Insights

The China Team reflects on recent performance, portfolio changes and market developments.

The Discovery Team reflects on recent performance, portfolio changes and market developments.

The Positive Change Team reflects on recent performance, portfolio changes and market developments.

Unlocking the potential of DC pension plans for better member outcomes.

Investment manager Thaiha Nguyen discusses portfolio changes, opportunities and challenges.

Explore Managed Fund's approach to bond investment for diversification and potential returns.

Thomas Patchett uncovers three companies driving new opportunities in Japan.

Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks.

Qian Zhang highlights three Asian companies at the forefront of global structural trends.

Thomas Hodges uncovers three of Europe’s hidden growth champions: Lonza, Topicus and Soitec.

Bill Chater spotlights three companies set to make world-changing breakthroughs.

Lucy Haddow shares three of the most exciting names in Baillie Gifford’s balanced portfolios.

Rosie Rankin explains why Nubank, Xylem and Grab can both improve lives and offer investment returns.

Why focus and patience are crucial elements when investing and identifying growth companies.

How the leaders of Meta, Shopify, Roblox and Spotify’s expertise helps them put AI to use.

How successful companies harness the power of adaptation.

Kelly Clancy makes the case for why play is more important than you might think.

The US’s new hotbeds of innovation are increasingly based outside California.

The fiery spirit that’s a profitable symbol of Chinese culture and luxury.

Lawrence Burns sees great growth firms in action in South Korea and India.

How PsiQuantum is ushering in a new type of computer that could change the way medicines are invented and make renewables more efficient.

The Welsh company cutting surgery waiting lists – and costs.

Why some of the leading computer chip makers and companies enabling them have room to grow.

Why some of the leading computer chip makers and companies enabling them have room to grow.

Exploring the European Growth Trust’s dynamic companies and what sets them apart.

How an ultra-traditional Japanese engineering firm became key to Japan’s power overhaul.

Japanese Smaller Companies and Shin Nippon’s performance, portfolio positioning and the region’s attractions for growth investors.

Why advanced manufacturing and social context are key to investing in tomorrow’s Chinese giants.

Gary Robinson explores the trust’s strategic shifts and generative AI's transformative impact.

Japan's automation revolution and its global leadership in robotics.

Japan’s innovation medical breakthroughs are combatting ageing.

Behind the success of Japan’s leading quality brands and what opportunities they present.

Japan's media giants: Sony and Nintendo's timeless influence.

MercadoLibre offers hope to Latin America’s 178 million unbanked population.

Spencer Adair on performance, portfolio updates and aligning with deep structural changes in the years ahead.

From data lakes to Databricks, cloud storage will be key to driving progress and future innovation.

Charting rising cross-border money payments and the opportunity for remittance service Wise.

The firms taking advantage of four transformational opportunities.

Edinburgh Worldwide Investment Trust focuses on five key growth-supporting tailwinds underpinning future returns.

Low-orbit satellites could be the answer for the three billion unable to access the internet.

Why our long-term conviction in ASML, Tokyo Electron and TSMC stands up to recent sector volatility.

An update on portfolio performance, turnover and investment opportunities.

Insights on economic growth, inflation trends, and investment opportunities in bonds, equities, and more for the next decade.

Where innovation meets impact: logging portfolio companies’ progress in shaping a better future.

James Budden explains why now is the time for growth, as markets weather exceptional volatility.

Discover Baillie Gifford’s role in financing Australia’s first green bonds.

How companies’ relationships with climate, energy and the environment relate to long-term growth.

The experts helping us gain an investment edge when thinking about farming, human rights and AI.

Investment manager Tom Coutts introduces International Growth, reflecting on the exciting opportunities ahead.

Investment manager Robert Baltzer gives an update on the Baillie Gifford Strategic Bond Fund.

Investment manager Iain McCombie discusses portfolio positioning and performance.

Where innovation meets impact: logging portfolio companies’ progress in shaping a better future.

We discuss the importance of long-term investing for outsized returns within the Monks Investment Trust.

The Pacific Horizon Investment Trust shares its strategic investments in Asia's dynamic markets.

