Capital at risk
Investment strategy
Global 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.
Unearthing transformational growth
Global Discovery seeks to invest in immature, disruptive companies experiencing exciting, formative growth phases. We then look to hold them for the long term as they scale.
While this approach can lead to individual stock and strategy volatility, we believe it also increases the chance of highly asymmetrical outcomes.
The strategy aims to outperform (net of fees) the S&P Global Small Cap Index, in sterling, by at least 2 per cent per annum over rolling five-year periods.
We consider opportunities below $10bn but believe immaturity, not size, is the best proxy for potential. We hold regardless of market cap if the company has desirable traits.
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.
A unique pursuit
The portfolio is built from the bottom up, disregarding the benchmark. Thus, it has a very high active share. This differentiates us from others.
We exist in a huge investible universe, but most companies don’t meet our specifications. So we place ourselves on the frontier of technological progress.
The resulting portfolio varies by industry and geography. What unites it is immaturity. We define this as:
- Scalability
- Quality and ambition of management
- Innovation to solve problems and reshape industry
- Emerging competitive edge
We established the Global Discovery Strategy to capture the opportunity in the enduring supercycle of innovation.
Meet the managers
Documents
Philosophy and process
Explore our investment philosophy and the processes around how the team constructs the portfolio.
Invest through other vehicles
Get in touch to learn about the other ways to invest, including:
- Separate account
Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 30 June 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | Twist Bioscience | 5.9% |
| 2 | Astera Labs | 5.5% |
| 3 | Xometry, Inc. | 4.6% |
| 4 | Alnylam Pharmaceuticals | 4.4% |
| 5 | Axon Enterprise | 4.4% |
| 6 | ASPEED Technology | 3.3% |
| 7 | Guardant Health | 2.8% |
| 8 | JFrog | 2.8% |
| 9 | Harmonic Drive Systems | 2.7% |
| 10 | Revolution Medicines | 2.4% |
Sector
As at: 30 June 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 34.4 | 19.9 | 14.5 |
| 2 | Health Care | 29.9 | 10.8 | 19.1 |
| 3 | Industrials | 24.1 | 19.2 | 4.9 |
| 4 | Consumer Discretionary | 3.5 | 9.6 | -6.2 |
| 5 | Financials | 3.1 | 13.2 | -10.1 |
| 6 | Real Estate | 1.5 | 6.1 | -4.6 |
| 7 | Materials | 1.1 | 8.0 | -6.9 |
| 8 | Consumer Staples | 0.9 | 3.5 | -2.6 |
| 9 | Cash | 1.7 | 0.0 | 1.7 |
Total | 100.0 | 90.2 |
Top 10 geographical locations
As at: 30 June 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | United States | 57.8 | 65.6 | -7.8 |
| 2 | UK | 6.7 | 2.7 | 4.0 |
| 3 | China | 4.7 | 1.8 | 2.9 |
| 4 | Taiwan | 4.7 | 2.8 | 1.9 |
| 5 | Japan | 4.5 | 5.9 | -1.4 |
| 6 | Israel | 4.2 | 0.4 | 3.8 |
| 7 | Brazil | 4.1 | 0.4 | 3.7 |
| 8 | Australia | 3.0 | 1.5 | 1.5 |
| 9 | South Korea | 1.9 | 1.4 | 0.5 |
| 10 | Switzerland | 1.6 | 1.6 | 0.0 |
Total | 93.1 | 84.1 |
Region
As at: 30 June 2026
# | Region | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | North America | 57.8 | 68.8 | -11.0 |
| 2 | Emerging Markets | 20.6 | 10.4 | 10.2 |
| 3 | Developed Asia Pacific | 7.5 | 8.2 | -0.7 |
| 4 | UK | 6.7 | 2.7 | 4.0 |
| 5 | Europe (ex UK) | 5.8 | 10.0 | -4.2 |
| 6 | Cash | 1.7 | 0.0 | 1.7 |
Total | 100.0 | 100.0 |
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 through other vehicles
Get in touch to learn about the other ways to invest, including:
- Separate account
Insights
Key articles, videos and podcasts relating to the strategy:
Filters
Insights
Viewing 16 of 16
Discovery Q2 update
Investment specialist Bill Chater reflects on recent performance, portfolio changes and market developments.
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.
Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.
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.
Quantum, space, fusion: the big three
How PsiQuantum, SpaceX and SHINE Technologies seek to shape the future and deliver growth.
Small cap strife: big opportunities
Exploring the transformative potential of small-cap companies such as DexCom, Tesla and Axon.
