Unconventional research: the science behind investing

As with any investment, your capital is at risk. 

Ross Mathieson (RM): When you think of investment management, you might picture seasoned investors with decades of experience. But one of our team’s real strengths is the diversity of perspectives we bring, and that includes colleagues who are just starting their careers. Their fresh insights and skills are a vital part of our process. In this series, you've already heard from Hattie Oliver about her investigative research, and from Alistair Way about why an experienced investor chose to return to Baillie Gifford.

Today, I’m speaking with Olivia Knapp, one of our analysts who joined us through the graduate program. I want to find out what drew her into investment management, how she’s finding the role, and how new recruits like Olivia help us deliver better outcomes for our clients. Hello, Olivia.

Olivia Knapp (OK): Hello.

RM: Let’s begin with your background. Tell us a little bit about what you did before you joined Baillie Gifford.

OK: So before I joined Baillie Gifford, I was doing a PhD in chemistry at the University of Manchester in the areas of nanotechnology and organic chemistry. And alongside this, I got into personal investing through my lifetime ISA. And I really enjoyed analysing companies and trying to beat the market. And in that spirit, I also enjoy doing sports fantasy leagues because of this reason. And I’ve ended up being top 4 per cent for the Six Nations Rugby Fantasy League. And I realised I wanted to apply these analytical skills into a different context. For me, what’s so exciting about investment management is the opportunity to understand how the world works, looking at how do businesses create value, and how does this all work together in society.

RM: I always find it really interesting when I see the range of backgrounds of people at Baillie Gifford. It feels far wider than I’ve seen before. What are the skills that you learn from the chemist lab that you can bring into an investment management process?

OK: Surprisingly, there’s actually a lot of overlap between a scientist and investment research. So you start off with, in science, you start off with a hypothesis. With investment research, you’re thinking about a company’s growth potential. Then you go and carry out the research. So for a scientist, you’re doing experiments. For a company, you’re speaking to people. You’re trying to do financial analysis. And then you have to pull all these findings together into a structured report and present your findings. So for an analyst, that’s going to be in a team discussion, and for a scientist, it’s going to an academic conference. So even though the subject matter is different, the process is surprisingly similar.

RM: How do you, when you join this new team, how do you find your way to add value in that team?

OK: I’m a bit like a filter, I think. I’m trying to look at different industries and different geographies and pick the most compelling ideas for the team to pursue.

RM: OK. And coming from the outside, you can read lots of information on what it’s like to work in an asset management company. And then when you’re actually inside the walls is when you can test whether what you read is accurate. What has surprised you from joining the team relative to the expectations you’d have had coming into the organisation?

OK: I think what surprised me was my voice was actually listened to as a first year analyst. At the start, I thought, oh, I’m too junior. I’m just going to sit back and listen. But people really cared about what I thought and what I believed in. So for example, when we’ve looked at health care or pharmaceutical companies, they said, oh, Olivia, what do you think about the innovation? What do you think about the research and development? And that’s been really rewarding.

RM: Yeah, I think for us it’s a really important balance to get. You have the experience, which brings lots of benefits, but also in certain situations brings baggage. And getting the new perspectives coming in can be extremely, extremely valuable. When you think about the number of different companies that you've researched so far, are there any which have stood out as being particularly interesting?

OK: One of the most interesting companies I’ve researched so far is Samura. That’s a camper producer. So it’s a traditional Japanese herbal medicine company that’s rooted back in centuries-old medicine. And I found it really interesting because it was completely different to anything I’ve looked at before. And during my research, I got a chance to speak to regulators, ex-employees, doctors, and patients to get a real rich perspective. And that helped me understand its durability in Japan and its opportunity to expand in China. And it brought back to me why I enjoy research, to understand how the world works and kind of appreciate cultural nuances between different countries too.

RM: Excellent. And when you think about your ambitions from where you go from here through your career, what was your focus in the next five or so years?

OK: I think my main ambition is just keep developing that research arm, you know, able to kind of, you know, green my confidence in decision-making. You know, my dream is in five years’ time I get to tap on the shoulder of the portfolio managers like yourself and say, hey, I think this belongs in Global Income Growth.

RM: Perfect. Thank you. It’s inspiring to see the energy and insight that new colleagues bring to the team. As you’ve heard, our philosophy depends on looking at companies from many different perspectives, from experienced portfolio managers, to investigative researchers, to newer analysts like Olivia, bringing fresh skills and curiosity. That combination of experience, diversity, and structured support positions us well to identify the durable compounders of the future and deliver long-term returns for our clients in a smooth, resilient way. We’ll continue this series with more team members, but for now, thank you, Olivia. And thank you for watching.

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This communication was produced and approved in October 2025 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.

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