The active edge: the case for growth in uncertain times
发布时间 2026-03-16 16:15:39 来源
摘要
A series of “extraordinary” events has made the environment more challenging for growth stocks. But “this level of trepidation can’t go on forever”, says Baillie Gifford partner Stuart Dunbar in this latest episode, suggesting that patient investors will benefit when stability returns and the markets value exceptional companies at a premium again. Stuart Dunbar is a director in Baillie Gifford’s Clients Department and is responsible for helping shape and communicate the firm’s investment philosophy.In this conversation, he considers how a succession of disruptive events – the most recent being the current war in the Middle East – has rattled markets and led investors to focus on companies’ short-term profits rather than their long-term potential.However, this period of flux will not last forever, he argues. And when we re-enter a period of stability, patience should be rewarded as markets recognise exceptional companies’ future earnings potential and price them accordingly. In the meantime, Baillie Gifford’s investment teams remain focused on finding and supporting businesses that will prosper from change and supporting their management to take the long view. And as Dunbar reveals, as the sources of growth broaden out, we are backing some companies that come as a surprise. Portfolio companies discussed include:* Astera Labs – the semiconductor chip designer, whose products tackle data bottlenecks in AI datacentres* IREN – the datacentre operator whose clients include Microsoft* Medpace – a contract research organisation that biotech and pharmaceutical companies hire to run their clinical trials* Nu Holdings – owner of the Latin American fintech Nubank* Spotify – the audio streaming platform that lets people listen to music, podcasts and audiobooks* WillScot – North America’s largest provider of temporary space rentals, leasing out modular offices, portable storage containers and classroom units Resources:Actual investors hub (https://www.bailliegifford.com/en/uk/individual-investors/about-us/actual-investors/)Actual investing revisited (https://www.bailliegifford.com/insights/ic-article/2025-q2-lets-talk-about-actual-investing-some-more-10055374/)Baillie Gifford podcasts (https://www.bailliegifford.com/podcasts/)Private growth investing (https://www.bailliegifford.com/en/uk/individual-investors/private-growth-investing/)The Compound and Friends podcast (https://podcasts.thecompoundnews.com/show/TCAF/)The Success Equation (http://success-equation.com/) Companies mentioned include:AJ Bell (https://www.ajbell.co.uk/)Amazon (https://www.aboutamazon.com/about-us)Anthropic (https://www.anthropic.com/)Astera Labs (https://www.asteralabs.com/)ByteDance (https://www.bytedance.com/en/)IREN (https://iren.com/)Medpace (https://www.medpace.com/)Microsoft (https://www.microsoft.com/en-gb)Nu Holdings (https://international.nubank.com.br/about/)NVIDIA (https://www.nvidia.com/en-gb/)Spotify
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