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
Share price and charges
Share class
B, IncPrice
10330.00p% change
-0.67%Yield
0.1%Ex-dividend (XD)
NOngoing charges*
0.59%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
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
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
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% |
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | TSMC | 6.0% |
| 2 | NVIDIA | 5.5% |
| 3 | Alphabet | 4.2% |
| 4 | Amazon.com | 3.5% |
| 5 | Microsoft | 3.0% |
| 6 | Meta Platforms | 2.7% |
| 7 | Tencent | 2.3% |
| 8 | Samsung Electronics | 2.3% |
| 9 | Royalty Pharma | 2.2% |
| 10 | Martin Marietta Materials | 2.1% |
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
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights

Global Alpha Q1 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q1 update
Investment manager Malcolm MacColl reflects on recent performance, portfolio changes and market developments.
Global Alpha Q4 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q4 update
Investment specialist Ben Drury reflects on recent performance, portfolio changes and market developments.
Amazon: Stock Story
Jon Henry gives three key reasons why tech giant Amazon remains a special investment.
SMC: Stock Story
Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.
Adyen: Stock Story
Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
Global Alpha Q3 update
Investment manager Michael Taylor reflects on recent performance, portfolio changes and market developments.
Global Alpha Q3 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q2 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q2 update
Investment manager Helen Xiong reflects on recent performance, portfolio changes and market developments.
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.
Global Alpha Q1 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q1 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Cloudflare: Stock Story
Ben James highlights how one cybersecurity approach is redefining digital infrastructure.
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.
Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
DoorDash: delivering the goods
How DoorDash’s ambitions extend far beyond restaurant deliveries.
Global Alpha Q4 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
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.
Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.
Kweichow Moutai: spirit of China
The fiery spirit that’s a profitable symbol of Chinese culture and luxury.
Beyond NVIDIA: investing in semiconductors
Why some of the leading computer chip makers and companies enabling them have room to grow.
Global Alpha: back to growth
The managers tell a London Investment Forum about new sources of opportunity and optimism.
How Microsoft got its mojo back
By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.
Nothing lasts forever
Why international equity markets shouldn’t be forgotten.
Inflation: analysing resilience
Four ways to consider growth companies’ ability to deal with rising prices.

Global Alpha Q1 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q1 update
Investment manager Malcolm MacColl reflects on recent performance, portfolio changes and market developments.
Global Alpha Q4 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q4 update
Investment specialist Ben Drury reflects on recent performance, portfolio changes and market developments.
Amazon: Stock Story
Jon Henry gives three key reasons why tech giant Amazon remains a special investment.
SMC: Stock Story
Sarah Clark explores how SMC powers automation with precision pneumatics with engineering excellence.
Adyen: Stock Story
Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
Global Alpha Q3 update
Investment manager Michael Taylor reflects on recent performance, portfolio changes and market developments.
Global Alpha Q3 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q2 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q2 update
Investment manager Helen Xiong reflects on recent performance, portfolio changes and market developments.
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.
Global Alpha Q1 update
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Global Alpha Q1 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
Cloudflare: Stock Story
Ben James highlights how one cybersecurity approach is redefining digital infrastructure.
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.
Moutai: Stock Story
Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
DoorDash: delivering the goods
How DoorDash’s ambitions extend far beyond restaurant deliveries.
Global Alpha Q4 investor letter
The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
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.
Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.
Kweichow Moutai: spirit of China
The fiery spirit that’s a profitable symbol of Chinese culture and luxury.
Beyond NVIDIA: investing in semiconductors
Why some of the leading computer chip makers and companies enabling them have room to grow.
Global Alpha: back to growth
The managers tell a London Investment Forum about new sources of opportunity and optimism.
How Microsoft got its mojo back
By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.
Nothing lasts forever
Why international equity markets shouldn’t be forgotten.
Inflation: analysing resilience
Four ways to consider growth companies’ ability to deal with rising prices.
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.
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.



