Baillie Gifford makes active capital allocation decisions across a range of investments that we believe will prosper over the long run. Market-wide and systemic risks are those that cannot be mitigated by diversifying investments and can therefore have a significant impact on long-term investment returns. Our stewardship approach seeks to take these risks into account in order to make well-informed decisions and deliver on our clients' expectations.

We believe that the asset management industry's role is to actively and responsibly allocate capital towards assets that add economic value over the long run. This is often forgotten amid the increasing complexity of financial markets.

Our responsible allocation of capital to create long-term value for our clients is supported through a range of activities. These include, but are not limited to, bottom-up investment research, portfolio construction, risk management and engagement with issuers, standard-setting initiatives, clients and other key stakeholders such as our academic partners. However, as a bottom-up, long-term asset manager, our focus tends to be on individual investment cases and issues related to the assets we invest in.