贝塔投资智库·2025-11-07 08:28Core Viewpoint - Baillie Gifford's Q3 2025 investment strategy reflects a focus on long-term growth, with significant new positions in cryptocurrency and aerospace, while reducing exposure to certain high-valuation tech stocks [1][5]. New Positions and Significant Increases - Baillie Gifford added 19 new stocks in Q3 2025, with the most notable being Coinbase (COIN), acquiring over 587,000 shares, representing 0.15% of its portfolio [1]. - Another significant addition was Knife River Holding Co (KNF), with nearly 2.19 million shares purchased, valued at approximately $169 million, accounting for 0.13% of the portfolio [1]. Major Increases - The firm significantly increased its position in Rocket Lab (RKLB) by 176.15%, adding over 7.73 million shares, aligning with its investment strategy in disruptive innovation [2]. - Other important increases included The Ensign Group (ENSG), with a 96.2% increase, focusing on healthcare services [3]. Major Reductions - Baillie Gifford completely exited 18 stocks and significantly reduced positions in 188 stocks, indicating a strategic shift [3]. - A notable reduction was in Cloudflare (NET), where approximately 3.68 million shares were sold, a decrease of 14.4%, impacting the portfolio by -0.54% [3]. - Other key reductions included Spotify Technology SA (SPOT) with a 9.7% decrease (approximately 930,000 shares) and Shopify (SHOP) with a 6.1% decrease (approximately 890,000 shares) [4]. Investment Insights and Summary - The overall strategy of Baillie Gifford in Q3 2025 illustrates a "survival of the fittest" approach, focusing on future growth [5]. - The investment portfolio consists of 264 stocks, with the top five holdings being NVDA (6.43%), MELI (5.74%), SE (5.31%), AMZN (5.15%), and SPOT (4.5%) [5]. - The offensive strategy includes bold bets on frontier technologies like cryptocurrency (Coinbase) and aerospace (Rocket Lab), while the defensive strategy involves profit-taking on overvalued or stabilizing growth tech stocks [5].