A journey through time uncovers the deep transitions that can reshape our world.

The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.

The Positive Change Team reflects on recent performance, portfolio changes and market developments.

The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.

The Global Alpha Team reflects on recent performance, portfolio changes and market developments.

The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.

Investment specialist Fraser Thomson gives an update on the US Equity Growth Strategy covering Q2 2024.

Why AI could be key to us living longer and being in better health in the future.

Investment specialist Rosie Rankin gives an update on the Positive Change Strategy covering Q2 2024.

The Multi Asset Team reflects on recent performance, portfolio changes and market developments.

How efficiency drives at Meta, Shopify and Block could fuel their long-term growth.

Iain McCombie and Milena Mileva on navigating growth investment in volatile markets.

The Discovery Team reflects on recent performance, portfolio changes and market developments.

The European Equities Team reflects on recent performance, portfolio changes and market developments.

The Sustainable Growth Team reflects on recent performance, portfolio changes and market developments.

The Sustainable Income Fund Team reflects on recent performance, portfolio changes and market developments.

The UK Core Team reflects on recent performance, portfolio changes and market developments.

The China Team reflects on recent performance, portfolio changes and market developments.

The International Growth Team reflects on recent performance, portfolio changes and market developments.

The Japanese Equities Team reflects on recent performance, portfolio changes and market developments.

The Strategic Bond Team reflects on recent performance, portfolio changes and market developments

The US Alpha Team reflects on recent performance, portfolio changes and market developments

The Health Innovation Team reflects on recent performance, portfolio changes and market developments.

The International Smaller Companies Team reflects on recent performance, portfolio changes and market developments.

The Managed Fund team reflects on recent performance, portfolio changes and market developments.

The Global Income Growth Team reflects on recent performance, portfolio changes and market developments.

The International All Cap Team reflects on recent performance, portfolio changes and market developments.

The International Alpha Team reflects on recent performance, portfolio changes and market developments.

Sharing Monks’ methods in overcoming market uncertainties with strategic investments in AI, healthcare and infrastructure.

Did 2022 sound the death knell for the balanced investment approach or is it alive and kicking?

Firms with winning technology and services are getting noticed again, despite the reign of the Magnificent 7.

Analysing market dynamics, industry challenges and future trends of EVs’ global adoption.

How one company is finally bringing the boundless possibilities of quantum computing into reach of the wider market.

We discuss long-term investing, delve into PsiQuantum’s investment case, and explore Monks Investment Trust.

Adapting to changing market conditions and focusing on dynamic growth companies in Europe.

The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.

What market sentiment, recent valuations and policy changes mean for us as investors in Asian growth companies.

Why high interest rates help rapid growth private companies with proven products stand apart.

Explore Japan's market evolution, digitalization, and investment opportunities in unique growth themes.

Unlocking the potential of small cap investments.

An insight into the critical role of responsible investing in aligning financial success with sustainability efforts.

We start by asking ‘what if?’ as we search for those companies that will shape the future.

Investment manager William Sutcliffe introduces Emerging Markets, reflecting on the exciting opportunities ahead.

Japanese tech dominance is under increasing pressure in China from domestic challengers.

Praveen Kumar provides an update on recent performance and explains why he remains optimistic.

How Japan's changing economy is reshaping the Multi Asset investment landscape.

The company on a mission to democratise ecommerce and finance for 650 million people.

We discuss risk v reward in stock picking, MercadoLibre’s mission in Latin America and Japan’s small-cap landscape.

Partners Tim Garratt and Stuart Dunbar identify signs of emerging growth.

How artificial intelligence creates growth opportunities and ways for us to serve you better.

Baillie Gifford’s Will Sutcliffe explains how emerging markets have evolved in the last three decades.

Why it’s a promising time to invest in exceptional emerging markets companies

Optimism for the future of growth investing from four of Baillie Gifford’s investment trusts.

The Magnificent Seven’s reputation goes before them but that’s not enough to save them.

The companies transforming the UK’s water infrastructure.

The Sustainable Growth Team reflects on recent performance, portfolio changes and market developments.

The UK Core Team reflects on recent performance, portfolio changes and market developments.

