| Asset Group | Asset Sub-Group | Investment Category |
| Equities | Global equities | Adventurous |
How the Fund Invests Long-term manager James Anderson retired in April 2022, but succession had been clearly marked for a number of years. Tom Slater became deputy in 2009 and Lawrence Burns, who has been managing the International Growth fund since 2012, was added as deputy in 2021. Both managers have spent their entire careers at Baillie Gifford. The process is focused on identifying hyper-growth companies around the globe and holding them for a long period to benefit from compounding. The companies are often disruptors, portfolio turnover is low and holding periods long. The trust is allowed up to 30% in unquoted names and makes full use of this flexibility. The team believe they can add value by investing in these businesses at an early stage. There is some exposure to private companies (up to 30%). This portfolio leads to a very volatile performance profile. Over the last decade the trust has provided unparalleled results when the high-growth style has boomed, however, the extreme style position also leads to the opposite effect when conditions are tougher for growth. Discount movements can exacerbate this further in terms of share price returns. Opinion While the process is at the extreme end of the Baillie Gifford style, it is aligned with the house approach. The fund therefore benefits from the research resources of the group, an established investment style and two managers that have the experience to make good use of both elements. March 2024 | ||
Risk warnings
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