Name: Why Passive Investing May Be Causing Investors to Miss Big Opportunities, CEO Says
Uploaded: 2026-05-22T15:37:00Z
Duration: 4 min 25 s
Description: Tim Campbell, CEO of Baillie Gifford, explains how passive investing does not support long-term, riskier investments that have been successful, such as Netflix and Amazon.

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Tim Campbell, CEO of Baillie Gifford, explains how passive investing does not support long-term, riskier investments that have been successful, such as Netflix and Amazon.

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Why Passive Investing May Be Causing Investors to Miss Big Opportunities, CEO Says

I think that you've been talking recently about how the market is sort of so oriented towards indexing benchmarks that structurally, it's sort of veering off course. Is that the case?

Yeah, so you're probably alluding to a concern, which I confess I have about the direction that public markets are heading in. You know, I think there's a reason why so many businesses are choosing to stay private or indeed go from being public to private. And this really comes down to the structure of public markets today. If you think about it now, over 50% of public markets are dominated by passive. And then you add into that things like algorithmic trading, factor-based investing. And look, you know, passive absolutely has its place in the investment landscape. But interesting what we're hearing from the companies themselves is that not really knowing their shareholders is, is a fairly unsatisfying experience. If you think, if you go back to first principles, you know, what were public markets there to do, they were there to match up savings capital with ideas and then help management teams and steward management teams to make good risk-based decisions, to invest that capital and then drive progress and so on and so forth. And you think about what makes up public markets at the moment, fewer and fewer people are making those discretionary decisions around how to allocate that capital and helping and supporting management teams to make good long-term risk-based decisions. And ultimately, I think that the concern there is that that might start to actually undermine the sort of returns that one can expect from public markets.

How would it do that?

Well, if you, so there's a lot of actually very useful studies on this. The one that I read most, most recently was by Professor Cunningham from George Washington University. And he looked at the shareholder registers of companies and he said, he made it very, very clear that those companies that enjoyed quality shareholders on the register, and by that he meant shareholders who hold a few positions in size, hold it for a long period of time, and then genuinely engage with management. Those companies that had more quality shareholders on their register outperform those with, if you like, a faceless shareholder register by, I think it was 3.4% over decades, you know, long periods of time. So this, and that's huge. That makes a massive, massive difference to what companies can expect to achieve. And if you just, if you think about the companies that have done brilliantly over the last even, you know, take the last couple of decades, and you think about the decisions they had to make to achieve those. So here I'm talking about things like, you know, you'll probably remember when Amazon first came out with Amazon Prime, their stock price created on the back of that because they were gonna lose money in the near term. Now we look back at that now, was that a good or a bad decision? It was a brilliant decision. You know, you look at when Apple launched the iPhone, you know, their stock price more than halved a year after launching the iPhone. Was that a good or a bad decision? It was a great decision. You look at Tesla, you know, we started looking at that company in 2012. We first invested in 2013, and for about the next five or six years, the market was obsessed as whether that company was gonna go bust or not. I think it was one of the most shorted companies on the planet because it was making difficult long-term decisions that were gonna depress near term profitability. And I think our ability to support those companies through these difficult risk-based decisions, to be clear, you know, Tesla, that there was a chance that it did go bust. But having shareholders on their register that will support them through these difficult decisions, I think is absolutely vital to the positive functioning of public markets.