“If you’re trying to find the very best growth businesses on the planet – a benchmark isn’t a sensible place to start.” Baillie Gifford’s chief executive Tim Campbell explains the advantages of our style of active investing, the importance of long-termism and how AI fits into our process.
Background:
In April, Tim Campbell became Baillie Gifford’s chief executive and one of its managing partners. Earlier in his career, he was an investment manager before switching to Client Services, where he led our Emerging Markets Clients Team.
In this podcast, he explores how our investment teams adopted a conviction-led approach that centres on each company's merits, regardless of its weighting in benchmark stock indices. He describes what we mean by long-termism and the importance of having the right incentives in place. And he explains why being “out of step” with some market trends helps us serve both society and our clients’ interests.
The second half of the show focuses on changes afoot, ranging from further private company investments – including a recent holding in AI lab Anthropic – to our own adoption of artificial intelligence technologies and an exploration of new ways to access our strategies.
Resources:
Baillie Gifford: Actual investors
Disruption Week
Drayton and Mackenzie
One Useful Thing: Ethan Mollick’s blog
Our history
Private company investments
Short Briefings on Long Term Thinking
The Friction Project
Companies mentioned include:
Anthropic
Amazon
MercadoLibre
NVIDIA
Runway AI
Timecodes
00:00 Introduction
02:10 From music in the Middle East to investing in Edinburgh
03:15 Making the move to Client Services
05:00 Rewriting the investment playbook
06:30 Client hunger for benchmark agnosticism
07:40 Active versus passive investing
10:20 A mutual understanding with clients
11:55 Drawdowns and hold discipline
14:30 Defining long-termism
17:00 Private company investments
19:30 Investing in Anthropic and Runway AI
24:55 ‘The mission doesn’t change’
27:35 Book choice
