Fund Profile

Scottish Mortgage 12 July 2018

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This is a non-independent marketing communication commissioned by Baillie Gifford. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

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Fund History

15 Nov 2024 Why technical leaders have the advantage in the AI era
In the age of AI, having a leader with technical expertise can make all the difference. Scottish Mortgage manager Tom Slater explores how Meta, Shopify, Roblox and Spotify all benefit from chief executives with deep understanding of developing technologies...
15 Nov 2024 Scottish Mortgage in conversation with Wise
Kristo Käärmann CEO of digital payments platform Wise tells Scottish Mortgage’s Lawrence Burns how a customer-centric approach is helping revolutionise global money movement...
08 Nov 2024 Scottish Mortgage on the benefits of private company investing
Tom Slater and Lawrence Burns explain why investing in private companies gives shareholders access to the most innovative and unique growth opportunities globally, including in space travel, quantum computing and drone logistics...
21 Oct 2024 Monthly roundup: news on CHRY and ATST, highlights of our latest webinar series and the most popular investments in September
Jo and Ryan discuss the latest news, reviews and interviews in the investment trust world...
12 Sep 2024 Monthly roundup: launch of AVGI, news on TRIG and PRS and the most popular investments in August
Jo and Ryan discuss the latest news, reviews and interviews in the investment trust world...
09 Aug 2024 Scottish Mortgage manager insights: Lawrence Burns
Deputy manager Lawrence Burns discusses how various companies within the Scottish Mortgage portfolio are harnessing the power and potential of artificial intelligence...
02 Aug 2024 Scottish Mortgage on Starlink: closing the digital divide
Transforming global communications is just the start for Starlink’s satellite internet service, Claire Shaw, investment specialist for Scottish Mortgage Investment Trust, tells Jane Wakefield...
02 Aug 2024 Scottish Mortgage manager insights: Tom Slater
Manager Tom Slater explains why resiliency and capital efficiency will be rewarded, and what factors make him optimistic for future growth, with private companies on track to deliver...
17 Jul 2024 Balancing act
We ask why trusts with a more flexible approach have outperformed…
10 Jul 2024 Things can only get better
Discounts are yawning but markets are thawing and boards are on the offensive; Labour might not be the only thing making a comeback this year...
24 May 2024 Why Scottish Mortgage favours founder-led companies
What’s the common factor shared by companies that can switch direction in the blink of an eye? They’re usually still led by visionary founders, as Scottish Mortgage manager Tom Slater explains...
03 May 2024 Scottish Mortgage Investor Webinar: your questions answered
From the recent buyback announcement, to private company valuations and areas of growth in the portfolio, Scottish Mortgage managers Tom Slater and Lawrence Burns answer the questions put to them by shareholders in this recent webinar...
17 Apr 2024 Pretty, pretty, pretty good
Do investment trusts really protect capital and income against inflation? Let's take a look…
08 Apr 2024 Corporate activity is hotting up
AGT and MIGO both look well suited for the current market environment…
05 Apr 2024 The Brandtech Group: masters of modern marketing
While every company is now clamouring to integrate AI into its offering, digital marketing agency The Brandtech Group has a nine-year head start. Founder and CEO David Jones tells Scottish Mortgage’s Lawrence Burns how he plans to stay ahead of the curve...
15 Mar 2024 Climeworks: digging deeper for climate solutions
Scottish Mortgage’s Lawrence Burns speaks to Christoph Gebald, CEO of Climeworks, about his company’s plans to scale up its direct air capture technology and why he thinks the carbon removal industry could be as big by 2050 as oil and gas is today...
01 Mar 2024 Why the AI paradigm shift matters to growth investors
Recent advances in artificial intelligence could herald a period of radical change. Baillie Gifford investment manager Tom Slater considers how this affects growth investing and which companies might benefit...
