ifford Issue 78 / November 2021
This is difficult stuff . It took us time to digest Rio Tinto ’ s destruction of two ancient rock shelters in the Juukan Gorge in Western Australia , and we have voted against its management . Lots of rational people don ’ t want to touch these businesses , but you have to embrace the uncertainty . If it was all perfectly straightforward , it would be reflected in share prices . If your priority was having an easy life as a fund manager , then you wouldn ’ t own these cyclical companies . But if you want to make long-term returns for your shareholders , then it ’ s worth diving beneath the headlines to find the stocks preparing to make a comeback .
Investments with exposure to overseas securities can be affected by changing stock market conditions and currency rates .
The views expressed in this article should not be considered as advice or a recommendation to buy , sell or hold a particular investment . The article contains information and opinion on investments that does not constitute independent investment research , and is therefore not subject to the protections afforded to independent research .
Some of the views expressed are not necessarily those of Baillie Gifford . Investment markets and conditions can change rapidly , therefore the views expressed should not be taken as statements of fact nor should reliance be placed on them when making investment decisions .
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The investment trusts managed by Baillie Gifford & Co Limited are listed on the London Stock Exchange and are not authorised or regulated by the Financial Conduct Authority .
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