Baillie Gifford
Baillie Gifford International Concentrated Growth
International Mega-cap Growth
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy, behind 5 investment theses and positions in 10 companies. Every quote below is copied verbatim from the letter it came from.
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What it bought and sold
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.
Its investment theses
- 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.