Baillie Gifford - International Alpha

Investor Summary

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.

Fund Strategy

The Baillie Gifford International Alpha Fund employs a distinctly long-term investment philosophy, seeking to outperform the MSCI ACWI ex-US benchmark by 2-3% per annum over rolling five-year periods. The strategy focuses on capital appreciation through a concentrated portfolio of 60-90 international growth companies with exceptional long-term prospects. Portfolio managers employ a bottom-up approach to stock selection, seeking companies without being constrained by benchmark weightings. The fund aims to hold securities for long periods, typically at least 5 years, resulting in relatively low portfolio turnover of 16-20% annually. The investment approach combines local knowledge from regional teams with senior investor experience, emphasizing company research and long-term industry outlooks rather than short-term market movements.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
8.5%	-	8.2%

Executive Summary

Baillie Gifford's International Alpha strategy delivered strong operational performance in Q2 2026, with 40 percent of holdings seeing upward earnings revisions and two-thirds expected to deliver double-digit earnings growth over three years. The portfolio kept pace with rising markets despite unusual concentration in AI-related sectors. Core semiconductor holdings Samsung and TSMC continued exceptional profit growth driven by high-bandwidth memory and leading-edge compute demand, prompting the manager to take profits and diversify into less obvious AI beneficiaries including Wärtsilä for datacenter power infrastructure. New positions in MTU Aero Engines and Argenx add uncorrelated growth exposure at attractive valuations. The manager added to software names like Scout 24 that sold off on unfounded AI disruption concerns. Energy holdings Petrobras and TotalEnergies detracted as oil prices normalized, though resource security and electrification remain important long-term themes. China exposure faced headwinds from subdued consumer activity, but Tencent's AI compute leadership and resilient core business support continued conviction. With portfolio valuation premium at a 15-year low and broad-based operational strength, the manager expresses confidence in delivering outperformance despite recent challenges.

Core Thesis

The International Alpha strategy is positioned to capture the AI technological revolution through a diversified approach that balances concentrated semiconductor winners with broader AI enablers across the supply chain, while maintaining exposure to uncorrelated growth drivers in software, luxury, aerospace, and other sectors trading at attractive valuations with strong operational fundamentals.

Forward Outlook

The manager expresses confidence that the portfolio is on track to deliver expected outcomes despite recent underperformance. With valuation risk greatly reduced, outstanding operational delivery from underlying holdings, and more balanced positioning without compromising ambition, the portfolio is viewed as more resilient than the benchmark and positioned to outperform. The breadth of fundamental progress across holdings underpins optimism, though the manager acknowledges it will take time to meet performance objectives.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 27 2026	2026 Q2	005930 KS, 0700.HK, 2454.TW, 6098.T, 9984.T, ARGX, CFR SW, DSV.CO, EXPN.L, G24.DE, MTX.DE, PBR, TSM, TTE, WARTSILA.HE	AI, Asia, Energy Transition, growth, semiconductors, software, technology	005930.KS TSM 2454.TW 9984.T WARTSILA.HE MTX.DE ARGX G24.DE	International Alpha is capitalizing on the AI revolution through diversified semiconductor exposure while adding uncorrelated growth drivers at attractive valuations. Samsung and TSMC profits surged on memory and chip demand, prompting profit-taking to fund positions in overlooked AI enablers like Wärtsilä and undervalued software names. Despite China headwinds and energy volatility, broad operational strength across 40 percent of holdings and 15-year low valuations support conviction in outperformance ahead.
Apr 18 2026	2026 Q1	005930 KS, 0700.HK, 1299 HK, 2454.TW, 2899.HK, 300750.SZ, 8316.T, 9984.T, ADYEN.AS, ASML, B3SA3.SA, DB1.DE, DSV.CO, EXPN.L, LUN.TO, MELI, PBR, RIO, RYA.L, SAP, SHOP.TO, TSM, TTE	AI, banks, Copper, energy, growth, international, semiconductors, volatility	-	Baillie Gifford positions their International Alpha Fund as better than ever despite recent underperformance, with the lowest valuation premium since 2010. They've actively adapted to structural shifts by adding exposure to copper miners, energy companies, and AI enablers while exiting software names facing disruption. The fund benefits from faster growth, attractive valuations, and enhanced resilience heading into a complex global environment.
Jan 15 2026	2025 Q4	000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL	E-Commerce, growth, international, Quality, semiconductors, technology, value	TME 005930 KS DSV LUN CN 8035 JP SALM NO 2454 TT	Baillie Gifford International Alpha underperformed in Q4 despite positive returns, with semiconductor plays Samsung and Tokyo Electron driving gains while Latin American e-commerce platform MercadoLibre faced competitive pressures. The team added quality names in copper mining, salmon farming, and chip design while exiting weaker conviction positions, positioning for improved fundamentals-driven performance in 2026.
Oct 20 2025	2025 Q3	005930.KS, 0700.HK, 6954.T, B3SA3.SA, DB1.DE, DSV.CO, RELIANCE.NS, SEBA.ST, TSLA, U11.SI	AI, Asia, Europe, Exchanges, growth, international, semiconductors, technology	SEB UOB B3 SA SEB UOB	Baillie Gifford's International Alpha Fund lagged benchmarks despite strong AI-driven performance from Tencent and Samsung Electronics. The fund strategically added exchange operator B3 and quality banks SEB and UOB while exiting underperforming positions. Management remains confident in long-term fundamentals despite near-term headwinds from European stock selection and macro uncertainty affecting freight and industrial names.
Jul 11 2025	2025 Q2	-	-	-
Apr 18 2025	2025 Q1	NVO, UL	China, Europe, growth, international, Quality, technology, valuation	NVO	International equities broke their 13-year underperformance streak in Q1 2025, led by Europe's fiscal stimulus and China's regulatory improvements. The manager opportunistically bought Novo Nordisk after its 50% decline, capitalizing on the GLP-1 obesity opportunity. Portfolio diversification across growth flavors provides resilience for expected continued market volatility ahead.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 27 2026

