Our comments remain that Baillie Gifford are an excellent investment house and this team is exceptional. However, they are not client friendly across the company and can be aloof. If investors are prepared to accept that then this is one of the very best global strategies in the market. They are very much about investing in companies of the future and holding onto them for the long term. This is a mix of listed companies, as well as unlisted.
The fund holds companies like Amazon, Tencent and Alibaba who all have strong positions and require very little capital to grow. They reflect the changing face of businesses. They have sold out of Bidu, and reduced weightings in Facebook and Alphabet.
They believe the market is diversifying with more competitors coming through who tend to complement rather than compete in the old fashioned way of thinking. As an example, Wayfair are responding to a changing environment in terms of furniture and is not an area Amazon really compete in. Zolando offer high street online which again is an area Amazon are not competing in. Shopify enables businesses to run a retail online business without using Amazon….read more