Funds, Trusts, and other things Baillie Gifford

Figured a topic for things that are not trust or fund specific, or around anything not in Freetrade, or related to Baillie Gifford in general as an investment management company

Freetrade supported trusts

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Short Briefings on Long Term Thinking Episode 24: Private Companies

noted they also look to have put out their spring magazine issue as well

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Might be of interest, from a few months ago:

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Interesting listen

I might have posted this before but interesting to hear from a very successful manager that has left Baillie Gifford. He speaks of group think being great at the start but then turning into a round table of nodding heads.

Pacific Horizon is an incredible performing Trust with a very different composition to all other BG Trusts. It specialises in the Asia Pacific region so you would be surprised that it does not hold Scottish Mortgage favourites like Alibaba and Tencent. The ex-manager felt pressured to hold these House favourites but instead sold all of them early in 2021 and saved his shareholders from the regulatory clampdown. He also says he doesnt fall in love with his holdings which cant be said for other BG Trusts

The trust has actually continued its differentiated strategy after his departure and its paid off when compared to its sister Trusts

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Baillie Gifford’s James Anderson: ‘There will always be the Ides of March out there"

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A nice story. Ive always agreed with his views on UK companies struggling to take a foothold globally. I think Revolut (even with the misconduct) and Transferwise have a good chance of breaking this horrible run.
… and hopefully Freetrade

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Over the years I have thought a great deal about that comment (other distinguished investors make it too). In summary I think it is a contextual comment. BG are thinking about a certain level of return … that is the context … this return relates to a certain type of ambition.

I think often that ambition gives them the competitive ‘moat’ or even the ‘deep blue sea’ that they need. Luck also helps.

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Spring trust magazine just popped through the door

Mine came around a month ago.
I’m attending the (unrecorded) SMT investor forum in London next month. Will feedback on any new news

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I saw there was a few places left but I’m already packed with other things

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Apparently unquoted stocks are over 30% (because many of the other valuations have gone substantially down) and so there will be restrictions on new private company investments unless policy changes.