2026 Q2

005930 KS, 0700.HK, 2454.TW, 6098.T, 9984.T, ARGX, CFR SW, DSV.CO, EXPN.L, G24.DE, MTX.DE, PBR, TSM, TTE, WARTSILA.HE

AI, Asia, Energy Transition, growth, semiconductors, software, technology

005930.KS
TSM
2454.TW
9984.T
WARTSILA.HE
MTX.DE
ARGX
G24.DE

International Alpha is capitalizing on the AI revolution through diversified semiconductor exposure while adding uncorrelated growth drivers at attractive valuations. Samsung and TSMC profits surged on memory and chip demand, prompting profit-taking to fund positions in overlooked AI enablers like Wärtsilä and undervalued software names. Despite China headwinds and energy volatility, broad operational strength across 40 percent of holdings and 15-year low valuations support conviction in outperformance ahead.

Apr 18 2026

2026 Q1

005930 KS, 0700.HK, 1299 HK, 2454.TW, 2899.HK, 300750.SZ, 8316.T, 9984.T, ADYEN.AS, ASML, B3SA3.SA, DB1.DE, DSV.CO, EXPN.L, LUN.TO, MELI, PBR, RIO, RYA.L, SAP, SHOP.TO, TSM, TTE

AI, banks, Copper, energy, growth, international, semiconductors, volatility

Baillie Gifford positions their International Alpha Fund as better than ever despite recent underperformance, with the lowest valuation premium since 2010. They've actively adapted to structural shifts by adding exposure to copper miners, energy companies, and AI enablers while exiting software names facing disruption. The fund benefits from faster growth, attractive valuations, and enhanced resilience heading into a complex global environment.

Jan 15 2026

2025 Q4

000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL

E-Commerce, growth, international, Quality, semiconductors, technology, value

TME
005930 KS
DSV
LUN CN
8035 JP
SALM NO
2454 TT

Baillie Gifford International Alpha underperformed in Q4 despite positive returns, with semiconductor plays Samsung and Tokyo Electron driving gains while Latin American e-commerce platform MercadoLibre faced competitive pressures. The team added quality names in copper mining, salmon farming, and chip design while exiting weaker conviction positions, positioning for improved fundamentals-driven performance in 2026.

Oct 20 2025

2025 Q3

005930.KS, 0700.HK, 6954.T, B3SA3.SA, DB1.DE, DSV.CO, RELIANCE.NS, SEBA.ST, TSLA, U11.SI

AI, Asia, Europe, Exchanges, growth, international, semiconductors, technology

SEB
UOB
B3 SA
SEB
UOB

Baillie Gifford's International Alpha Fund lagged benchmarks despite strong AI-driven performance from Tencent and Samsung Electronics. The fund strategically added exchange operator B3 and quality banks SEB and UOB while exiting underperforming positions. Management remains confident in long-term fundamentals despite near-term headwinds from European stock selection and macro uncertainty affecting freight and industrial names.

Jul 11 2025

2025 Q2

Apr 18 2025

2025 Q1

NVO, UL

China, Europe, growth, international, Quality, technology, valuation

NVO

International equities broke their 13-year underperformance streak in Q1 2025, led by Europe's fiscal stimulus and China's regulatory improvements. The manager opportunistically bought Novo Nordisk after its 50% decline, capitalizing on the GLP-1 obesity opportunity. Portfolio diversification across growth flavors provides resilience for expected continued market volatility ahead.

