Capital at risk

Investment strategy

International Concentrated Growth

International Concentrated Growth is a bottom-up equity strategy focused on outstanding growth firms. It invests in businesses making structural changes to the economy and society.

Person on mountain summit with night sky

Powerful potential

This is a concentrated portfolio of exceptional international growth companies, which are driving transformation in societies and economies and therefore have the potential to take substantial market share.

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As with any investment, your capital is at risk. Lawrence Burns: Equity markets are not a level playing field. Over the last three decades, fewer than 0.25 per cent of stocks generated half of all net wealth created in international markets. That extreme distribution tells us something important: over time, only a very small number of exceptional companies truly matter. That’s because equities have asymmetric payoffs. The downside is mathematically bounded by the amount of capital invested, but the upside can potentially be a large multiple of that investment. That structure enables the extreme skew in equity markets. The opportunity is to find those rare positive outliers – and stay invested long enough for compounding to do its work. Our International Concentrated Growth Strategy is designed to do just that, to identify and then hold on to outlier businesses for the long term. International equities give us a rich and varied hunting ground to do that across countries, industries and stages of development. Emerging economies add an extra dimension: rising incomes, urbanisation and technological leapfrogging that can drive powerful growth and help create distinctive local champions. And because different markets specialise in different industries, a broad international remit helps us focus on the very best growth opportunities across a wide range of businesses. Capturing outlier payoffs demands long-termism. Many of the most rewarding companies take years to reshape industries – and almost all experience drawdowns along the way. At Baillie Gifford, our partnership structure supports patience through volatility, aligns incentives with multi-year outcomes and gives us the freedom to let winners run – looking beyond today’s noise to tomorrow’s cash flows.  Because outliers are rare, we run a deliberately concentrated portfolio – typically 20 to 35 holdings. We size positions around our view of long-term upside and downside across a range of scenarios, taking into account the breadth of possible outcomes and where we believe we have genuine insight. Finding tomorrow’s outliers requires us to think and behave differently. We draw on networks of visionary founders, private-company entrepreneurs, and academics, giving us different perspectives to identify businesses with the potential to compound value far beyond what the market expects today. In short: optimism to recognise potential, focus to select the exceptional few, patience to hold them through fluctuations. That is how International Concentrated Growth aims to harness the power of outliers for our clients, today and over the long run.   <h3 data-gtm-vis-recent-on-screen934959_1669="1806" data-gtm-vis-first-on-screen934959_1669="1806" data-gtm-vis-total-visible-time934959_1669="100" data-gtm-vis-has-fired934959_1669="1">Risk factors</h3> This communication was produced and approved in March 2026 and has not been updated subsequently. It represents views held at the time and may not reflect current thinking. The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions. This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, but is classified as advertising under Art 68 of the Financial Services Act (‘FinSA’) and Baillie Gifford and its staff may have dealt in the investments concerned. All information is sourced from Baillie Gifford & Co and is current unless otherwise stated. The images used in this communication are for illustrative purposes only. Important Information  Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford & Co Limited is an Authorised Corporate Director of OEICs.  Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK Professional/Institutional clients only. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford & Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK. Persons resident or domiciled outside the UK should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to invest, and with their tax advisers for advice relevant to their own particular circumstances. Financial Intermediaries This communication is suitable for use of financial intermediaries. Financial intermediaries are solely responsible for any further distribution and Baillie Gifford takes no responsibility for the reliance on this document by any other person who did not receive this document directly from Baillie Gifford.

International Concentrated Growth: our philosophy

Investment manager Lawrence Burns discusses the Baillie Gifford International Concentrated Growth Strategy and reflects on its philosophy and the exciting opportunities ahead.

Unique, concentrated, long term

ICG has three advantages. First, it has exceptionally long holding periods. Second, it is centred on the asymmetry of stock returns and the investment case upside. Third, it is concentrated and willing to take large holdings when justified by the probability-weighted returns available.

The strategy aims to grow clients’ assets over a five to 10-year horizon by investing in growth companies driving change. Our goal is to exceed the MSCI ACWI ex US Index by at least 3 per cent per annum over rolling five-year periods. Our approach to portfolio construction is purely stock-driven without reference to any benchmark.

The performance target is aspirational and is not guaranteed. We don’t use it to compile the portfolio and returns will vary. A single performance target may not be appropriate across all vehicles and jurisdictions. We may not meet our investment objectives if, for example, our growth investment style is out of favour or we misjudge the long-term earnings growth of our holdings.

