Capital at risk
Investment strategy
International Growth
We aim to deliver attractive long-term returns to clients by being patient owners of exceptional growth companies. We believe disruptions are happening in many economic sectors at different speeds. We are interested in investing in two types of growth company: those able to grow very rapidly and those with durable growth prospects.
Searching for outliers
International Growth seeks to invest in outstanding growth businesses that possess a strong competitive advantage and have a culture that allows them to maintain that advantage in a sustainable way.
International Growth: our philosophy
Investment manager Tom Coutts introduces International Growth, reflecting on the exciting opportunities ahead.
Embracing the exceptional
Our objective is to outperform the benchmark by 3 per cent per annum (net of fees) over rolling five-year periods. To do so, we buy and hold shares in exceptional growth companies with a five-to-10-year investment horizon in mind.
Our diversified portfolio contains more than 50 holdings.
We embrace the concept of asymmetry of equity returns and adopt a thinking approach based on probability when building upside scenarios.
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.
Patience in an impatient industry
Being long-term owners of companies on behalf of our clients is our main advantage in an impatient industry.
As active stock pickers, our edge also comes from being willing to get things wrong in our search for outliers and seeking wisdom from outside the financial system.
Our resulting portfolio usually displays a high active share and a low turnover.
Exceptional growth companies can thrive in even the most inhospitable macroeconomic environments by harnessing innovation.
Meet the managers
Documents
Quarterly update
Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting.
Philosophy and process
Explore our investment philosophy and the processes around how the team constructs the portfolio.
Stewardship report
Find out about our conversations with portfolio companies, shareholder vote activity and consideration of environmental, social and governance matters.
How to invest in this strategy
You can invest in this strategy through the following fund(s).
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 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | TSMC | 7.44 |
| 2 | Spotify | 3.98 |
| 3 | DSV | 3.55 |
| 4 | Atlas Copco | 3.15 |
| 5 | MercadoLibre | 3.14 |
| 6 | AIA | 3.12 |
| 7 | L'Oréal | 3.06 |
| 8 | ASML | 2.98 |
| 9 | Adyen | 2.97 |
| 10 | Keyence | 2.85 |
Holdings by sector
As at: 30 April 2026
# | Sector | Fund % | Benchmark %* | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 29.99 | 18.23 | 11.75 |
| 2 | Consumer Discretionary | 18.02 | 8.20 | 9.83 |
| 3 | Industrials | 12.21 | 14.98 | -2.76 |
| 4 | Financials | 12.01 | 24.32 | -12.31 |
| 5 | Health Care | 11.39 | 7.09 | 4.30 |
| 6 | Communication Services | 6.51 | 4.73 | 1.78 |
| 7 | Materials | 3.97 | 6.97 | -2.99 |
| 8 | Consumer Staples | 3.64 | 5.41 | -1.77 |
| 9 | Energy | 1.11 | 5.26 | -4.15 |
| 10 | Cash | 1.14 | 0.00 | 1.14 |
Total | 100.00 | 95.18 |
Holdings by region
As at: 30 April 2026
# | Region | Fund % | Benchmark %* | Difference % |
|---|---|---|---|---|
| 1 | Europe (ex UK) | 46.14 | 30.65 | 15.49 |
| 2 | Emerging Markets | 29.73 | 32.17 | -2.44 |
| 3 | Developed Asia Pacific | 15.89 | 19.90 | -4.01 |
| 4 | UK | 4.18 | 8.88 | -4.69 |
| 5 | North America | 2.92 | 8.41 | -5.49 |
| 6 | Cash | 1.14 | 0.00 | 1.14 |
Total | 100.00 | 100.00 |
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.
How to invest in this strategy
You can invest in this strategy through the following fund(s).
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 73 of 73
International opportunities: creative destruction
Paulina McPadden explores how creative destruction can reshape international markets and create long-term investment opportunities.