QUARTER	THEMES	TAGS
2026 Q2	AI AI infrastructure demand is driving record profits across semiconductor holdings including Samsung and TSMC. The manager is actively diversifying AI exposure beyond obvious beneficiaries to include less recognized players across the supply chain such as Wärtsilä for datacenter power. Portfolio positioning balances concentrated AI winners with broader AI enablers to capture the technological revolution while managing concentration risk.	Semiconductors Data Centers Cloud GPUs Memory
	Semiconductor Cycle High-bandwidth memory and high-performance chips for leading-edge compute show exceptional visibility with Samsung profits rising more than seven times year-on-year and TSMC delivering outstanding revenue growth and margin expansion. The manager expects the current trajectory of profit growth to continue for the foreseeable future and has taken some profits to fund diversification.	Memory Foundries Semi Equipment Chip Designers
	Energy Transition Resource security, electrification, and physical bottlenecks are viewed as important long-term themes despite anticipated volatility from geopolitics. Wärtsilä was added as a beneficiary sitting at the intersection of marine decarbonization, flexible power, LNG, grid bottlenecks, renewables, and datacenter demand for efficient and reliable power.	Grid Upgrade LNG Renewables Data Centers
	China China exposure detracted during the quarter due to subdued consumer activity. The manager remains alert to risks but confident in holding quality, particularly Tencent which is leading the Chinese nascent AI compute ecosystem and offers significant upside to its resilient cash-generative core business spanning advertising, gaming, social media, and fintech.	Tencent Gaming Social Media Advertising
	Software The manager is adding to software names that sold off on AI disruption concerns believed to be unfounded. Scout 24 has seen very little traffic disruption from large language models while its own AI tools are improving engagement and value, with earnings per share growing 20 percent driven by growing agent subscriptions, new customers, and pricing.	SaaS Enterprise Software Vertical Software
	Luxury Swiss luxury business Richemont continues to show the durability of its jewelry maisons against a challenging macro backdrop, demonstrating resilience in the portfolio beyond AI-related holdings.	Jewelry Apparel
2026 Q1	AI AI is described as the most consequential technological shift of a generation, driving energy demand and creating opportunities across the value chain. The fund maintains exposure to critical AI enablers while adding broader exposure through companies like MediaTek and SoftBank. AI is also compressing software development costs and automating knowledge work, creating both threats and opportunities for software companies.	Semiconductors Software Energy Automation Infrastructure
	Energy Transition The fund is building exposure to global energy supply chains from production to transmission via electrification. Holdings include CATL for battery leadership, Petrobras for growing oil production, and companies positioned for multi-decade electricity transmission infrastructure upgrades. Energy security has become a structural feature of a deglobalizing world.	Batteries Oil Infrastructure Electrification Security
	Copper A structural copper deficit is projected to persist for the better part of a decade, with hundreds of new mines needed to meet demand from grid upgrades, reshored facilities, and new infrastructure projects. The fund has added dedicated copper exposure through Lundin Mining and Zijin Mining, both selected for idiosyncratic characteristics on top of the structural tailwind.	Mining Infrastructure Supply Deficit Demand
	Onshoring Globalization is reversing as every country pursues energy independence, semiconductor self-sufficiency, and domestic manufacturing capacity. This creates enormous capital-intensive demand for physical inputs and sustained tailwinds for suppliers of capital. Every duplication of supply chains and reshoring decision represents friction and costs.	Manufacturing Infrastructure Capital Supply Chains Independence
	Capital Markets When risk premiums rise, capital becomes scarcer, and businesses that provide and allocate capital earn structurally higher returns. The fund has added exposure across banking franchises and financial market infrastructure. Stock exchange operators like Deutsche Börse and B3 benefit from elevated trading activity and volatility.	Banks Exchanges Risk Returns Infrastructure
2025 Q4	Semiconductors Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position given its strong competitive position in semiconductor equipment.	Memory AI Chips Equipment HBM DRAM
	AI Samsung's qualification for Nvidia's HBM3E chips represents a key milestone in AI infrastructure. MediaTek offers significant AI growth potential through its partnership with Google to design custom AI chips, with management forecasting one billion dollars in revenue next year growing to several billion by 2027.	Infrastructure Custom Chips Memory Growth
	E-commerce MercadoLibre faced share price volatility reflecting concerns over short-term margin pressure despite strong revenue growth. The market focused on costs of defending market share in Brazil amid intense competition and some deterioration in consumer credit quality.	Latin America Competition Margins Credit
	Logistics DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years.	Freight Acquisition Synergies Integration
	Copper Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The current valuation does not account for company quality and improving demand-supply balance in copper.	Mining Supply Demand Valuation
2025 Q3	AI Artificial Intelligence remained a dominant theme with several perceived beneficiaries rallying. Tencent is emerging as a clear beneficiary of AI, deploying it for more efficient game production and more effective targeted advertising. Samsung Electronics benefited from AI-related demand, particularly in advanced High Bandwidth Memory chips.	Gaming Advertising Memory Semiconductors Technology
	Semiconductor Cycle Samsung Electronics benefited from a tightening memory cycle with Dynamic Random Access Memory pricing being supportive. The company made operational progress in advanced High Bandwidth Memory chips, demonstrating competitiveness in this area and marking it as a key beneficiary of growing semiconductor intensity.	Memory DRAM HBM Technology Cyclical
	Capital Markets The fund made investments in exchange operators including B3, Brazil's stock and derivatives exchange, which enjoys a near-monopoly position and long growth runway driven by development of Brazilian capital markets. Deutsche Börse was noted as having diverse revenue streams spanning data, indices, and post-trade services.	Exchanges Trading Brazil Germany Infrastructure
2025 Q1	GLP1 Novo Nordisk represents a major growth opportunity through their GLP-1 drugs, particularly semaglutide marketed as Ozempic for diabetes and Wegovy for obesity. The obesity treatment market presents massive global growth potential over the next 10 years, especially in the US market.	Obesity Diabetes Semaglutide Pharmaceuticals Healthcare
	Defense Spending European defense sentiment is rising significantly, with defense stocks performing very strongly during the quarter. This reflects broader European Union realization that increased spending is needed across defense and infrastructure areas.	Defense Europe Infrastructure Government Spending
	Infrastructure Spending Europe is experiencing renewed excitement about fiscal stimulus, including Germany's 500 billion euro infrastructure fund. There is broader European Union recognition that more spending needs to happen across infrastructure and defense areas.	Fiscal Stimulus Europe Government Spending Infrastructure

QUARTER

THEMES

AI

AI infrastructure demand is driving record profits across semiconductor holdings including Samsung and TSMC. The manager is actively diversifying AI exposure beyond obvious beneficiaries to include less recognized players across the supply chain such as Wärtsilä for datacenter power. Portfolio positioning balances concentrated AI winners with broader AI enablers to capture the technological revolution while managing concentration risk.

Semiconductors Data Centers Cloud GPUs Memory

Semiconductor Cycle

High-bandwidth memory and high-performance chips for leading-edge compute show exceptional visibility with Samsung profits rising more than seven times year-on-year and TSMC delivering outstanding revenue growth and margin expansion. The manager expects the current trajectory of profit growth to continue for the foreseeable future and has taken some profits to fund diversification.

Memory Foundries Semi Equipment Chip Designers

Energy Transition

Resource security, electrification, and physical bottlenecks are viewed as important long-term themes despite anticipated volatility from geopolitics. Wärtsilä was added as a beneficiary sitting at the intersection of marine decarbonization, flexible power, LNG, grid bottlenecks, renewables, and datacenter demand for efficient and reliable power.

Grid Upgrade LNG Renewables Data Centers

China

China exposure detracted during the quarter due to subdued consumer activity. The manager remains alert to risks but confident in holding quality, particularly Tencent which is leading the Chinese nascent AI compute ecosystem and offers significant upside to its resilient cash-generative core business spanning advertising, gaming, social media, and fintech.

