Baillie Gifford
Baillie Gifford International Concentrated Growth
International Mega-cap Growth
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 8 investment theses and positions in 14 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 · International Concentrated Growth Composite (net)
- YTD−5.0%index +20.5%
- 1Y−5.0%index +20.5%
- 5Y · /yr−1.4%index +10.1%
- 10Y · /yr+12.6%index +9.8%
Index: MSCI ACWI ex US Index
| YTD | 1Y | 5Yper year | 10Yper year | |
|---|---|---|---|---|
| Baillie Gifford International Concentrated Growth | −5.0% | −5.0% | −1.4% | +12.6% |
| MSCI ACWI ex US Index | +20.5% | +20.5% | +10.1% | +9.8% |
Calendar years
- 2025+18.9%index +17.1%
- 2024+41.2%index +26.0%
- 2023+14.6%index +21.0%
- 2022−48.9%index −24.8%
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
During the quarter, we sold holdings in Delivery Hero and Exail Technologies.
- New positionCATLSep 2026
Alongside these changes, we added two of the more recent additions: Lonza and CATL.
Alongside these changes, we added two of the more recent additions: Lonza and CATL.
During the quarter, we sold holdings in Delivery Hero and Exail Technologies.
we also reduced our holding in Moderna following its sharp share-price recovery.
These new additions were funded by the reduction of holdings that have continued to perform strongly, TSMC and ASML in particular, as well as Delivery Hero and French luxury business Kering, which has been improving following some difficult years.
We also sold our holding in the German biotechnology company BioNTech, where the abrupt announcement of the founders' departure, including the CEO, raised governance concerns we were unable to resolve.
These new additions were funded by the reduction of holdings that have continued to perform strongly, TSMC and ASML in particular, as well as Delivery Hero and French luxury business Kering, which has been improving following some difficult years.
These new additions were funded by the reduction of holdings that have continued to perform strongly, TSMC and ASML in particular, as well as Delivery Hero and French luxury business Kering, which has been improving following some difficult years.
We added three new holdings to the portfolio during the quarter: SK Hynix, Lonza and CATL.
We added three new holdings to the portfolio during the quarter: SK Hynix, Lonza and CATL.
We added three new holdings to the portfolio during the quarter: SK Hynix, Lonza and CATL.
These new additions were funded by the reduction of holdings that have continued to perform strongly, TSMC and ASML in particular, as well as Delivery Hero and French luxury business Kering, which has been improving following some difficult years.
Also held
Its investment theses
- ModernaSep 2026Moderna is valued for the long-term potential of messenger RNA and new phase 3 oncology data supporting its personalised cancer vaccine opportunity.
- SpotifySep 2026Spotify is attractive because AI can make its large listener data set more useful and strengthen its two-sided platform model.
- ShopifySep 2026Shopify is attractive because AI agents could do useful work for merchants and help small teams achieve considerably more.
- SpotifyJun 2026Spotify is continuing to compound revenue and operating profit while AI may deepen its personalisation moat and create new monetisation opportunities.
- SK HynixJun 2026SK Hynix is a leading high-bandwidth memory supplier positioned to benefit from AI infrastructure bottlenecks and tight supply.
- ASMLJun 2026ASML is the sole maker of EUV lithography machines and captures a royalty-like benefit from rising AI chip demand.
- LonzaJun 2026Lonza is a biologics-focused CDMO offering exposure to long-term growth in complex medicines with hard-to-replicate manufacturing capabilities.
- Contemporary Amperex TechnologyJun 2026Contemporary Amperex Technology is a leading battery company with a cost and performance position built on scale, discipline and technology choices.