Baillie Gifford
Baillie Gifford Global Alpha
Global
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 8 investment theses and positions in 25 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year · follow all of Baillie Gifford for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Global Alpha Composite (net)
- YTD+0.5%index +17.2%
- 1Y+0.5%index +17.2%
- 5Y · /yr+2.6%index +12.1%
- 10Y · /yr+10.2%index +12.9%
Index: MSCI ACWI Index
| YTD | 1Y | 5Yper year | 10Yper year | |
|---|---|---|---|---|
| Baillie Gifford Global Alpha | +0.5% | +0.5% | +2.6% | +10.2% |
| MSCI ACWI Index | +17.2% | +17.2% | +12.1% | +12.9% |
Calendar years
- 2025+15.8%index +17.8%
- 2024+30.4%index +32.3%
- 2023+15.5%index +21.4%
- 2022−35.2%index −20.3%
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We have increased positions in DISCO, KOKUSAI, Lasertec and Besi.
We have increased positions in DISCO, KOKUSAI, Lasertec and Besi.
We have increased positions in DISCO, KOKUSAI, Lasertec and Besi.
We have increased positions in DISCO, KOKUSAI, Lasertec and Besi.
And during the quarter, we bought Astera Labs, which helps data move efficiently between processors, memory and switches inside increasingly large AI systems.
We added two such businesses this quarter: the hybrid bonding machine maker Besi and the inspection system maker Lasertec.
We added two such businesses this quarter: the hybrid bonding machine maker Besi and the inspection system maker Lasertec.
We added SK Hynix to the portfolio late in the quarter, but too late for the holding to have much influence on this quarter's returns.
We added Wärtsilä to the portfolio this quarter.
Also held
Its investment theses
- Kokusai ElectricSep 2026Kokusai Electric benefits from increasing chip complexity and more demanding manufacturing processes that raise the value of its equipment.
- BE Semiconductor IndustriesSep 2026BE Semiconductor Industries benefits from the rising complexity of chip manufacturing and the growing need for specialist equipment.
- Astera LabsSep 2026Astera Labs helps data move efficiently inside AI systems, and the manager sees it evolving into an essential partner with enduring competitive advantage.
- Axon EnterpriseJun 2026Axon Enterprise makes TASERs and a public-safety software platform, with the investment case based on trusted data, difficult-to-replicate integration, and durable growth.
- LasertecJun 2026Lasertec makes chip inspection equipment and is valued for its virtual monopoly and hard-to-replicate customisation with major manufacturers.
- CloudflareJun 2026Cloudflare is cited as an example of a network at the cloud edge benefiting from constraints that are driving AI infrastructure innovation.
- BesiJun 2026Besi makes hybrid bonding machines and is viewed as undervalued, with dominant market share and rising demand as chip stacking becomes essential at scale.
- LindeJun 2026Linde is an industrial gas producer that out-earns competitors and compounds through acquisitions and client partnerships in a fragmented industry.