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UK OEIC

Global Alpha Paris-Aligned Fund

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Overview

Fund objective

The Global Alpha Paris-Aligned Fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in sterling, over rolling five-year periods, and aims to have a carbon footprint that is lower than that of the MSCI ACWI EU Paris Aligned Requirements Index.

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.

Investment proposition

The Fund invests in an actively managed portfolio of stocks from around the world with the intention of delivering significantly higher total returns than the MSCI ACWI Index. The fund's four dedicated investment managers draw on a combination of their own investment ideas and those of our various investment teams to produce a portfolio that typically holds 70-120 stocks. The Fund applies a four-stage screening process to negotiate the pathway to net zero. This includes both quantitative and qualitative screens. The Fund applies revenue based screens relating to companies involved in the exploration, mining, extraction and distribution of fossil fuels and those involved in high greenhouse gas-emitting electricity generation. A stock that fails any of these screens is excluded. Note that total revenue limits apply. For more information, please refer to the prospectus. Secondly, we apply a qualitative assessment framework to the remaining companies that assesses each company's transition role and its emissions reduction goals and performance. This can result in further exclusions and limits to position size. The third stage involves managing the strategy in order to align the portfolio with the goal of net zero GHG emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5 °C (“net zero”). Portfolio companies accounting for 90 per cent of 'Climate Material' holdings by weight will demonstrate robust strategic alignment with appropriate 1.5 °C/net zero pathways by 2030. All portfolio companies will be aligned by 2040. The last stage is our ongoing active management of the portfolio to ensure it delivers on its guideline of maintaining a carbon footprint that is lower than that of the EU Paris Aligned benchmark.

Share price and charges

Share class

B, Acc

Price

101.10p

% change

-0.69%

Yield

0.0%

Ex-dividend (XD)

N

Ongoing charges*

0.59%

Initial charge

0.0%

Minimum investment

£100,000

Minimum top up

£1,000

Fund facts

As at: 28 February 2026

Fund launch date

15 April 2021

Fund size

£239.36m

The Investment Association sector

Global

Comparative Index

MSCI ACWI Index

Active share

81%**

Annual turnover

31%

Guideline number of holdings

70-120

Current number of holdings

82

Style

Active Growth

XD Date

Last day of June and December each year

Distribution

Last day of August and February each year

Pricing

Valuation point 10am daily, swinging single price

Fund settlement cycle

Trade date plus two business days (T+2)

**Relative to MSCI ACWI Index. Source: Baillie Gifford & Co, MSCI.

 

Meet the managers

Risk Warnings

Risk Introduction

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

Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

Emerging Markets

The Fund invests in emerging markets where difficulties in trading could arise, resulting in a negative impact on the value of your investment.

Foreign Currency

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.

Volatility

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.

Environmental, Social and Governance

The Fund employs carbon screens which means it cannot invest in certain companies. The universe of available investments will be more limited than other funds that do not apply such criteria/ exclusions, therefore the Fund may have different returns than a fund which has no such restrictions.

Further Information

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.

Index disclaimer

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Contact us

Still have a question?  Please get in touch with us.

Fund performance

Periodic performance

As at: 28 February 2026

1 Month
3 Months
6 Months
1 Year
3 Years
Since Inception
Class B-Acc
-1.4%
-1.5%
0.0%
6.4%
10.2%
1.6%
Index*
3.4%
3.9%
12.3%
16.8%
17.1%
11.6%
Sector Average**
3.2%
4.0%
9.7%
14.2%
12.2%
7.6%
Sector Ranking
557/585
500/584
516/580
430/570
337/501
402/441

Figures for 3 years and Since Inception are shown as the annualised rate of return. This is the average yearly return over the specified period.

 

Annual discrete performance

As at: 31 December 2025

31/12/2020 –
31/12/2021
31/12/2021 –
31/12/2022
31/12/2022 –
31/12/2023
31/12/2023 –
31/12/2024
31/12/2024 –
31/12/2025
Class B-Acc
n/a
-22.5%
11.7%
14.3%
10.3%
Index*
n/a
-7.6%
15.9%
20.1%
14.4%
Sector Average**
n/a
-11.1%
12.7%
12.6%
11.2%

Contact us

Still have a question?  Please get in touch with us.