Years, not quarters

Long-termism is central to our philosophy. A company’s value is rarely determined over a few quarters.

We’re interested in companies that may grow significantly over five to 10 years, in structural or even explosive ways. These are rare, so we adopt a concentrated portfolio of 20-35 stocks from developed and emerging markets.

We believe it’s important not to ignore companies that may significantly disrupt international markets, despite being based in the US. The strategy can therefore invest up to 15 per cent in the US.

We each bring our passions and interests to the team. What links us together is a commitment to investing in companies that are driving deep structural changes in the economy.

Paulina McPadden

Meet the managers

Documents

Philosophy and process

Explore our investment philosophy and the processes around how the team constructs the portfolio.

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Quarterly update

Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting.

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Invest in this strategy

You can invest in this strategy through the following fund(s).

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Strategy portfolio holdings

A list of the top 10 holdings that the representative portfolio invests in.

All figures up to: 31 May 2026

#	Holding	% of total assets
1	MercadoLibre	9.28
2	Spotify	8.92
3	NVIDIA	5.87
4	ASML	5.39
5	Shopify	4.84
6	iShares, Inc. - iShares Core MSCI Emerging Markets ETF	4.66
7	Vanguard International Equity Index Funds - Vanguard FTSE All-World ex-US ETF	4.58
8	Nu Holdings	4.50
9	Adyen	4.41
10	Sea Limited	3.98

Holdings by sector

As at: 31 May 2026

#	Sector	Fund %	Benchmark %*	Difference %
1	Consumer Discretionary	34.14	8.07	26.07
2	Information Technology	18.16	21.55	-3.39
3	Financials	17.00	23.47	-6.47
4	Communication Services	12.12	4.58	7.54
5	Unclassified	4.58	0.00	4.58
6	Industrials	3.98	14.43	-10.45
7	Consumer Staples	3.46	5.11	-1.65
8	Health Care	2.68	6.76	-4.08
9	Cash	3.88	0.00	3.88
	Total	100.00	83.98

Holdings by region

As at: 31 May 2026

#	Region	Fund %	Benchmark %*	Difference %
1	Europe (ex UK)	38.23	30.13	8.11
2	Emerging Markets	31.98	33.67	-1.69
3	North America	21.34	8.11	13.23
4	UK	3.93	8.41	-4.48
5	Developed Asia Pacific	0.63	19.68	-19.04
6	Cash	3.88	0.00	3.88
	Total	100.00	100.00

Please note

The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co. Please note that totals may not add due to rounding.

Invest in this strategy

You can invest in this strategy through the following fund(s).

View Baillie Gifford International Concentrated Growth ETF

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Curious to learn more about our products and what we can offer you? Please get in touch.

Start a conversation

Insights

Key articles, videos and podcasts relating to the strategy:

View transcript

Your capital is at risk. Past performance is not a guide to future returns.   Paul Taylor:  When we look at the portfolio today, a key distinction is between stock market performance and business performance. Over both the quarter and the past year, the portfolio has underperformed the benchmark. But the underlying businesses we own continue to do well. In aggregate, they have continued to grow, gain share, and strengthen their competitive positions. Some are also now available at lower valuations than a year ago. That combination matters a lot. Real operating progress, at a lower price, is often what creates the opportunity for strong long-term returns. MercadoLibre is a good example. The market has been concerned that the company is investing too heavily across ecommerce and financial services. That has pressured margins, and the share price has suffered. But the operating evidence tells a different story. Revenue grew 49 percent year over year in last quarter. In Brazil, items sold rose 56 percent. Credit and advertising are also scaling quickly. So the question is not simply, are margins lower today? The better question is, are they building a much larger and stronger business for the future? We think they are. And this is where long-term perspective matters. This chart is a useful reminder that we have seen this pattern before. It shows MercadoLibre’s revenue and operating income over time. The highlighted period shows when the company was investing heavily, particularly in Brazilian logistics. Margins fell. Operating income turned negative. From a short-term perspective, it looked like the business was going backwards. But that investment improved delivery, increased customer trust and helped MercadoLibre build a stronger position in Brazil. And just look what happened afterwards. Revenue grew dramatically. Operating income recovered. The business became larger, stronger, and more valuable. That is the lesson. The market often sees investment as a cost. We ask whether it is actually the price of building a much larger and more valuable business. Spotify is another example. The market has become more sceptical about digital businesses because of AI. That concern is real. Some advantages may become easier to copy. But Spotify is not just an app. It is a two-sided marketplace, with listeners on one side and creators and advertisers on the other. And the core business is still compounding. Operating profit grew 40 percent year over year. More importantly, AI may make Spotify more valuable, not less. A general model can make a playlist. But it does not know what you listen to when you run, when you relax, or how your taste changes over time. Spotify does. In an AI world, that behavioural data may become more valuable, not less. There have also been areas of strength in the portfolio. TSMC and ASML performed well. Both are central to AI infrastructure, and both benefit from rising demand for advanced chips. We’ve been a bit more active than usual in the portfolio, during the quarter adding SK Hynix, Lonza, and CATL. They give us exposure to AI memory demand, biologic medicines manufacturing, and leading battery technology. Different fields, but the same thread: exceptional businesses in large, structurally growing markets, run by adaptable leaders. Funding for these was mainly from TSMC and ASML as they continued to do well. The path will not be smooth. But our principles remain the same. Identify exceptional companies. Own them patiently. And give operating excellence the time it needs to compound.   <h3 class="TABLEHEADER1212pt">International Concentrated Growth</h3> Annual past performance to 30 June each year (%) <table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 74.6668px;"> <tbody> <tr style="height: 18.6667px;"> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 58.7043%;"> </td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; text-align: right; width: 8.33054%;">2022</td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; text-align: right; width: 8.20038%;">2023</td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; text-align: right; width: 8.20038%;">2024</td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; text-align: right; width: 8.20038%;">2025</td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; text-align: right; width: 8.20038%;">2026</td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 58.7043%;">International Concentrated Growth Composite (gross)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right; width: 8.33054%;">-46.1</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right; width: 8.20038%;">22.4</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right; width: 8.20038%;">11.1</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; text-align: right; width: 8.20038%;">28.5</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right; width: 8.20038%;">-5.1</td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 58.7043%;">International Concentrated Growth Composite (net)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right; width: 8.33054%;">-46.4</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right; width: 8.20038%;">21.6</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; text-align: right; width: 8.20038%;">10.3</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right; width: 8.20038%;">27.7</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right; width: 8.20038%;">-5.7</td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 58.7043%;">MSCI ACWI ex US Index</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right; width: 8.33054%;">-19.0</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right; width: 8.20038%;">13.3</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right; width: 8.20038%;">12.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right; width: 8.20038%;">18.4</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right; width: 8.20038%;">28.3</td> </tr> </tbody> </table>   Annualised returns to 30 June 2026 (%) <table border="1" style="border-collapse: collapse; width: 100.018%; border-width: 0px; height: 93.3618px;"> <tbody> <tr style="height: 36.9981px;"> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 36.9981px; width: 61.297%;"> </td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 36.9981px; width: 13.1444%; text-align: right;">1 year</td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 36.9981px; width: 12.7539%; text-align: right;">5 years</td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 36.9981px; width: 12.7539%; text-align: right;">10 years</td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 61.297%;">International Concentrated Growth Composite (gross)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 13.1444%; text-align: right;">-5.1</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 12.7539%; text-align: right;">-2.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7879px; width: 12.7539%; text-align: right;">14.4</td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 61.297%;">International Concentrated Growth Composite (net)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 13.1444%; text-align: right;">-5.7</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 12.7539%; text-align: right;">-2.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 12.7539%; text-align: right;">13.6</td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 61.297%;">MSCI ACWI ex US Index</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 13.1444%; text-align: right;">28.3</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7879px; width: 12.7539%; text-align: right;">9.3</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 12.7539%; text-align: right;">10.5</td> </tr> </tbody> </table> Source: Revolution, MSCI. US dollars. Net returns have been calculated by reducing the gross return by the highest annual management fee for the composite. 1 year figures are not annualised. Past performance is not a guide to future returns. Legal notice: MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.   <h3>Risk factors </h3> This communication was produced and approved in July 2026 and has not been updated subsequently. It represents views held at the time and may not reflect current thinking. The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions. This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, but is classified as advertising under Art 68 of the Financial Services Act (‘FinSA’) and Baillie Gifford and its staff may have dealt in the investments concerned. All information is sourced from Baillie Gifford & Co and is current unless otherwise stated.  The images used in this communication are for illustrative purposes only. Important information Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford & Co Limited is an Authorised Corporate Director of OEICs. Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK Professional/Institutional clients only. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford & Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK.  Persons resident or domiciled outside the UK should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to invest, and with their tax advisers for advice relevant to their own particular circumstances. Financial intermediaries This communication is suitable for use of financial intermediaries. Financial intermediaries are solely responsible for any further distribution and Baillie Gifford takes no responsibility for the reliance on this document by any other person who did not receive this document directly from Baillie Gifford.

