The flow of growth: tracking how we pursue opportunity

Please remember that the value of an investment can fall and you may not get back the amount invested.

Over 30 years, we have sought growth wherever it exists.

We do not restrict ourselves to following a house view, buy list or chief investment officer's commands. And the holdings we select on behalf of our clients are an eclectic mix of exceptional companies.

The following graph shows how our pursuit of growth has evolved. It reveals dynamic shifts in our research as we homed in on outstanding businesses in sectors we anticipated would rise in prominence.

Industrials and telecommunications were a focus in the 1990s. Energy and miners in the mid-2000s. Consumer stocks and internet platforms in the 2010s. Today, healthcare and industrial technologies, including factory and warehouse automation, are fertile ground.

These interests reflect successive waves of growth in the global economy. But our purpose remains to identify outliers capable of delivering outperformance, not to buy into a trend.

Developed EAFE All Cap through the decades

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Risk Factors

The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.

This communication was produced and approved in September 2022 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.

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All investment strategies have the potential for profit and loss, your or your clients’ capital may be at risk. Past performance is not a guide to future returns.

Stock Examples

Any stock examples and images used in this communication are not intended to represent recommendations to buy or sell, neither is it implied that they will prove profitable in the future. It is not known whether they will feature in any future portfolio produced by us. Any individual examples will represent only a small part of the overall portfolio and are inserted purely to help illustrate our investment style.

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The images used in this communication are for illustrative purposes only.

Source: Baillie Gifford & Co and underlying index provider(s). USD.

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Past performance is not a guide to future results.

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