Trump and co test Baillie Gifford's strategy of patient investment
Fresh from facing down Saba Capital Management, the New York hedge fund that launched a campaign to remove the boards of a host of investment trusts, Baillie Gifford finds itself tested once more.
This time it's by the fallout from President Trump's tariffs. As its managers made their pitch to investors in the Georgian grandeur of Edinburgh's Assembly Rooms, they must grapple with the trade wars that have sent tremors through the global financial markets.
The latest triennial get-together for the Scottish asset management giant comes after a bruising three years for some of its best known funds, which have underperformed. The sharp rise in interest rates and a more precarious macroeconomic outlook has dented the appetite for some of the ultra-high growth companies across
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times
33 minutes ago
- Times
Times letters: Britain and the tinderbox in the Middle East
Write to letters@ Sir, Sir Keir Starmer has called on Iran to 'return to the negotiating table' after the US bombed its nuclear sites. But treating Iran as a legitimate negotiating partner while it refuses to recognise Israel's right to exist only reinforces Tehran's rejectionist stance. History provides a clear road map: recognition leads to peace. Of the 164 countries that now recognise Israel, none are engaged in active warfare with it. Egypt's recognition in 1979 ended decades of conflict. Jordan's recognition in 1994 transformed enemies into sometime partners. The Abraham Accords demonstrated that recognition can unlock prosperity and co-operation even without resolving every regional grievance. Regional issues need and deserve resolution but they cannot be resolved in an environment where a significant power actively works towards the destruction of Israel. Negotiations remain preferable to conflict, but Israel needs to be involved in these talks as a recognised sovereign state. Without recognition and meaningful bilateral negotiations between Israel and Iran, the present situation will continue as a zero-sum game, which Israel simply cannot afford to lose. Tony Morcowitz Brighton and Hove Sir, When Sir Keir Starmer announced the Chagos Islands giveaway, he said that surrendering sovereignty was necessary because the UK had to be seen to uphold international law. Now he has gone on to publish statements in support of the US bombing of Iran. He is publicly supporting a flagrant breach of international law forbidding unprovoked attacks on other nations and, indeed, is speaking in defiance of advice from his attorney-general warning that any attack on Iran could be illegal. The government asserted that the international-law principles embodied by the Chagos deal would earn Britain respect in the 'global south', but in light of the UK's support for Israeli-American actions against Iran, all that the rest of the world will now observe is that Britain's commitment to international law is equivocal and inconsistent. Robert Frazer Salford Sir, International events emphasise the paucity of the UK's air defences, in particular the capability to counter attacks by ballistic missiles. Should the situation deteriorate to the extent that we are threatened, this will be critical, with Britain's best anti-missile defence platforms being six Type 45 destroyers, one of which is deployed with HMS Queen Elizabeth. Other Type 45s may or may not be available, with a number in refit, but ship-based systems are insufficient to defend the entire nation. Recent announcements on defence, from the strategic defence review through to promises to raise spending by a few percentage points in future, will do nothing to repair our non-existent integrated air defence. The government needs to act now and procure anti-ballistic systems. Group Captain Michael Norris St Austell, Cornwall Sir, In the raid on RAF Brize Norton (news, Jun 21), one of the engines on the Voyager aircraft was so badly damaged by the red paint sprayed on it by Palestine Action activists that it is said that the tanker is out of action and a new engine will cost £25 million. Surely this is nonsense: our planes are so vulnerable than an enemy would only have to drop paint over them to make them useless in war time? Brian RJ Simpson Gosport, Hants Sir, My father, Michael Beetham, was station commander of RAF Khormaksar in Aden, Yemen, in the mid-1960s, during a period of heightened tensions. As a small boy, I watched as he set off in the evenings to drive around the perimeter fence in his Land Rover. Sometimes he took me with him. He would stop and talk to personnel and inspect fences. He went on to be the longest-serving Chief of the Air Staff since Lord Trenchard, founder of the RAF. I wonder who carries out such checks these days at bases like Brize Norton? Alex Beetham Woodditton, Cambs Sir, There are many reasons why the House of Lords may not survive in its present form. Hubris is certainly one. For unnamed peers to tell The Times that they will use 'black arts' to 'kill off' the assisted dying bill and employ 'every means possible' to prevent it becoming law is hubris of the highest order (news, Jun 21). The Lords can and should seek to improve the bill through its scrutiny. That is indeed its role. But to seek fundamentally to thwart the will of the elected Commons is not. It is not just the future of the bill that will be at stake in this regard. So too will the future of an unelected second chamber. Sir Leigh Lewis Watford Sir, In just three days the concept of laws being based on Judeo-Christian principles has been removed by the House of Commons. Aborting a full-term unborn child will no longer be a criminal offence and assisting someone to kill themselves was approved. MPs have replaced a morality based on respect for life by a culture of death. Neither