Fund portfolio holdings

The list of top 10 holdings that this fund invests in.

As at: 28 February 2026

#Holding% of total assets
1TSMC5.7%
2NVIDIA5.5%
3Microsoft3.8%
4Alphabet3.6%
5Amazon.com3.5%
6Meta Platforms3.0%
7Samsung Electronics3.0%
8Tencent2.6%
9Service Corporation International2.2%
10Royalty Pharma2.1%

Sector

As at: 28 February 2026

#
Sector
Fund %
Index % *
Difference %
1
Information Technology
28.1
26.1
2.0
2
Consumer Discretionary
15.3
9.5
5.7
3
Financials
13.1
16.9
-3.9
4
Industrials
12.3
11.7
0.6
5
Communication Services
11.8
8.4
3.4
6
Health Care
10.7
9.0
1.7
7
Materials
3.7
4.2
-0.5
8
Consumer Staples
2.7
5.5
-2.8
9
Real Estate
1.7
1.9
-0.1
10
Cash
0.6
0.0
0.6
Total
100.0
93.3

Top 10 geographical locations

As at: 28 February 2026

#
Top 10 locations
Fund %
Index % *
Difference %
1
United States
60.7
61.6
-0.9
2
China
6.1
2.9
3.2
3
Japan
6.0
5.4
0.6
4
Taiwan
5.7
2.7
3.0
5
Brazil
3.2
0.6
2.7
6
South Korea
3.0
2.2
0.8
7
Canada
2.4
3.1
-0.7
8
Ireland
2.2
0.1
2.1
9
UK
1.6
3.5
-1.9
10
Sweden
1.4
0.9
0.5
Total
92.4
82.9

Region

As at: 28 February 2026

#
Region
Fund %
Index % *
Difference %
1
North America
63.1
64.8
-1.6
2
Emerging Markets
20.2
12.0
8.2
3
Europe (ex UK)
8.5
12.0
-3.5
4
Developed Asia Pacific
6.0
7.8
-1.8
5
UK
1.6
3.5
-1.9
6
Cash
0.6
0.0
0.6
Total
100.0
100.0

Quarterly transactions

Transactions for the three-month period ending 31 March 2026

New purchases

  • Chugai Pharmaceutical
  • Credicorp
  • Dino Polska
  • Freeport-Mcmoran Copper
  • Midea Group 'A'
  • Philip Morris
  • Poste Italiane SPA
  • SEB Bank
  • Tencent
  • United Overseas Bank

Complete sales

  • AJ Gallagher & Co
  • ASM International NV
  • Block Inc
  • Coupang
  • Epam Systems Inc
  • Floor & Decor Holdings
  • FTAI Aviation
  • Li Auto 'H'
  • PDD Holdings Inc
  • Prosus N.V.
  • Rakuten
  • S&P Global Inc
  • Salesforce.com
  • The Trade Desk
  • Walt Disney

Additions

  • Adyen NV
  • B3 S.A.
  • Brunswick Corp
  • Cosmos Pharmaceutical
  • Samsara
  • Samsung Electronics
  • Shopify 'A'

Reductions

  • Amazon.com
  • Elevance Health Inc
  • Microsoft

Contact us

Still have a question?  Please get in touch with us.

Insights

Key articles, videos and podcasts relating to the fund:

Filters

Insights

Viewing 37 of 37
  1. Extreme close up of someone scrolling through content on a phone with finger poised

    Global Alpha insights: agentic commerce

    As AI simplifies shopping, where does durable ecommerce advantage remain?
    February 2026
    Article3 minutes
  2. alt="Close up of a house roof and roof window in blue sky with clouds"

    Global Alpha insights: QXO's recipe for steady compounding

    An $800bn analogue industry meets operational discipline.
    January 2026
    Article3 minutes
  3. Don’t burn your boats: investing in AI

    Why we’re ruthlessly selective about AI-related stocks.
    January 2026
    Article3 minutes
  4. Global Alpha Research Agenda 2025

