Baillie Gifford’s investment approach oozes patience. The Scottish portfolio management firm Baillie Gifford, which has a portfolio worth $250 billion, was established more than 110 year ago. They believe in the power and long-term benefits of growth investing. “We think it’s easier to spot significant points of change—and to ride the sometimes bumpy road toward them—than to try to second-guess other investors quarter to quarter,” the firm says on its website.
This philosophy was tested in 2022 when tech stocks experienced their worst year since 2008. Riding point was Dave Bujnowski, who co-manages the firm’s U.S. equity growth portfolio. While Bujnowski says last year’s experience forced him to challenge his assumptions—the U.S. fund fell more than 50% last year, after returning an average of 43% annually in the prior three years—he is unflinching in his view that Baillie has the right approach in making long-term bets on the power of change.