(Bloomberg) -- Baillie Gifford’s assets declined more than £100 billion ($120.5 billion) last year following valuation decreases in its investment portfolio, the Financial Times reported.

The Edinburgh-based firm struggled last year amid market volatility that hit the growth tech stocks it had bet on, notably Tesla Inc. and Shopify Inc. 

Assets under management fell by about one third from the end of 2021 to the end of last year, from £336 billion to £223 billion, the report said, citing figures published by the firm. Net client outflows totaled about £20 billion.

“We run the business with a long-term time frame and we’re privately owned so we don’t have to worry about short-term fluctuations in assets,” Nick Thomas, a partner, told the newspaper. “It’s in tough periods like this when our partnership structure is a particular advantage because we can carry on investing in the business.”

Read more: Baillie Gifford’s Troubles Mount With Billions of Outflows

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