Sou Hu Cai Jing·2025-11-08 09:34Core Insights - The article highlights the evolution and success of Baillie Gifford, a prominent investment firm established in 1908, which has adapted its investment strategies over more than a century to capture growth opportunities in various markets [2][4][11]. Investment Strategy - Baillie Gifford's primary investment strategy, the Long Term Global Growth strategy, has yielded exceptional returns, with its flagship product, the Scottish Mortgage Investment Trust (SMT), achieving a total return of 13.64 times from 2004 to 2024, translating to an annualized return of approximately 13.88% [6]. - In comparison, the S&P 500 index had a total return of 3.85 times and an annualized return of 6.98% during the same period, while the Nasdaq index returned about 7.88 times with an annualized return of 10.87% [6]. Historical Performance - Over the past 20 years, Baillie Gifford has invested in high-growth companies such as Amazon, Tesla, Nvidia, ASML, Alibaba, and ByteDance, positioning itself as an early investor and long-term supporter of these firms [3][4]. - The firm is recognized for its patience in holding investments, with an annual turnover rate of 10-20%, indicating an average holding period of 5-10 years for its investments [11]. Investment Philosophy - Baillie Gifford emphasizes a long-term perspective, focusing on understanding technological evolution and emerging markets, which has been a key factor in its investment success [11][14]. - The firm’s approach is characterized by a systematic alignment of its investment philosophy, organizational structure, and incentive mechanisms, which collectively support its long-term growth strategy [11][14]. Adaptation and Evolution - Baillie Gifford has demonstrated an ability to evolve over its 110-year history, transitioning from convertible bond investments to a focus on global equity investments and long-term growth strategies [2][11]. - The firm’s investment logic is grounded in complex economics, viewing economic and market changes through a long-term, evolutionary lens [11][12]. Relevance to Other Markets - The investment philosophy of Baillie Gifford offers significant insights for Chinese counterparts, particularly in navigating the current technological revolution and establishing sustainable partnerships with investee companies [15][14].