Hello everyone and welcome to Apparens. I'm Andy Serwer and welcome to our guest Tim Campbell, CEO of Bailey Gifford.

Tim, great to see you. Thanks so much for joining us.

Nice to be here, Andy.

So Bailey Gifford is a Scottish investment management company. You have about $260 billion of AUM.

Very old school on the one hand, but on the other hand, your investment outlook is anything

but.

And I'm wondering if you could sort of start us off with that.

What is the thesis, the investment thesis of Bailey Gifford?

Yeah, so you're right. We, we've been around for 120-odd years,

and we see our role as trying to find the greatest growth businesses on the planet.

You know, we spend a lot of time studying what drives markets, and, you it's it's not a perfectly distributed

bell curve of companies it is a small handful of companies that do wonderful

things and so we are trying to find that very small handful of companies that

are driving progress and innovating and trying to give clients exposure to those,

whether they be in public markets or private markets.

And I think that you've been talking recently about how the market is sort of so oriented towards indexing benchmarks that structurally it's sort of veering off course.

Is that the case?

Yeah, so you're probably alluding to a concern which I confess I have about the direction

that public markets are heading in. You know, I think there's a reason why so many businesses are choosing to stay private or indeed go from being public to private.

And this really comes down to the structure of public markets today.

If you think about it, now over 50% of public markets are dominated by passive, and then you add into that things

like algorithmic trading, factor-based investing.

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