International viewpoints: China’s innovation economy
Katie Muir explains how China’s innovation economy is reshaping industries far beyond its own market.
International Growth Q1 review
Investment specialist Katie Muir reviews performance and positioning through Q1 2026.
International Growth Q1 investor letter
The International Growth Team reflects on recent performance, portfolio changes and market developments.
International Growth Q1 update
Investment specialist Katie Muir reflects on recent performance, portfolio changes and market developments.
International viewpoints: a regime shift
Tia Chen explores the new opportunities emerging from a shifting market regime.
Going for growth: energy transition
Energy transition bottlenecks and accelerants: EV batteries, battery storage and extra-high-voltage cables enabling electrification at scale.
International viewpoints: biotech's next chapter
How ADCs and bispecifics are remaking antibody medicine.
Investing for growth in an AI-driven world
The International Growth Team outlines where they see long-term growth and opportunity after recent market volatility.
AI and software: beyond the binary
Why lower software valuations may not tell the full story.International Growth Q4 review
Investment specialist Katie Muir reviews performance and positioning through Q4 2025.
International Growth Q4 investor letter
The International Growth Team reflects on recent performance, portfolio changes and market developments.International Growth Q4 update
Investment specialist Katie Muir reflects on recent performance, portfolio changes and market developments.
International viewpoints: from bits to atoms
Discover what rising robot density means for global manufacturing, and the tools that make automation reliable.
International viewpoints: the quality derating
Why overlooked quality businesses with competitive moats compound returns through any cycle.
Adyen: Stock Story
Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
Going for growth: health innovation
Explore how the fusion of biology, genomics and technology is driving a new era of health innovation and life-changing scientific advances.
International viewpoints: bubble or boom, trouble is brewing
Is AI in a bubble or a boom? Explore how market concentration, leverage, and global strategies shape the next phase of artificial intelligence.
International Growth Q3 review
Investment specialist Katie Muir reviews performance and positioning through Q3 2025.
International viewpoints: the Asian century
The Asian century is now a structural reality. Explore manufacturing dominance, innovation in chips/EVs/ecommerce, key companies, and risks.
Going for growth: the Asian century
Asia is the world’s growth engine again. Learn how AIA, MakeMyTrip and L’Oréal are capturing the Asian century.
International Growth Q3 update
Investment specialist Katie Muir reflects on recent performance, portfolio changes and market developments.
International Growth Q3 investor letter
The International Growth Team reflects on recent performance, portfolio changes and market developments.
The power of exceptional companies
Lawrence Burns and Paul Taylor reveal how they identify exceptional companies that drive market returns.
Going for growth: industrial pioneers
How Atlas Copco and Keyence build competitive advantage through organisational structure and founder influence.
International viewpoints: the case for global supply chain champions
Learn about companies like ASML, TSMC, Adyen and SAP and their irreplaceable positions in enabling digital innovation.
Skin in the game: the power of persistence
Why ‘inside ownership’ makes companies more likely to focus on efforts that will pay off in the future.
Going for growth: unique brands
Discover what sets unique brands apart, and why demand keeps growing.
International viewpoints: enduring value – investing in brands built to last
Can businesses that blend heritage, stewardship and steady reinvention outperform their flashier, short-term-focused rivals?
International Growth Q2 investor letter
The International Growth Team reflects on recent performance, portfolio changes and market developments.
International viewpoints: digital disruptors
MercadoLibre and Sea Ltd are examples of underappreciated digital disruptors driving global growth.
International Growth Q2 update
Investment manager Julia Angeles reflects on recent performance, portfolio changes and market developments.
Beyond the familiar: the case for international
Discover how venturing into unexplored investment territory is yielding hidden gems.
A new age of discovery: the case for international
Explore how international equities offer unique opportunities in transformative markets.
Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
Going for growth: digital platforms
Digital platforms are reshaping industries and economies by exploiting market gaps and leveraging network effects.
