Global growth stock specialist Baillie Gifford has disclosed its latest U.S. equity holdings, with portfolio adjustments drawing market attention. The Edinburgh-based firm's $134.998 billion (¥960 billion RMB) portfolio showcases its signature long-term investment approach.
Founded in 1908, Baillie Gifford has evolved into one of the world's premier long-term growth investors. Its flagship Scottish Mortgage Investment Trust delivered 13.64x total returns (13.88% annualized) from 2004-2024, outperforming the S&P 500, Nasdaq, and Berkshire Hathaway's 6.98%, 10.87%, and 10.02% respectively.
The firm's legendary investments include: - Amazon (100x return since 2004) - Tesla ($20 billion profit from sub-$10B market cap entry in 2013) - Nvidia (200x return since 2016 investment) - Early bets on MercadoLibre, Netflix, and Moderna (all multi-baggers)
In Q3 2025, Baillie Gifford: - Added 43 positions (including new stakes in Coinbase and Alibaba) - Initiated 19 new positions - Reduced 188 holdings - Exited 18 positions
Top 10 holdings (44.66% of portfolio): 1. Nvidia (6.41%, $8.65B) 2. MercadoLibre ($7.75B, 40x return since 2010) 3. Sea Limited 4. Amazon ($6.95B, 80x since 2004) 5. Spotify 6. Shopify 7. Coupang 8. Cloudflare 9. AppLovin (520% gain since Q3 2024) 10. Netflix
Notable moves: - Continued trimming Tesla (down to 1.66M shares from 22.3M in Q3 2023) - New $198M Coinbase position (0.15% of portfolio) - Added $66.4M Alibaba stake (0.05%), citing AI/cloud leadership - Boosted positions in Duolingo (+73.3%), Rocket Lab (+176.15%), and Boss Zhipin (+168.9%) - Exited Hershey, Airbnb, and Full Truck Alliance
Geographic allocation: - U.S.: 49.6% - China: 14.8% (including PDD, Alibaba, Boss Zhipin, new Baidu and BeiGene positions)
The firm maintains its decade-long holdings in Nvidia, Amazon, Netflix and Meta, while actively refreshing its portfolio with new growth opportunities like AI application plays. Baillie Gifford's approach demonstrates conviction in business fundamentals over short-term market noise, with geographic flexibility to capture global innovation.