The European Equities Team reflects on recent performance, portfolio changes and market developments.

The Japanese Equities Team reflects on recent performance, portfolio changes and market developments.

The International Alpha Team reflects on recent performance, portfolio changes and market developments.

The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.

The Health Innovation Team reflects on recent performance, portfolio changes and market developments.

The US Alpha Team reflects on recent performance, portfolio changes and market developments.

The International Growth Team reflects on recent performance, portfolio changes and market developments.

The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.

The Global Alpha Team reflects on recent performance, portfolio changes and market developments.

The Positive Change Team reflects on recent performance, portfolio changes and market developments.

The International Smaller Companies Team reflects on recent performance, portfolio changes and market developments.

The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.

The Global Income Growth Team reflects on recent performance, portfolio changes and market developments.

The International All Cap Team reflects on recent performance, portfolio changes and market developments.

The China A Shares Team reflects on recent performance, portfolio changes and market developments.

The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.

The Strategic Bond Team reflects on recent performance, portfolio changes and market developments.

Investors take note: technology and innovation are revolutionising treatments and patient care.

How the outerwear pioneer innovated its way into the fashion elite.

America’s infrastructure upgrade plan vastly exceeds its spending on rebuilding post-war Europe.

Tom Slater on the secret sauce shared by nearly nine out of ten Scottish Mortgage companies.

New online services are transforming Japanese financial habits.

Visiting Saigon, Roderick Snell explores what went right for the pro-business communist country.

Why AI could be the printing press of intelligence.

How the SpaceX subsidiary is turning internet deserts into online oases.

How cross-border payments company Remitly takes the tension out of cash transfers.

Charting how a century of innovation led to a game-changing weight-loss treatment.

Investment managers share some of the economic laws that guide their decision-making.

The mobile app that busts stress and high charges for workers sending money back home.

How do we look beyond the data to ensure our investments have real-world impact?

A small holding with a long-term climate goal.

Why the US is a fantastic place to invest in exceptional public and private growth companies.

The Positive Change Team’s ESG and engagement report shows the difference talking can make.

The innovative ecommerce company poised to take advantage of China’s large consumer base.

We discuss innovative UK companies, Pinduoduo’s edge in ecommerce, and China’s investment landscape.

Why do we prefer growth stocks despite the lure of shorter-term assets?

A performance update explaining why we back firms solving social and economic issues such as Moderna and MercadoLibre.

Investor James Dow explains why dividend growth indicates a company can compound its earnings.

The huge growth potential of Novo Nordisk’s anti-obesity medicines.

Lead manager Douglas Brodie gives an update on performance with three key reasons for optimism.

The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.

Can scientists meet unmet health needs by writing code to help the body heal itself?

Being open-minded to what rapid changes brought on by AI could mean for growth stocks.

How can we spot large growth opportunities at the stage when others dismiss them as fads?

Why the study of gene fitness can help us spot ambitious growth companies with huge potential.

How Sustainable Income aims to help you defy the retirement lottery and secure a durable income.

What values are important to you? And are they reflected in your investments?

An update on performance, portfolio positioning and why we believe our holdings remain both resilient and opportunistic.

Why real-world problem solving, financial discipline and adaptability are critical to growth.

The UK Core Team reflects on recent performance, portfolio changes and market developments.

The Global Income Growth Team reflects on recent performance, portfolio changes and market developments.

The Global Alpha Team reflects on recent performance, portfolio changes and market developments.

The Japanese Equities Team reflects on recent performance, portfolio changes and market developments.

The International All Cap Team reflects on recent performance, portfolio changes and market developments.

The Strategic Bond Team reflects on recent performance, portfolio changes and market developments.

The Sustainable Growth Team reflects on recent performance, portfolio changes and market developments.

The Health Innovation Team reflects on recent performance, portfolio changes and market developments.

The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.

The Positive Change Team reflects on recent performance, portfolio changes and market developments.

The European Equities Team reflects on recent performance, portfolio changes and market developments.

The China Team reflects on recent performance, portfolio changes and market developments.