International viewpoints: the end of the road for range anxiety
Explore how electric vehicle innovations are ending range anxiety with faster charging and longer battery life.
International viewpoints: US vs international debate
Signs are pointing to a shift from US to international markets. When has this happened before, and what’s ahead?
International Growth Q1 update
The International Growth Team reflects on recent performance, portfolio changes and market developments.
Atlas Copco: Stock Story
Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
L'Oréal: Stock Story
Katie Muir discusses how innovation and a positive culture have fuelled the success of the world’s leading beauty enterprise.
Going for growth: Digital infrastructure
Discover the transformative power of the chip revolution, led by industry giants TSMC and Advantest, in reshaping our world.
International viewpoints: Shifting tides toward international markets
The US stock market has outperformed international markets in recent years, but signs suggest a change in this trend.
International Growth: Exceptional growth companies
The investment team discuss their approach to identifying exceptional companies and the importance of holding them patiently amongst global uncertainties.
International viewpoints: Europe's tech tailwinds
The European technology sector excels in niche markets, creating growth opportunities in global value chains.
International Growth Q4 update
The International Growth Team reflects on recent performance, portfolio changes and market developments.
International Growth Q4 investor letter
The International Growth Team reflects on recent performance, portfolio changes and market developments.
International viewpoints: demographic crisis
Meet the problem-solvers already active in healthcare, retirement funding and workforce productivity.
International viewpoints: power players
Companies rising to new energy challenges in diverse ways, and the economies driving demand.
Saving when sending abroad: a Wise move
With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world.
Luxury brands show promise amid slump
How brands like Hermès, Gucci and Ferrari defy downturns with heritage and innovation.
Trip Notes: Seoul and Mumbai
Lawrence Burns sees great growth firms in action in South Korea and India.
MercadoLibre: Latin America’s unbanked
MercadoLibre offers hope to Latin America’s 178 million unbanked population.
International viewpoints: semi-cap resilience
Why our long-term conviction in ASML, Tokyo Electron and TSMC stands up to recent sector volatility.
International Growth: our philosophy
Investment manager Tom Coutts introduces International Growth, reflecting on the exciting opportunities ahead.
International viewpoints: global EV trends
Analysing market dynamics, industry challenges and future trends of EVs’ global adoption.
International viewpoints: eastern promise
What market sentiment, recent valuations and policy changes mean for us as investors in Asian growth companies.
Stock story: MercadoLibre
The company on a mission to democratise ecommerce and finance for 650 million people.
Tilting the odds in your favour
The Magnificent Seven’s reputation goes before them but that’s not enough to save them.
Ferrari: racing through time
How a car manufacturer turned luxury icon can continue to outpace the competition.
AI: intelligence everywhere
Why AI could be the printing press of intelligence.
Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?
A conversation with the International Growth Team
International Growth's investment philosophy, portfolio positioning, and outlook for 2024.
HelloFresh: changing how people eat forever
HelloFresh’s CEO explains the art and science of meal kit delivery at a global scale.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
China revisited
Lawrence Burns explores the new landscape of opportunity.
argenx: innovative antibody therapies
The future of treating autoimmune diseases.
Moderna’s new challenge
The mRNA technology behind the Covid vaccine is being directed against other diseases.
Adyen: pioneer of payments
The Dutch firm making everyday payments fast and friction-free.
Ocado’s robot revolution
The UK firm partnering with leading grocers to deploy its automated warehouses worldwide.
MercadoLibre: a lesson in innovation
Investment manager Lawrence Burns talks to MercadoLibre’s CFO Pedro Arnt.
ASML: advancing chips to new limits
The Dutch firm driving progress by making it possible to create more intricate computer chips.
International Growth: our philosophy
Investment manager Tom Coutts introduces International Growth, reflecting on the exciting opportunities ahead.
