Every thing in regards to the funding method at Baillie Gifford screams persistence. Based greater than 110 years in the past, the Scottish portfolio administration agency, which oversees $250 billion, is a believer within the energy of long-term progress investing. “We predict it’s simpler to identify important factors of change—and to trip the generally bumpy highway towards them—than to attempt to second-guess different traders quarter to quarter,” the agency says on its web site.

That philosophy was put to the take a look at in 2022, as tech shares suffered their worst yr since 2008. Driving level was Dave Bujnowski, who co-manages the agency’s U.S. fairness progress portfolio. Whereas Bujnowski says final yr’s expertise pressured him to problem his assumptions—the U.S. fund fell greater than 50% final yr, after returning a mean of 43% yearly within the prior three years—he’s unflinching in his view that Baillie has the precise method in making long-term bets on the facility of change.