US Growth: what really matters

Headlines are dizzying, from tariffs and Trump to ‘AI bubble’ debates. But long-term outcomes tend to be driven by what matters most: company fundamentals and durable engines of growth. This session explores how digitisation (software, data, compute and networks) keeps expanding the opportunity set, why AI’s biggest winners may be ‘deployers’ (not just capex beneficiaries), and how portfolio construction can help investors ride out uncertainty.

Learning objectives

• Separate signal from noise: identify the fundamental drivers that matter most through volatility and shifting narratives.
• Frame AI investably: distinguish capex beneficiaries vs AI deployers, and link each to the durability of their advantage, portfolio risk, and long-term returns.
• Connect uncertainty to portfolio construction: explore how portfolio construction can be designed to improve resilience without giving up transformational upside

Speaker

Ben James, Investment Specialist, Baillie Gifford

Ben is an investment specialist for our US Equity Strategy and Scottish Mortgage. He is also a member of the US Equity Product Group. He joined Baillie Gifford in July 2015. Before his career in finance, Ben was an Infantry Officer in the British Army for eight years. During his service, he completed two combat tours of Afghanistan. Prior to this, Ben spent four years working as a professional musician. Ben graduated with a Masters in International Development focusing on sustainable investing and a BMus (Hons) in Music, both from The University of Birmingham.