these changes were in the Labour Party manifesto and the House of Lords should therefore not feel constrained in refusing to endorse them. Nicholas Bennett Minister of health for Wales, 1990-92; Bromley, Kent Sir, I am horrified by the moral ambiguity demonstrated by the government. After endless debate, the third reading of the assisted dying bill has narrowly been passed, a compassionate piece of legislation that will give terminally ill people more control over their lives. By contrast, after only two hours' debate the government has amended abortion regulations to allow women to have a termination at any stage of their pregnancy, without fear of prosecution. The 24-week limit for legal abortion was set to protect viable foetuses. This amendment sanctions the murder of babies capable of leading independent lives. I hope there is sufficient wisdom among the members of the House of Lords to persuade the Commons to rethink the unethical decision they have made. Frances MacDonald Stratford-upon-Avon Sir, The reports that HS2 may now cost £100 billion came in the same week that Nice concluded the known benefits of the new Alzheimer's drugs lecanemab and donanemab do not justify the expense of funding them through the public healthcare system (news, Jun 19; letter, Jun 21). Given that the government is likely to have to make stark choices in its next budget, the choice of either cutting 30 minutes off journey times between London to Birmingham or extending the meaningful lives of thousands of people each year could not be starker. If Rachel Reeves's repeated statements that her decisions reflect the choice of the people are true, then let's ask them directly which they'd rather have. Dr Barry Johnson Sheffield Sir, Settle to Carlisle is now seen as one of the world's greatest railway journeys. However, the line started out in difficulty and there are some interesting comparisons to be made with HS2. The estimate to build the line was £2 million, but the challenges of building a route through the Pennines resulted in the cost and time to completion doubling. The line opened to freight traffic 150 years ago (passengers a year later). The final cost was about £500 million in today's money, and it took five years to build. Admittedly it is only 72 miles long (compared with 120 miles for HS2) and the hundreds of boys employed were paid half a crown (12.5p) per day. The railway today is a magnificent reminder of the vision of the Midland Railway Company, which sponsored it, and the tenacity and ingenuity of those who overcame the challenges of a hostile environment to build it. I wonder if in 150 years HS2 will be as popular — assuming of course that it is completed. Dr Bryan Gray Hunsonby, Cumbria Sir, It is nothing short of insanity that elite rugby union players are about to embark on a tour to Australia with the British & Irish Lions after another very lengthy domestic season, when there is clear evidence showing a dose-response relationship between head impacts and neurodegenerative disease. The longer and more intensely one plays contact or collision sports, the higher the risk of brain damage. The Lions tour — a gruelling and commercially driven tournament — is being promoted as a pinnacle of achievement. Where is the duty of care to players? Where are the safeguards and transparent risk disclosures? Rugby cannot continue to ignore the realities of repeated brain trauma in pursuit of nostalgia and profit. It must start putting welfare above spectacle. Alix Popham Ret'd professional rugby union player; Welsh international, 33 caps; Newport Sir, You report that the late Queen did indeed carry cash, for betting on the races (news, Jun 21). As a young journalist at The Sun in the Eighties I was sent to report on the Derby. The press box was next to the royal box and we all saw Her Majesty dash down to the front to watch a winner triumph. I was designated to ask her: 'Ma'am, did you have a bet on the winning horse?' I leaned over from the box to be faced by the back of Prince Philip, who was chatting to the Queen. My first attempt was ignored and feeling embarrassed and slightly annoyed I tried again. Philip drifted off and so I repeated the question. 'Did I what?' she replied frostily. Red-faced and sweating I stumbled through it again, when she graced me with a beautiful smile and said: 'Oh no, my dear, I never bet!' The next year a barrier was erected between the two boxes so that she would not be approached again. Muriel Freeman (née Burden) South Shields Sir, Car horns don't need to be loud to be effective (letters, Jun 17-21). When I was living in Bath in the early 1970s I drove an MGB, which I had bought from a friend. He had fitted a trio of strident air horns, but I discovered that if I pressed the button very gently the horns would emit a gasping or panting sound. Being very immature at the time I occasionally made this happen while waiting as a pretty girl crossed the road. This sometimes produced an amused response, but not always. One of the recipients of this attention, a particularly pretty girl, subsequently recognised me when we met at a party and she ticked me off for my uncouth behaviour, which I never repeated. In October we will have been married for 50 years. Richard Le Masurier Milford-on-Sea, Hants Sir, My husband was lucky enough to get ten birthday cards from me last year (letters, 18, 19 & 21). After forgetting to buy one for him I simply added 'and Wendy' to the cards he had received from other people. Wendy Rayner Huddersfield Sir, Dominic Sandbrook's article on class and how to define a gentleman (comment, Jun 21) reminded me of an events notice I saw when stationed in the British Army of the Rhine with the King's Own Scottish Borderers in the mid-60s. Those invited to a Minden Day dance were: 'Officers and their Ladies, NCOs and their Wives, and Other Ranks and their Women-Folk.' Bill Wells Wisbech, Cambs Sir, I've always felt rather proud of the fact that the Yiddish word 'mensch' means much the same as 'gentleman' but without any class implications — or gender implications either; a woman can be a mensch too. Or not, as the case may be. Margaret Lesser Bowdon, Greater Manchester Sir, Mark Twain, as is so often the case, hit the nail on the head. A gentleman, he said, is someone who knows how to play the banjo and doesn't. Dr David Bogod Nottingham Write to letters@
