="100" data-gtm-vis-has-fired934959_1669="1">Risk factors</h3>
<p>This communication was produced and approved in January 2025 and has not been updated subsequently. It represents views held at the time and may not reflect current thinking.</p>
<p>The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.</p>
<p>This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, but is classified as advertising under Art 68 of the Financial Services Act (‘FinSA’) and Baillie Gifford and its staff may have dealt in the investments concerned.</p>
<p>All information is sourced from Baillie Gifford & Co and is current unless otherwise stated.</p>
<p>The images used in this communication are for illustrative purposes only.</p>
<p><span><strong>Important Information </strong></span></p>
<p>Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford & Co Limited is an Authorised Corporate Director of OEICs. </p>
<p>Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK Professional/Institutional clients only. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford & Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK.</p>
<p>Persons resident or domiciled outside the UK should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to invest, and with their tax advisers for advice relevant to their own particular circumstances.</p>
<p><strong>Financial Intermediaries</strong></p>
<p>This communication is suitable for use of financial intermediaries. Financial intermediaries are solely responsible for any further distribution and Baillie Gifford takes no responsibility for the reliance on this document by any other person who did not receive this document directly from Baillie Gifford.</p>
Discovery: our philosophy
Investment manager, Douglas Brodie, discusses the Baillie Gifford Discovery Strategies and reflects on their philosophy and the exciting opportunities ahead.
We established the Discovery strategy to capture the opportunity in the enduring supercycle of innovation.
Meet the managers
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You can invest in this strategy through the following fund(s).
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Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 30 April 2026
| # | Company | Fund % |
|---|---|---|
| 1 | Alnylam Pharmaceuticals | 5.2% |
| 2 | Twist Bioscience Corp | 3.8% |
| 3 | ASPEED Technology | 3.7% |
| 4 | Axon Enterprise Inc | 3.6% |
| 5 | American Superconductor Corp | 2.9% |
| 6 | Aehr Test Systems | 2.9% |
| 7 | Xometry Inc - A | 2.8% |
| 8 | MercadoLibre | 2.6% |
| 9 | Astera Labs | 2.6% |
| 10 | Zillow Group Inc Class C | 2.4% |
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.
Invest in this strategy
You can invest in this strategy through the following fund(s).
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:
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Viewing 9 of 9
Discovery Q1 update
Investment specialist Bill Chater reflects on recent performance, portfolio changes and market developments.Discovery Q4 update
Investment specialist Bill Chater reflects on recent performance, portfolio changes and market developments.
Discovery Q3 update
Investment specialist Bill Chater reflects on recent performance, portfolio changes and market developments.
Discovery Q2 update
Investment manager Douglas Brodie reflects on recent performance, portfolio changes and market developments.
Discovery Q1 update
The Discovery Team reflects on recent performance, portfolio changes and market developments.
Discovery: our philosophy
Investment manager, Douglas Brodie, discusses the Baillie Gifford Discovery Strategies.
Our best disruptive ideas
Bill Chater spotlights three companies making world-changing breakthroughs: Alnylam, Axon and SpaceX.
Small caps: Beyond the myths
Opportunities remain in small-cap investing, regardless of interest rates or market volatility.
Discovery: a view from the frontiers
Baillie Gifford’s Global Discovery Team reflects on the lessons of turbulent times.