International Concentrated Growth Q2 update

Investment specialist Paul Taylor reflects on recent performance, portfolio changes and market developments.

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You can invest in this strategy through the following fund(s).

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Important information

The content of this website is intended exclusively for professional investors in accordance with MiFID legislation. ’Professional investors’ are potential investors who are deemed to have the status of “professional clients”, within the meaning of MiFID (2004/39/EC), as transposed in Ireland. It is not intended for retail investors.

Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.

Scottish Mortgage Investment Trust PLC (the “Company”) is an alternative investment fund for the purpose of Directive 2011/61/EU (the “AIFM Directive”). Baillie Gifford & Co Limited is the alternative investment fund manager (“AIFM”) of the Company and has been authorised for marketing to Professional Investors in this jurisdiction. This website is made available by Baillie Gifford Investment Management (Europe) Limited (“BGE”), which has been engaged by the AIFM to carry out promotional activities relating to the Company. BGE is authorised by the Central Bank of Ireland as an AIFM under the AIFM Regulations and as a UCITS management company under the UCITS Regulation. BGE also has regulatory permissions to perform promotional, advisory and Individual Portfolio Management activities. BGE has passported its authorisations under the mechanisms set out in the AIFM Directive.

This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.

International Concentrated Growth

Powerful potential

International Concentrated Growth: our philosophy

Unique, concentrated, long term

Years, not quarters

Meet the managers

Lawrence Burns

Paulina McPadden

Kirsty Gibson

Documents

Philosophy and process

Quarterly update

Invest in this strategy

Explore further

Strategy portfolio holdings

Holdings by sector

Holdings by region

Please note

Invest in this strategy

Explore further

Insights

Filters

Insights

International Concentrated Growth Q2 investor letter

International opportunities: creative destruction

International Concentrated Growth Q1 investor letter

International opportunities to watch

International Concentrated Growth: our philosophy

International Concentrated Growth Q4 investor letter

International viewpoints: from bits to atoms

The power of exceptional companies

International viewpoints: the quality derating

Adyen: Stock Story

International viewpoints: bubble or boom, trouble is brewing

International Concentrated Growth Q3 investor letter

International viewpoints: the Asian century

The power of exceptional companies

International viewpoints: the case for global supply chain champions

International viewpoints: enduring value – investing in brands built to last

International viewpoints: digital disruptors

Beyond the familiar: the case for international

A new age of discovery: the case for international

Actual investing revisited

International viewpoints: the end of the road for range anxiety

International viewpoints: US vs international debate

International Concentrated Growth Q1 investor letter

ASML: Stock Story

L'Oréal: Stock Story

Nubank: Latin America’s digital disrupter

The power of external perspectives

International viewpoints: Shifting tides toward international markets

International viewpoints: Europe's tech tailwinds

International Concentrated Growth Q4 investor letter

International viewpoints: demographic crisis

International viewpoints: power players

Saving when sending abroad: a Wise move

Wise: Money Without Borders

Luxury brands show promise amid slump

Trip Notes: Seoul and Mumbai

MercadoLibre: Latin America’s unbanked

International viewpoints: semi-cap resilience

International viewpoints: global EV trends

International viewpoints: eastern promise

Stock story: MercadoLibre

Tilting the odds in your favour

Ferrari: racing through time

AI: intelligence everywhere

Moderna: designing drugs on a computer

Ferrari: Magic from Maranello

Why growth, why now?

China revisited

Change as a growth driver

Genmab and the future of cancer therapy

Moderna’s new challenge

Adyen: pioneer of payments

Japan’s place in the chip market

Ocado’s robot revolution

MercadoLibre: a lesson in innovation

ASML: advancing chips to new limits

International Concentrated Growth: manager introductions