For Full Year 2019, updating on contributions towards a more sustainable and inclusive world.

Introducing our second Global Stewardship ‘ESG’ Report, in which we redefine ESG to reflect our broader thinking on stewardship: for us ‘ESG’ encapsulates Engagement, Sustainability and Governance.

In a world of disruption, it's the winners that matter.

Interview with Stuart Dunbar.

You can’t predict the future, but you can prepare for it by investing in those businesses that will help create it. Jenny Davis turns to history to provide some context as to why she believes the unsung heroes of the modern economy will be the titans of the future.

Technological developments over recent decades mean reality has outpaced the science fiction of his youth since Mark Urquhart joined Baillie Gifford almost 25 years ago. Now, scanning the Covid-19 driven global economy, he sets out his enthusiasm and expectations for the next decade and beyond.

Stephen Paice, investment manager in the Europe ex UK team, gives an update on the activity and current positioning of the portfolio.

First to emerge from the coronavirus pandemic, the Asia ex Japan region is in robust health and its innovative companies are thriving. Roderick Snell surveys the Asian landscape and argues that Asia is where to look for superior long-term growth.

Alasdair McHugh, product specialist, gives an update on the activity and positioning of the Global Stewardship portfolio, referring to three points – returns, resilience and responsibility.

Roderick Snell, investment manager of the Asia ex Japan strategy, gives an update on the portfolio and explains why he believes it’s time to look East.

We stay positive for good reason. Our experience of investing and thinking about the long term gives us a sense of perspective and reminds us that our optimism will be rewarded in time.

Ben James gives an update on the positioning and activity of the US Equity portfolio.

There’s no ‘I’ in ‘team’, or is there? The International Alpha Team explore what teamworking means for them, and why maintaining a diversity of views and experiences makes for a stronger team.

Global Stewardship is built on a combination of decentralised stock research and holistic global portfolio construction.

Our approach to stewardship is based on a set of key beliefs relating to how we think about governance and sustainability. This report looks at our Multi Asset Team’s stewardship activities for 2019.

Tim Garratt, client director in the LTGG Team, presents a webinar on the benefits of investing amidst monumental change with an introduction from Diana Philip, client director in the EMEA Team.

Growth stocks have generally fared better than value stocks during the coronavirus downturn. Tom Slater, partner and head of Baillie Gifford’s US Equities Team explains why.

We’re living longer, but are we living better? Baillie Gifford’s Health Innovation team is searching for companies whose cutting-edge science and innovative therapies are redefining healthcare. Put simply, healthcare has never looked as good for those seeking more from their investment.

The best investment advice doesn’t grow old. When former Baillie Gifford Partner Edward Hocknell wrote ‘How to Invest in Equities and Stay Sane’ back in 2012, ‘global pandemic’ was just one on a list of scenarios for business continuity managers and civil servants to plan for.

Baillie Gifford’s first company-wide diversity and inclusion magazine about the individuals who make up our firm.

Medical developments are increasingly dependent on technology. Baillie Gifford investors look at some of the more innovative companies and their importance in the current pandemic, as well as considering how the situation we are living through will lay the foundations for a new era in healthcare, underpinned by data.

Are the abrupt changes brought about by the coronavirus (Covid-19) temporary or permanent? Dave Bujnowski considers how a post-coronavirus future may look, and where the biggest changes might be.

James Anderson discusses what we can learn about the effects of the coronavirus. Drawing on the work of experts such as Hans Rosling, James explores the monetary and fiscal transformation we are going through, concluding that the days of neo-liberalism are numbered. James also looks at what the crisis means for equity investors, asking what investments are now more valuable, and assesses the shift of global power towards Asia.

In times of stress stock markets, like people, often revert to act now, think later. Tim Garratt advocates doing the opposite. He reflects calmly on four key areas which will determine a company’s ability to survive the coronavirus (Covid-19) meltdown, by offering grounds for quiet optimism.

Fear of missing out on dividend payments has sustained investment in oil and tobacco companies for many years. Now, however, the returns are dwindling. And, as Scott Nisbet explains, the door is opening for investors who see investing with a conscience as being less about avoiding bad companies and more about backing good.

Twice a year we produce a Long Term Global Growth magazine called Looking Back Going Forward, which contains investment articles which we trust will be of interest. We are pleased to bring you the April 2020 issue.