View transcript
<p><strong>Your capital is at risk. Past performance is not a guide to future returns. The following update is based on a representative portfolio. As such, stock examples may not be held in every client portfolio, and performance may differ.</strong></p>
<p>This transcript was generated by AI. </p>
<p class="MsoNormal"><strong>Bill Chater:</strong> Occasionally, when reporting on quarters, they feel somewhat arbitrary, brief periods during which little of significance occurs. Yet some quarters are so dense and complex, it’s hard to imagine it’s only been three months. This is very much the latter. We will share our thoughts, portfolio observations and outlook, while acknowledging that the backdrop remains extremely fluid. We’ll be upfront, it’s been a difficult and disappointing quarter. The portfolio has badly lagged our indices, washing out the stronger performance from 12 months earlier.</p>
<p class="MsoNormal">Reflecting on the drivers for this, we can’t ignore that the portfolio has been buffeted by two intense market sentiment swings. First, driven by fears of technological disruption and next, geopolitics. And a visceral reminder of the grip old-world industries can exert over markets. From the very start of the quarter, the market has grappled with the long-term economics of generative AI.</p>
<p class="MsoNormal">Uncertainty around the pace and scale of change have left markets in something of a cognitive dissonance. Fears of widespread AI disruption have led to SaaSmageddon with software names aggressively derated. Simultaneously, it was also displaying a less bullish stance on the prospects of the large businesses investing in the very compute needed to advance AI. Recognising the increased disruption threat to narrow software solutions, over the past 18 months, we’ve been repositioning our exposure towards businesses with stronger moats, such as established systems of record like JFrog, or those companies with regulated customer bases like Appian. Despite our confidence in their long-term advantages, these remaining holdings have declined over the quarter, as did those adjacent businesses offering digital services or with software integrated into their stacks. Frankly, we find it curious, the market reaction to names such as Xometry, a digital matching and pricing engine for industrial production, and Axon, the law enforcement technology provider.</p>
<p class="MsoNormal">Both draw on deep proprietary data sets which AI alone cannot replicate. With Axon down more than 30 percent in the quarter, we added to that position. But reacting to the very indiscriminate market behaviour, we also purchased Rubrik, an information security company which we previously admired, but valuation had been a sticking point. Secondly, markets have had to contend with the outbreak of a sprawling Middle Eastern conflict.</p>
<p class="MsoNormal">Aside from the humanitarian concern, our immediate reaction was that this was a reminder of the influence of energy prices on industry and markets. And despite all the advances in technology, much of global trade remains dependent on a few physical choke points. The portfolio has no significant operational exposure to the conflict, but the combination of elevated energy prices raising the spectre of stagflation and acute geopolitical uncertainty, compounded by mixed messaging from the US administration, has been difficult for markets to price, leading investors to move to perceived safety. Honestly, this is a difficult environment for our style, and it’s contributed to a valuation compression across the portfolio, with rate-sensitive names such as Zillow and Upstart, which have links into US real estate and consumer finance, amongst the hardest hit. Looking forward, we understand how unsettling periods of drawdown can be. We want to reassure you that we are constantly assessing the portfolio’s operational delivery.</p>
<p class="MsoNormal">We note that the recent results season was broadly strong, with holdings like Twist Bioscience, the synthetic DNA maker, and IPG Photonics, the industrial laser company, both reporting exciting results. It’s results like these that are contributing to an acceleration in the portfolio’s aggregate growth rate, both on revenues and earnings, widening the gap versus the index. Given the strong correlation between operational performance and long-term share prices, this is encouraging and exciting. But the message I’ll leave you with is that we do not see any events over the quarter that undermine the portfolio’s long-term positioning.</p>
<p class="MsoNormal">In fact, we think they reinforce it. We understand that this is challenging messaging to receive amid substantial underperformance. But consider what we’ve discussed in this update. AI’s impact is growing, a world fragmenting into competing power blocks. Over the past 12 months, we’ve been increasing our exposure to AI infrastructure companies, notably in the semiconductor CAPEX space, adding names like ASPEED, which plays a vital role in managing GPU racks. At the same time, we’ve expanded our holdings in sectors that address the complexities of a fragmented geopolitical landscape, including defence firms such as Exail, a European company that makes precision components for GPS-denied environments, and Kratos, known for its hypersonic engine technology.</p>
<p class="MsoNormal">We viewed the quarter’s events as reinforcing the long-term need for these strategic technologies and many others within the portfolio. While the market may currently be focused on near-term value preservation, we are confident it will come to share our perspective. Thank you.</p>
<h3 class="MsoNormal">Discovery (representing Global Discovery and Worldwide Discovery strategies)</h3>
<p class="MsoNormal"><strong>Annual past performance to 31 March each year (net %)</strong></p>
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<p class="MsoNormal"> </p>
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<p class="MsoNormal"><strong>2022</strong></p>
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<p class="MsoNormal"><strong>2023</strong></p>
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<p class="MsoNormal"><strong>2024</strong></p>
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<p class="MsoNormal"><strong>2025</strong></p>
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<p class="MsoNormal"><strong>2026</strong></p>
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<p class="MsoNormal">Worldwide Discovery Composite* (gross)</p>
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<p class="MsoNormal"> -30.5</p>