    From AI to emerging consumers, we focus on the growth areas and companies capitalising on opportunities.
    November 2025
    Article2 minutes
  5. Global Alpha insights: our reliable growth engine

    Not flashy, just dependable. Why compounders remain the engine of durable long-term returns.
    November 2025
    Article3 minutes
  6. Amazon: Stock Story

    Jon Henry gives three key reasons why tech giant Amazon remains a special investment.
    November 2025
    Video4 minutes
  7. Adyen: Stock Story

    Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
    November 2025
    Video4 minutes
  8. TSMC: Stock Story

    Qian Zhang unwraps TSMC, the company powering modern life.
    November 2025
    Video3 minutes
  9. Global Alpha insights: the grid for growth

    AI’s massive electricity needs create compelling investment opportunities.
    October 2025
    Article3 minutes
  10. Global Alpha insights: the future of finance

    Coinbase is reshaping finance by uniting digital assets, stablecoins and trust.
    September 2025
    Article3 minutes
  11. Global Alpha insights: onsemi

    How the chip maker reinvented itself from ugly duckling to industry leader.
    August 2025
    Article3 minutes
  12. Global Alpha insights: infrastructure

    Why companies like Martin Marietta are set to benefit from increased spending on infrastructure.
    May 2025
    Article4 minutes
  13. Global Alpha: introducing Michael Taylor

    Investment manager Michael Taylor joins Global Alpha as a decision-maker. We explore his background, strengths, and vision for the portfolio’s future opportunities.
    May 2025
    Video8 minutes
  14. Global Alpha insights: turbulent times

    How can we participate in long-term progress without it being undone by every policy turn?
    April 2025
    Article5 minutes
  15. Alnylam: Stock Story

    Richie Vernon explores the revolutionary drugs transforming patient lives.
    April 2025
    Video3 minutes
  16. Global Alpha insights: a time to trade?

    Explore how we're evolving the portfolio as the investment environment enters a period of rapid change.
    March 2025
    Article5 minutes
  17. Cloudflare: Stock Story

    Ben James highlights how one cybersecurity approach is redefining digital infrastructure.
    March 2025
    Video4 minutes
  18. Nexans: Stock Story

    Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.
    March 2025
    Video3 minutes
  19. Atlas Copco: Stock Story

    Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
    March 2025
    Video3 minutes
  20. Moutai: Stock Story

    Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
    March 2025
    Video3 minutes
  21. Illustration of delivery cyclist with oversized leg muscles and passport stamps on his clothes

    DoorDash: delivering the goods

    How DoorDash’s ambitions extend far beyond restaurant deliveries.
    March 2025
    Article7 minutes
  22. Global Alpha Insights: investing in resilience beyond political cycles

    Why the Global Alpha Team believes elections don't impact stock market returns.
    January 2025
    Article3 minutes
  23. A shepherd dog popping his head up from a sheep flock. Disguise, uniqueness and/or lost in the crowd concept

    Global Alpha insights: Rakuten and the 'Dog Shogun'

    Richie Vernon, investment specialist, explains why the Global Alpha Team has a different perspective on Rakuten's future market growth.
    October 2024
    Article4 minutes
  24. Why growth investors can’t ignore China

    China’s electric car, battery and other advanced manufacturers are on the rise.
    October 2024
    Podcast26 minutes
  25. Global Alpha insights: unlocking the magic of Disney

    Why the Global Alpha Team believes there is a magical journey ahead for Disney.
    September 2024
    Article4 minutes
  26. Investment specialist Ben James

    Our best ideas in the US

    Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks in the US.
    September 2024
    Video3 minutes
  27. Eric Beinhocker: evolutionary economist

    How successful companies harness the power of adaptation.
    September 2024
    Article7 minutes
  28. Illustrated flat lay, with a large Moutai bottle taking centre stage, larger than the other things around it. Other things include ice cream, old style jars and different types of Moutai bottles.