Scott Nisbet tells Malcolm Borthwick what he’s learnt from previous crises, why he’s staying calm and why now’s the time to read Albert Camus.

US Equity senior analyst Dave Bujnowski gives some insight into the thinking behind his paper A Case for Growth, with an introduction and questions throughout from US Equity strategy specialist Ben James.

Will Sutcliffe, Sophie Earnshaw and Mike Gush, investment managers in the Emerging Markets team with a combined total of 45 years’ experience, give an introduction to the team’s approach.

Our annual business update 2020.

Fifty years after Apollo 11, can a fresh wave of innovation in space technology open new frontiers and promising investment opportunities? Investment manager, Luke Ward looks across the gulf of space and gives us his views.

Long-Term Return Expectations sets out the Multi Asset team’s views, as at 31 December 2019, on the prospective returns for asset classes over cash over the next 10 years and beyond.

With their curiosity for learning undiminished, Global Alpha’s investment managers share where they think their quest for learning will take them in the year ahead.

Growing familiarity with China’s markets invites closer examination of governance at a country and corporate level. A company by company approach is vital to limit the risks and find the opportunities, writes Ben Lloyd.

Shareholders seem to be obsessed with short-term profits. We aren’t. Scott Nisbet proposes an alternative path, where patience with the right companies is rewarded, and a less direct route to profitability can lead eventually to a more valuable outcome.

Investment manager, Praveen Kumar explains why the Japanese cosmetics industry is in a period of rapid growth and how it could be set to continue for the long term.

The out-of-date negative perceptions surrounding emerging market government bonds means that for genuinely active managers, the asset class can provide great opportunities to add value.

Cement accounts for 5 per cent of global carbon emissions and Cemex, a leading Mexico-based producer lacks governance and sustainability appeal. But we cannot ignore well-financed companies whose products contribute to economic growth, least of all when they promise to travel the road to redemption. Compromise is essential.

Can China survive the massive upheaval it is undergoing and emerge unscathed as a leader in the digital economy globally? Dora Bucklucikova addresses this question in Postcards from China, illustrated by Mitch Blunt.

It’s essential to be realistic and keep the risk of over-optimism in check. But there’s plenty to feel positive about in emerging markets, says Tim Erskine-Murray, who offers an insight into the reasons for his unwavering enthusiasm.

Two of Southeast Asia’s biggest nations are following China into rapid tech-led growth says Ewan Markson-Brown, manager of Pacific Horizon Investment Trust and co-manager of Baillie Gifford’s Pacific fund.

Investment managers Nicoleta Dumitru and James Dow give an update on the Multi Asset Income Fund.

Embracing asymmetry is one of the four golden threads that weaves together to form the Global Alpha strategy.

The big four incumbents in robotics are gearing up for a challenge. In a reshaping global industry, they are readying themselves for the march of the cobots.

With stable, inflation-linked cash flows, infrastructure may offer both a good source of return and diversification benefits within a multi-asset portfolio. Investment Manager James Squires takes a closer look at the asset class and its key characteristics.

Baillie Gifford recognise that our clients value the insights provided by their portfolio managers. That’s why we introduced our ‘soapbox’ feature to Global Stewardship client reports. It gives our investment managers a chance to tell clients what is on their minds. It’s a discussion of the long-term trends that are shaping the real-world businesses we invest in on their behalf.

Investment manager Gary Robinson explains why Shopify is a great example of what Global Stewardship is looking for – a growing company, whose management team thinks for the long term and balances the needs of all stakeholders, and whose products add real value for society.

Our support of inquisitive people plays a crucial role in our investment research. Discover more in our academia anthology.

An accompaniment to our annual Impact Report using a different lens to look at the contribution of the Positive Change portfolio to society.

Splitting hairs or a useful risk indictor? Allen Farrington addresses sector classification and why our industry has got it wrong when it comes to comparing technology companies.

Toby Ross on how we engage on responsible taxation.

Zaki Sabir explains why the Global Stewardship Portfolio Construction Group are very hopeful that LendingTree will be a rewarding investment for clients.

Malcolm Borthwick is joined by investment manager Milena Mileva to discuss how profound changes in consumer behaviour are changing the retail landscape both online and in bricks-and-mortar stores.

Long-Term Return Expectations sets out the Multi Asset Team’s views, as at 30 June 2019, on the prospective returns for asset classes over the next 10 years, and beyond.