International opportunities: creative destruction
Paulina McPadden explores how creative destruction can reshape international markets and create long-term investment opportunities.International viewpoints: China’s innovation economy
Katie Muir explains how China’s innovation economy is reshaping industries far beyond its own market.International Growth Q1 review
Investment specialist Katie Muir reviews performance and positioning through Q1 2026.International Growth Q1 investor letter
The International Growth Team reflects on recent performance, portfolio changes and market developments.International Growth Q1 update
Investment specialist Katie Muir reflects on recent performance, portfolio changes and market developments.International viewpoints: a regime shift
Tia Chen explores the new opportunities emerging from a shifting market regime.Going for growth: energy transition
Energy transition bottlenecks and accelerants: EV batteries, battery storage and extra-high-voltage cables enabling electrification at scale.International viewpoints: biotech's next chapter
How ADCs and bispecifics are remaking antibody medicine.Investing for growth in an AI-driven world
The International Growth Team outlines where they see long-term growth and opportunity after recent market volatility.AI and software: beyond the binary
Why lower software valuations may not tell the full story.International Growth Q4 review
Investment specialist Katie Muir reviews performance and positioning through Q4 2025.International Growth Q4 investor letter
The International Growth Team reflects on recent performance, portfolio changes and market developments.International Growth Q4 update
Investment specialist Katie Muir reflects on recent performance, portfolio changes and market developments.International viewpoints: from bits to atoms
Discover what rising robot density means for global manufacturing, and the tools that make automation reliable.International viewpoints: the quality derating
Why overlooked quality businesses with competitive moats compound returns through any cycle.Adyen: Stock Story
Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.Going for growth: health innovation
Explore how the fusion of biology, genomics and technology is driving a new era of health innovation and life-changing scientific advances.International viewpoints: bubble or boom, trouble is brewing
Is AI in a bubble or a boom? Explore how market concentration, leverage, and global strategies shape the next phase of artificial intelligence.International Growth Q3 review
Investment specialist Katie Muir reviews performance and positioning through Q3 2025.International viewpoints: the Asian century
The Asian century is now a structural reality. Explore manufacturing dominance, innovation in chips/EVs/ecommerce, key companies, and risks.Going for growth: the Asian century
Asia is the world’s growth engine again. Learn how AIA, MakeMyTrip and L’Oréal are capturing the Asian century.International Growth Q3 update
Investment specialist Katie Muir reflects on recent performance, portfolio changes and market developments.International Growth Q3 investor letter
The International Growth Team reflects on recent performance, portfolio changes and market developments.The power of exceptional companies
Lawrence Burns and Paul Taylor reveal how they identify exceptional companies that drive market returns.Going for growth: industrial pioneers
How Atlas Copco and Keyence build competitive advantage through organisational structure and founder influence.International viewpoints: the case for global supply chain champions
Learn about companies like ASML, TSMC, Adyen and SAP and their irreplaceable positions in enabling digital innovation.Skin in the game: the power of persistence
Why ‘inside ownership’ makes companies more likely to focus on efforts that will pay off in the future.Going for growth: unique brands
Discover what sets unique brands apart, and why demand keeps growing.International viewpoints: enduring value – investing in brands built to last
Can businesses that blend heritage, stewardship and steady reinvention outperform their flashier, short-term-focused rivals?International Growth Q2 investor letter
The International Growth Team reflects on recent performance, portfolio changes and market developments.International viewpoints: digital disruptors
MercadoLibre and Sea Ltd are examples of underappreciated digital disruptors driving global growth.International Growth Q2 update
Investment manager Julia Angeles reflects on recent performance, portfolio changes and market developments.Beyond the familiar: the case for international
Discover how venturing into unexplored investment territory is yielding hidden gems.A new age of discovery: the case for international
Explore how international equities offer unique opportunities in transformative markets.Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.Going for growth: digital platforms
