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Fund Research & Insights

Top 5 Global Large-Cap Growth Stock Funds

Offerings from Baillie Gifford and Rathbones stand out.

Sunniva Kolostyak 29 April, 2025 | 7:48AM
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Some stock markets have recovered after a tumultuous month of tariffs and trade wars, but others are still looking for a route back to positive territory.

Brazil, India, Japan, and UK mid-cap indexes have fully recovered since the tariff announcements on April 2, while Germany is close behind. Growth stocks have also recovered: The Morningstar Global Growth Target Market Exposure Index finally crossed into positive territory on April 25, a recovery from a 10.80% loss on April 7.

Meanwhile, the Morningstar Global Market Index, which was down 11% on April 8, is still 1.16% lower since the tariffs were announced.

Top 5 Global Large-Cap Growth Stock Funds

Even if April has been a “noisy” month for markets, many investors want to look beyond very short-term performance figures.

Looking at funds in the global large-cap growth stock category, we have identified those that have managed to stay ahead of their peers both over the medium and longer term.

To screen for the top-performing funds in this category, we looked for both funds and ETFs with the best returns over the last one-, three-, and five-year periods. All names that passed the screen were actively managed.


Performance of Global Large-Cap Growth Stock Funds

Over the last 12 months, global large-cap growth funds have declined 0.48%. On an annualized rate, global large-cap growth funds have returned 4.95% over the last three years and gained 8.16% over the last five years.

What Are Global Large-Cap Growth Stock Funds?

Global large-cap growth portfolios invest in large-growth stocks worldwide, allocating at least 20% to North America and 15% to Greater Europe. Large-cap stocks fall within the top 70% of market capitalization in Morningstar’s seven style zones (Europe, US, Canada, Latin America, Japan, Asia ex-Japan, and Australia/New Zealand). Growth stocks are characterized by high growth rates (earnings, sales, book value, and cash flow) and high valuations (price ratios and low dividend yields). At least 75% of total assets are held in stocks.

Screening for the Best Global Large-Cap Growth Stock Funds

To find the best global large-cap growth funds, we looked at returns data from the past one, three, and five years, using data available in Morningstar Direct. We screened for UK-domiciled open-end and exchange-traded funds in the top 33% of the category using their lowest-cost primary share classes for those periods. We excluded funds with assets under USD 100 million. This left five funds.

Because the screen was created with the lowest-cost share class for each fund, some may be listed with share classes that are not accessible to individual investors, or they may be aimed at institutional investors and require large minimum investments. The individual investor versions of those funds may carry higher fees, reducing returns to shareholders. In addition, Medalist Ratings may differ among the share classes of a fund.

Baillie Gifford Long Term Global Growth Investment Fund


Over the past 12 months, the £1.6 billion Baillie Gifford Long Term Global Growth Investment Fund rose 7.60%, while the average fund in its category rose 6.04%. The Baillie Gifford fund, which launched in April 2017, has climbed 9.97% over the past three years and gained 9.58% over the past five years.

“Baillie Gifford Long Term Global Growth is focused on and invests in transformational growth companies. The erudite team has links to academics, industry “visionaries,” and useful contact with unlisted companies. The approach has been consistently implemented, though performance can be volatile. It earns an Above Average rating across the People and Process pillars.

“The process is research-intensive, and the philosophy well-established, finding its origins in institutional mandates launched in 2004. It aims to recognize genuine long-term growth and makes use of differentiated sources of information and pure long-termism. Portfolio construction is punchy, permitting these views to translate into tangible returns. Periods of heightened volatility and single-stock drawdowns are expected and tolerated by the team. The portfolio will naturally exhibit some extreme growth and sector biases. The managers now approach China with greater caution than in the early 2020s and exposure has come down markedly, though it is still overweight there compared with the Morningstar Category average (around 10% versus around 1%).”

Daniel Haydon, analyst

Rathbone Global Opportunities Fund


Over the past 12 months, the £3.8 billion fund has gained 5.75%, while the average fund in its category is up 6.04%. The Rathbones fund, which launched in January 2019, has climbed 8.72% over the past three years and gained 11.34% over the past five years.

“[The managers] seek companies that benefit from endogenous growth, avoiding those whose future revenue streams are dependent on external factors. As a result, the portfolio has exhibited long-standing underweighting in energy, telecoms, and utilities, giving it a markedly different sector profile from its FTSE World Index prospectus benchmark.

“The search for superior earnings growth also tends to result in biases toward companies with high growth profiles. In the past, that had been in the mid-cap part of the market; however, this bias has reduced in recent years, resulting in more of a large-cap profile.

“Long-term returns remain strong and ahead of the index and peers over 10 years.”

Lena Tsymbaluk, associate director

CT Global Focus Fund


Over the past 12 months, the £239.6 million CT Global Focus Fund rose 3.25%, while the average fund in its category rose 6.04%. The Columbia Threadneedle fund, which launched in April 2018, has climbed 9.44% over the past three years and gained 11.33% over the past five years.

WS Blue Whale Growth Fund


The £1.1 billion fund has climbed 1.93% over the past 12 months, underperforming the average fund in its category, which rose 6.04%. The Blue Whale Capital fund, which launched in September 2017, has climbed 12.30% over the past three years and gained 10.66% over the past five years.

Janus Henderson Global Sustainable Equity Fund


The £1.7 billion fund has climbed 2.28% over the past 12 months, underperforming the average fund in its category, which rose 6.04%. The Janus Henderson fund, which launched in February 2018, has climbed 6.85% over the past three years and gained 11.68% over the past five years.

“Janus Henderson Global Sustainable Equity benefits from a well-credentialed and experienced portfolio manager in Hamish Chamberlayne, who has run the portfolio since the start of 2014. Team stability over the years could be better, and this tempers conviction. However, we see strength from an established and well-articulated process.

“The process is based upon the belief that there is a strong link between sustainable development, innovation, and long-term compounding growth. The managers invest in companies they identify as having a positive impact on both the environment and society, while having a watchful eye on the direction that disruption is taking. Ethical restrictions rule out large swathes of the market, and companies need at least 50% of revenues to align with U.N. Sustainable Development Goals. This results in a subset of companies with long-term compounding characteristics and support from structural growth drivers. An appreciation of longer-term valuations leads to a growth-at-a-reasonable-price-like portfolio.

“While the process results in a bedrock of well-owned companies we see across many global equity growth portfolios, it also steers the portfolio into some less widely held companies that are typically more mid-cap in nature. These include some second derivative plays on long-term trends, such as electrification. There are some persistent sector biases: underweighting to materials, traditional energy, pharmaceuticals, and many consumer staples (food and drink) and defense stocks. Other notable single-stock exclusions include Alphabet, Meta, and Apple. This has a bearing on results.”

Daniel Haydon, analyst


This article was generated with the help of automation and reviewed by Morningstar editors. Learn more about Morningstar’s use of automation.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar's editorial policies.

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

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About Author

Sunniva Kolostyak

Sunniva Kolostyak  is senior data journalist for Morningstar.co.uk

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