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<p class="MsoNormal"> -26.3</p>
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<p class="MsoNormal"> -8.7</p>
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<p class="MsoNormal"> -4.5</p>
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<p class="MsoNormal"> 17.1</p>
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<p class="MsoNormal">Worldwide Discovery Composite (net)</p>
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<p class="MsoNormal"> -31.0</p>
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<p class="MsoNormal"> -26.8</p>
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<p class="MsoNormal"> -9.4</p>
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<p class="MsoNormal"> -5.2</p>
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<p class="MsoNormal"> 16.2</p>
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<p class="MsoNormal">MSCI ACWI Small Cap Index</p>
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<p class="MsoNormal"> 0.0</p>
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<p class="MsoNormal"> -9.1</p>
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<p class="MsoNormal"> 17.0</p>
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<p class="MsoNormal"> 0.0</p>
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<p class="MsoNormal"> 26.6</p>
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<p class="MsoNormal"><strong>Annualised returns to 31 March 2026 (%)</strong></p>
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<p class="MsoNormal"> </p>
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<p class="MsoNormal"><strong>1 year</strong></p>
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<p class="MsoNormal"><strong>5 year</strong></p>
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<p class="MsoNormal"><strong>Since inception</strong></p>
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<p class="MsoNormal">Worldwide Discovery Composite* (gross)</p>
</td>
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<p class="MsoNormal"> 17.1</p>
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<p class="MsoNormal"> -12.2</p>
</td>
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<p class="MsoNormal"> 4.7</p>
</td>
</tr>
<tr style="mso-yfti-irow: 2; height: 14.0pt;">
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<p class="MsoNormal">Worldwide Discovery Composite (net)</p>
</td>
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<p class="MsoNormal"> 16.2</p>
</td>
<td width="18%" style="width: 18.08%; border-top: none; border-left: none; border-bottom: solid #CCCCCC 1.0pt; border-right: solid #CCCCCC 1.0pt; mso-border-top-alt: solid #CCCCCC .75pt; mso-border-left-alt: solid #CCCCCC .75pt; mso-border-alt: solid #CCCCCC .75pt; padding: 7.5pt 7.5pt 7.5pt .75pt; height: 14.0pt;">
<p class="MsoNormal"> -12.8</p>
</td>
<td width="18%" style="width: 18.08%; border-top: none; border-left: none; border-bottom: solid #CCCCCC 1.0pt; border-right: solid #CCCCCC 1.0pt; mso-border-top-alt: solid #CCCCCC .75pt; mso-border-left-alt: solid #CCCCCC .75pt; mso-border-alt: solid #CCCCCC .75pt; padding: 7.5pt 7.5pt 7.5pt .75pt; height: 14.0pt;">
<p class="MsoNormal"> 3.9</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
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<p class="MsoNormal">MSCI ACWI Small Cap Index</p>
</td>
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<p class="MsoNormal"> 26.6</p>
</td>
<td width="18%" style="width: 18.08%; border-top: none; border-left: none; border-bottom: solid #CCCCCC 1.0pt; border-right: solid #CCCCCC 1.0pt; mso-border-top-alt: solid #CCCCCC .75pt; mso-border-left-alt: solid #CCCCCC .75pt; mso-border-alt: solid #CCCCCC .75pt; padding: 7.5pt 7.5pt 7.5pt .75pt;">
<p class="MsoNormal"> 6.1</p>
</td>
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<p class="MsoNormal"> 8.7</p>
</td>
</tr>
</tbody>
</table>
<p class="MsoNormal"><span class="source-text">*Inception date: 30 June 2017</span></p>
<p class="MsoNormal"><span class="source-text"><strong>Source:</strong> Revolution, MSCI. US dollars. Net returns have been calculated by reducing the gross return by the highest annual management fee for the composite. 1 year figures are not annualised.</span></p>
<p class="MsoNormal"><strong>Past performance is not a guide to future returns.</strong></p>
<p class="MsoNormal">Legal notice: 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.</p>
<p class="MsoNormal"><strong>Risk factors</strong></p>
<p class="MsoNormal">The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.</p>
<p class="MsoNormal">This communication was produced and approved in April 2026 and has not been updated subsequently.</p>
<p class="MsoNormal">It represents views held at the time and may not reflect current thinking.</p>
<p class="MsoNormal">All investment strategies have the potential for profit and loss, your or your clients’ capital may be at risk. Past performance is not a guide to future returns. </p>
<p class="MsoNormal">This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, but is classified as advertising under Art 68 of the Financial Services Act (‘FinSA’) and Baillie Gifford and its staff may have dealt in the investments concerned.</p>
<p class="MsoNormal">All information is sourced from Baillie Gifford & Co and is current unless otherwise stated.</p>
<p class="MsoNormal"><strong>Important information</strong></p>
<p class="MsoNormal">Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford & Co Limited is an Authorised Corporate Director of OEICs.</p>
<p class="MsoNormal">Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK Professional/Institutional clients only. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford & Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK. </p>
<p class="MsoNormal">Persons resident or domiciled outside the UK should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to invest, and with their tax advisers for advice relevant to their own particular circumstances.</p>
<p class="MsoNormal"><strong>Financial intermediaries</strong></p>
<p class="MsoNormal">This communication is suitable for use of financial intermediaries. Financial intermediaries are solely responsible for any further distribution and Baillie Gifford takes no responsibility for the reliance on this document by any other person who did not receive this document directly from Baillie Gifford.</p>
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You can invest in this strategy through the following fund(s).
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.