Digital platforms are reshaping industries and economies by exploiting market gaps and leveraging network effects.International viewpoints: the end of the road for range anxiety
Explore how electric vehicle innovations are ending range anxiety with faster charging and longer battery life.International viewpoints: US vs international debate
Signs are pointing to a shift from US to international markets. When has this happened before, and what’s ahead?International Growth Q1 update
The International Growth Team reflects on recent performance, portfolio changes and market developments.Atlas Copco: Stock Story
Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.L'Oréal: Stock Story
Katie Muir discusses how innovation and a positive culture have fuelled the success of the world’s leading beauty enterprise.Going for growth: Digital infrastructure
Discover the transformative power of the chip revolution, led by industry giants TSMC and Advantest, in reshaping our world.International viewpoints: Shifting tides toward international markets
The US stock market has outperformed international markets in recent years, but signs suggest a change in this trend.International Growth: Exceptional growth companies
The investment team discuss their approach to identifying exceptional companies and the importance of holding them patiently amongst global uncertainties.International viewpoints: Europe's tech tailwinds
The European technology sector excels in niche markets, creating growth opportunities in global value chains.International Growth Q4 update
The International Growth Team reflects on recent performance, portfolio changes and market developments.International Growth Q4 investor letter
The International Growth Team reflects on recent performance, portfolio changes and market developments.International viewpoints: demographic crisis
Meet the problem-solvers already active in healthcare, retirement funding and workforce productivity.International viewpoints: power players
Companies rising to new energy challenges in diverse ways, and the economies driving demand.Saving when sending abroad: a Wise move
With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world.Luxury brands show promise amid slump
How brands like Hermès, Gucci and Ferrari defy downturns with heritage and innovation.Trip Notes: Seoul and Mumbai
Lawrence Burns sees great growth firms in action in South Korea and India.MercadoLibre: Latin America’s unbanked
MercadoLibre offers hope to Latin America’s 178 million unbanked population.International viewpoints: semi-cap resilience
Why our long-term conviction in ASML, Tokyo Electron and TSMC stands up to recent sector volatility.International Growth: our philosophy
Investment manager Tom Coutts introduces International Growth, reflecting on the exciting opportunities ahead.International viewpoints: global EV trends
Analysing market dynamics, industry challenges and future trends of EVs’ global adoption.International viewpoints: eastern promise
What market sentiment, recent valuations and policy changes mean for us as investors in Asian growth companies.Stock story: MercadoLibre
The company on a mission to democratise ecommerce and finance for 650 million people.Tilting the odds in your favour
The Magnificent Seven’s reputation goes before them but that’s not enough to save them.Ferrari: racing through time
How a car manufacturer turned luxury icon can continue to outpace the competition.AI: intelligence everywhere
Why AI could be the printing press of intelligence.Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?A conversation with the International Growth Team
International Growth's investment philosophy, portfolio positioning, and outlook for 2024.HelloFresh: changing how people eat forever
HelloFresh’s CEO explains the art and science of meal kit delivery at a global scale.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.China revisited
Lawrence Burns explores the new landscape of opportunity.argenx: innovative antibody therapies
The future of treating autoimmune diseases.Moderna’s new challenge
The mRNA technology behind the Covid vaccine is being directed against other diseases.Adyen: pioneer of payments
The Dutch firm making everyday payments fast and friction-free.Ocado’s robot revolution
The UK firm partnering with leading grocers to deploy its automated warehouses worldwide.MercadoLibre: a lesson in innovation
Investment manager Lawrence Burns talks to MercadoLibre’s CFO Pedro Arnt.ASML: advancing chips to new limits
The Dutch firm driving progress by making it possible to create more intricate computer chips.
How to invest in this strategy
You can invest in this strategy through the following fund(s).
Invest through other vehicles
Get in touch to learn about the other ways to invest, including:
- Separate account
How to invest in this strategy
You can invest in this strategy through the following fund(s).
Invest through other vehicles
Get in touch to learn about the other ways to invest, including:
- Separate account