The 追跡（する） for exceptional companies that bring disruption and big returns: Baillie Gifford US Growth's Kirsty Gibson on the INVESTING SHOW

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Superstar US growth companies have 支配するd the 全世界の 株式市場 for the past １０年間, creating a 数字表示式の 世代 of 世帯 指名するs.

投資家s who 支援するd these 会社／堅いs have made handsome 利益（をあげる）s as their 株 prices 急に上がるd, but valuations and the 可能性のある for 未来 伸び（る）s are 絶えず questioned.

The coronavirus pandemic was 最初 推定する／予想するd to bring a 停止（させる） to runaway 在庫／株s, but instead turbo-告発（する），告訴（する）／料金d the 株 prices of companies such as アマゾン, Tesla and Netflix ? an 影響 that led to みごたえのある 最近の returns for Baillie Gifford’s US Growth 信用.

It was the second-best 成し遂げるing 投資 信用 of 2020 ? ロケット／急騰するing 133.5 per cent ? and is up 51.6 per cent over the past 12 months, but can a philosophy of finding exceptional growth companies 支払う／賃金 off from this point on when so many seem so expensive?

The co-経営者／支配人 of BG US Growth 信用, Kirsty Gibson, joins Simon Lambert on this episode of the 投資するing Show to explain why although last year’s bumper returns may 証明する to be a one-off, she believes there are still 広大な／多数の／重要な 適切な時期s over a five to ten-year 投資 horizon.

Kirsty said that the 信用’s ethos is to 支援する ambition and individual 会社／堅いs rather than 主題s or 部門s, looking for truly 破壊的な companies that can ‘grow faster for longer at higher 率s of return’.

This means that 関心s over short-称する，呼ぶ／期間／用語 valuations take a backseat, compared to 分析 of what the team believe a 潜在的に exceptional company can 達成する over a １０年間.

Importantly, Kirsty says those companies need to be able to lead the way and have a 製品 or service that others will find hard to compete with - akin to a 21st Century 見解／翻訳／版 of the classic 過密な住居 Buffett-style moat.

She said: ‘Our philosophy is based upon a foundational belief in the asymmetry of long-称する，呼ぶ／期間／用語 market returns. It’s not how often you are 権利 that 事柄s, but how much money you can make for （弁護士の）依頼人s when you are.’

This is 決定的な, says Kirsty, because 研究 shows that a ‘small number of outlier 在庫／株s （不足などを）補う the 大多数 of return’ for 投資家s over the long-称する，呼ぶ／期間／用語 and she 追加するs that ‘the rewards from owning these outliers can （不足などを）補う for a lot of mistakes’.?

That philosophy lies behind BG US Growth 信用’s long-称する，呼ぶ／期間／用語 支援 of companies such as Tesla, アマゾン and Zoom, which put it in the 権利 place to make 利益（をあげる）s for 投資家s when their 株 prices 急に上がるd in the pandemic.

However, Kirsty says that the most exciting thing now for her as a 基金 経営者／支配人 is not the 消費者-直面するing tech 星／主役にするs that have become 世帯 指名するs, but the disruptors coming up behind them, many of which are shaking up 産業s by enabling other 商売／仕事s to 後継する.

This is evident in the 信用’s 最高の，を越す ten holdings of Shopify ? a 壇・綱領・公約 that creates 平易な online shops for other 商売／仕事s, Wayfair, which has shaken up furniture 小売ing, and Twilio, which helps 会社／堅いs engage and communicate with 顧客s.

‘The US market feels like disruption is スピード違反 up and spreading out and we are closer to the beginning than we are to the end’, said Kirsty.

She 追加するd that more and more 産業s look 熟した for disruption, such as education, 保険, secon d-手渡す cars and home sales and healthcare, and the 信用 is looking to 支援する this.

Other areas where disruption is occurring explains Kirsty are synthetic biology and biotech and she discusses the 信用’s 持つ／拘留するing in Moderna - built up pre-Covid 19 ? and how it has 論証するd with its ground-breaking ワクチン the 可能性のある for success of other 薬／医学 based on its MRNA work 専門的知識.

Finally, Kirsty 会談 about Tesla and why the 信用 trimmed some of its 持つ／拘留するing, as the electric car 製造者’s 株 have 急に上がるd, and what could come next for Elon Musk’s 会社／堅い.

Baillie Gifford US Growth 信用?

?経営者／支配人s: Gary Robinson and Kirsty Gibson

Size: £1.03bn

現在進行中の 告発（する），告訴（する）／料金s: 0.68%???

?業績／成果 vs 部門 ave:

One-year: 51.6% vs 36.2%

Three-year:? 159% vs 49.5%

Five-year: n/a

Baillie Gifford US Growth 信用 has seen a 抱擁する 上げる to 業績／成果 in the pandemic

Baillie Gifford US Growth 信用's 最高の，を越す ten holdings features a host of 数字表示式の leaders

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