The International Smaller Companies Team reflects on recent performance, portfolio changes and market developments.

The International Growth Team reflects on recent performance, portfolio changes and market developments.

An update on the portfolio and these companies’ important contributions towards a more sustainable future.

The International Alpha Team reflects on recent performance, portfolio changes and market developments.

The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.

Considering the S in ESG ranges from supply chain analysis to cybersecurity precautions.

The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.

Matthew Brett discusses SoftBank and considers Japan’s exciting technological future.

The new wave of companies blending physical and digital processes together.

Sustainability is much too big and important a topic to be confined to only equity investing.

Your annual update on performance, portfolio changes and the opportunities we’re excited about.

Climate and Environment Analyst Matt Jones considers the potential of emissions avoidance and disruptive innovation.

HelloFresh’s CEO explains the art and science of meal kit delivery at a global scale.

Ben Buckler on how investors should steer between the twin poles of risk in China.

Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.

Unearthing growth companies in Vietnam, Indonesia and Thailand.

Opportunities remain in small-cap investing, regardless of interest rates or market volatility.

Rising Japanese markets are flattering old-style companies: better to look for long-term growth.

How Edinburgh Worldwide Investment Trust spots potential disruptors in turbulent times.

The US’s $800bn trucking industry is on track for a shake up with Aurora’s self-driving technology.

Emerging markets have underperformed developed ones recently. So, why should we invest in them?

A reflection on Baillie Gifford’s commitment to the climate transition.

The ‘next wave’ of companies, mixing the digital and physical realms.

With Asia’s strong financial position, the long-term looks exciting for investors.

Could smaller reactors and fusion power herald a new atomic age?

Why investors must put the rise of ChatGPT and other generative AI in context.

Sustainable Income Fund manager Steven Hay addresses three big questions facing today’s cohort of income investors.

The years ahead are uncertain, but we can turn that to our advantage.

Companies addressing climate change could create huge societal and economic value over time.

By keeping an open mind, we hope to find opportunities other credit investors might overlook.

Seeking the entrepreneurial firms that could sustain the country’s rally.

Why we believe pursuing dividend growth rather than yield is the right way to grow capital.

Hear from us on private companies, the investment case for SoftBank and the Responsible Global Equity Income Fund.

A decade ago, software companies were venture-backed and capital-light. That’s no longer true.

Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.

How can we avoid a hothouse world? Head of Climate Change Caroline Cook discusses with experts.

Investors reflect on the Managed Fund’s track record, recent performance and why they remain optimistic.

Uncover the multiple layers of governance that feed into the valuation of private companies at Baillie Gifford.

The Global Alpha Team reflects on recent performance, portfolio changes and market developments.

Minerals are key to the energy transition. We believe mining responsibly will bring rewards.

The International All Cap Team reflects on recent performance, portfolio changes and market developments.

The International Alpha Team reflects on recent performance, portfolio changes and market developments.

The Sustainable Growth Team reflects on recent performance, portfolio changes and market developments.

The cancer-fighting firm that aims to lead a clean energy revolution.

The European Equities Team reflects on recent performance, portfolio changes and market developments.

The Health Innovation Team reflects on recent performance, portfolio changes and market developments.

The International Concentrated Growth Team reflects on recent performance, portfolio changes and market developments.

The Strategic Bond Team reflects on recent performance, portfolio changes and market developments.

The Japanese Equities Team reflects on recent performance, portfolio changes and market developments.

The Long Term Global Growth Team reflects on recent performance, portfolio changes and market developments.

The Global Income Growth Team reflects on recent performance, portfolio changes and market developments.

The International Growth Team reflects on recent performance, portfolio changes and market developments.

The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.

The Positive Change Team reflects on recent performance, portfolio changes and market developments.

The Emerging Markets Team reflects on recent performance, portfolio changes and market developments.

The China Team reflects on recent performance, portfolio changes and market developments.

Why considering environmental, social and governance factors helps us pursue long-term returns.

Iain McCombie on how Howdens’ kitchens won the building trade’s trust.

The country’s domestic markets are rich in companies with the know-how to become global leaders.

Busting three myths that could alter your view about what private company investing is.