Our best disruptive ideas
Bill Chater spotlights three companies making world-changing breakthroughs: Alnylam, Axon and SpaceX.
Stock story: PsiQuantum
How one company is finally bringing the boundless possibilities of quantum computing into reach of the wider market.
Global Discovery manager update
Hear why investors’ confidence in the Strategy remains steadfast despite challenging times.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
Small caps: Beyond the myths
Opportunities remain in small-cap investing, regardless of interest rates or market volatility.
How Alnylam nips disease in the bud
The US-based company’s technology promises to ‘silence’ genetic disorders and target some of the world’s biggest killers.
View transcript
<p><strong>Your capital is at risk. Past performance is not a guide to future returns.</strong></p>
<p> </p>
<p class="MsoNormal"><strong>Bill Chater:</strong> We're in the foothills of profound technology-enabled change. Just look at the scale of what's happening. Hyperscaler-reported capex is tracking at roughly $700 billion this year. And still parts of enterprise AI remain capacity constrained. That spending is showing up in the physical economy, making a meaningful contribution to US real GDP growth. In healthcare, AI-first biopharma companies are showing that early drug discovery and candidate identification can be compressed from years to a matter of months.</p>
<p class="MsoNormal">This is no longer speculation about a distant future. These changes are happening here and now. Discovery sets out to identify and own the immature companies driving and benefiting from this kind of technology-enabled change. It's that philosophy that means the portfolio is capturing more than its fair share of this structural advancement. Its forecast sales growth over both one and three years is roughly triple that of the benchmark.</p>
<p class="MsoNormal">It also has materially higher gross margins and a stronger balance sheet profile. At the stock level. Progress has also been striking. Astera Labs is a good example. It provides semiconductor-based connectivity solutions for rack scale AI infrastructure. As AI systems become larger, more complex, its solutions are becoming mission critical. And as a result, Astera’s revenue is almost doubling year on year.</p>
<p class="MsoNormal">Xometry is another good example. It's an AI-native marketplace connecting buyers and suppliers of custom manufacturing. We see it as an important enabler of flexible and localised industrial production. It's grown its first quarter revenue strongly with marketplace accelerating, and its partnership with Siemens reinforces the platform's strategic value. In healthcare, Garduant continues to demonstrate the potential of blood-based diagnostics.</p>
<p class="MsoNormal">Its oncology business is growing well, while its Shields blood-based tests for colorectal cancer is scaling nicely. These holdings, among others, have contributed to the portfolio strong recent share price performance. Second quarter returns were well ahead of a rising benchmark, helping to improve the 12 month period. But strong returns create a new responsibility. We must be upfront that in some areas, the market's view has moved closer to our own.</p>
<p class="MsoNormal">Now that's welcome, but it means we must be even more demanding about valuation, execution risk. And frankly, the scale of upside that remains. Aehr Test Systems is a good example. Aehr provides semiconductor testing equipment, which is increasingly relevant for demanding AI, silicon photonics and power semiconductor applications. We admire a lot about the business and are very excited by the remaining opportunity. But after a significant rerating, we materially reduced the position.</p>
<p class="MsoNormal">But that doesn't mean that we're automatically trimming all of our stronger performers. Twist Bioscience also made a meaningful contribution over the quarter, but we maintained that position given our conviction in the long-term role of synthetic DNA in biological research, particularly alongside recent advances in AI-driven drug discovery.</p>
<p class="MsoNormal">The point is, we're not making blanket calls. As you would expect, we are interrogating each company individually, and we've adopted a similar mindset for idea generation. We are striving to keep a high level of competition for capital, while pushing into areas of the market that are less fully valued or less well understood. For example, within AI infrastructure, we have been moving deeper into the value chain. The next stage of AI progress will require advances in semiconductor manufacturing, advanced packaging, and data centre design.</p>
<p class="MsoNormal">And that thinking has led us to new holdings, including BESI, a leader in semiconductor assembly equipment. We've also continued to search for software companies that have been unfairly discounted, for example, adding to Rubrik, where cyber resilience and data security is becoming even more important as enterprises use more data and AI, it adds complexity. But it's also worth highlighting that not all of the portfolio's holdings currently sit in the market spotlight.</p>
<p class="MsoNormal">Some of our more mature, higher-quality businesses have been among the largest attractors. Axon, Zillow, AeroVironment have all been weak, despite what we see as robust operational execution. We're not dismissive of that weakness. But in our experience, where operational progress is being over overlooked, future returns can follow.</p>
