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 International Alpha Fund delivered a net return of 1.02% for the Institutional Class (1.03% net for K Class), outperforming the MSCI ACWI ex US Index return of 0.57%. Year-to-date, the fund has returned 8.99% net of fees compared to 14.66% for the benchmark. Portfolio beta declined to approximately 1.0 from its 2023 high of 1.2, reflecting deliberate decisions to avoid speculative, high-beta hardware names and emphasize resilient businesses with balanced cyclical sensitivity, while cash allocation stood at 1.22%. Global financial markets were shaped by a dual macro regime consisting of an acute reassessment of the artificial intelligence capital expenditure cycle alongside renewed inflation concerns. Brent crude breached $100 per barrel following heightened geopolitical conflict between the United States and Iran, prompting interest rate hikes by both the Federal Reserve and the Bank of Japan. This dynamic triggered capital rotation from volatile high-multiple technology equities into lower-duration value areas, including diversified financials, commercial exchanges, and neglected enterprise software franchises. Portfolio activity centered on deploying capital into mispriced compounders, establishing new long positions in HVAC distributor Beijer Ref and Indian private lender ICICI Bank, as well as participating in the Bending Spoons initial public offering. Management capitalized on indiscriminate software weakness to add to core holdings SAP and Constellation Software, while systematically trimming outperforming semiconductor leaders TSMC, ASML, and Samsung. Complete liquidations were executed where operational progress or corporate governance faltered, including BioNTech, HDFC Bank, Nihon M&A, and Kweichow Moutai.
Deliver strong long-term returns by actively selecting exceptional, mispriced growth businesses and quality compounders capable of expanding earnings through diverse macroeconomic and geopolitical regimes.
The managers expect market leadership to broaden as investors increasingly reward fundamental operational delivery over speculative momentum, positioning the portfolio's historically undervalued compounders for sustained outperformance.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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