In this series of articles, we highlight companies in the Scottish Mortgage portfolio that are taking technological advances to the next level, a new generation of companies who will reshape our world and what is possible in the years to come.

In this series of articles, we highlight companies in the Scottish Mortgage portfolio that are taking technological advances to the next level, a new generation of companies who will reshape our world and what is possible in the years to come.

The out-of-date negative perceptions surrounding emerging market government bonds means that for genuinely active managers, the asset class can provide great opportunities to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

Weakening economic conditions are prompting governments in emerging markets to tighten up their policy framework. And that additional rigour is, in turn, creating attractive investment opportunities in some bonds, according to Yannis Lykouris.

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.

Danish government policies in favour of wind power generation have fostered the development of Ørsted over the last decade. The dual-track approach shows how clean energy can become financially resilient, as concerns over climate change increase.

In this series of articles, we highlight companies in the Scottish Mortgage portfolio that are taking technological advances to the next level, a new generation of companies who will reshape our world and what is possible in the years to come.

In this series of articles, we highlight companies in the Scottish Mortgage portfolio that are taking technological advances to the next level, a new generation of companies who will reshape our world and what is possible in the years to come.

In this series of articles, we highlight companies in the Scottish Mortgage portfolio that are taking technological advances to the next level, a new generation of companies who will reshape our world and what is possible in the years to come.

In this series of articles, we highlight companies in the Scottish Mortgage portfolio that are taking technological advances to the next level, a new generation of companies who will reshape our world and what is possible in the years to come.

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.

Managers Stephen Paice and Moritz Sitte on the Baillie Gifford European Growth Trust plc.

The opportunities in emerging markets and Asia are vast and varied. Andrew Stobart, portfolio manager of the Baillie Gifford Managed Fund, talks telecoms, semiconductors and ear implants.

Just because Trump says he might favour a trade deal with China, this doesn’t mean he will be supportive a few days on. Macro-noise is a risk to credit analysis and our approach is simple. Except in extremis, we take no view of it whatsoever.

The Japanese spend more per person on skincare and cosmetics than any other country. Praveen Kumar, manager of the Baillie Gifford Shin Nippon Investment Trust, tells Gillian Christie what is different about Japanese cosmetic companies.

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.

Paul Dilworth explains why investing in European bank equities may be a better idea than many might think.

The oncology firm Novocure is extending survival rates by attacking brain cancer with electric fields. Svetlana Viteva, deputy manager of Edinburgh Worldwide Investment Trust, talks to Linda Geddes about the implications.

The extraordinary expansion of Asia’s middle class is turbocharging demand for products that provide a sense of security. Charles Plowden, manager of Monks Investment Trust tells Colin Donald why the region’s life insurance giants are well placed to reap the rewards.

The qualities that give the best companies their advantage are not always obvious. Praveen Kumar, manager of Shin Nippon Investment Trust and deputy manager of the Baillie Gifford Japan Trust, outlines the ingredients of lasting success.

From textbook rental to digital teaching, Chegg is disrupting higher education, as Malcolm MacColl joint deputy manager of Monks Investment Trust reports.

James Anderson, joint manager of Scottish Mortgage Investment Trust, talks about why we need to embrace risk and volatility to achieve long-term rewards.

Toby Ross on how we engage on responsible taxation.

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.

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.

The automotive sector is seeing considerable change. As co-managers of the Baillie Gifford US Growth Trust, Gary Robinson and Helen Xiong, explain, this is most evident in three areas – the shift to electric vehicles, a move from ownership to on-demand use, and growth in autonomous driving.

Peru is no longer the unstable emerging market of the 1990s, but the bond market still views it as a risky place to lend to. Sally Greig explains why this misconception can be rewarding for clients.

Torcail Stewart, investment manager in Baillie Gifford’s Credit team, wants those who are investing in bonds to slow down and take some tips from island living.

Buying a car is seldom a smooth process, so why would companies whose focus is on advertising cars for sale pique the interest of the long-term income investor? James Dow, co-manager of SAINTS, investigates.

Our research is thorough, even in the fast-moving high yield bond market.

In this age of the internet, there is round-the-clock demand for instant connection so people can search, shop and share. The internet needs to keep working. With this in mind, we often hear about the inner workings of the so-called ‘Cloud’, and how Cloud computing servers are housed in futuristic garden sheds in the middle of distant deserts where land is cheap.

Equity investors might well see RBS as an ugly duckling, but through the lens of a credit investor, it looks rather like a swan.

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

Stephen Paice disagrees with the conventional wisdom that European companies are uninspiring and stagnant. As he explains, research shows that stock pickers are just as likely to find a ‘big winner’ in Europe as the US.

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.

Corporate debt is being billed by media pundits as the harbinger of the next financial crisis, but we see things differently.

The impact of ever-faster networks and complex systems is all around us. Tom Slater reflects on the implications of our accelerating connectedness in an increasingly ‘complexified’ world.