14 Feb 2024 Rise of the Machines
We look at some potentially exciting technology themes outside of the AI realm and share ways for investors to gain exposure without the hefty price tag…
19 Jan 2024 Moderna: from Covid vaccines to cancer cures
Five years from now, Moderna could be synonymous with personalised cancer vaccines, not Covid-19. Chief executive Stéphane Bancel talks with Scottish Mortgage manager Tom Slater about what can be achieved through programmable drug development...
22 Dec 2023 HelloFresh: changing how people eat forever
Scottish Mortgage’s Lawrence Burns speaks to Dominik Richter, co-founder and chief executive at HelloFresh, about streamlining the journey from farm to front-door, reducing food waste and providing hassle-free meal options for consumers...
15 Dec 2023 NVIDIA: Accelerating AI
NVIDIA’s co-founder Jensen Huang is Silicon Valley’s longest-serving chief executive. But his greatest impact may still be ahead of him, as Scottish Mortgage’s Claire Shaw explains
17 Nov 2023 Scottish Mortgage investor webinar: your questions answered
What two questions should an investor ask themselves if a company’s share price goes up? In this recent webinar recording, join Scottish Mortgage’s decision-makers as they answer this and the questions put to them by its shareholders...
10 Nov 2023 Scottish Mortgage: The valuation process for private companies
When valuing private companies, we don’t let investment managers mark their own homework. From a separate valuation team to independent auditors, multiple layers of independent review and approval form a robust approach that does not include the investment managers...
20 Oct 2023 Scottish Mortgage: What are the myths of private company investing?
Ben James, James Yuill and Rachael Callaghan pull apart three myths of private company investing that could be skewing your view of what it is...
29 Sep 2023 Scottish Mortgage: What is private company investing? And how do we do it?
We call it private companies, not private equity, for a reason. Discover what private company investing is, and why we believe there isn’t a need to draw a hard line between privately-owned and publicly-listed companies...
18 Aug 2023 Scottish Mortgage manager insights: Tom Slater on embracing discomfort
The market’s enthusiasm for predictability is not in shareholders’ best interests. Tom Slater explains why Scottish Mortgage will not follow the crowd in its pursuit of long-term returns...
07 Aug 2023 Scottish Mortgage on investing in private companies
Private companies offer some of the most exciting growth opportunities available. But as Scottish Mortgage’s deputy manager Lawrence Burns explains, that’s only one of four key reasons the Trust invests in them...
28 Jul 2023 Scottish Mortgage Investor Webinar – Your questions answered
In this webinar recording, Scottish Mortgage manager Tom Slater and deputy manager Lawrence Burns answer the top questions on shareholders’ minds. They discuss private company investing, share price performance, the resilience of holdings in a challenging climate, investing in China and much more.
26 May 2023 UPSIDE Foods: why the vegan founder is championing meat
The way meat gets onto our plates is unpalatable for many. UPSIDE Foods plans to change that as Scottish Mortgage’s Claire Shaw discovers...
05 May 2023 Recursion Pharmaceuticals: creating maps of human biology
Discovering new medicines involves exploring the frontiers of biology and chemistry. But it’s also a ‘big numbers’ problem as Scottish Mortgage’s Claire Shaw discovers...
19 Apr 2023 Are we nearly there yet?
We look at which trusts have done best year to date, and ask where there may be value…
24 Mar 2023 Denali Therapeutics: rising to the challenge of brain disease
Scottish Mortgage manager Tom Slater talks to Ryan Watts, CEO and Co-Founder of Denali Therapeutics, about the company’s mission to tackle brain disease...
10 Mar 2023 MercadoLibre: bridging the digital divide
Scottish Mortgage deputy manager Lawrence Burns speaks to Pedro Arnt, CFO of MercadoLibre, to find out how the company combines innovation and iteration to democratise commerce and access to financial services...
17 Feb 2023 Zipline - drones taking flight to save lives
What’s the closest thing to transportation? And how does it save lives? Zipline’s co-founder Keller Rinaudo Cliffton tells Scottish Mortgage manager Tom Slater...