Tencent Gaming Social Media Advertising

Software

The manager is adding to software names that sold off on AI disruption concerns believed to be unfounded. Scout 24 has seen very little traffic disruption from large language models while its own AI tools are improving engagement and value, with earnings per share growing 20 percent driven by growing agent subscriptions, new customers, and pricing.

SaaS Enterprise Software Vertical Software

Luxury

Swiss luxury business Richemont continues to show the durability of its jewelry maisons against a challenging macro backdrop, demonstrating resilience in the portfolio beyond AI-related holdings.

Jewelry Apparel

2026 Q1

AI

AI is described as the most consequential technological shift of a generation, driving energy demand and creating opportunities across the value chain. The fund maintains exposure to critical AI enablers while adding broader exposure through companies like MediaTek and SoftBank. AI is also compressing software development costs and automating knowledge work, creating both threats and opportunities for software companies.

Semiconductors Software Energy Automation Infrastructure

Energy Transition

The fund is building exposure to global energy supply chains from production to transmission via electrification. Holdings include CATL for battery leadership, Petrobras for growing oil production, and companies positioned for multi-decade electricity transmission infrastructure upgrades. Energy security has become a structural feature of a deglobalizing world.

Batteries Oil Infrastructure Electrification Security

Copper

A structural copper deficit is projected to persist for the better part of a decade, with hundreds of new mines needed to meet demand from grid upgrades, reshored facilities, and new infrastructure projects. The fund has added dedicated copper exposure through Lundin Mining and Zijin Mining, both selected for idiosyncratic characteristics on top of the structural tailwind.

Mining Infrastructure Supply Deficit Demand

Onshoring

Globalization is reversing as every country pursues energy independence, semiconductor self-sufficiency, and domestic manufacturing capacity. This creates enormous capital-intensive demand for physical inputs and sustained tailwinds for suppliers of capital. Every duplication of supply chains and reshoring decision represents friction and costs.

Manufacturing Infrastructure Capital Supply Chains Independence

Capital Markets

When risk premiums rise, capital becomes scarcer, and businesses that provide and allocate capital earn structurally higher returns. The fund has added exposure across banking franchises and financial market infrastructure. Stock exchange operators like Deutsche Börse and B3 benefit from elevated trading activity and volatility.

Banks Exchanges Risk Returns Infrastructure

2025 Q4

Semiconductors

Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position given its strong competitive position in semiconductor equipment.

Memory AI Chips Equipment HBM DRAM

AI

Samsung's qualification for Nvidia's HBM3E chips represents a key milestone in AI infrastructure. MediaTek offers significant AI growth potential through its partnership with Google to design custom AI chips, with management forecasting one billion dollars in revenue next year growing to several billion by 2027.

Infrastructure Custom Chips Memory Growth

E-commerce

MercadoLibre faced share price volatility reflecting concerns over short-term margin pressure despite strong revenue growth. The market focused on costs of defending market share in Brazil amid intense competition and some deterioration in consumer credit quality.

Latin America Competition Margins Credit

Logistics

DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years.

Freight Acquisition Synergies Integration

Copper

Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The current valuation does not account for company quality and improving demand-supply balance in copper.

Mining Supply Demand Valuation

2025 Q3

AI

Artificial Intelligence remained a dominant theme with several perceived beneficiaries rallying. Tencent is emerging as a clear beneficiary of AI, deploying it for more efficient game production and more effective targeted advertising. Samsung Electronics benefited from AI-related demand, particularly in advanced High Bandwidth Memory chips.

Gaming Advertising Memory Semiconductors Technology

Semiconductor Cycle

Samsung Electronics benefited from a tightening memory cycle with Dynamic Random Access Memory pricing being supportive. The company made operational progress in advanced High Bandwidth Memory chips, demonstrating competitiveness in this area and marking it as a key beneficiary of growing semiconductor intensity.

Memory DRAM HBM Technology Cyclical

Capital Markets

The fund made investments in exchange operators including B3, Brazil's stock and derivatives exchange, which enjoys a near-monopoly position and long growth runway driven by development of Brazilian capital markets. Deutsche Börse was noted as having diverse revenue streams spanning data, indices, and post-trade services.

Exchanges Trading Brazil Germany Infrastructure

2025 Q1

GLP1

Novo Nordisk represents a major growth opportunity through their GLP-1 drugs, particularly semaglutide marketed as Ozempic for diabetes and Wegovy for obesity. The obesity treatment market presents massive global growth potential over the next 10 years, especially in the US market.

Obesity Diabetes Semaglutide Pharmaceuticals Healthcare

Defense Spending

European defense sentiment is rising significantly, with defense stocks performing very strongly during the quarter. This reflects broader European Union realization that increased spending is needed across defense and infrastructure areas.

Defense Europe Infrastructure Government Spending

Infrastructure Spending

Europe is experiencing renewed excitement about fiscal stimulus, including Germany's 500 billion euro infrastructure fund. There is broader European Union recognition that more spending needs to happen across infrastructure and defense areas.

