All investment strategies have the potential for profit and loss, your or your clients’ capital may be at risk. Past performance is not a guide to future returns.
What is equity investing supposed to deliver? Not capital preservation, but wealth creation. And over the last century, equity markets have emerged as incredible growth engines, generating more than ninety trillion dollars.
But beneath this huge number sits a hugely important and overlooked dynamic. A tiny proportion of companies drive the lion’s share of returns. Having limited exposure to the future winners, or worse still, missing out on them completely, will massively compromise performance.
That’s why, in 2004, we launched Long Term Global Growth. It’s a long name for a wonderfully simple approach: the most exceptional returns are delivered by companies leading or shaping major transformations. These businesses often share special and unusual cultures. Our job is to find them early and back them with patience and conviction.
We back the companies shaping the future.
This matters. Because the pace of disruption is accelerating, and most portfolios are dangerously unprepared.
Transformational growth companies benefit from dramatic change. They harness the power of new technologies rather than being destroyed by them. And, as stock pickers, we have the freedom to find these companies early and back them for decades, wherever they are in the world.
The result is a concentrated portfolio that reflects the future, not the past. Because we believe that is where the greatest returns await.
In this series, we explore seven transformational shifts over the past two decades: what we spotted early, what we missed, the successes we’re proud of, the mistakes that we have learned from, and the questions we are asking now.
We hope that you enjoy exploring the history of our thinking - and discovering how we can help you to capture the opportunities of tomorrow’s world.
Disclaimers
Annual performance to 31 March each year (net %)
| Investment type | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Baillie Gifford Long Term Global Growth Investment Fund B-ACC | -10.3 | -16.7 | 26.9 | 5.9 | -2.3 |
| MSCI ACWI Index* | 12.8 | -0.9 | 21.1 | 5.3 | 18.0 |
| IA Global Sector | 8.4 | -2.7 | 16.7 | -0.3 | 13.4 |
Past performance is not a guide to future returns
The Long Term Global Growth Investment Fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in sterling, over rolling five-year periods. Prior to 1st July 2023, to outperform (after deduction of costs) the FTSE All-World index, as stated in Sterling, over rolling five-year periods. The manager believes this is an appropriate target given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Global Sector.
There is no guarantee that this objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods.
Important Information
This communication was produced and approved in May 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.
This communication does not constitute, and is not subject to the protections afforded to, independent research. Baillie Gifford and its staff may have dealt in the investments concerned. The views expressed are not statements of fact and should not be considered as advice or a recommendation to buy, sell or hold a particular investment.
Baillie Gifford & Co Limited is authorised and regulated by the Financial Conduct Authority. Baillie Gifford & Co Limited is an Authorised Corporate Director of OEICs.
A Key Information Document is available at bailliegifford.com.
Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested.
The specific risks associated with the Fund include:
- Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
- The Fund invests in emerging markets, which includes China, where difficulties with market volatility, political and economic instability including the risk of market shutdown, trading, liquidity, settlement, corporate governance, regulation, legislation and taxation could arise, resulting in a negative impact on the value of your investment.
- The Fund's concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.
- The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.
- The Fund's share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.
Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.