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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
In Q4 2025, the Baillie Gifford International All Cap Strategy underperformed its benchmark due to a pronounced style headwind that disproportionately affected quality and growth stocks. While inflation eased, economic activity remained uneven and market leadership was narrow. At the stock level, the strategy faced pressure from consumer-facing platforms experiencing AI-related uncertainty (Rightmove, Autotrader) and cyclical/macro headwinds (Exor, Mercado Libre, Nemetschek, Sysmex). These were offset by strong performance from semiconductor holdings driven by AI chip and memory demand (TSMC, Samsung, ASML) and resilient structural growth businesses (Games Workshop, DSV, LVMH, Roche, Chugai). The management maintains its patient compounding philosophy and notes that international high-quality equities present attractive relative valuations.
Invest patiently in exceptional, high-quality growth businesses that operate in markets shaped by powerful structural forces, possess durable competitive advantages, and are led by management teams focused on long-term value creation.
The global economic environment remains finely balanced with uneven growth, ongoing geopolitical tensions, and narrow market leadership. Despite these headwinds, international equities remain attractively valued relative to the US, particularly among high-quality businesses with strong balance sheets and compelling long-term growth opportunities.
As of Jan 1, 2026
The fund employs a long-term, active growth investing approach with an average holding period of approximately 8 years compared to the market average of 1.1 years. The investment philosophy centers on identifying great growth companies undervalued by the market, utilizing a seven-factor assessment framework evaluating Growth, Competitive Advantage, Governance, Sustainability, Financials, Valuation, and Portfolio Context. More than 90% of total returns over rolling five-year periods since inception have come from earnings growth rather than multiple expansion. The strategy focuses on four broad company types: Quality Compounders, Rapid Growers, Through-cycle Winners, and Capital Allocators, each offering opportunities due to persistent market inefficiencies. The investment process emphasizes stock selection over macroeconomic allocation, leveraging four key growth tailwinds: demographics, expanding global middle class, technological innovation, and the shift to online industries.
Lead Portfolio Manager
Alex Summers
Managing Partner
High Conviction Bullish
Market Conviction
High-conviction positioning: Despite Q4 underperformance driven by sharp style headwinds, the fund remains committed to its high-quality growth strategy, benefiting from AI-exposed hardware leaders and anticip...
Growth Outlook
Market outlook remains moderate conviction: Despite Q4 underperformance driven by sharp style headwinds, the fund remains committed to its high-quality growth strategy, benefiting from AI-exposed hardware leaders and anticip...
Risk Appetite
Risk appetite posture is above average conviction: Despite Q4 underperformance driven by sharp style headwinds, the fund remains committed to its high-quality growth strategy, benefiting from AI-exposed hardware leaders and anticip...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Despite Q4 underperformance driven by sharp style headwinds, the fund remains committed to its high-quality growth strategy, benefiting from AI-exposed hardware leaders and anticip...
Forward Guidance
Forward guidance signal: Despite Q4 underperformance driven by sharp style headwinds, the fund remains committed to its high-quality growth strategy, benefiting from AI-exposed hardware leaders and anticip...
Language Signal
Tone analysis indicates above average conviction language: Despite Q4 underperformance driven by sharp style headwinds, the fund remains committed to its high-quality growth strategy, benefiting from AI-exposed hardware leaders and anticip...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Despite Q4 underperformance driven by sharp style headwinds, the fund remains committed to its high-quality growth strategy, benefiting from AI-exposed hardware leaders and anticip...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Despite Q4 underperformance driven by sharp style headwinds, the fund remains committed to its high-quality growth strategy, benefiting from AI-exposed hardware leaders and anticip...
Time Horizon
Investment time horizon reflects a high conviction orientation. Despite Q4 underperformance driven by sharp style headwinds, the fund remains committed to its high-quality growth strategy, benefiting from AI-exposed hardware leaders and anticip...
Top Conviction Themes
Key Catalysts
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