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.

“I felt a wonderful dialogue was building between you and me, and ultimately, it is only that dialogue that matters.” So wrote President Donald Trump of the US to North Korean leader Kim Jong-un in May 2018, when he declared that he was withdrawing from talks planned for 12 June 2018.

The old face of Japanese industry is changing. With many founder-led entrepreneurs at the helm of cutting-edge companies, we are starting to see vibrant new growth in many industries, including housing, the sciences and retail.

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.

Lucy Isles explains how the High Yield Bond team has incorporated ESG into its investment process, seeing it not just as a tool for managing risk, but for identifying investment opportunities too.

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.

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.

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.

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.

Baillie Gifford’s Andrew Telfer talks to Alastair O’Dell about long-term investing, the Scottish Enlightenment and doing the right thing.

Toby Ross discusses whether there is a relationship between a fund’s starting yield and the amount of income it actually delivers over time.

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.

Compared to other fixed income assets, emerging market bonds have delivered steady returns in sterling terms over several years. And, as Sally Greig explains, structural changes in Brazil are starting to have an impact, making its bonds particularly attractive over the longer term.

AT&T has a fascinating story and was already a holding in Baillie Gifford’s bond funds when the company came to the market in 2016 to raise additional funds to buy Time Warner. Gregory Turnbull Schwartz explains why he decided to invest in the new bonds and what has happened subsequently.

Gregory Turnbull Schwartz believes that the European Central Bank’s latest policy announcement will shine a light on differing levels of Non-Performing Loans in Europe and could prevent tension between EU member states.

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.

We consider how having the right attitude will help today’s ‘tech giants’ mature into the principal drivers of social, economic and environmental progress in the 21st century.

It is no longer the case that China is catching up with the West. It already leads in some areas and has the benefit of scale. And, as Lawrence Burns argues, contrary to the view of many observers, omitting Chinese companies from investment portfolios could have a negative impact.

Global Alpha's investors highlight their growth investing philosophy, with examples of how they incorporate growth stocks into the portfolio across the four growth categories.

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?

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.

Few, it appears, appreciate the merits of the carmaker Tesla to the extent that James Anderson does, which is why he believes the potential of this exceptional company might be being overlooked by the market.

As with the nesting Russian dolls beloved by tourists, there is more to Russia than first meets the eye. Tim Gooding takes a closer look inside the country and finds that the Western view of Russia may be increasingly behind the times.

Baillie Gifford’s Global Credit strategy was launched five years ago. Nell Franklin looks at how the portfolio has developed and why a flexible approach to credit investing, from geographical spread to credit rating allocation, has provided a differentiated portfolio from the rest of the market.

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.

A magic return elixir? We don’t think so. Strategic bond thinking requires a far simpler approach to selecting bonds. Investment Manager Torcail Stewart introduces a more transparent, grounded approach to identifying corporate bond opportunities.

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.

Baillie Gifford’s Multi Asset team provides an insight into the valuable role active currency has played in our multi asset funds in recent years and gives examples of current positioning.

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.

Emerging Asian economies have much to offer. Here, Claire Gillies and Andrew Keiller outline the potential rewards that investing actively in the region can bring to those who don’t want to follow the index.

Ben Drury argues that active management offers more than just the prospect of exceeding returns achievable from passive investing, with wider economic implications and support for companies among the additional benefits.

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.

Active management in emerging markets - Claire Gillies and Andrew Keiller explain why it is important to be selective rather than follow the index and outline the potential rewards such an approach can bring.

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.

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.

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.

Great minds and brilliant ideas change the world. Mark Urquhart looks at the similarities – and differences – between the Wright brothers over 100 years ago and today’s innovators, and considers the impact of innovation on investment opportunities.

The companies held within the LTGG portfolio are not just generating returns for shareholders, they are also reshaping the world. The LTGG team take a closer look at some of the companies within the portfolio that are making the world a better place for everyone, not just their shareholders.

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.

Over recent years, India has created the world’s largest digitalised database of people. As Ewan Markson-Brown explains, this has enabled it to leapfrog other countries in areas such as banking, and should also increase investment opportunities.

Home to many of the world’s greatest companies, the United States should be the active investment manager’s dream. Not so for everyone, it seems. Swimming against the tide of passive and mediocre active investment strategies, Head of US equities Tom Slater endorses a genuinely active, long-term approach to investing in the American dream.

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.

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.

Trend-following strategies have their place in multi-asset portfolios, but not at any price. David McIntyre explores what the most efficient and cost-effective way of accessing the attractive return profile of momentum strategies is.

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.

Project fear is not the best way to run an economy, nor an investment portfolio. Investment manager Tom Coutts explains why we shouldn’t be reducing everything to numbers in our search for good long-term investment returns for our clients.

With the glory days of emerging market investing over, should investors be pining for the past or getting excited by the future? Tim Erskine-Murray explains why he remains optimistic.

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.

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 are to capture the real benefits of growth.

Investing in equities is a long-term commitment. In this article, we explain why market movements are usually irrelevant and why shareholders should look past immediate events and focus on the long term.

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.

Amidst the clamour of short-term doomsayers ruminating on China’s imminent economic collapse, Richard Sneller holds his ground and, on the back of structural alterations, restates his belief in a further prolonged period of Chinese growth.

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.

We believe that the world is changing at a remarkable pace. Looking to the future, there is much rational excitement to be found in the technological revolutions underway in transportation, alternative energy and healthcare.