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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The fund underperformed in Q4 2025 as the market punished growth reinvestments, but the managers executed extensive portfolio upgrades, liquidating low-execution holdings to buy high-quality automation and platform leaders."
In Q4 2025, the Baillie Gifford Global Alpha Equities Fund recorded a negative return, underperforming the MSCI ACWI Index due to weakness in companies aggressively reinvesting in future growth (such as Prosus, Sea, and Meta). The portfolio managers utilized this volatility to aggressively upgrade the portfolio's quality and long-term earnings potential. New investments were established in high-quality compounders including Keyence, Samsara, QXO, Auto Trader, Auto1, and Games Workshop. These were funded by completely liquidating positions with disappointing operational execution or weakened investment theses, such as AIA, Olympus, LVMH, Bellway, Builders FirstSource, CyberAgent, Mobileye, Sartorius Stedim, and SMC. The team maintains a highly constructive forward outlook, citing that their growth-oriented portfolio is exceptionally high quality, diverse, and valued near historic lows relative to its benchmark.
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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 underperformed in Q4 2025 as the market punished growth reinvestments, but the managers executed extensive portfolio upgrades, liquidating low-execution holdings to buy hi...
Growth Outlook
Market outlook remains above average conviction: The fund underperformed in Q4 2025 as the market punished growth reinvestments, but the managers executed extensive portfolio upgrades, liquidating low-execution holdings to buy hi...
Risk Appetite
Risk appetite posture is above average conviction: The fund underperformed in Q4 2025 as the market punished growth reinvestments, but the managers executed extensive portfolio upgrades, liquidating low-execution holdings to buy hi...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund underperformed in Q4 2025 as the market punished growth reinvestments, but the managers executed extensive portfolio upgrades, liquidating low-execution holdings to buy hi...
Forward Guidance
Forward guidance signal: The fund underperformed in Q4 2025 as the market punished growth reinvestments, but the managers executed extensive portfolio upgrades, liquidating low-execution holdings to buy hi...
Language Signal
Tone analysis indicates above average conviction language: The fund underperformed in Q4 2025 as the market punished growth reinvestments, but the managers executed extensive portfolio upgrades, liquidating low-execution holdings to buy hi...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The fund underperformed in Q4 2025 as the market punished growth reinvestments, but the managers executed extensive portfolio upgrades, liquidating low-execution holdings to buy hi...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The fund underperformed in Q4 2025 as the market punished growth reinvestments, but the managers executed extensive portfolio upgrades, liquidating low-execution holdings to buy hi...
Time Horizon
Investment time horizon reflects a high conviction orientation. The fund underperformed in Q4 2025 as the market punished growth reinvestments, but the managers executed extensive portfolio upgrades, liquidating low-execution holdings to buy hi...