Fiscal Stimulus Europe Government Spending Infrastructure

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 27, 2026	Fund Letters	Baillie Gifford - International Alpha	005930.KS	Samsung Electronics	Consumer Electronics	Semiconductors	Bull	Korea Exchange	AI infrastructure, HBM, High-Bandwidth Memory, Leading-Edge Compute, memory chips, profit growth, semiconductors, South Korea	Login
Jul 27, 2026	Fund Letters	Baillie Gifford - International Alpha	TSM	Taiwan Semiconductor Manufacturing Company	Semiconductors	Semiconductors	Bull	New York Stock Exchange	AI infrastructure, High-Performance Chips, Leading-Edge Compute, margin expansion, Revenue Growth, semiconductor foundry, Taiwan	Login
Jul 27, 2026	Fund Letters	Baillie Gifford - International Alpha	2454.TW	MediaTek	Semiconductors	Semiconductors	Bull	Taiwan Stock Exchange	AI chips, Application-Specific Integrated Circuits, ASICs, Chip Designer, large language models, Llms, Taiwan, transformation, turnaround	Login
Jul 27, 2026	Fund Letters	Baillie Gifford - International Alpha	9984.T	SoftBank Group	Telecom Services	Wireless Telecommunication Services	Bull	Japan Exchange Group (Tokyo Stock Exchange)	AI Assets, Arm Holdings, holding company, Japan, OpenAI, Physical AI Infrastructure, Record Profits, technology conglomerate	Login
Jul 27, 2026	Fund Letters	Baillie Gifford - International Alpha	WARTSILA.HE	Wärtsilä	Other	Industrial Machinery	Bull	Nasdaq Helsinki (Helsinki Stock Exchange)	AI infrastructure, Datacenter Power, Finland, Flexible Power, Grid Infrastructure, LNG, Marine Decarbonization, Multi-Fuel Engines, renewables	Login
Jul 27, 2026	Fund Letters	Baillie Gifford - International Alpha	MTX.DE	MTU Aero Engines	Aerospace & Defense	Aerospace & Defense	Bull	Frankfurt Stock Exchange (Deutsche Börse)	Aerospace, aftermarket services, Defensive growth, fleet growth, Germany, Maintenance Repair Overhaul, MRO, recurring revenue	Login
Jul 27, 2026	Fund Letters	Baillie Gifford - International Alpha	ARGX	Argenx	Biotechnology	Biotechnology	Bull	NASDAQ	Antibody Therapies, Belgium, Best-in-Class Drugs, biotechnology, Pipeline Derisking, rapid growth, Rare Autoimmune Diseases	Login
Jul 27, 2026	Fund Letters	Baillie Gifford - International Alpha	G24.DE	Scout24	Internet Content & Information	Interactive Media & Services	Bull	Frankfurt Stock Exchange (Deutsche Börse)	AI tools, Digital Marketplace, EPS growth, Germany, Pricing power, Real Estate Platform, Software, subscription model	Login
Jan 15, 2026	Fund Letters	Chris Davies	TME	Tencent Music Entertainment Group	Communication Services	Interactive Media & Services	Bull	New York Stock Exchange	China Internet, Content Monetization, Scalability, Streaming, Subscriptions	Login
Jan 15, 2026	Fund Letters	Chris Davies	005930 KS	Samsung Electronics Co., Ltd.	Information Technology	Semiconductors	Bull	New York Stock Exchange	Ai Memory, Cyclical Recovery, HBM, Pricing power, semiconductors	Login
Jan 15, 2026	Fund Letters	Chris Davies	DSV	DSV A/S	Industrials	Air Freight & Logistics	Bull	New York Stock Exchange	Freight Forwarding, Global trade, Logistics, margin expansion, synergies	Login
Jan 15, 2026	Fund Letters	Chris Davies	LUN CN	Lundin Mining Corporation	Materials	Copper	Bull	New York Stock Exchange	Copper, energy transition, Free Cash Flow, Mining, supply constraints	Login
Jan 15, 2026	Fund Letters	Chris Davies	8035 JP	Tokyo Electron Limited	Information Technology	Semiconductor Equipment	Bull	New York Stock Exchange	capital expenditure, Process Complexity, R&D, semiconductor equipment, Technology Cycles	Login
Jan 15, 2026	Fund Letters	Chris Davies	SALM NO	SalMar ASA	Consumer Staples	Agricultural Products	Bull	Oslo Børs	Aquaculture, consolidation, Margins, Pricing power, Protein Demand	Login
Jan 15, 2026	Fund Letters	Chris Davies	2454 TT	MediaTek Inc.	Information Technology	Semiconductors	Bull	New York Stock Exchange	AI chips, cash generation, Fabless Semiconductors, Platform Diversification, Smartphones	Login
Oct 20, 2025	Fund Letters	Chris Davies	SEB	Aktiebolaget Skandinaviska Enskilda Banken	Industrials	Banks	Bull	NYSE	banking, Lending, Nordics, profitability, stability, valuation	Login
Oct 20, 2025	Fund Letters	Chris Davies	UOB	United Overseas Bank	Financials	Banks	Bull	NYSE	banking, Governance, Regional, stability, valuation	Login
Oct 20, 2025	Fund Letters	Chris Davies	B3 SA	B3SA3 BZ	Financials	Financial Data & Stock Exchanges	Bull	Brasil Bolsa Balcão	Brazil, Exchange, Financial markets, growth, Interest rates, Monopoly	Login
Oct 20, 2025	Fund Letters	Chris Davies	SEB	Aktiebolaget Skandinaviska Enskilda Banken	Industrials	Banks	Bull	NYSE	banking, Lending, Nordics, profitability, stability, valuation	Login
Oct 20, 2025	Fund Letters	Chris Davies	UOB	United Overseas Bank	Financials	Banks	Bull	NYSE	banking, Governance, Regional, stability, valuation	Login
Apr 1, 2025	Fund Letters	Baillie Gifford - International Alpha	NVO	Novo Nordisk A/S	Health Care	Pharmaceuticals	Bull	NASDAQ	Biotech, Diabetes, Europe, GLP-1, growth, healthcare, Obesity, pharmaceuticals, semaglutide, Value	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 27, 2026

Fund Letters

Baillie Gifford - International Alpha

005930.KS

Samsung Electronics

Consumer Electronics

Semiconductors

Bull

Korea Exchange

AI infrastructure, HBM, High-Bandwidth Memory, Leading-Edge Compute, memory chips, profit growth, semiconductors, South Korea

