The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Baillie Gifford Global Alpha is repositioning for capital-intensive growth driven by AI infrastructure buildout, adding energy, banking, and materials exposure while maintaining conviction in operational platforms like DoorDash and Shopify despite AI disruption fears. The fund sees opportunity in physical bottlenecks and supply constraints, broadening beyond traditional capital-light technology to capture emerging growth drivers across multiple scenarios.
The fund invests in exceptional growth companies with 10-year investment horizons, running a concentrated portfolio to avoid diluting high-conviction growth stocks, believing that ownership of exceptional businesses held with patience will compound in value over the long term.
The managers believe the next decade will not look like the last one, but the principles behind successful compounding remain the same: owning exceptional businesses, backing them with patience, and thinking clearly when markets are inclined to overreact. They expect wider dispersion of results where some businesses will see their advantages weaken while others will strengthen their position as products improve, costs fall and customer value rises.
As of Mar 31, 2026
The International Alpha strategy is managed by a six-person team with average tenure exceeding six years, led by experienced portfolio managers including Andrew Stobart, Donald M. Farquharson, and Roderick Snell. The team combines regional expertise with global perspective through Baillie Gifford's collaborative Portfolio Construction Group structure. Donald Farquharson heads the Japanese Equities Team with 32 years of investment experience dedicated to Japanese equities. Roderick Snell manages Emerging Markets strategies and joined Baillie Gifford in 2006. Steve Vaughan, CFA, brings analytical rigor from the Smaller Companies Equities Team. The management approach emphasizes deep fundamental research and patient capital deployment across international markets.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
A 0.70 conviction score reflects the fund's massive, long-standing conviction in major semiconductor holdings (representing ~40% of the portfolio), while acknowledging that it maintains a diversified multi-cap emerging markets mandate with systematic profit-taking.
Growth Outlook
Market outlook is constructive at 0.75. The manager rejects the view of emerging markets as a simplistic economic cycle play, noting they are structurally undervalued, under-owned, and home to global innovation leaders.
Risk Appetite
Risk appetite is scored at 0.75. The fund maintains highly concentrated overweight tech exposure and actively reinvests all harvested proceeds into emerging market equities without raising defensive cash buffers or adding broad hedges.
Capital Deployment
Capital deployment is rated at a net-neutral 0.50. The letter details that new purchases and allocations (specifically into China and supporting positions in Brazil) are funded by recycling profits from outperforming semiconductor holdings, indicating a stable cash balance.
Forward Guidance
Forward guidance is scored at 0.75. The team is executing a clear strategy of harvesting capital from elevated technology stocks and actively reallocating those proceeds into undervalued, structurally sound areas like Chinese and Latin American equities.
Language Signal
The language signal is 0.75, characterized by highly optimistic descriptions of 'world-class innovators' and the assertion that not owning enough emerging markets is the largest risk. This is appropriately balanced by analytical discussions of macro hurdles.
Perceived Risk
Perceived risk is scored at 0.55. Although geopolitical tension, regulatory shifts, and high interest rates are identified, the manager views these conditions as long-term structural catalysts rather than terminal threats to their compounders.
Opportunity Density
Opportunity density is rated 0.80. The manager notes that they continue to find exciting opportunities across a wide array of sectors, highlighting the highly attractive valuation entry points created by macro selloffs in China and Brazil.
Time Horizon
The fund operates with an outstanding 0.85 time horizon score, holding key bottleneck companies continuously since the 2000s and actively defending high-conviction positions through multi-quarter periods of margin pressure or macro cyclicality.
Top Conviction Themes
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