Silvia Conti from Baillie Gifford is our Sales Manager of the Month
28 AUG, 2024
By Jose Luis Palmer from RankiaPro Europe
Silvia joined Baillie Gifford in 2023 and is responsible for building Baillie Gifford’s presence in Southern Europe. She is based in the firm's Amsterdam office. Prior to her current role, Silvia spent 7 years at Fidelity International where she was an Investment Director focussed on Emerging Market and then Thematic equities, aiding the company’s global client base understand and access these capabilities. Silvia is a Chartered Financial Analyst, and holds a MA from King's College London.
What made you decide to go into the financial sector? Did you have any other vocations? How were your first steps in the sector?
I learnt about the fund management industry when I was 14, as my grandad gave me a lecture on savings and the importance of ‘putting one’s capital at work’. As I started looking for job opportunities, joining a large asset management firm as part of their graduate intake seemed like the obvious next step. Another career path could’ve perhaps been in the creative space: I enjoy writing and painting, and I still pursue that in my free time.
What does a typical workday look like for you? What do you enjoy the most about your job?
No day is the same, which is one of the perks of the role. I think that being on top of what’s going on is of paramount importance to ensure I can understand clients’ needs and concerns, so I always carve out some time to catch up on the latest news, trends, and developments, be this by reading, speaking to colleagues, or participating in industry-wide events. Most of my time is spent getting to know clients and building strong relationships – this translates into often being on the road or in meetings, which can take a toll at times but is also one of the most exciting and rewarding parts of my job.
In your opinion, what are the key drivers for successful fund distribution? How do you approach building and maintain relationships with clients?
Successful fund distribution comes down to a few things. First, having a range of funds that deliver on their promises is essential – meaning products that meet their objectives and align with client expectations; this builds credibility and fosters long-term trust. Equally important are strong client relationships built on transparency, reliability, and effective communication. Being proactive in understanding and anticipating client needs, and not hiding away from difficult conversations, particularly in a more challenging market backdrop, can create a solid foundation for successful long-term partnerships.
Could you highlight any topic on which investors should focus for the long term?
As long-term growth investors, Baillie Gifford is always looking to uncover transformational companies that will drive the next surges in technological change. Some areas that we are excited about are data and AI, and how these will transform entire industries, such as healthcare, with the advances being driven in biotechnology and genomics. Staying on the topic of healthcare, there’s also a clear demographic shift happening with ageing global populations: here, there are plenty of opportunities for companies personalising healthcare and improving quality of life for longer. Finally, with the global push towards decarbonization, there’s also loads to be excited about in the green energy space, and the solutions that can be provided.
How do you stay informed about market trends and changes in the asset management industry?
For me the most important thing is to ensure I access as diversified a pool of information as possible to get a comprehensive and unbiased picture. This can take the form of international and local news outlets, conversations with peers, professional events, etc. However, it’s also important to remain vigilant to the risk of being distracted by too much ‘noise’. What I love about working for Baillie Gifford is that we have built a unique network of relationships with academics and industry experts, who provide differentiated insights and views on the world.
What is your advice to investors, how should their position their portfolios with the current environment?
My first piece of advice is to spend less time worrying about the latest economic forecasts, be it GDP or inflation data, and focus on what has a larger impact on share prices over the long term: structural shifts in societal attitudes and technological capabilities, and company fundamentals. It is paramount to back businesses with strong and resilient business models, as these can thrive operationally regardless of the market backdrop and surge ahead of competitors.
My second piece of advice is not to self-sabotage by being lured into frequent trading, forgoing the benefits of compounding that can be achieved by holding positions steady even through large drawdowns. When I think of Baillie Gifford’s experience, our holdings in Amazon and Tesla have suffered several drawdowns of over 50%, but these companies have delivered stellar long-term returns for our clients as they continued to innovate and deliver operationally amidst the market noise.
What is the most exciting thing you have seen in the markets since you started working in the financial sector? And the biggest challenge you had to face?
I think the past four years, since the coronavirus pandemic struck, have been a never-ending learning curve for all market participants. Markets’ extremes, boosted by relentless, sensationalist news flow, have exacerbated the short-term dislocation between share prices and companies’ value. Whilst this volatility can certainly be challenging to withstand, it’s created exciting opportunities for stock-pickers, such as Baillie Gifford. There are astonishing companies out there continuing to grow, innovate, be this in technology, healthcare, financial services. The past few years have also reaffirmed the importance of patience and stability, to be able to hold investments through these periods of discomfort and benefit from the compounding opportunity generated by these exceptional companies.
What do you see as the biggest challenges and opportunities in the asset management industry today and how would you address them as a sales manager?
One of the key shifts we’re witnessing in the industry is the move towards passive and index products, and this is only set to continue further. Amidst this active vs passive debate and increased scrutiny, I think there’s a real opportunity for those players who focus on what at Baillie Gifford we call ‘actual investing’. Actual managers need to demonstrate that they act on behalf of clients to identify and back fundamental investment ideas, not just to try to outsmart other investors. They need to talk about the progress and risks involved with those investments, not about short-term share price performance which means nothing in a market dominated by speculators. The task I set for myself, as sales manager, is to remind our clients about this task and to back it up with our long-standing history dating back to 1908.
When you have free time, what do you like to do?
Whenever I get the chance, I try and escape to the ocean – I love surfing and can spend hours on end in the water. That, and spending time with friends and family, really helps me recharge.
