TRUST
From Baillie Gifford
Article

In Brief

3 min

Catch up on Baillie Gifford’s latest investment trust news

New China Growth Trust manager and how to vote at AGMs

Scottish Mortgage success stories

Meet the would-be professional footballer on a mission to make it easy to cook delicious, nutritious meals. The software entrepreneur who became an aviation expert to realise his dream of electric-powered flying taxis. And then there’s the man who explains how he made vaccine production 10,000 times more efficient to help counter a global pandemic.

Dominik Richter of HelloFresh, Paul Sciarra of Joby Aviation and Stéphane Bancel of Moderna are just some of the far-sighted leaders featured in the second series of Scottish Mortgage’s podcast Invest in Progress. Managers Tom Slater and Lawrence Burns chat with them and other portfolio company bosses about their efforts to change the world.

Listen to frank and unfettered conversations about great innovation by subscribing via your favourite podcast app or exploring our library of episodes on our website.

Recipe for happiness: cooking with HelloFresh. © HelloFresh

 


 

Know your rights

Ever wondered how to attend an annual general meeting when you hold investment trust shares on a platform? Or how to exercise your voting rights on important shareholder resolutions, such as on strategy or governance?

The Association of Investment Companies (AIC) website has a handy guide on how to vote your shares if you hold them via one of the major platforms. The platforms can help you stay abreast of important company meetings and exercise your rights via their apps and websites. Find out more

 


 

 

Manager moves

Baillie Gifford China Growth Trust has a new joint manager. Linda Lin, a Baillie Gifford partner, will work alongside Sophie Earnshaw. In January, Lin replaced Roderick Snell, who is focusing on managing Pacific Horizon Investment Trust. Lin returned to Edinburgh last year after spending nearly five years leading our Shanghai research office. She also heads Baillie Gifford’s newly unified 10-strong China Investment Team, comprising nine investors and an environmental, social and governance (ESG) analyst.

The team has been reorganised to take advantage of opportunities in the world’s second-largest economy, as outlined by Baillie Gifford marketing director James Budden: “Investors are struck by fear or FOMO [fear of missing out] when it comes to investing in China. Purely focusing on China’s risks could cause investors to miss out on growth opportunities. The Chinese government is back to supporting private enterprise in an effort to achieve promised prosperity.”

Elsewhere, Toby Ross has stepped down as joint manager of The Scottish American Investment Company (SAINTS) to focus on Baillie Gifford’s Sustainable Growth Fund. James Dow, who has co-headed the 151-year-old Trust since 2017, has become the sole manager, while Ross Mathison continues as deputy manager.

 


 

 

Reasons to be cheerful

Being a ‘growth investor’ is always challenging, but the last couple of years have been especially tough. Geopolitical tensions and high interest rates adversely affected many of the growth companies that form the backbone of our investment trust portfolios. Why, then, do we remain optimistic?

A recent paper, Why growth, why now?, by Baillie Gifford partners Tim Garratt and Mark Urquhart, explores that question in depth. They detail the winning characteristics we look for: an ability to solve real-world problems, financial discipline and adaptability to rapid change. They argue that companies possessing these traits can deliver long-term returns whatever the short-term macroeconomic conditions and market sentiment.

Read the paper at bailliegifford.com/why-growth and hear Tim make the case on our Short Briefings on Long Term Thinking podcast at bailliegifford.com/podcasts 

 


 

 

Boardroom batons pass

A trio of changes at the top of the boards overseeing three of the trusts Baillie Gifford manages: Experienced tech services business leader Jonathan Simpson-Dent, a board member since 2020 with extensive experience of chairing company boards, became the chair of Edinburgh Worldwide Investment Trust after Henry Strutt stood down in March 2024.

Meanwhile, Neil Rogan, newly appointed to the board of the Baillie Gifford UK Growth Trust, is set to become its chair after Carolan Dobson stands down at the conclusion of the Company’s annual general meeting in September 2024. A highly experienced former investment manager, Rogan has chaired several investment trusts.

Finally, The Pacific Horizon Investment Trust has appointed Roger Yates as its chairman. Formerly chief executive of Henderson Global, Yates is an experienced fund manager and director of financial and other industrial companies. Yates' appointment was effective from March 13, and will be ratified by shareholders at the investment trust's annual general meeting later this year.

 


Important information

Investments with exposure to overseas securities can be affected by changing stock market conditions and currency exchange rates.

The views expressed in this article should not be considered as advice or a recommendation to buy, sell or hold a particular investment. The article contains information and opinion on investments that does not constitute independent investment research, and is therefore not subject to the protections afforded to independent research.

Some of the views expressed are not necessarily those of Baillie Gifford. Investment markets and conditions can change rapidly, therefore the views expressed should not be taken as statements of fact nor should reliance be placed on them when making investment decisions.

Baillie Gifford & Co Limited is wholly owned by Baillie Gifford & Co. Both companies are authorised and regulated by the Financial Conduct Authority and are based at: Calton Square, 1 Greenside Row, Edinburgh EH1 3AN.

The investment trusts managed by Baillie Gifford & Co Limited are listed on the London Stock Exchange and are not authorised or regulated by the Financial Conduct Authority.
A Key Information Document is available by visiting bailliegifford.com