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 Q1 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

Explore further

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

Strategy portfolio holdings

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

31 March 2024

#
1TSMC4.43
2ASML3.37
3Atlas Copco2.47
4Tokyo Electron2.38
5United Overseas Bank2.34
6MercadoLibre2.24
7Investor2.21
8Shopify2.17
9Auto Trader2.03
10Richemont1.97

Strategy holdings by sector

30 April 2024

1Industrials21.88%
2Information Technology18.01%
3Consumer Discretionary14.07%
4Financials13.91%
5Consumer Staples12.97%
6Health Care7.41%
7Communication Services5.44%
8Materials3.13%
9Cash1.80%
10Energy1.39%
100%

Strategy holdings by sector

30 April 2024

: 100%

Strategy holdings by region

30 April 2024

1Europe (ex UK)33.92%
2Developed Asia Pacific23.77%
3Emerging Markets20.49%
4UK16.03%
5Canada3.98%
6Cash1.80%
100%

Strategy holdings by region

30 April 2024

: 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.

Explore further

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:

International All Cap Q1 update

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

Explore further

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