Investment manager James Squires explains why our Long-Term Return Expectations exercise is fundamental to our investment process, illustrating with a worked example of high yield credit.

Jenny Davis explores the Asian opportunity.

Disruptive forces are at play, and they are far more powerful and enduring than most would give credit for. Dave Bujnowski explores what the consequences are of this upheaval, and whether this is good or bad news for growth investors.

There are lots of reasons not to invest in Europe. Its economic growth is uninspiring and much of its stock index is made up of bureaucratic corporate dinosaurs. But beyond the negative headlines, there are still exciting investment opportunities to be found. They include potential tenbaggers – companies whose share price could increase ten-fold.

Stephen Paice, an investment manager of Global Stewardship, discusses the importance of using a consistent framework when making investment decisions and exemplifies a stock in the portfolio which embodies this.

Mike Gush, an investment manager of Global Stewardship, discusses why he champions investing in TSMC.

Recent reforms in China are a big deal for investors. The sheer size of the market, the ability to access unique companies in a relatively new universe, and the speed of change, have encouraged conversation about the position of China in client portfolios. While conscious of the risks, we are excited by the opportunities that exist in China’s A-share market.

Investment managers Moritz Sitte and Stephen Paice dispel the negative perceptions of the European market by discussing an exciting company which exemplifies the growth potential in Europe, and their investment strategy which aims to seek out European tenbaggers.

Investment Manager, Kate Fox explores how fashion might evolve from eco-culprit to eco-warrior, and where investment opportunities might arise along the way.

As our understanding of the concept of global continues to evolve, investment manager John MacDougall suggests that where a company happens to be based will not prevent it from building a high growth business in the future. As such, we must be prepared to see high-growth companies emerging from new locations across the globe. John explains how the Long Term Global Growth team are adapting their research to accommodate this.

Investment manager Mark Urquhart would love to see companies currently in the portfolio still having their place in it in 2050. For him, it is not enough for businesses to endure, they must adapt and, crucially, be brave enough to disrupt themselves, if they are to manifest growth for many years to come.

Tom Slater, head of Baillie Gifford’s US Equities team reports on how visionary businesses are looking beyond current market events and thinking about the future.

Industrial biotech companies can already produce synthetic spider silk and plant-based burgers that taste like meat. Future possibilities include timber produced from yeast. In the latest episode of our podcast, Kirsty Gibson tells Malcolm Borthwick why she's fascinated by the opportunities of industrial biotech and its enormous investment potential.

Baillie Gifford’s over-arching ethos is that we are ‘actual’ investors. Our approach to stewardship favours a small number of simple principles which help shape our interactions with companies.

Governance and Sustainability analysts Michelle O’Keeffe and Laura Thomson answer some of the most common climate change questions they are asked in relation to climate change and Baillie Gifford’s position regarding it.

In our first Global Stewardship Governance and Sustainability Report, we reflect on the process of founding Global Stewardship, with particular focus on why we opted to take a slightly different approach to the task of investing responsibly.

Everyone wants to make a difference, and capital thoughtfully and responsibly deployed is a powerful mechanism for change. In seeking out companies whose products and services are providing solutions to global challenges, we believe a proactive investment approach can also be the basis of attractive investment returns. Investment Managers Kate Fox and Lee Qian explain why positive change really matters.

The Positive Change team use the United Nations Sustainable Development Goals to help identify and measure the contribution that individual companies are making to solving the global challenges that are facing our planet. So, what are they? And how do we use them?

There are many ways in which businesses can support the transition to a more sustainable world for current and future generations, so to make it easier for us to think about and articulate how companies are addressing global challenges, we have created four impact themes. Meet the members of the Positive Change team as they introduce the four themes.

In the latest edition of Looking Back Going Forward, John MacDougall looks back over the 15 years of Long Term Global Growth's history, reflecting on some of the holdings that have performed best, and the varied paths their share prices have followed.

With online companies currently dominating sales, it is widely expected that the need for tangible stores will continue to decrease, but Baillie Gifford has spotted a rise in forward-thinking companies who are utilising physical spaces to provide an innovative and interactive shopping experience.

In Baillie Gifford we have a very different perspective on 2018, and hence the future, than the one you will be used to reading about.

Almost unnoticed, Japanese management is changing for the better. Head of Japan Donald Farquharson looks at the transformation drawing on the experience of three decades of engagement.