The US-based company’s technology promises to ‘silence’ genetic disorders and target some of the world’s biggest killers.

A nation that once adapted others’ technologies is increasingly leading in innovative products and services.

Lawrence Burns explores the new landscape of opportunity.

Could we use our bodies’ natural electricity to treat illness? Author Sally Adee explains.

The new generation of companies that’s quietly captured key technology niches.

How Jensen Huang overcame adversity to play a pivotal role in accelerating progress.

Charting how technological progress and prosperity march together.

Why the waves hold the key to the pursuit of long-term growth.

By shifting the focus from Windows and embracing AI, the firm has revitalised its fortunes.

If impact and investing go together, it is important to understand the difference we make.

Considering different ways global warming and a transition to new energy sources might occur.

We discuss the case for bonds, fashion powerhouse Kering and Sustainable Growth’s approach to valuations.

Glimpse a universe of opportunity at Baillie Gifford’s Disruption Week in November 2023.

Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.

An update on portfolio performance, turnover and investment opportunities.

The US Growth Trust marks its fifth birthday with a portfolio update focused on the future.

Find out what makes luxury fashion conglomerate Kering stand out from the competition.

Malcolm MacColl discusses recent performance, portfolio positioning, growth profiles and AI.

An update on investing in Asia with a focus on how economic trends relate to the portfolio.

Learn how the Boston-based life science company is disrupting the drug development industry.

Toby Ross reveals the four signs that a company’s growth might endure for decades.

We live in changing times. And that will create opportunities for long-term growth investors.

Mark Urquhart discusses the science and art of picking growth stocks with enduring potential.

Using a fighter pilot’s business strategy can help a company orient itself amid change.

If impact and investing go together, it is important to understand the difference we make.

Climeworks, the company using innovative technology to capture and store CO2 underground safely, measurably and permanently.

James Squires reflects on the current environment influencing Multi Asset portfolios.

Turkey may be volatile, but there’s opportunity in currency forwards and competitive companies

In a challenging environment, discover a European property sector company bucking the trend.

The UK team discuss types of growth, Northvolt’s technology and companies exciting our US funds.

The Global Income Growth team reflects on recent performance, portfolio changes, and market developments.

The International Alpha team reflects on recent performance, portfolio changes, and market developments.

The Strategic Bond team reflects on recent performance, portfolio changes, and market developments.

The International Concentrated Growth team reflects on recent performance, portfolio changes, and market developments.

The Long Term Global Growth team reflects on recent performance, portfolio changes, and market developments.

The Global Alpha team reflects on recent performance, portfolio changes, and market developments.

The Health Innovation team reflects on recent performance, portfolio changes, and market developments.

The US Equity Growth team reflects on recent performance, portfolio changes, and market developments.

The International Growth team reflects on recent performance, portfolio changes, and market developments.

The Emerging Markets team reflects on recent performance, portfolio changes, and market developments.

The International All Cap team reflects on recent performance, portfolio changes, and market developments.

The China team reflects on recent performance, portfolio changes, and market developments.

The Sustainable Growth team reflects on recent performance, portfolio changes, and market developments.

The Positive Change team reflects on recent performance, portfolio changes, and market developments.

The UK Equity Core team reflects on recent performance, portfolio changes, and market developments.

Tim Spector and Henry Dimbleby on what our diet says about our health and the health of the planet.

Learn how the Swedish battery company Northvolt is driving change in the EV industry

Who benefits from the new macro environment? Why multi-asset investing remains a viable option.

Stuart Dunbar reflects on the long-term case for Actual investing.

John Newlands reveals the roots of the SAINTS success story.

Baillie Gifford’s Global Discovery Team reflects on the lessons of turbulent times.

James Dow reflects on how the trust has changed over the decades, but stuck to its core values.

How a trust giving investors access to the European market has found grounds for optimism despite volatility.

John Newlands tells the story of the Edinburgh-based company that thrived in good times and bad.

Roderick Snell and Qian Zhang discuss current views and portfolio positioning for the Asia ex Japan Strategy.

Hear from the UK team on AI, Moderna’s mRNA technology and what’s next for the Managed Fund.

