Capital at risk

Investment strategy

ACWI ex US 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 in the long term. 

A surfer in the middle of a crashing wave at sunset.

Identifying the drivers of growth

A growth portfolio taking the best ideas from firmwide research. For over 30 years, International All Cap has had a consistent investment process, actively making long-term investments in growing companies. 

International All Cap Q2 update

The International All Cap Team reflects on recent performance, portfolio changes and market developments.

Searching for superior companies

To perform better than the market, you need to be different from it. 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 under-appreciate 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. 

An eclectic portfolio

We take great pride in drawing from firmwide research to bring our best international ideas to the portfolio.  

We search for growth across the market cap spectrum. The result is a portfolio 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. 

The strategy has a long and proud history. Our track record has outlived personnel changes by following a consistent investment philosophy and process. 

Human ingenuity will continue to generate opportunities for strong returns long into the future.
Milena Mileva

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.

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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 June 2024

#Holding% of portfolio
1TSMC6.38
2ASML3.73
3Atlas Copco2.64
4United Overseas Bank2.49
5Investor2.41
6Auto Trader2.32
7MercadoLibre2.14
8Experian2.04
9Richemont2.00
10Lonza1.74

Strategy holdings by sector

All figures up to: 30 June 2024

1Industrials21.73%
2Information Technology19.94%
3Consumer Discretionary15.33%
4Financials14.23%
5Consumer Staples11.01%
6Health Care6.77%
7Communication Services4.93%
8Materials3.42%
9Energy1.39%
10Cash1.25%
Total 100%

Strategy holdings by sector

All figures up to: 30 June 2024

Total: 100%

Strategy holdings by region

All figures up to: 30 June 2024

1Europe (ex UK)33.52%
2Developed Asia Pacific22.56%
3Emerging Markets20.80%
4UK18.33%
5Canada3.55%
6Cash1.25%
Total 100%

Strategy holdings by region

All figures up to: 30 June 2024

Total: 100%

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.

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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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Insights

Viewing 12 of 12
  1. International All Cap Q2 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video10 minutes
  2. International All Cap Q1 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video21 minutes
  3. International All Cap: inflection points

    Investment specialists give updates on performance, portfolio activity and the grounds long-term optimism.
    February 2024
    Video44 minutes
  4. International All Cap Q4 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video13 minutes
  5. Ashtead: hiding in plain sight

    This little-known equipment rental company is one of the UK’s most exciting growth stories.
    December 2023
    Article5 minutes
  6. Why growth, why now?

    Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
    December 2023
    Article17 minutes
  7. International All Cap: committing to growth

    Investors give updates on performance, portfolio activity and the merits of long-term thinking.
    October 2023
    Video44 minutes
  8. International All Cap Q3 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video14 minutes
  9. Near-term headwinds, long-term optimism

    Investors provide an update on International All Cap performance and portfolio activity.
    August 2023
    Video49 minutes
  10. International All Cap Q2 update

    The International All Cap team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video12 minutes
  11. International All Cap Q1 update

    International All Cap Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video16 minutes
  12. How to surf the waves of growth

    Good investing takes quick reactions as well as a long-term vision.
    November 2021
    Article

  1. International All Cap Q2 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video10 minutes
  2. International All Cap Q1 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video21 minutes
  3. International All Cap: inflection points

    Investment specialists give updates on performance, portfolio activity and the grounds long-term optimism.
    February 2024
    Video44 minutes
  4. International All Cap Q4 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video13 minutes
  5. Ashtead: hiding in plain sight

    This little-known equipment rental company is one of the UK’s most exciting growth stories.
    December 2023
    Article5 minutes
  6. Why growth, why now?

    Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
    December 2023
    Article17 minutes
  7. International All Cap: committing to growth

    Investors give updates on performance, portfolio activity and the merits of long-term thinking.
    October 2023
    Video44 minutes
  8. International All Cap Q3 update

    The International All Cap Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video14 minutes
  9. Near-term headwinds, long-term optimism

    Investors provide an update on International All Cap performance and portfolio activity.
    August 2023
    Video49 minutes
  10. International All Cap Q2 update

    The International All Cap team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video12 minutes
  11. International All Cap Q1 update

    International All Cap Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video16 minutes
  12. How to surf the waves of growth

    Good investing takes quick reactions as well as a long-term vision.
    November 2021
    Article

Explore further

Curious to learn more about our products and what we can offer you? Please get in touch.