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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The fund underperformed its benchmark in Q4 2025 but aggressively repositioned by exiting four deteriorating holdings and purchasing four high-quality growth businesses."
In Q4 2025, the Baillie Gifford International Alpha Fund underperformed its benchmark, delivering low-single-digit positive returns. Detractors such as MercadoLibre and Tencent Music countered positive gains from top contributors Samsung Electronics and DSV. The fund actively reallocated capital, introducing four new holdings (Lundin Mining, MediaTek, SalMar, Tokyo Electron) and executing complete sales of four positions with weakened investment cases (Amadeus, B&M, Dassault Systèmes, EXOR). The managers remain optimistic for 2026, relying on robust company fundamentals and diverse structural growth drivers.
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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 its benchmark in Q4 2025 but aggressively repositioned by exiting four deteriorating holdings and purchasing four high-quality growth businesses....
Growth Outlook
Market outlook remains above average conviction: The fund underperformed its benchmark in Q4 2025 but aggressively repositioned by exiting four deteriorating holdings and purchasing four high-quality growth businesses....
Risk Appetite
Risk appetite posture is above average conviction: The fund underperformed its benchmark in Q4 2025 but aggressively repositioned by exiting four deteriorating holdings and purchasing four high-quality growth businesses....
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund underperformed its benchmark in Q4 2025 but aggressively repositioned by exiting four deteriorating holdings and purchasing four high-quality growth businesses....
Forward Guidance
Forward guidance signal: The fund underperformed its benchmark in Q4 2025 but aggressively repositioned by exiting four deteriorating holdings and purchasing four high-quality growth businesses....
Language Signal
Tone analysis indicates above average conviction language: The fund underperformed its benchmark in Q4 2025 but aggressively repositioned by exiting four deteriorating holdings and purchasing four high-quality growth businesses....
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The fund underperformed its benchmark in Q4 2025 but aggressively repositioned by exiting four deteriorating holdings and purchasing four high-quality growth businesses....
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The fund underperformed its benchmark in Q4 2025 but aggressively repositioned by exiting four deteriorating holdings and purchasing four high-quality growth businesses....
Time Horizon
Investment time horizon reflects a high conviction orientation. The fund underperformed its benchmark in Q4 2025 but aggressively repositioned by exiting four deteriorating holdings and purchasing four high-quality growth businesses....