As lifespans increase, more of us will inevitably encounter Alzheimer’s. Thankfully, new advances mean that we may be approaching a breakthrough in treating the disease. The Death of Alzheimer’s asks how Baillie Gifford can support this effort.

In his latest paper, James Anderson discusses Ben Graham’s book The Intelligent Investor, the seminal work on Value investing that remains as valid today as it did when he wrote it seven decades ago. James considers the author’s views and their implications for Growth investing in the current environment.

Stephen Corr makes the case for the defence of international equities, arguing that while the US market has been shrinking, international markets continue to expand.

To build great businesses, company management should understand how a company’s culture can affect shareholder value. Gary Robinson looks at how having a distinctive culture can create great opportunities for those looking to invest in thoughtfully managed companies.

Investment Manager Roddy Snell, in conversation with Malcolm Borthwick, goes behind some recent lurid headlines to find out what's really happening with the Chinese economy.

Global Stewardship offers a differentiated global equity portfolio, consisting of both Local Heroes and Global Champions. Mike Gush explains why this makes them different.

The investment management industry is often accused of failing to put clients’ interests first. Tom Coutts investigates and considers what we should be doing differently.

Investment managers Lawrence Burns and Paulina Sliwinska share thoughts on future trends with Professor Brian Arthur.

In this short series Baillie Gifford’s International Smaller Companies team explores how their radar framework helps them to uncover the most exciting small businesses from around the world.

In this short series Baillie Gifford’s International Smaller Companies team explores how their radar framework helps them to uncover the most exciting small businesses from around the world.

Focus magazine presents a collection of articles produced by members of Baillie Gifford’s International Focus Portfolio Construction Group and those who work closely alongside them. In the first edition, we explore the investment backdrop in China from a number of angles and throw the spotlight on Spotify, one of the more recent purchases and a reminder that not all great technology opportunities arise in Silicon Valley or Shanghai.

The search for new investment ideas can be a demanding journey. Joe Faraday draws comparisons with some of history’s great explorers and explains why he is excited by opportunities that lie beyond the horizon.

The Baillie Gifford US Equities team believes extended research trips are a valuable way of gaining deeper insight into companies and disruptive industries. Kirsty Gibson recently spent time in the US finding out about Synthetic Biology.

Toby Ross shows how Baillie Gifford’s growth approach to income investing, starts from a very different philosophical position compared with our peers. Take a look from a different angle.

Investment manager Brian Lum explores how their radar framework helps Baillie Gifford’s International Smaller Companies team to uncover exciting small businesses around the world.

We think ‘long-term investing’ and ‘ESG investing’ are synonymous. That’s why financially-relevant ESG considerations are integral to our investment process. Baillie Gifford’s International Equity Fund shares its approach to ESG matters, suggesting that it is a natural part of assessing the longer-term risks to a company’s growth opportunity or competitive advantage. And, something that is hard to replicate via a check-list or passive investing.

Our lives are increasingly cluttered by information overload. And, as Iain Campbell explains, having too much data can hamper rather than improve the process of investing. The key is to ignore irrelevant noise and focus on the drivers of long-term investment returns.

Our International Alpha team on why collaboration helps lead to wiser investment decisions.

The future of medicine is likely to be fundamentally different from what we know today. Investment Manager, Rose Nguyen, discusses the technological advances that are likely to transform life science in the coming decades.

Richard Sneller and Will Sutcliffe, investment managers in the Emerging Markets team with a combined total of 43 years’ experience, explain how they go about constructing portfolios, and the lessons they have learned since joining Baillie Gifford.

Chris Davies explains how latent growth stocks can overcome stumbles, like Finnish runner Lasse Viren in the 1972 Olympics, and provide lucrative returns for the patient long-term investor.

Many things affect the ebb and flow of an economy, especially in these interesting times. Surely what our politicians do and say reflects on the financial markets? Gerald Smith considers how much politics might really matter.

One ought to be an optimist to invest in Emerging Markets, but so very few analysts are. Baillie Gifford’s Emerging Markets team explain how they fly in the face of market inefficiencies in their search for excess returns.

Many patients with kidney failure face an agonising wait for a donor or a life on dialysis. However, as Julia Angeles writes, new technologies may offer a brighter future.