Jul 27, 2026

Fund Letters

Baillie Gifford - International Alpha

TSM

Taiwan Semiconductor Manufacturing Company

Semiconductors

Bull

New York Stock Exchange

AI infrastructure, High-Performance Chips, Leading-Edge Compute, margin expansion, Revenue Growth, semiconductor foundry, Taiwan

Jul 27, 2026

Fund Letters

Baillie Gifford - International Alpha

2454.TW

MediaTek

Semiconductors

Bull

Taiwan Stock Exchange

AI chips, Application-Specific Integrated Circuits, ASICs, Chip Designer, large language models, Llms, Taiwan, transformation, turnaround

Jul 27, 2026

Fund Letters

Baillie Gifford - International Alpha

9984.T

SoftBank Group

Telecom Services

Wireless Telecommunication Services

Bull

Japan Exchange Group (Tokyo Stock Exchange)

AI Assets, Arm Holdings, holding company, Japan, OpenAI, Physical AI Infrastructure, Record Profits, technology conglomerate

Jul 27, 2026

Fund Letters

Baillie Gifford - International Alpha

WARTSILA.HE

Wärtsilä

Other

Industrial Machinery

Bull

Nasdaq Helsinki (Helsinki Stock Exchange)

AI infrastructure, Datacenter Power, Finland, Flexible Power, Grid Infrastructure, LNG, Marine Decarbonization, Multi-Fuel Engines, renewables

Jul 27, 2026

Fund Letters

Baillie Gifford - International Alpha

MTX.DE

MTU Aero Engines

Aerospace & Defense

Bull

Frankfurt Stock Exchange (Deutsche Börse)

Aerospace, aftermarket services, Defensive growth, fleet growth, Germany, Maintenance Repair Overhaul, MRO, recurring revenue

Jul 27, 2026

Fund Letters

Baillie Gifford - International Alpha

ARGX

Argenx

Biotechnology

Bull

NASDAQ

Antibody Therapies, Belgium, Best-in-Class Drugs, biotechnology, Pipeline Derisking, rapid growth, Rare Autoimmune Diseases

Jul 27, 2026

Fund Letters

Baillie Gifford - International Alpha

G24.DE

Scout24

Internet Content & Information

Interactive Media & Services

Bull

Frankfurt Stock Exchange (Deutsche Börse)

AI tools, Digital Marketplace, EPS growth, Germany, Pricing power, Real Estate Platform, Software, subscription model

Jan 15, 2026

Fund Letters

Chris Davies

TME

Tencent Music Entertainment Group

Communication Services

Interactive Media & Services

Bull

New York Stock Exchange

China Internet, Content Monetization, Scalability, Streaming, Subscriptions

Jan 15, 2026

Fund Letters

Chris Davies

005930 KS

Samsung Electronics Co., Ltd.

Information Technology

Semiconductors

Bull

New York Stock Exchange

Ai Memory, Cyclical Recovery, HBM, Pricing power, semiconductors

Jan 15, 2026

Fund Letters

Chris Davies

DSV

DSV A/S

Industrials

Air Freight & Logistics

Bull

New York Stock Exchange

Freight Forwarding, Global trade, Logistics, margin expansion, synergies

Jan 15, 2026

Fund Letters

Chris Davies

LUN CN

Lundin Mining Corporation

Materials

Copper

Bull

New York Stock Exchange

Copper, energy transition, Free Cash Flow, Mining, supply constraints

Jan 15, 2026

Fund Letters

Chris Davies

8035 JP

Tokyo Electron Limited

Information Technology

Semiconductor Equipment

Bull

New York Stock Exchange

capital expenditure, Process Complexity, R&D, semiconductor equipment, Technology Cycles

Jan 15, 2026

Fund Letters

Chris Davies

SALM NO

SalMar ASA

Consumer Staples

Agricultural Products

Bull

Oslo Børs

Aquaculture, consolidation, Margins, Pricing power, Protein Demand

Jan 15, 2026

Fund Letters

Chris Davies

2454 TT

MediaTek Inc.

Information Technology

Semiconductors

Bull

New York Stock Exchange

AI chips, cash generation, Fabless Semiconductors, Platform Diversification, Smartphones

Oct 20, 2025

Fund Letters

Chris Davies

SEB

Aktiebolaget Skandinaviska Enskilda Banken

Industrials

Banks

Bull

NYSE

banking, Lending, Nordics, profitability, stability, valuation

Oct 20, 2025

Fund Letters

Chris Davies

UOB

United Overseas Bank

Financials

Banks

Bull

NYSE

banking, Governance, Regional, stability, valuation

Oct 20, 2025

Fund Letters

Chris Davies

B3 SA

B3SA3 BZ

Financials

Financial Data & Stock Exchanges

Bull

Brasil Bolsa Balcão

Brazil, Exchange, Financial markets, growth, Interest rates, Monopoly

Oct 20, 2025

Fund Letters

Chris Davies

SEB

Aktiebolaget Skandinaviska Enskilda Banken

Industrials

Banks

Bull

NYSE

banking, Lending, Nordics, profitability, stability, valuation

Oct 20, 2025

Fund Letters

Chris Davies

UOB

United Overseas Bank

Financials

Banks

Bull

NYSE

banking, Governance, Regional, stability, valuation

Apr 1, 2025

Fund Letters

Baillie Gifford - International Alpha

NVO

Novo Nordisk A/S

Health Care

Pharmaceuticals

Bull

NASDAQ

Biotech, Diabetes, Europe, GLP-1, growth, healthcare, Obesity, pharmaceuticals, semaglutide, Value