<p class="MsoNormal">But the message I'll leave you with is this. Discovery, it will remain volatile. There will be periods where performance sharply deviates from the benchmark. That is inherent in a portfolio of immature growth companies, but we are increasingly bullish about the portfolio's prospects. The structural opportunities are accelerating. The portfolio's growth profile is improving. Recent performance has been driven by companies delivering real operational progress, and that level of competition for capital I reference, that is allowing us to keep upgrading the portfolio.</p>
<p class="MsoNormal">We are trying to access some of the most important growth opportunities for the next decade in a differentiated valuation-aware and genuinely long-term way.</p>
<p class="MsoNormal">And with that, I'll say thank you and goodbye.</p>
<p> </p>
<h3 class="MsoNormal">Discovery (representing Global Discovery and Worldwide Discovery strategies)</h3>
<p class="MsoNormal"><strong>Annual past performance to 30 June 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>
</td>
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<p class="MsoNormal"> -52.8</p>
</td>
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<p class="MsoNormal"> 1.2 </p>
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<p class="MsoNormal"> -9.3</p>
</td>
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<p class="MsoNormal"> 19.1 </p>
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<p class="MsoNormal"> 28.4 </p>
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<p class="MsoNormal">Worldwide Discovery Composite (net)</p>
</td>
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<p class="MsoNormal"> -53.1 </p>
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<p class="MsoNormal"> 0.4</p>
</td>
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<p class="MsoNormal"> -10.0</p>
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<p class="MsoNormal"> 18.2</p>
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<p class="MsoNormal"> 27.4</p>
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<p class="MsoNormal">MSCI ACWI Small Cap Index</p>
</td>
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<p class="MsoNormal"> -21.5</p>
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<p class="MsoNormal"> 13.6</p>
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<p class="MsoNormal"> 11.2</p>
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<p class="MsoNormal"> 14.1</p>
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<p class="MsoNormal"> 29.4</p>
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<p class="MsoNormal"> </p>
<p class="MsoNormal"><strong>Annualised returns to 30 June 2026 (%)</strong></p>
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<p class="MsoNormal"> </p>
</td>
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<p class="MsoNormal"><strong>1 year</strong></p>
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<p class="MsoNormal"><strong>5 year</strong></p>
</td>
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<p class="MsoNormal"><strong>Since inception</strong></p>
</td>
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<p class="MsoNormal">Worldwide Discovery Composite* (gross)</p>
</td>
<td width="18%" style="width: 18.1761%; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt 7.5pt 7.5pt 0.75pt; height: 14pt;">
<p class="MsoNormal"> 28.4</p>
</td>
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<p class="MsoNormal"> -7.9 </p>
</td>
<td width="18%" style="width: 18.003%; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt 7.5pt 7.5pt 0.75pt; height: 14pt;">
<p class="MsoNormal"> 8.0 </p>
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<p class="MsoNormal">Worldwide Discovery Composite (net)</p>
</td>
<td width="18%" style="width: 18.1761%; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt 7.5pt 7.5pt 0.75pt; height: 14pt;">
<p class="MsoNormal"> 27.4</p>
</td>
<td width="18%" style="width: 18.1761%; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt 7.5pt 7.5pt 0.75pt; height: 14pt;">
<p class="MsoNormal"> -8.6 </p>
</td>
<td width="18%" style="width: 18.003%; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt 7.5pt 7.5pt 0.75pt; height: 14pt;">
<p class="MsoNormal"> 7.2 </p>
</td>
</tr>
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<td width="45%" style="width: 45.6999%; border-width: medium 1pt 1pt; border-style: none solid solid; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204); border-image: initial; padding: 7.5pt;">
<p class="MsoNormal">MSCI ACWI Small Cap Index</p>
</td>
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<p class="MsoNormal"> 29.4</p>
</td>
<td width="18%" style="width: 18.1761%; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt 7.5pt 7.5pt 0.75pt;">
<p class="MsoNormal"> 7.9 </p>
</td>
<td width="18%" style="width: 18.003%; border-width: medium 1pt 1pt medium; border-style: none solid solid none; border-color: currentcolor rgb(204, 204, 204) rgb(204, 204, 204) currentcolor; padding: 7.5pt 7.5pt 7.5pt 0.75pt;">
<p class="MsoNormal"> 10.2 </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 July 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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Invest through other vehicles
Get in touch to learn about the other ways to invest, including:
- Separate account
Invest through other vehicles
Get in touch to learn about the other ways to invest, including:
- Separate account