In 2017, the Emerging Markets team wrote a paper called ‘Morbid Symptoms’, explaining why they were optimistic despite the confusion of political events in the West. A year on, Will Sutcliffe provides five more reasons to be cheerful about emerging market equities.

If capturing extremes is the key to investment returns, James Anderson sets out how we can improve our chances of investing well. He highlights the exponential long-term trends in energy, healthcare and technology that he believes will be at the heart of a dramatic implosion of the old order and will become the cornerstone of the new.

The story of investing is really the story of the big winners, those exceptional companies that reshape our world and in the process reap the rewards. Lawrence Burns sets out how a long-term and patient approach to investment is necessary to identify those truly great companies that could drive extreme returns.

We view the Emerging Markets Bond Fund not as risking money in emerging markets, but investing in the future shape of the world. We take an active management approach to help us pick the winning countries. Discover how we aim to go about doing just that for our Emerging Markets Bond Fund clients.

Healthcare has improved exponentially over the last few centuries and is still evolving. Gary Robinson looks at some of the reasons he is excited about investment opportunities in this sector and other areas directly related to it.

China may indeed be sitting at the bottom of an opportunity curve, but will its ‘new economy’ deliver, or will China go the same way as its neighbour, Japan? Andrew Keiller explains why China won’t be the next Japan.

Stuart Dunbar discusses the woes of what our industry has become alongside the potential opportunities presented by its somewhat over-evolved state.

Julia Angeles, an investment manager in the EAFE Alpha team, considers how scientific developments have led to changes in the diagnosis and treatment of diseases, and why the current rate of progress is set to accelerate in the coming years. Angeles also explains why she opted to undergo genomic testing.

Three years ago, in the run-up to the Brexit vote, a single soundbite seemed to sum up the mood of one side of the debate, and indeed of a much broader, international populism that rejected received wisdom on many things, from immigration to immunisation. Michael Gove, one of the leading Brexiteers, was repeatedly quoted as having said, “I think the people of this country have had enough of experts...”.

Peter Singlehurst explains why it is becoming increasingly important to invest in exciting companies at an earlier stage and offers an insight into the characteristics he looks for in unlisted businesses.

In this short webcast, Multi Asset Investment Manager, Scott Lothian, and Governance & Sustainability Analyst, Laura Thomson, discuss the importance of our role as stewards of our clients’ capital and why we believe there is strong alignment between good governance and sustainability practices and achieving strong investment returns over the long term.

We wager that what you think you know about US equity investing is wrong. Investment Manager Helen Xiong lays her cards on the table as she busts the three most common misconceptions surrounding active investment in US equities.

It is taken for granted that stocklending is a harmless activity that can produce a little extra return with limited risk. But is this really so? Scott Nisbet investigates.

Although Japan appears to be late to the unlisted party, there are promising signs of change. Andrew Brown considers how investors should approach unlisted opportunities in Japan to help clients gain access to the most exciting growth businesses.

Technological and societal advances are often predictable, at times, almost inevitable. Ultimately, they are exploitable for the benefit of our clients. Tom Slater explains why this is so when investing in US equities.

Japan often has a reputation for low dividend payments. Investment Manager, Karen See explains why this has not always been the case in the past and might not be in the future.

The ACWI Alpha team reflects on why markets continue to be enthralled with short-term performance, despite the evidence pointing to the importance of taking a long-term investment approach.

Although it is still relatively undiscovered in investment terms, Vietnam has much to offer. In this article, Roderick Snell looks at the country’s export growth potential and why he believes there are many interesting opportunities in this vibrant emerging market.

Lee Qian discusses the recent evolution of impact investing and explains why the Positive Change strategy has both the ability and the responsibility to contribute to global progress.

As the UK’s exit from the European Union looms, there is no shortage of doomsayers taking the view that investing in UK stocks might be a foolish thing to do. Milena Mileva has a more optimistic outlook and examines several exciting British businesses that have the potential for significant long-term growth.

Where do we get ideas for investment opportunities from? The ACWI Alpha team looks at some sources of inspiration and how we might make the best use of them.

One of the most common misunderstandings about income investing is the confusion of long-term income with short-term yield. Investment manager Toby Ross sets the matter straight.

Why objects that can see will transform society.

Brazil and the UK might be miles apart, but they do share at least one surprising commonality: a 3% inflation rate. As Sally Greig explains, structural changes in Brazil are starting to have an impact on the country’s changing fortunes.