Leader Live
an hour ago
- Leader Live
Brexit rules spark ‘clear demand' for more motorhome parking, lobby group says
Boosting provision for these vehicles would generate more revenue for local businesses and increase the number of visitors to tourist destinations outside the peak summer season, the Campaign for Real Aires (Campra) said. Aires is a French word used to describe designated stopping places for motorcaravans – the collective term for motorhomes and campervans – which are much more common in continental Europe than the UK. Post-Brexit rules mean UK passport holders are prohibited from being in the Schengen area – which covers most of the European Union and some other European nations – for more than 90 days within a 180-day period. That means many UK-based motorcaravan users are seeking domestic destinations for overnight trips. But a survey of 6,731 users suggested 88% are dissatisfied with the UK's availability of overnight parking in desirable locations. The poll also indicated that motorcaravaners spend an average of £51 per day in local businesses and £23 per night on overnight parking or campsite fees. Many respondents commented on the UK's lack of infrastructure and welcoming attitude compared with continental Europe, Campra said. Last month, Hampshire County Council approved plans to ban campervans and motorhomes from staying overnight at the south coast beauty spot of Keyhaven, near Lymington. It claimed the move would 'bring order' to the area. Campra managing director Steve Haywood said welcoming motorcaravans to an area 'can be a hugely positive move'. He went on: 'There is a clear demand – emphasised by post-Brexit travel restrictions – for more overnight stay options in UK towns and cities, and those towns and cities could benefit hugely by embracing motorcaravans. 'More councils are seeing the benefits of providing facilities, instead of suffering the cost of enforcement and bans, not to mention the loss of potential revenue to businesses. 'In Fleetwood, Lancashire, for example, the introduction of overnight parking in the seafront car park for £5 per night has seen a huge boost in revenue for local shops, and has been so successful that additional facilities are now being planned for motorcaravanners. 'Every council that has operated a 12-month trial aire has been successful and made the overnight parking permanent.' Driver and Vehicle Licensing Agency figures show more than 416,000 motorcaravans are registered in the UK. A spokesperson for the Local Government Association said: 'Policies around overnight motorcaravan parking and the provision of facilities are a matter for local councils.'
South Wales Guardian
an hour ago
- South Wales Guardian
Brexit rules spark ‘clear demand' for more motorhome parking, lobby group says
Boosting provision for these vehicles would generate more revenue for local businesses and increase the number of visitors to tourist destinations outside the peak summer season, the Campaign for Real Aires (Campra) said. Aires is a French word used to describe designated stopping places for motorcaravans – the collective term for motorhomes and campervans – which are much more common in continental Europe than the UK. Post-Brexit rules mean UK passport holders are prohibited from being in the Schengen area – which covers most of the European Union and some other European nations – for more than 90 days within a 180-day period. That means many UK-based motorcaravan users are seeking domestic destinations for overnight trips. But a survey of 6,731 users suggested 88% are dissatisfied with the UK's availability of overnight parking in desirable locations. The poll also indicated that motorcaravaners spend an average of £51 per day in local businesses and £23 per night on overnight parking or campsite fees. Many respondents commented on the UK's lack of infrastructure and welcoming attitude compared with continental Europe, Campra said. Last month, Hampshire County Council approved plans to ban campervans and motorhomes from staying overnight at the south coast beauty spot of Keyhaven, near Lymington. It claimed the move would 'bring order' to the area. Campra managing director Steve Haywood said welcoming motorcaravans to an area 'can be a hugely positive move'. He went on: 'There is a clear demand – emphasised by post-Brexit travel restrictions – for more overnight stay options in UK towns and cities, and those towns and cities could benefit hugely by embracing motorcaravans. 'More councils are seeing the benefits of providing facilities, instead of suffering the cost of enforcement and bans, not to mention the loss of potential revenue to businesses. 'In Fleetwood, Lancashire, for example, the introduction of overnight parking in the seafront car park for £5 per night has seen a huge boost in revenue for local shops, and has been so successful that additional facilities are now being planned for motorcaravanners. 'Every council that has operated a 12-month trial aire has been successful and made the overnight parking permanent.' Driver and Vehicle Licensing Agency figures show more than 416,000 motorcaravans are registered in the UK. A spokesperson for the Local Government Association said: 'Policies around overnight motorcaravan parking and the provision of facilities are a matter for local councils.'