    Kweichow Moutai: spirit of China

    The fiery spirit that’s a profitable symbol of Chinese culture and luxury.
    September 2024
    Article7 minutes
  29. China: the new shoots of growth

    Why advanced manufacturing and social context are key to investing in tomorrow’s Chinese giants.
    September 2024
    Article5 minutes
  30. Global Alpha Research Agenda

    From AI to infrastructure – Global Alpha homes in on the growth areas and companies best placed to exploit opportunities.
    March 2024
    Article8 minutes
  31. Global Alpha: back to growth

    The managers tell a London Investment Forum about new sources of opportunity and optimism.
    March 2024
    Article6 minutes
  32. Global Alpha: manager update

    The managers discuss the market environment, portfolio positioning and current opportunities.
    October 2023
    Video60 minutes
  33. How Microsoft got its mojo back

    By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.
    September 2023
    Article
  34. Global Alpha Research Agenda 2023

    How can we invest in quality companies with the potential to generate sustainable returns in a changing market?
    January 2023
    Article
  35. Global Alpha 2022 Research Agenda

    In their Research Agenda for 2022, the investment managers consider the benefits of deep work in helping them find growth opportunities.
    March 2022
    Article
  36. Harnessing growth for the next decade

    Investment manager Malcolm MacColl and Senior Governance and Sustainability Analyst Kieran Murray outline believed growth drivers and the development of Global Alpha’s ESG process.
    October 2021
    Video46 minutes
  37. Highlights Video: Harnessing growth for the next decade

    Watch the highlights from the recent Global Alpha webinar: Harnessing growth for the next decade.
    October 2021
    Video13 minutes

  1. Extreme close up of someone scrolling through content on a phone with finger poised

    Global Alpha insights: agentic commerce

    As AI simplifies shopping, where does durable ecommerce advantage remain?
    February 2026
    Article3 minutes
  2. alt="Close up of a house roof and roof window in blue sky with clouds"

    Global Alpha insights: QXO's recipe for steady compounding

    An $800bn analogue industry meets operational discipline.
    January 2026
    Article3 minutes
  3. Don’t burn your boats: investing in AI

    Why we’re ruthlessly selective about AI-related stocks.
    January 2026
    Article3 minutes
  4. Global Alpha Research Agenda 2025

    From AI to emerging consumers, we focus on the growth areas and companies capitalising on opportunities.
    November 2025
    Article2 minutes
  5. Global Alpha insights: our reliable growth engine

    Not flashy, just dependable. Why compounders remain the engine of durable long-term returns.
    November 2025
    Article3 minutes
  6. Amazon: Stock Story

    Jon Henry gives three key reasons why tech giant Amazon remains a special investment.
    November 2025
    Video4 minutes
  7. Adyen: Stock Story

    Beatrice Faleri explores Adyen, the one-platform engine for unified commerce.
    November 2025
    Video4 minutes
  8. TSMC: Stock Story

    Qian Zhang unwraps TSMC, the company powering modern life.
    November 2025
    Video3 minutes
  9. Global Alpha insights: the grid for growth

    AI’s massive electricity needs create compelling investment opportunities.
    October 2025
    Article3 minutes
  10. Global Alpha insights: the future of finance

    Coinbase is reshaping finance by uniting digital assets, stablecoins and trust.
    September 2025
    Article3 minutes
  11. Global Alpha insights: onsemi

    How the chip maker reinvented itself from ugly duckling to industry leader.
    August 2025
    Article3 minutes
  12. Global Alpha insights: infrastructure

    Why companies like Martin Marietta are set to benefit from increased spending on infrastructure.
    May 2025
    Article4 minutes
  13. Global Alpha: introducing Michael Taylor

    Investment manager Michael Taylor joins Global Alpha as a decision-maker. We explore his background, strengths, and vision for the portfolio’s future opportunities.
    May 2025
    Video8 minutes
  14. Global Alpha insights: turbulent times

    How can we participate in long-term progress without it being undone by every policy turn?
    April 2025
    Article5 minutes
  15. Alnylam: Stock Story

    Richie Vernon explores the revolutionary drugs transforming patient lives.
    April 2025
    Video3 minutes
  16. Global Alpha insights: a time to trade?