Peter Singlehurst explains why LTGG have started investing in more unlisted companies, and describes his enthusiasm for some of the private companies currently in the portfolio.

To build great businesses, company management should understand how a company’s culture can affect shareholder value. Gary Robinson looks at how having a distinctive culture can create great opportunities for those looking to invest in thoughtfully managed companies.

The investment environment in Japan is undergoing significant change. Labour remains in short supply, while productivity improvements and employee satisfaction are being prioritised. With wages rising, will the country finally escape deflation?

While equities offer the income-seeking investor scope for both income and growth, investing in the domestic equity market may not be the answer for UK investors. Instead, portfolio managers Toby Ross and James Dow cast their net globally, seeking out the resilient, growing businesses that they think will deliver a diversified, dependable income stream over time.

For those navigating the investment world to seek out sources of income, the ability to understand connections and build an accurate mental map, is critical. Sally Greig sets the record straight on an often overlooked asset class – local currency EM bonds – suggesting that, contrary to popular belief, they may have a place in actively managed investment strategies.

What does the word ‘culture’ mean to you? Mark Urquhart ponders the topic, focusing on why, for long-term investors, measuring and understanding corporate culture is such an important indicator of a company’s ability to succeed.

China has a vision. A vision to re-establish the network of land and sea corridors once known as the ‘Silk Road’. Linking East with West, Tim Gooding considers how this network will provide opportunities, not only to those countries who will host the new trade routes, but to long-term investors in the region.

At Baillie Gifford we don’t manufacture performance, our aim is to craft it. Kevin Fenelon notes that as important as a robust research framework is, if we are to find the right stocks, then our investors must be prepared to have an open mind, embrace risk and think creatively about the future.

While there is a move away from active management in the US, our US Equities team think it is misplaced. Technology-driven change is creating exciting companies in the US with exceptional prospects, thereby presenting opportunities for active, long-term investors to outperform passive investment strategies.

Historical precedence would indicate that technological progress doesn’t cause long-run unemployment. With the phenomenal progress now being made in artificial intelligence, investment manager Lawrence Burns looks at why the new challenges it presents won’t change that.

Technological evolution continues to occur at an ever-increasing pace. Douglas Brodie looks at some of the areas likely to see the greatest change in the coming years, and the investment opportunities that will open up as a result.

The active investment industry as a whole appears to have done a better job of enriching itself than adding value for clients. Is it worth defending? Stuart Dunbar thinks so. He believes there is value in employing good active fund managers. He sets out the approaches that he believes are most likely to deliver outperformance for clients, suggests why investors and investment managers have failed to implement them and what should be done regarding it.

With the power to transform every trade and every industry, artificial intelligence (AI) is the future that is here today. Investment manager Lawrence Burns reflects on some of the recent developments in the field and speculates on what the brave and wonderful new world of AI might mean for us all.

Political uncertainty in developed markets may be grabbing headlines, but it’s not the full story for emerging markets. Investment manager Will Sutcliffe explains his optimism for the future, as the old grudgingly gives way to the new in certain emerging market economies.

Investment manager Julia Angeles strikes an optimistic note as she explores some of the recent developments in healthcare, which one day she hopes will bring an end to cancer.

Investment Manager Iain Campbell does not claim that Baillie Gifford’s investors are cleverer, have better systems or information, or that they work harder, travel further or construct more complex spreadsheets. Rather, he elaborates on an identifiable market inefficiency that our unusual structure and long-term philosophy allows us to exploit.

Whereas manufacturing once provided developing countries with a clear economic development path, robotics has made the route more challenging. Lawrence Burns explores the dilemma India now faces and suggests a possible route for its future development.

With the lifespan of companies shrinking, pinpointing those companies that will endure matters. Investment Manager Mark Urquhart illustrates the power of compounding and the role special cultures and management play in increasing a company’s odds of longevity.

Kevin Fenelon illustrates that you don’t have to be an early riser to generate superior returns, but you must be prepared to hold stocks for multi-year periods if you are to capture the real benefits of growth.

The golden age for EM economic growth is over, but for some EM companies, the opportunity set may be far larger than anything EM investors have seen to date. Will Sutcliffe dispels some common misconceptions surrounding EM investing.

Joe Faraday shares his enthusiasm for the importance of cities as growth drivers, explaining how access to world-leading academics and their research has shaped his thinking.