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 Annual General Meeting of the Scottish Mortgage Investment Trust took place in Edinburgh on 29 June. In addition to the business of the day, co-managers James Anderson and Tom Slater made presentations and you can read the highlights here.

Charles Plowden, Malcolm MacColl and Spencer Adair review the last twelve months as managers of The Monks Investment Trust portfolio.

Corporate Japan is evolving, bringing with it fresh opportunities for growth investors looking for yield. Investment Manager Matthew Brett pinpoints what the opportunities are, with reference to Baillie Gifford’s Japanese Income Growth Fund

Scottish Mortgage first stated their Core Beliefs in 2013. Tom Slater expands on these Core Beliefs, highlighting how his investment philosophy has evolved in recent years.

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.

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.

James Anderson explains why, as Joint Manager of Scottish Mortgage, he is increasingly interested in growth companies - particularly in the technology hubs of Eastern China.

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.

Identifying businesses that will produce high levels of long-term earnings growth is critical to creating outperformance over the long term. Monks’ managers explain what it is they are looking for.

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.

The Edinburgh Private Investor Forum was an opportunity for existing or potential clients to hear about four of the investment trusts managed by Baillie Gifford. The following summary picks out some of the highlights.

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.

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.

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.

Europe lacks entrepreneurship, is the common myth. Not so, says Stephen Paice, co-manager of the Baillie Gifford European Fund, you just have to look in the right places.

While the name may have changed, the investment philosophy remains the same. The Baillie Gifford Strategic Bond Fund continues to seek great bond selection to drive differentiated returns.

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.

John Kay looks at whether capital markets have a purpose.

Catharine Flood, strategy specialist at Scottish Mortgage Investment Trust, talks to Edward Russell-Walling about synthetic spider silk and other industrial biotech wonder materials.

David France discusses How to Survive a Plague.

James Anderson, joint manager of Scottish Mortgage Investment Trust, talks about why China matters more.

The renowned neuroscientist David Eagleman talks to Jemima Kiss about innovation and why the creative genius is a myth.

Charles Plowden, manager of Monks Investment Trust, talks about why the investment case for Fiat Chrysler has very little to do with either Fiat or Chrysler.

Sarah Whitley and Matthew Brett discuss the past, present and future.

Ewan Markson-Brown recently visited Jakarta, where he found a changing political and technological landscape which could see Indonesia emerge as one of the most exciting growth stories globally in the next few years.

After several years of weak global growth, the tide has changed and Asia ex Japan is likely to be one of the big winners. Roderick Snell and Ewan Markson-Brown are confident that the stars are aligning for a strong period of long-term growth in the region.

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

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?

Exploring the disparate worlds of tennis and medicine, Scott Nisbet disputes the perceived wisdom of ‘reversion to the mean’ assumptions, challenging commonly held beliefs that the growth of FANG companies will slow in the long term.

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.

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.

Japanese equities have traditionally offered little for income-seekers. That is all changing, argues Karen See, co-manager of the Baillie Gifford Japanese Income Growth Fund.

Following a meeting with Jack Ma of Alibaba, James Anderson considers the importance of data to our future, and anticipates the pivotal role China will play in shaping what is to come.

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.

In the final Scottish Mortgage roadshow of 2017, Tom Slater addressed an audience in York. He explained why he invests the way he does and offered an insight into some of the areas he currently finds exciting.

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.

Joseph Jebelli tells Catharine Flood, Strategy Specialist at Baillie Gifford, what prompted him to write his book, and why he is upbeat about the progress towards finding a cure for Alzheimer’s.

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.

Roderick Snell explains why he is positive about the prospects for the Pacific region.

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.

The High Yield Bond team explain their thinking behind the purchase of Netflix bonds and why they think it’s a good idea for Netflix to produce their own content.

We are committed to the individual companies in which we invest. So when bad things happen, James Anderson thinks we should be honouring that commitment and our long-term perspective by tailoring our engagement to the specifics of the situation and the company involved.

China has been an underestimated asset class, which might now be attracting the proper attention of some indices. Sophie Earnshaw looks at three reasons she believes China could be the perfect place for active managers to seek investment opportunities.

Douglas Brodie, manager of EWIT, looks at some of the newest remedies, including how something as simple as paint could dramatically reduce disease.

Tom Slater, joint manager of Scottish Mortgage Investment Trust, on the case for Tesla’s first mass-market electric car.

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.

Jeff Salway tries to navigate the challenging investment decisions many of us face today at retirement.

Cherry Reynard talks to Stephen Paice, about why macroeconomic improvement in Europe is not the reason he is excited for the region.

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.

The annual meeting of the Scottish Mortgage Investment Trust took place in Edinburgh on 29 June. In addition to the business of the day, there were presentations from the Trust’s managers, James Anderson and Tom Slater. This summary includes several short audio clips recorded on the day.

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.

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.

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 companies held in Scottish Mortgage's portfolio are not just generating returns for shareholders, they are also reshaping the world. The managers 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.

Most small cap fund managers won’t tell you that their universe is full of deadbeat companies and those that are going nowhere. We will, but then we are not daunted by the fact. The small cap market’s inefficiencies and lack of certainty provide great opportunities to generate significant returns for those, like EWIT, whose strength lies in finding and holding onto the relatively small number of companies with the potential to make it really big.

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.

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.

It is no secret that our industry is impatient and obsessed with short-term results. What is less well-known is that plenty of active managers have been able to add value net of fees. Michael Stirling-Aird explains why process, culture and patience are key to adding value over time.

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.

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.

Far from being on the verge of economic collapse, China is re-writing its future growth story. Introducing the three core drivers of the new consumption story, Roderick Snell highlights the winner-takes-all companies leading the charge.

Once Alibaba’s addressable market was assumed to be online retail sales in China. Not anymore. How far it can go will be determined by its ability to leverage the data it holds on billions of consumers and millions of merchants globally, as it seeks to become the world’s largest retail data eco-system.

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.

The 107th AGM of Scottish Mortgage Investment Trust once again saw presentations from the investment managers James Anderson and Tom Slater. We’ve captured some key points that each made on the day, as audio recordings and wanted you to have the opportunity to hear their thinking for yourself.

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.

This article will provide an update on the Baillie Gifford US Equities team’s approach to investing. The core of the approach may be familiar to you. That’s because it remains unchanged: focus on finding the most exceptional growth businesses in America; hold them long enough for their fundamentals to become the dominant driver of returns; and do not dilute these exceptional businesses in the name of diversification.

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.

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.