Investor Sophie Earnshaw explains how we navigate China’s complexity to boost growth potential.

There’s safety in being one of the crowd but it could stop you from seeing potential rewards.

The Managed Fund’s asset allocation reflects the view that there are opportunities ahead.

How Positive Change targets companies at the forefront of tackling carbon emissions.

Scott Lothian explains how Multi Asset is riding out the ups and downs of market volatility.

By investing in companies at the frontiers of structural shifts we can pursue fantastic returns.

How Yahoo! Japan and Z Holdings' conquest of the country’s internet realm unfolded.

Why time travelling to 2050 helps us invest in companies tackling climate change and inequality.

The Dutch firm making everyday payments fast and friction-free.

Positive Change Team reflects on recent performance, portfolio changes, and market developments.

Global Alpha Team reflects on recent performance, portfolio changes, and market developments.

Long Term Global Growth Team reflects on recent performance, portfolio changes, and market developments.

Sustainable Growth Team reflects on recent performance, portfolio changes, and market developments.

US Equities Team reflects on recent performance, portfolio changes, and market developments.

Emerging Markets Team reflects on recent performance, portfolio changes, and market developments.

International Growth Team reflects on recent performance, portfolio changes, and market developments.

International Alpha Team reflects on recent performance, portfolio changes, and market developments.

International All Cap Team reflects on recent performance, portfolio changes, and market developments.

Positive Change’s Kate Fox on thinking about the world in 2050 to spot opportunities today.

International Concentrated Growth Team reflects on recent performance, portfolio changes, and market developments.

We don’t just talk to managements, we listen. A snapshot of Keystone Positive Change’s ESG conversations.

How Recursion Pharmaceuticals is using AI to turn the hunt for new medicines on its head.

Research suggesting faster-than-expected adoption has far-reaching consequences for investors.

The Japanese semiconductor companies set to benefit from the rise of 5G and electric cars.

Through two decades of change, our strategy has prospered by sticking to its philosophy of patience and optimism.

Climeworks helps us remove CO₂. We invest in it because we think it can combat climate change.

The UK firm partnering with leading grocers to deploy its automated warehouses worldwide.

How Elevance Health uses its scale to smooth a path through the US health system’s maze.

Tom Slater on looking beyond tough times to future opportunities.

Three companies helping turn the continent from an innovation backwater to a hotspot.

How Henry Engelhardt’s entrepreneurial flair helped create the car insurance giant

Nintendo’s iconic characters profitably mix familiarity with new forms of gameplay.

The mRNA technology behind the Covid vaccine is being directed against other diseases.

Ed Whitten travels to Rio de Janeiro and São Paulo to meet companies seeking social impact.

Renowned investor Kai-Fu Lee revisits his prophetic book, five years on.

The island nation’s natural wealth makes it crucial to a low-carbon future.

We don’t just talk to managements, we listen. A snapshot of Positive Change’s ESG conversations.

Co-manager James Dow explains why he believes in the Trust’s focus on sustainable compounding.

Investors must find companies with the key qualities needed to thrive in a stormy economy.

The UK firm is partnering with leading grocers to deploy its automated warehouses worldwide.

ESG investing is broken. Changing our approach could open up opportunities for better returns.

Praveen Kumar on the lesser-known players thriving in the shadow of the country’s big brands.

Praveen Kumar discovers the lesser-known businesses creating premium products in Japan.

LTGG’s Stewart Hogg and Gemma Barkhuizen on volatility, business culture, and the long-term view.

Why international equity markets shouldn’t be forgotten.

Zipline delivers instantly, whether that’s blood in Rwanda or rotisserie chicken from Walmart.

The Health Innovation team on ESG, the future of medicine and making a positive global impact.

Author Matthew Ball on the next-generation internet and the companies building its foundations.

Despite the turbulence of last year there are reasons to be optimistic about Japanese companies.

How can we invest in quality companies in a changing market?

Utility companies which can adapt to climate change and the shift to renewables bring the best chance of returns.

Our investors’ job is to tell the difference between passing phases and deeper behavioural shifts.