TICKER	COMMENTARY
005930.KS	Korean memory specialist Samsung Electronics, which saw profits rise more than seven times year-on-year, was first purchased in 2008. Such is the visibility of underlying demand for high-bandwidth memory (HBM) and high-performance chips for leading-edge compute that we expect the current trajectory of profit growth for Samsung and TSMC to continue for the foreseeable future. In the second quarter, as the market rewarded the companies sitting on the tightest bottlenecks of the AI supply chain, we took some profits from Samsung and TSMC to fund positions in less obvious AI beneficiaries.
TSM	Leading Taiwanese semiconductor chip foundry TSMC, which delivered another outstanding quarter of rapid revenue growth and margin expansion, initially featured in our clients' portfolios in 2011. Such is the visibility of underlying demand for high-bandwidth memory (HBM) and high-performance chips for leading-edge compute that we expect the current trajectory of profit growth for Samsung and TSMC to continue for the foreseeable future. In the second quarter, as the market rewarded the companies sitting on the tightest bottlenecks of the AI supply chain, we took some profits from Samsung and TSMC to fund positions in less obvious AI beneficiaries.
2454.TW	More recent holdings such as Taiwanese chip designer MediaTek and Japanese technology conglomerate SoftBank have made a sizable contribution, too. As we explained last quarter, MediaTek was, until recently, priced as a low-growth smartphone play with potential to transform into a designer of application-specific integrated circuits used for large language models (LLMs). This burgeoning segment of the business has since gained traction, and the shares have inflected sharply upwards. The recent addition of MediaTek and SoftBank, with other AI enablers in semiconductor equipment, was partly motivated by this consideration.
9984.T	More recent holdings such as Taiwanese chip designer MediaTek and Japanese technology conglomerate SoftBank have made a sizable contribution, too. Shortly after we initiated our position in SoftBank, it announced record profits boosted by outstanding operational performance from separately listed chip designer, Arm, and continued upward revisions in OpenAI's private valuation. Together, Arm and OpenAI now account for about two-thirds of SoftBank's value, with additional exposure to a range of physical AI assets which look promising. SoftBank overtook Toyota to become Japan's most valuable company midway through the second quarter. The recent addition of MediaTek and SoftBank, with other AI enablers in semiconductor equipment, was partly motivated by this consideration.
PBR	In terms of detractors from performance, Energy stocks Petrobras and TotalEnergies gave back gains as oil prices normalised during the quarter. We still believe resource security, electrification and physical bottlenecks are important long-term themes, despite the anticipated volatility inherent with the machinations of geopolitics.
TTE	In terms of detractors from performance, Energy stocks Petrobras and TotalEnergies gave back gains as oil prices normalised during the quarter. We still believe resource security, electrification and physical bottlenecks are important long-term themes, despite the anticipated volatility inherent with the machinations of geopolitics.
0700.HK	The portfolio's exposure to China also detracted due to subdued consumer activity there. We remain alert to the risks that investing in China entails, but we remain confident in the quality of the holdings. Tencent in particular is leading the Chinese nascent AI compute ecosystem, which offers significant upside to a business that already has a resilient and cash generative core business spanning advertising, gaming, social media, and fintech.
WARTSILA.HE	One of them is Wärtsilä, a Finnish specialist in highly efficient multi-fuel engines. It sits at the intersection of marine decarbonisation, flexible power, liquefied natural gas (LNG), grid bottlenecks, renewables and datacentre demand. For now, the company's role in the AI infrastructure build-out has gone all but unnoticed, but efficient and reliable power is increasingly becoming a critical requirement for datacentres to function, and Wärtsilä is well placed to benefit.
MTX.DE	This quarter's new buys are a case in point: MTU Aero Engines is a German provider of aircraft engine maintenance, repair and overhaul services, and Argenx is a Belgian specialist in antibody-based drugs for rare autoimmune diseases. MTU Aero Engines gives the portfolio exposure to a high-quality aerospace aftermarket business, where long-duration maintenance demand, fleet growth and recurring service revenues can support attractive compounding. Its shares had been held back by well-understood operational issues, giving us an opportunity to invest at an attractive valuation.
ARGX	This quarter's new buys are a case in point: MTU Aero Engines is a German provider of aircraft engine maintenance, repair and overhaul services, and Argenx is a Belgian specialist in antibody-based drugs for rare autoimmune diseases. We passed on Argenx following a detailed review last year but, since then, the company has denisked its pipeline and the valuation has become more attractive. With extraordinary revenue growth for its best-in-class drugs set to continue, Argenx fits into our 'rapid growth' bucket, which remains an important driver of long-term portfolio returns.
G24.DE	Another way to bolster diversification within the portfolio is to add to our software names, many of which had sold off on concerns surrounding AI disruption that we believe to be unfounded. An example is the German real estate platform Scout 24. It has seen very little traffic disruption from LLMs, while its own AI tools are improving engagement and value for real estate agents. During the most recent quarter, earnings per share (EPS) grew 20 percent, driven by a combination of growing agent subscriptions, new customers and pricing.
CFR.SW	Part of that edge is behavioural, and it requires us to remain focused on fundamentals even when markets are ignoring them. We know that robust operational progress across our clients' holdings will matter more for long-term performance than short-term price moves. By that measure, there is plenty to be happy about beyond AI. Swiss luxury business Richemont, continues to show the durability of its jewellery maisons against a challenging macro backdrop.
EXPN.L	Experian, the credit bureau, has had another record year with strong organic growth and margin expansion.
6098.T	Japanese recruitment and media company Recruit is making excellent progress monetising its online jobseekers platform, helped by AI tools and new premium services.
DSV.CO	Danish freight forwarder DSV, is ahead of schedule in integrating German logistics business DB Schenker, once again demonstrating the value of scale, operational discipline and its long record of successful deal execution.

