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 |
|---|---|---|---|---|---|---|
As of Oct 21, 2026
During the third quarter of 2026, the Baillie Gifford Global Alpha Equities Fund delivered a net return of -0.88% (Class K, net of fees), lagging the MSCI ACWI Index return of 1.69%. Year-to-date, the fund has generated a net return of 1.97% net of fees compared to 13.37% for the benchmark. Portfolio cash stood at 1.14%, with an Active Share of 77% across 94 holdings. Relative performance was weighed down by short-term weakness in semiconductor-equipment holdings and detraction from select growth positions such as AppLovin, alongside the fund's underweight to low-quality, high-beta cyclical semiconductor names. The manager highlights an unprecedented concentration in global equity markets, with the top ten benchmark holdings tied entirely to the artificial intelligence compute buildout. Hyperscalers are projected to spend over $700 billion on capital expenditure this year. However, rather than chasing temporary windfalls from initial component shortages, the team argues that economics dictates an inevitable supply response, which will shift bottlenecks toward advanced packaging, data movement, power, and data center connectivity infrastructure. Portfolio activity reflected this framework through new purchases in Astera Labs, Cheniere Energy, SoftBank Group, and Bending Spoons, as well as an addition to SK Hynix. Capital was redeployed by completely divesting from Paycom Software, Stella-Jones, and WillScot due to emerging competitive threats from agentic automation, weakened pricing power, and uneven volume recoveries.
Outperformance is generated by identifying exceptional global growth companies capable of delivering sustainable, above-average earnings expansion over five-plus year horizons, combining durable nodes in technological transitions with idiosyncratic non-AI compounders trading at modest valuation premiums.
The fund is positioned to deliver meaningfully faster sales and earnings growth than the index from higher-margin, cleaner balance sheet companies while trading at an exceptionally modest valuation premium.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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Top Conviction Themes
Key Catalysts
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