Capital at risk
Developed EAFE All Cap
We have three core beliefs: superior profit growth leads to outperformance, fundamental analysis enables exploitation of market inefficiencies and share prices reflect fundamentals over the long term.

Consistent investment in growing companies
An international growth portfolio, bringing together the best ideas from firmwide research. To perform better than the market, you need to be different from it. We search across the market cap spectrum for a balance of growth, quality and resilience.
International All Cap Q3 update
Investment manager Iain Campbell reflects on recent performance, portfolio changes and market developments.
Taking a long-term advantage
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 believe that stock markets have a recurring tendency to underappreciate the value of long-term compound growth. We aim to take advantage of this by investing with a minimum time horizon of five years in mind.
Embracing different types of growth
The strategy has a proud 30-year track record, following a consistent investment process.
We invest in an eclectic mix of individual businesses and take great pride in drawing from firmwide research to bring the best ideas to the portfolio.
The portfolio 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.
Meet the managers
Documents
Stewardship report
Find out about our conversations with portfolio companies, shareholder vote activity and consideration of environmental, social and governance matters.
Philosophy and process
Explore our investment philosophy and the processes around how the team constructs the portfolio.
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
- SMA
Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 31 October 2025
| # | Company | Fund % |
|---|---|---|
| 1 | United Overseas Bank | 4.6% |
| 2 | ASML | 4.0% |
| 3 | LVMH | 2.8% |
| 4 | Roche | 2.8% |
| 5 | Investor | 2.6% |
| 6 | AIA Group | 2.6% |
| 7 | Unilever | 2.6% |
| 8 | TotalEnergies | 2.4% |
| 9 | Jeronimo Martins | 2.3% |
| 10 | Assa Abloy 'B' | 2.3% |
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).
Invest through other vehicles
Get in touch to learn about the other ways to invest, including:
- Separate account
- SMA
Insights
Key articles, videos and podcasts relating to the strategy:
Filters
Insights

International viewpoints: the quality derating
Why overlooked quality businesses with competitive moats compound returns through any cycle.
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.
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 viewpoints: the Asian century
The Asian century is now a structural reality. Explore manufacturing dominance, innovation in chips/EVs/ecommerce, key companies, and risks.
International All Cap Q3 update
Investment manager Iain Campbell reflects on recent performance, portfolio changes and market developments.
International All Cap Q3 investor letter
The International All Cap Team reflects on recent performance, portfolio changes and market developments.
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.
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 viewpoints: digital disruptors
MercadoLibre and Sea Ltd are examples of underappreciated digital disruptors driving global growth.
International All Cap Q2 investor letter
The International All Cap Team reflects on recent performance, portfolio changes and market developments.
International All Cap Q2 update
Investment manager Joe Faraday 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.
International All Cap Q1 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.
International All Cap Q1 investor letter
The International All Cap 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.
A long-term manifesto, revisited
Why exceptional growth companies must be brave enough to ignore short-term market pressures.
International All Cap Q4 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.
International All Cap Q4 investor letter
The International All Cap Team reflects on recent performance, portfolio changes and market developments.
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.
Wise: Money Without Borders
Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.
Our best ideas in Europe
Thomas Hodges uses Lonza, Topicus and Soitec to illustrate why Europe is more exciting than headlines suggest.
Wise: Growing global money transfers
Charting rising cross-border money payments and the opportunity for remittance service Wise.
Tilting the odds in your favour
The Magnificent Seven’s reputation goes before them but that’s not enough to save them.
International All Cap: inflection points
Investment specialists give updates on performance, portfolio activity and the grounds long-term optimism.
Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
International All Cap: committing to growth
Investors give updates on performance, portfolio activity and the merits of long-term thinking.
Near-term headwinds, long-term optimism
Investors provide an update on International All Cap performance and portfolio activity.
Snippets from the archives
Key insights from the International All Cap Strategy picked from the past 30 years.
Shimano: our strategy in one stock
How the cycle parts maker symbolises the kind of firms International All Cap is looking for.
Growth flows
Tracking our pursuit of growth companies over time.
Investing in ingenuity
Milena Mileva on picking International All Cap’s future winners.
Forging a fund
How relationship building, performance and tales of Scotland helped establish our international funds.
International All Cap Q3 update
Investment manager Iain Campbell reflects on recent performance, portfolio changes and market developments.

International viewpoints: the quality derating
Why overlooked quality businesses with competitive moats compound returns through any cycle.
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.
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 viewpoints: the Asian century
The Asian century is now a structural reality. Explore manufacturing dominance, innovation in chips/EVs/ecommerce, key companies, and risks.
International All Cap Q3 update
Investment manager Iain Campbell reflects on recent performance, portfolio changes and market developments.
International All Cap Q3 investor letter
The International All Cap Team reflects on recent performance, portfolio changes and market developments.
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.
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 viewpoints: digital disruptors
MercadoLibre and Sea Ltd are examples of underappreciated digital disruptors driving global growth.
International All Cap Q2 investor letter
The International All Cap Team reflects on recent performance, portfolio changes and market developments.
International All Cap Q2 update
Investment manager Joe Faraday 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.
International All Cap Q1 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.
International All Cap Q1 investor letter
The International All Cap 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.
A long-term manifesto, revisited
Why exceptional growth companies must be brave enough to ignore short-term market pressures.
International All Cap Q4 update
The International All Cap Team reflects on recent performance, portfolio changes and market developments.
International All Cap Q4 investor letter
The International All Cap Team reflects on recent performance, portfolio changes and market developments.
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.
Wise: Money Without Borders
Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.
Our best ideas in Europe
Thomas Hodges uses Lonza, Topicus and Soitec to illustrate why Europe is more exciting than headlines suggest.
Wise: Growing global money transfers
Charting rising cross-border money payments and the opportunity for remittance service Wise.
Tilting the odds in your favour
The Magnificent Seven’s reputation goes before them but that’s not enough to save them.
International All Cap: inflection points
Investment specialists give updates on performance, portfolio activity and the grounds long-term optimism.
Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
International All Cap: committing to growth
Investors give updates on performance, portfolio activity and the merits of long-term thinking.
Near-term headwinds, long-term optimism
Investors provide an update on International All Cap performance and portfolio activity.
Snippets from the archives
Key insights from the International All Cap Strategy picked from the past 30 years.
Shimano: our strategy in one stock
How the cycle parts maker symbolises the kind of firms International All Cap is looking for.
Growth flows
Tracking our pursuit of growth companies over time.
Investing in ingenuity
Milena Mileva on picking International All Cap’s future winners.
Forging a fund
How relationship building, performance and tales of Scotland helped establish our international funds.
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
- SMA
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
- SMA






