Tom Slater , head of Baillie Gifford ’ s US Equities team and fund manager for Baillie Gifford ’ s American Fund , talks about investment opportunities in the US

APPLIES HIS CONSIDERABLE , but unpredictable energy to governing the USA , it would be fair to ask whether his plans to ‘ make America great again ’ will have the same effect for investors . Will the onward march of corporate America be thwarted by immigration curbs ? Or by plans to bring manufacturing onshore ? Tom Slater , head of the US Equities team at Baillie Gifford , believes America will not be so easily derailed .

Part of this confidence stems from US innovation and corporate culture , unmatched elsewhere in the world . He says : “ There are companies in the USA for which there is no equivalent : Facebook , Tesla .” As to why the US is able to grow such innovative businesses , Slater says there is no single formula , but from the deep pool of risk-seeking capital to an inherent entrepreneurialism , the US has long been good at turning great ideas into great businesses .

He gives the example of Illumina , a genetic sequencing company , which was built from UK technology , but there was no commercial impetus in the UK to develop it . It is now a $ 25 billion company and is part of the S & P 500 . Google ’ s deep learning technology was built from UK technology , but commercialised in the US . While these businesses are not immune to political issues , their concerns tend to be international and most will remain relatively immune to President Trump ’ s activity .

The top ten holdings of the Baillie Gifford American Fund reads like a list of technology icons , but Slater says they seek out businesses that they believe can grow sustainably over time . It often takes them to technology , but only in its broadest sense .

He says : “ What is technology ? It is difficult to get a neat answer . Google and Facebook could be seen as advertising businesses , while Amazon is a retailer . We have seen a revolution in retail and advertising – these companies are changing the model .”

“ We are seeing something similar

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