Capital at risk

Investment strategy

Global Alpha

Our core task is the identification and patient, engaged ownership of companies with the potential to deliver superior but underappreciated earnings growth. We are flexible and open-minded in seeking these opportunities, aware of the ways growth can be achieved. Our research draws on the work and insights of the entire Baillie Gifford investment floor.

Woman paddleboarding on Sylvenstein lake, Germany.

Enduring growth

An ambitious approach to investing in growth companies with exceptional potential from right across the spectrum of opportunity. Our philosophy is to make long-term investments in well-managed businesses with sustainable competitive advantages. 

Global Alpha: our philosophy

Investment manager Helen Xiong introduces Global Alpha, reflecting on the exciting opportunities ahead.

High-quality companies with exceptional potential

We aim to identify companies that can grow their earnings at a superior rate to the market over sustained periods, with great potential that is not reflected in their price. As share prices are ultimately driven by earnings growth, this approach underpins our objective to deliver returns 2 per cent to 3 per cent per annum ahead of the benchmark over rolling five-year periods before the deduction of fees. The resulting portfolio of around 90 holdings represents the most attractive opportunities from across the growth spectrum at any point in time. 

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.

Diversified and differentiated

We embrace the diversity of growth available to us, splitting the portfolio across our three growth profiles compounders, disruptors and capital allocators. The compounders profile looks to benefit from the underappreciated power of the long-term compounding of earnings. In disruptors, we seek to identify earlier-stage companies with the potential for major success. Capital allocators back skilled management teams, often in cyclical industries. 

At the heart of Global Alpha’s patient approach to long-term capital growth lies our belief in diversity. We don’t rely on a single definition of what ‘growth’ means.
Spencer Adair

Meet the managers

Documents

Philosophy and process

Explore our investment philosophy and the processes around how the Global Alpha team construct the portfolio through its three key growth profiles (compounders, disruptors and capital allocators).

Quarterly update

Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting. 

Stewardship report

Find out about our conversations with portfolio companies, shareholder vote activity and consideration of environmental, social and governance matters.

Global Alpha Research Agenda 2024

How can we invest in quality companies with the potential to generate sustainable returns in a changing market?

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:

  • Baillie Gifford Global Alpha Collective Investment Trust (CIT)
  • Separate account
  • SMA

Strategy portfolio holdings

A list of the top 10 holdings that the representative portfolio invests in.

All figures up to: 30 September 2024

#CompanyFund %
1Microsoft4.1%
2Meta Platforms Inc3.9%
3Amazon.com3.6%
4Elevance Health Inc3.2%
5NVIDIA3.1%
6Martin Marietta Materials3.0%
7CRH2.9%
8Prosus N.V.2.7%
9TSMC2.6%
10Ryanair ADR2.3%

Strategy holdings by sector

All figures up to: 30 September 2024

1Consumer Discretionary21.24%
2Information Technology17.63%
3Health Care11.73%
4Communication Services11.58%
5Financials11.57%
6Industrials11.34%
7Materials8.97%
8Energy2.13%
9Real Estate1.88%
10Consumer Staples1.01%
11Cash0.92%
Total 100%

Strategy holdings by sector

All figures up to: 30 September 2024

Total: 100%

Strategy holdings by region

All figures up to: 30 September 2024

1North America61.58%
2Europe (ex UK)18.52%
3Emerging Markets12.03%
4Developed Asia Pacific6.41%
5UK0.55%
6Cash0.92%
Total 100%

Strategy holdings by region

All figures up to: 30 September 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.

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:

  • Baillie Gifford Global Alpha Collective Investment Trust (CIT)
  • Separate account
  • SMA

Insights

Key articles, videos and podcasts relating to the strategy:

Filters

Insights

Viewing 32 of 32
  1. Global Alpha Q3 investor letter

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments
    October 2024
    Article7 minutes
  2. Do elections matter for stock returns?

    What the past tells us about a new US president’s impact on growth companies.
    October 2024
    Article6 minutes
  3. Why growth investors can’t ignore China

    China’s electric car, battery and other advanced manufacturers are on the rise.
    October 2024
    Podcast3 minutes
  4. Global Alpha Q3 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    October 2024
    Video10 minutes
  5. Global Alpha insights: unlocking the magic of Disney

    Why the Global Alpha Team believes there is a magical journey ahead for Disney.
    September 2024
    Article4 minutes
  6. Investment specialist Ben James

    Future Stocks: Our best ideas in the US

    Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks.
    September 2024
    Video3 minutes
  7. Eric Beinhocker: evolutionary economist

    How successful companies harness the power of adaptation.
    September 2024
    Article7 minutes
  8. Illustration of semiconductors making up a DNA strand with products floating in background.

