Baillie Gifford Long Term Global Growth is focused on and invests in transformational growth companies. It is managed by an erudite team with links to academics, industry "visionaries,” and useful contacts with unlisted companies. We have increased conviction in those at the helm and how they implement the process, resulting in a rating of High across the People and Process Pillars. The distinctive philosophy and the combination of experience, collegial interactions within the team and with other Baillie Gifford teams, and the firm's partnership structure are key to our positive view. The managers bring a distinctive and differentiated approach to portfolio management, with careers dedicated to genuine, long-term thinking. It takes a specific type of investor to run this type of strategy, and their ability to stay the course is commendable. They have proved capable of stomaching significant price volatility and have a long record of identifying ultra-growth companies.