    Explore how we're evolving the portfolio as the investment environment enters a period of rapid change.
    March 2025
    Article5 minutes
  17. Cloudflare: Stock Story

    Ben James highlights how one cybersecurity approach is redefining digital infrastructure.
    March 2025
    Video4 minutes
  18. Nexans: Stock Story

    Lucy Haddow examines the sub-sea cable manufacturer crucial for the offshore wind and energy transition.
    March 2025
    Video3 minutes
  19. Atlas Copco: Stock Story

    Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
    March 2025
    Video3 minutes
  20. Moutai: Stock Story

    Ben Buckler investigates the Chinese brand dominating the global luxury drinks market.
    March 2025
    Video3 minutes
  21. Illustration of delivery cyclist with oversized leg muscles and passport stamps on his clothes

    DoorDash: delivering the goods

    How DoorDash’s ambitions extend far beyond restaurant deliveries.
    March 2025
    Article7 minutes
  22. Global Alpha Insights: investing in resilience beyond political cycles

    Why the Global Alpha Team believes elections don't impact stock market returns.
    January 2025
    Article3 minutes
  23. A shepherd dog popping his head up from a sheep flock. Disguise, uniqueness and/or lost in the crowd concept

    Global Alpha insights: Rakuten and the 'Dog Shogun'

    Richie Vernon, investment specialist, explains why the Global Alpha Team has a different perspective on Rakuten's future market growth.
    October 2024
    Article4 minutes
  24. Why growth investors can’t ignore China

    China’s electric car, battery and other advanced manufacturers are on the rise.
    October 2024
    Podcast26 minutes
  25. Global Alpha insights: unlocking the magic of Disney

    Why the Global Alpha Team believes there is a magical journey ahead for Disney.
    September 2024
    Article4 minutes
  26. Investment specialist Ben James

    Our best ideas in the US

    Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks in the US.
    September 2024
    Video3 minutes
  27. Eric Beinhocker: evolutionary economist

    How successful companies harness the power of adaptation.
    September 2024
    Article7 minutes
  28. Illustrated flat lay, with a large Moutai bottle taking centre stage, larger than the other things around it. Other things include ice cream, old style jars and different types of Moutai bottles.

    Kweichow Moutai: spirit of China

    The fiery spirit that’s a profitable symbol of Chinese culture and luxury.
    September 2024
    Article7 minutes
  29. China: the new shoots of growth

    Why advanced manufacturing and social context are key to investing in tomorrow’s Chinese giants.
    September 2024
    Article5 minutes
  30. Global Alpha Research Agenda

    From AI to infrastructure – Global Alpha homes in on the growth areas and companies best placed to exploit opportunities.
    March 2024
    Article8 minutes
  31. Global Alpha: back to growth

    The managers tell a London Investment Forum about new sources of opportunity and optimism.
    March 2024
    Article6 minutes
  32. Global Alpha: manager update

    The managers discuss the market environment, portfolio positioning and current opportunities.
    October 2023
    Video60 minutes
  33. How Microsoft got its mojo back

    By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.
    September 2023
    Article
  34. Global Alpha Research Agenda 2023

    How can we invest in quality companies with the potential to generate sustainable returns in a changing market?
    January 2023
    Article
  35. Global Alpha 2022 Research Agenda

    In their Research Agenda for 2022, the investment managers consider the benefits of deep work in helping them find growth opportunities.
    March 2022
    Article
  36. Harnessing growth for the next decade

    Investment manager Malcolm MacColl and Senior Governance and Sustainability Analyst Kieran Murray outline believed growth drivers and the development of Global Alpha’s ESG process.
    October 2021
    Video46 minutes
  37. Highlights Video: Harnessing growth for the next decade

    Watch the highlights from the recent Global Alpha webinar: Harnessing growth for the next decade.
    October 2021
    Video13 minutes

Contact us

Still have a question?  Please get in touch with us.

How to invest

You can invest in our funds via a number of fund platforms.

Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans.

Please also note that we do not have an online service for individual investors.

Further information on our funds can be found in the relevant Key Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.

Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.

Getting financial advice

At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.

Using professional financial advice

An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.

Finding a financial adviser near you

If you want to use an authorised intermediary, Unbiased is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.unbiased.co.uk

Contact us

Still have a question?  Please get in touch with us.

Documents

You can access any literature about the Fund here.

To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.

Contact us

Still have a question?  Please get in touch with us.