    Beyond NVIDIA: investing in semiconductors

    Why some of the leading computer chip makers and companies enabling them have room to grow.
    September 2024
    Article6 minutes
  9. China: the new shoots of growth

    Why advanced manufacturing and social context are key to investing in tomorrow’s Chinese giants.
    September 2024
    Article5 minutes
  10. Global Alpha Q2 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video11 minutes
  11. Global Alpha Q1 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video13 minutes
  12. Global Alpha Research Agenda

    From AI to infrastructure – Global Alpha homes in on the growth areas and companies best placed to exploit opportunities.
    March 2024
    Article8 minutes
  13. Global Alpha: back to growth

    The managers tell a London Investment Forum about new sources of opportunity and optimism.
    March 2024
    Article6 minutes
  14. Moderna: designing drugs on a computer

    Can scientists meet unmet health needs by writing code to help the body heal itself?
    January 2024
    Article4 minutes
  15. Global Alpha Q4 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video14 minutes
  16. 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
  17. How Microsoft got its mojo back

    By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.
    November 2023
    Article
  18. Global Alpha: manager update

    The managers discuss the market environment, portfolio positioning and current opportunities.
    October 2023
    Video60 minutes
  19. Global Alpha Q3 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video23 minutes
  20. Global Alpha Q2 update

    The Global Alpha team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video15 minutes
  21. Making health insurance manageable

    How Elevance Health uses its scale to smooth a path through the US health system’s maze.
    June 2023
    Article
  22. Global Alpha Q1 update

    Global Alpha Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video11 minutes
  23. Global Alpha Research Agenda 2023

    How can we invest in quality companies with the potential to generate sustainable returns in a changing market?
    January 2023
    Article
  24. Digital Disruption and the future

    Online infrastructures and digital developments in the education, energy, and transport sectors make for an exciting future.
    July 2022
    Article
  25. Global Alpha 2022 Research Agenda

    In their Research Agenda for 2022, the investment managers consider the benefits of deep work in helping them find growth opportunities.
    March 2022
    Article
  26. Growth or value: it’s not a black or white choice

    Operational performance is a better indicator of growth than inflation. Malcolm MacColl shares why.
    February 2022
    Podcast19 minutes
  27. Harnessing growth for the next decade

    Investment manager Malcolm MacColl and Senior Governance and Sustainability Analyst Kieran Murray outline believed growth drivers and the development of Global Alpha’s ESG process.
    October 2021
    Video46 minutes
  28. Highlights Video: Harnessing growth for the next decade

    Watch the highlights from the recent Global Alpha webinar: Harnessing growth for the next decade.
    October 2021
    Video13 minutes
  29. Global Alpha Paris-Aligned

    The Global Alpha Paris-Aligned portfolio offers a pathway for clients to align their assets with the objectives of the Paris Agreement. Here, we provide some background to the Paris Accords and outline how we aim to implement its objectives.
    April 2021
    Document
  30. Global Alpha research agenda

    In this year’s Research Agenda, Global Alpha’s investment managers share their thoughts on how change can help shape the portfolio.
    March 2021
    Document
  31. Global Alpha – mental models highlights

    Client director Jon Henry talks through the highlights of the recent Global Alpha webinar on ‘Mental Models’, a concept introduced earlier this year in the Global Alpha Research Agenda.
    November 2020
    Video16 minutes
  32. Global Alpha - 10 minutes with Helen Xiong

    Ben Drury, client director, talks to Helen Xiong, an investor and soon-to-be key decision-maker for the Global Alpha strategy.
    August 2020
    Video10 minutes

Global Alpha Q3 update

The Global Alpha Team reflects on recent performance, portfolio changes and market developments.

  1. Global Alpha Q3 investor letter

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments
    October 2024
    Article7 minutes
  2. Do elections matter for stock returns?