James Anderson explains why Scottish Mortgage’s portfolio makes him optimistic about the future, despite the sound and fury of recent headlines.

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.

Results season has been in full swing for the last few months. James Dow and Toby Ross, co-managers of SAINTS, chalk up the scores at the end of a year that has left them feeling optimistic about the future.

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.

We chose to buy Australian bonds when they were unpopular – and it has paid off.

Since 1987, the Managed Fund has offered one stop access to the best of Baillie Gifford. Lucy Haddow explains how the fund's simplicity, successful approach and good value has helped it stand the test of time.

If you can’t see past the clichés, then investing in emerging market bonds is probably not for you. But for those prepared to strip away the labels and look to the future, there are positive stories out there waiting to be found.

In a final reflection on his future-gazing session in Seattle with Jeff Bezos, Tom Slater considers the fast-growing Cloud business Amazon Web Services.

In the second in his series of reflections following a meeting with Amazon boss Jeff Bezos in Seattle, Tom Slater considers the online giant’s prospects in the changing world of new media.

To impress SAINTS’ managers it’s not enough to be a high-growth company or a solid payer of dividends. The trust’s joint manager Toby Ross tells Colin Donald about the search for companies built for bad times as well as good.

The way we live is changing the way we eat. Tom Slater, joint manager of Scottish Mortgage Investment Trust, tells Heather Farmbrough how this is opening up investment opportunities.

The US medical technology company Zipline has chosen Rwanda to pilot the use of drones to transform the delivery of blood supplies. Gemma Barkhuizen travelled to the country’s remote central highlands to watch the life-saving air service in action.

Are we about to be elbowed aside by a rebel army of our own super-intelligent robots? Professor Sir Nigel Shadbolt, a director of Monks Investment Trust, tells Edward Russell-Walling why we shouldn’t fear artificial intelligence.

James Anderson, joint manager of Scottish Mortgage Investment Trust, talks about why private companies offer more promising new opportunities than their public counterparts.

Gary Robinson and Helen Xiong, managers of the Baillie Gifford US Growth Trust, talk to Angela Jameson about investing in the stars of the future and four exciting private companies they hope will be winners.

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

Tom Slater shares some thoughts on the topics that excite Amazon CEO Jeff Bezos – and Scottish Mortgage managers, starting with Amazon’s ubiquitous voice-activated assistant.

Netflix has shaken up the global paid TV market and is on track to becoming an investment grade company.

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.

In an ever-changing global economy, the importance of holistic research and collaboration continues to grow and is seen as vital in the process of identifying the best bond opportunities for the Strategic Bond Fund.

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.

Lucy Isles and Robert Baltzer reflect on their team's focus on resilience and good governance.

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

Hollywood, California might be the first location you think of with regard to large-budget film blockbusters, but if you want to make one, there’s another “wood” that’s equally important. The fixed income team takes a look at the iconic Pinewood Studios and why they believe it is set to be centre stage in the film and TV industry for many years to come.

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.

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.

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.

In Bond Beats, Baillie Gifford’s High Yield Bond team explains the thinking behind some of their investment decisions. In the first Bond Beats, Lucy Isles takes a look at how PureGym has radically redefined a whole industry by breaking down the barriers to gym membership.

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.

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.

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.

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.

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.

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.

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.

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 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.

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.

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.

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

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.

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.

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.

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.

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.

Rob Baltzer of the Baillie Gifford High Yield Bonds team takes a look at how, in a world where cash purchases are on the decline and e-commerce is on the rise, WorldPay is part of the technological backbone supporting digital transactions.

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.

Iain McCombie and Milena Mileva, co-managers of the Baillie Gifford UK Growth Fund, talk to Heather Farmbrough about their new portfolio and five of their favourite growth stocks.

How are regulators thinking about the rapid growth of the tech titans? Spencer Adair, joint deputy manager of the Monks Investment Trust, went to the world’s capital of regulation to find out.

Innovation is often born out of necessity. Praveen Kumar, manager of Baillie Gifford Shin Nippon and deputy manager of the Baillie Gifford Japan Trust, tells Joji Sakurai that Japan’s staff shortages have sparked creativity and investment opportunities.

When Tom Slater first came across Airbnb’s Brian Chesky, he didn’t spot the magic. Here the joint manager of Scottish Mortgage Investment Trust explains why he changed his mind.

The growth of intangible assets changes not only the industrial landscape but also the way investors need to do their homework, as new MPC member Jonathan Haskel explains to Edward Russell-Walling.

A strong company culture is often a source of competitive advantage. Gary Robinson, co-manager of the Baillie Gifford US Growth Trust, talks to Colin Donald about why it’s so important to ask companies about their culture.

James Anderson, joint manager of Scottish Mortgage Investment Trust, talks about the implications of Hendrik Bessembinder’s extraordinary research.

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.

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.

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

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?

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.

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.

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.

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.

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 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.

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 you are to capture the real benefits of growth.