09 Dec 2022 Scottish Mortgage Investment Trust: Manager Update
Tom Slater and Lawrence Burns discuss three topics on shareholders’ minds – portfolio performance, China, and the future outlook...
30 Nov 2022 Cry havoc!
Lessons from a year in which an already troubled world was savaged by the dogs of war...
25 Nov 2022 Scottish Mortgage stock stories: Redwood Materials
The transition to electric transportation is key for tackling climate change. Claire Shaw discusses how challenges facing this sector make battery recycling companies like Redwood Materials worth investing in...
11 Nov 2022 Scottish Mortgage Investment Trust: Museum of Progress
Today’s technologies and products are tomorrow’s museum pieces. Why invest in the status quo when you can invest in the future and help shape it? Manager Tom Slater and deputy manager Lawrence Burns explain more...
26 Oct 2022 Money for nothing
Debt measured at fair value has had a positive impact on NAV returns for a number of investment trusts this year...
18 Oct 2022 Fund Analysis
SMT’s discount may prove attractive for a long-term investor willing to accept the ups and downs of a high growth strategy…
22 Jul 2022 Scottish Mortgage Investment Trust: Manager Insights
Tom Slater, manager of the Scottish Mortgage Investment Trust, discusses the current environment, activity in China, and why it is imperative that Scottish Mortgage sticks to its investment philosophy...
22 Apr 2022 Buying into private companies
Businesses are staying private for longer, creating more opportunities to invest in the likes of SpaceX, Epic Games and Stripe, which are yet to appear on stock markets. Peter Singlehurst, head of Baillie Gifford’s Private Companies Team, explains why...
08 Apr 2022 Scottish Mortgage - The Power of People
Scottish Mortgage deputy fund manager Lawrence Burns explains how access to the brightest minds in entrepreneurship and academia allows him and his team to invest in the leading companies of the future...
25 Mar 2022 In conversation with the Scottish Mortgage managers
In this recent webinar, Tom Slater and Lawrence Burns discuss the evolution of the Scottish Mortgage management team, the trust’s long-term prospects and take questions from a live audience...
11 Feb 2022 Scottish Mortgage: Long-term investing for transformative change
In this recent Scottish Mortgage Investment Trust webinar, deputy manager Lawrence Burns discussed growth stocks, volatility, and why the progress of Moore’s Law remains a positive for innovative companies...
02 Feb 2022 Getting in on the act: Private markets
Private markets could be the next big opportunity for investors…
05 Jan 2022 Kepler’s top-rated trusts for 2022
We unveil the winners of our ratings for 2022 in the Growth, Income & Growth and Alternative Income categories…
30 Dec 2021 Great expectations
As the last of the mince pies wilts in the fridge, topped with a generous helping of stilton, the Kepler Trust Intelligence team stick a finger in the air and point toward their top picks for the year ahead…
22 Oct 2021 Scottish Mortgage on disrupting disease with artificial intelligence
Tom Slater, joint manager of Scottish Mortgage Investment Trust, examines the game-changing tech that could speed up breakthroughs against cancer, heart failure, and Alzheimer’s...
29 Sep 2021 Slings and arrows
Our analysts argue over whether it’s better to take arms against volatility in a portfolio, or to simply suffer it…
19 Aug 2021 Pandemic immunity
We ask which global equity trusts have outperformed through the different stages of the pandemic…
13 Aug 2021 Embracing the Extraordinary - In conversation with the Scottish Mortgage managers
Join investment specialist Claire Shaw as she speaks to James Anderson, Tom Slater, and Lawrence Burns in the first-ever investor event with all three Scottish Mortgage managers...
14 Jul 2021 Grade inflation
We look at how our discounted opportunities portfolio has done in the first half of the year and update on the performance of our long-term rated funds…
28 May 2021 Charging the green revolution
The rapid rise of electric cars means companies such as Tesla and NIO need batteries. Lots of them. Tom Slater, joint manager of Scottish Mortgage Investment Trust, talks to Peter Carlsson, chief executive of Northvolt, about his determination to meet that demand without creating carbon.