    What the past tells us about a new US president’s impact on growth companies.
    October 2024
    Article6 minutes
  3. Why growth investors can’t ignore China

    China’s electric car, battery and other advanced manufacturers are on the rise.
    October 2024
    Podcast3 minutes
  4. Global Alpha Q3 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    October 2024
    Video10 minutes
  5. Global Alpha insights: unlocking the magic of Disney

    Why the Global Alpha Team believes there is a magical journey ahead for Disney.
    September 2024
    Article4 minutes
  6. Investment specialist Ben James

    Future Stocks: Our best ideas in the US

    Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks.
    September 2024
    Video3 minutes
  7. Eric Beinhocker: evolutionary economist

    How successful companies harness the power of adaptation.
    September 2024
    Article7 minutes
  8. Illustration of semiconductors making up a DNA strand with products floating in background.

    Beyond NVIDIA: investing in semiconductors

    Why some of the leading computer chip makers and companies enabling them have room to grow.
    September 2024
    Article6 minutes
  9. China: the new shoots of growth

    Why advanced manufacturing and social context are key to investing in tomorrow’s Chinese giants.
    September 2024
    Article5 minutes
  10. Global Alpha Q2 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video11 minutes
  11. Global Alpha Q1 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video13 minutes
  12. Global Alpha Research Agenda

    From AI to infrastructure – Global Alpha homes in on the growth areas and companies best placed to exploit opportunities.
    March 2024
    Article8 minutes
  13. Global Alpha: back to growth

    The managers tell a London Investment Forum about new sources of opportunity and optimism.
    March 2024
    Article6 minutes
  14. Moderna: designing drugs on a computer

    Can scientists meet unmet health needs by writing code to help the body heal itself?
    January 2024
    Article4 minutes
  15. Global Alpha Q4 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video14 minutes
  16. 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
  17. How Microsoft got its mojo back

    By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.
    November 2023
    Article
  18. Global Alpha: manager update

    The managers discuss the market environment, portfolio positioning and current opportunities.
    October 2023
    Video60 minutes
  19. Global Alpha Q3 update

    The Global Alpha Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video23 minutes
  20. Global Alpha Q2 update

    The Global Alpha team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video15 minutes
  21. Making health insurance manageable

    How Elevance Health uses its scale to smooth a path through the US health system’s maze.
    June 2023
    Article
  22. Global Alpha Q1 update

    Global Alpha Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video11 minutes
  23. Global Alpha Research Agenda 2023

    How can we invest in quality companies with the potential to generate sustainable returns in a changing market?
    January 2023
    Article
  24. Digital Disruption and the future

    Online infrastructures and digital developments in the education, energy, and transport sectors make for an exciting future.
    July 2022
    Article
  25. Global Alpha 2022 Research Agenda

    In their Research Agenda for 2022, the investment managers consider the benefits of deep work in helping them find growth opportunities.
    March 2022
    Article
  26. Growth or value: it’s not a black or white choice

    Operational performance is a better indicator of growth than inflation. Malcolm MacColl shares why.
    February 2022
    Podcast19 minutes
  27. Harnessing growth for the next decade

    Investment manager Malcolm MacColl and Senior Governance and Sustainability Analyst Kieran Murray outline believed growth drivers and the development of Global Alpha’s ESG process.
    October 2021
    Video46 minutes
  28. Highlights Video: Harnessing growth for the next decade

    Watch the highlights from the recent Global Alpha webinar: Harnessing growth for the next decade.
    October 2021
    Video13 minutes
  29. Global Alpha Paris-Aligned

    The Global Alpha Paris-Aligned portfolio offers a pathway for clients to align their assets with the objectives of the Paris Agreement. Here, we provide some background to the Paris Accords and outline how we aim to implement its objectives.
    April 2021
    Document
  30. Global Alpha research agenda

    In this year’s Research Agenda, Global Alpha’s investment managers share their thoughts on how change can help shape the portfolio.
    March 2021
    Document
  31. Global Alpha – mental models highlights

    Client director Jon Henry talks through the highlights of the recent Global Alpha webinar on ‘Mental Models’, a concept introduced earlier this year in the Global Alpha Research Agenda.
    November 2020
    Video16 minutes
  32. Global Alpha - 10 minutes with Helen Xiong

    Ben Drury, client director, talks to Helen Xiong, an investor and soon-to-be key decision-maker for the Global Alpha strategy.
    August 2020
    Video10 minutes

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:

  • Baillie Gifford Global Alpha Collective Investment Trust (CIT)
  • 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:

  • Baillie Gifford Global Alpha Collective Investment Trust (CIT)
  • Separate account
  • SMA