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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Baillie Gifford's International All Cap Strategy delivered robust absolute returns despite underperforming its benchmark in Q2 2025. The manager remains constructive on structurally advantaged international equities trading at a clear discount to the US."
In the Q2 2025 update, Investment Manager Joe Faraday reviews the performance of the International All Cap Strategy amidst macro volatility driven by US tariffs and deficit concerns. While the strategy underperformed its index over the quarter, it produced a strong absolute return. Detractors like Bunzl, LVMH, and Sysmex suffered only temporary issues, whereas domestic-focused businesses like Jeronimo Martins and Ryanair, alongside Spotify, performed strongly. Turnover was limited; the fund initiated positions in Alimentation Couche-Tard and Sika, funded by the complete sale of Murata, Burberry, and LY. Faraday remains highly optimistic about international equities, citing attractive relative valuations and structural tailwinds in Europe, Japan, and Emerging Markets.
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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: Baillie Gifford's International All Cap Strategy delivered robust absolute returns despite underperforming its benchmark in Q2 2025. The manager remains constructive on structurall...
Growth Outlook
Market outlook remains above average conviction: Baillie Gifford's International All Cap Strategy delivered robust absolute returns despite underperforming its benchmark in Q2 2025. The manager remains constructive on structurall...
Risk Appetite
Risk appetite posture is above average conviction: Baillie Gifford's International All Cap Strategy delivered robust absolute returns despite underperforming its benchmark in Q2 2025. The manager remains constructive on structurall...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Baillie Gifford's International All Cap Strategy delivered robust absolute returns despite underperforming its benchmark in Q2 2025. The manager remains constructive on structurall...
Forward Guidance
Forward guidance signal: Baillie Gifford's International All Cap Strategy delivered robust absolute returns despite underperforming its benchmark in Q2 2025. The manager remains constructive on structurall...
Language Signal
Tone analysis indicates above average conviction language: Baillie Gifford's International All Cap Strategy delivered robust absolute returns despite underperforming its benchmark in Q2 2025. The manager remains constructive on structurall...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Baillie Gifford's International All Cap Strategy delivered robust absolute returns despite underperforming its benchmark in Q2 2025. The manager remains constructive on structurall...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Baillie Gifford's International All Cap Strategy delivered robust absolute returns despite underperforming its benchmark in Q2 2025. The manager remains constructive on structurall...
Time Horizon
Investment time horizon reflects a high conviction orientation. Baillie Gifford's International All Cap Strategy delivered robust absolute returns despite underperforming its benchmark in Q2 2025. The manager remains constructive on structurall...