TICKER

COMMENTARY

005930.KS

Korean memory specialist Samsung Electronics, which saw profits rise more than seven times year-on-year, was first purchased in 2008. Such is the visibility of underlying demand for high-bandwidth memory (HBM) and high-performance chips for leading-edge compute that we expect the current trajectory of profit growth for Samsung and TSMC to continue for the foreseeable future. In the second quarter, as the market rewarded the companies sitting on the tightest bottlenecks of the AI supply chain, we took some profits from Samsung and TSMC to fund positions in less obvious AI beneficiaries.

TSM

Leading Taiwanese semiconductor chip foundry TSMC, which delivered another outstanding quarter of rapid revenue growth and margin expansion, initially featured in our clients' portfolios in 2011. Such is the visibility of underlying demand for high-bandwidth memory (HBM) and high-performance chips for leading-edge compute that we expect the current trajectory of profit growth for Samsung and TSMC to continue for the foreseeable future. In the second quarter, as the market rewarded the companies sitting on the tightest bottlenecks of the AI supply chain, we took some profits from Samsung and TSMC to fund positions in less obvious AI beneficiaries.

2454.TW

More recent holdings such as Taiwanese chip designer MediaTek and Japanese technology conglomerate SoftBank have made a sizable contribution, too. As we explained last quarter, MediaTek was, until recently, priced as a low-growth smartphone play with potential to transform into a designer of application-specific integrated circuits used for large language models (LLMs). This burgeoning segment of the business has since gained traction, and the shares have inflected sharply upwards. The recent addition of MediaTek and SoftBank, with other AI enablers in semiconductor equipment, was partly motivated by this consideration.

9984.T

More recent holdings such as Taiwanese chip designer MediaTek and Japanese technology conglomerate SoftBank have made a sizable contribution, too. Shortly after we initiated our position in SoftBank, it announced record profits boosted by outstanding operational performance from separately listed chip designer, Arm, and continued upward revisions in OpenAI's private valuation. Together, Arm and OpenAI now account for about two-thirds of SoftBank's value, with additional exposure to a range of physical AI assets which look promising. SoftBank overtook Toyota to become Japan's most valuable company midway through the second quarter. The recent addition of MediaTek and SoftBank, with other AI enablers in semiconductor equipment, was partly motivated by this consideration.

PBR

In terms of detractors from performance, Energy stocks Petrobras and TotalEnergies gave back gains as oil prices normalised during the quarter. We still believe resource security, electrification and physical bottlenecks are important long-term themes, despite the anticipated volatility inherent with the machinations of geopolitics.

TTE

0700.HK

The portfolio's exposure to China also detracted due to subdued consumer activity there. We remain alert to the risks that investing in China entails, but we remain confident in the quality of the holdings. Tencent in particular is leading the Chinese nascent AI compute ecosystem, which offers significant upside to a business that already has a resilient and cash generative core business spanning advertising, gaming, social media, and fintech.

WARTSILA.HE

One of them is Wärtsilä, a Finnish specialist in highly efficient multi-fuel engines. It sits at the intersection of marine decarbonisation, flexible power, liquefied natural gas (LNG), grid bottlenecks, renewables and datacentre demand. For now, the company's role in the AI infrastructure build-out has gone all but unnoticed, but efficient and reliable power is increasingly becoming a critical requirement for datacentres to function, and Wärtsilä is well placed to benefit.

MTX.DE

This quarter's new buys are a case in point: MTU Aero Engines is a German provider of aircraft engine maintenance, repair and overhaul services, and Argenx is a Belgian specialist in antibody-based drugs for rare autoimmune diseases. MTU Aero Engines gives the portfolio exposure to a high-quality aerospace aftermarket business, where long-duration maintenance demand, fleet growth and recurring service revenues can support attractive compounding. Its shares had been held back by well-understood operational issues, giving us an opportunity to invest at an attractive valuation.

ARGX

This quarter's new buys are a case in point: MTU Aero Engines is a German provider of aircraft engine maintenance, repair and overhaul services, and Argenx is a Belgian specialist in antibody-based drugs for rare autoimmune diseases. We passed on Argenx following a detailed review last year but, since then, the company has denisked its pipeline and the valuation has become more attractive. With extraordinary revenue growth for its best-in-class drugs set to continue, Argenx fits into our 'rapid growth' bucket, which remains an important driver of long-term portfolio returns.

G24.DE

Another way to bolster diversification within the portfolio is to add to our software names, many of which had sold off on concerns surrounding AI disruption that we believe to be unfounded. An example is the German real estate platform Scout 24. It has seen very little traffic disruption from LLMs, while its own AI tools are improving engagement and value for real estate agents. During the most recent quarter, earnings per share (EPS) grew 20 percent, driven by a combination of growing agent subscriptions, new customers and pricing.

CFR.SW

Part of that edge is behavioural, and it requires us to remain focused on fundamentals even when markets are ignoring them. We know that robust operational progress across our clients' holdings will matter more for long-term performance than short-term price moves. By that measure, there is plenty to be happy about beyond AI. Swiss luxury business Richemont, continues to show the durability of its jewellery maisons against a challenging macro backdrop.

EXPN.L

Experian, the credit bureau, has had another record year with strong organic growth and margin expansion.

6098.T

Japanese recruitment and media company Recruit is making excellent progress monetising its online jobseekers platform, helped by AI tools and new premium services.

DSV.CO

Danish freight forwarder DSV, is ahead of schedule in integrating German logistics business DB Schenker, once again demonstrating the value of scale, operational discipline and its long record of successful deal execution.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Semiconductor Cycle

Energy Transition

China

Software

Luxury

AI

Energy Transition

Copper

Onshoring

Capital Markets

Semiconductors

AI

E-commerce

Logistics

Copper

AI

Semiconductor Cycle

Capital Markets

GLP1

Defense Spending

Infrastructure Spending

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Chris Davies Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On:

Subscribe to receive email notification and updates for:

Baillie Gifford – International Alpha