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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Portfolio underperformed despite strong operational progress across holdings, with businesses now trading at lower valuations. MercadoLibre accelerated growth through reinvestment while Spotify expanded margins with AI monetization."
Baillie Gifford's International Concentrated Growth strategy underperformed in Q2 2026 despite continued operational progress across portfolio holdings. MercadoLibre accelerated revenue growth to 49 percent through strategic reinvestment in commerce and financial services, capturing 60 cents of each incremental dollar in Brazilian e-commerce despite near-term margin pressure. Spotify grew operating profits 40 percent while developing AI-powered monetization features that leverage its unique behavioral data advantage. Semiconductor holdings TSMC and ASML benefited from AI-driven capital expenditure, manufacturing 90 percent of advanced chips and providing the only EUV lithography equipment essential for production. The team added three new positions: SK Hynix for high-bandwidth memory leadership, Lonza for biologics manufacturing exposure, and CATL for battery technology. These were funded by trimming strong performers TSMC, ASML, Delivery Hero, and Kering, while BioNTech was sold due to governance concerns. The team maintains conviction that exceptional businesses with structural opportunities, competitive moats, and adaptable leadership will compound value over time, viewing current lower valuations combined with operating progress as attractive for long-term returns.
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