Short Briefings on Long Term Thinking - Baillie Gifford Private companies: from Anthropic to Zetwerk – and other new investments
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Dec 1, 2025 Robert Natzler, an investment manager at Baillie Gifford, dives into the vibrant world of private companies. He discusses key investments like Anthropic, an AI lab creating cutting-edge tools, and Revolut, a digital banking powerhouse outpacing traditional banks. Natzler highlights Mottu's innovative support for gig workers in Latin America and Zetwerk's supply chain solutions diversifying manufacturing beyond China. With a focus on global growth equities, he emphasizes the importance of seeking exceptional companies, regardless of location.
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Asset Tracking Changes Credit Profiles
- Trackable assets transform credit in underserved markets by lowering lender risk and enabling finance.
- Motu uses telematics and tailored durable bikes to make previously risky borrowers bankable.
Product Breadth Beats Salary-Account Strategy
- Revolut succeeded by offering many differentiated digital products rather than mimicking incumbents' salary-account model.
- Bundled services drive high recurring revenue and profitability despite non-salary primary accounts.
Waiting Through AI's Early Hype
- Baillie Gifford initially waited before investing in generative AI to study organisational maturity versus P&L growth.
- They watched labs evolve from research outfits into businesses with repeatable revenue and KPIs before committing.