Emerging markets: when the crowd gets it wrong

Baillie Gifford's EM edge comes from deep, long-term access to under-covered companies' management, not just contrarianism for its own sake.

• Non-consensus framework: Baillie Gifford's EM team only invests where it can articulate a specific critical uncertainty and explain why the market's consensus view may be wrong.
• Hyundai Glovis thesis: Team invested in 2025 based on CEO Kevin Lee's growth mandate and an unrecognized EV-battery recycling opportunity, not just the dozen 10,000-vehicle megaships.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.