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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Baillie Gifford -International Growth. This analysis is provided for institutional research purposes only and is not investment advice.
"The fund experienced short-term underperformance in Q4 due to temporary pullbacks in high-performing growth stocks, but capitalizes on AI growth by initiating a major position in HBM leader SK Hynix."
During Q4 2025, the Baillie Gifford International Growth Fund declined by -2.43% (K Class), underperforming the MSCI ACWI ex US Index, which rose 5.11%. The underperformance was largely driven by near-term margin adjustments in core holdings Spotify and Sea Limited, as well as a post-Capital Markets Day selloff in Ferrari. Despite this short-term pressure, the underlying operational progress of key holdings remains robust. The fund initiated a notable position in South Korean memory manufacturer SK Hynix to capture the structural demand for HBM in AI architecture, funded by trimmings in Advantest and Ferrari. No complete positions were liquidated during the quarter.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The fund experienced short-term underperformance in Q4 due to temporary pullbacks in high-performing growth stocks, but capitalizes on AI growth by initiating a major position in H...
Growth Outlook
Market outlook remains above average conviction: The fund experienced short-term underperformance in Q4 due to temporary pullbacks in high-performing growth stocks, but capitalizes on AI growth by initiating a major position in H...
Risk Appetite
Risk appetite posture is above average conviction: The fund experienced short-term underperformance in Q4 due to temporary pullbacks in high-performing growth stocks, but capitalizes on AI growth by initiating a major position in H...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund experienced short-term underperformance in Q4 due to temporary pullbacks in high-performing growth stocks, but capitalizes on AI growth by initiating a major position in H...
Forward Guidance
Forward guidance signal: The fund experienced short-term underperformance in Q4 due to temporary pullbacks in high-performing growth stocks, but capitalizes on AI growth by initiating a major position in H...
Language Signal
Tone analysis indicates above average conviction language: The fund experienced short-term underperformance in Q4 due to temporary pullbacks in high-performing growth stocks, but capitalizes on AI growth by initiating a major position in H...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The fund experienced short-term underperformance in Q4 due to temporary pullbacks in high-performing growth stocks, but capitalizes on AI growth by initiating a major position in H...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The fund experienced short-term underperformance in Q4 due to temporary pullbacks in high-performing growth stocks, but capitalizes on AI growth by initiating a major position in H...
Time Horizon
Investment time horizon reflects a high conviction orientation. The fund experienced short-term underperformance in Q4 due to temporary pullbacks in high-performing growth stocks, but capitalizes on AI growth by initiating a major position in H...