04 May 2021 Scottish Mortgage – The Next Generation of Winners
In this in-depth interview, Tom Slater, joint manager of Scottish Mortgage Investment Trust, stakes his claim with the industries he thinks the big winners of the future will come from. Join Slater as he outlines the long-term investment potential of healthcare, transport, transactions, and food delivery. Capital at risk.
31 Mar 2021 East End boys and West End girls
Our analysts debate whether the US or Asian stock markets will deliver the best returns over the next decade…
24 Feb 2021 Dire Straits or Money for Nothing?
With the sector having seen discounts narrow like never before – our analysts debate whether a premium is a price worth paying…
28 Jan 2021 Big game
Two of our analysts go head-to-head on the question of whether SMT’s stampede can continue…
28 Jan 2021 Flash update: Scottish Mortgage
SMT achieved outstanding performance in 2020, which we detail here along with the trust’s most recent update...
20 Jan 2021 Kepler's top-rated investment trusts for 2021
We update our annual quantitative ratings for investment trusts…
06 Jan 2021 This time next year Rodney...
We review the performance of the team’s ‘top picks’ for 2020 – including some proper plonkers – and place our bets for the year ahead…
02 Dec 2020 Payments of the Universe
Tom Slater, Scottish Mortgage Investment Trust joint manager, on how companies that can take the pain out of online payments are reaping big benefits...
19 Nov 2020 Hope springs eternal
The US election has given long-suffering value investors new hope of a 'great rotation' in their favour, but that light at the end of the tunnel could in fact be a train…
10 Nov 2020 Results analysis: Scottish Mortgage
We look at the recently published results of SMT, diving into whether this extraordinary run can continue…
07 Oct 2020 The real reason to invest in India...
India is struggling economically – could there be a value opportunity in the stock market?
29 Jul 2020 To be, or not to be (geared), that is the question
Gearing is part of the toolkit that trusts use to outperform OEICs. But how is it best implemented?...
15 Jul 2020 Why stagflation is likely and how to protect your portfolio from it
Our analysis suggests a combination of cost-push inflation and economic hardship could lead to a short, but unpleasant, period of stagflation...
09 Jul 2020 The next big thing: two mega-trends that everyone should own
Tech has beaten almost everything hands down – but nothing lasts forever. Where else should investors be looking for secular growth themes?
29 Jun 2020 Fund Analysis
SMT has achieved returns of over 20% a year for a decade, and the managers believe the growth potential is still huge…
16 Jun 2020 Factor performance and the COVID-19 effect
Will value continue to move into the black, or fade to red?
20 May 2020 Riding for a fall?
We consider the risks which could derail the multi-year tech boom…
29 Apr 2020 On solid ground
Our analysis of discounts highlights trusts which are likely to offer significantly less discount downside from the current level…
01 Apr 2020 Mind the gap
Discounts have yawned across trusts investing in private companies, but appearances can be deceptive and as COVID-19 unfolds it pays to take care…
21 Nov 2019 The imperatives of growth investing
James Anderson, joint manager of Scottish Mortgage Investment Trust, talks about why we need to embrace risk and volatility to achieve long-term rewards.
23 Oct 2019 Sail away: the best trusts to escape the UK
We look under the hoods of Global sector trusts to see which offer the best diversification prospects for UK investors...
09 Oct 2019 Fund Analysis
Targeting significant growth opportunities across the world, SMT runs a concentrated portfolio of listed and unlisted equities...
19 Sep 2019 Guiding a giant
Fiona McBain, chair of Scottish Mortgage, discusses the unique challenges of steering a FTSE 100-listed fund and the importance of its unusual board…
13 Jun 2019 Real growth in a world of fake news
Presentations and audio from our event at the London Stock Exchange, where six fund managers set out their stall for an exciting future...
13 May 2019 Head in the cloud
Scottish Mortgage's Tom Slater discusses tomorrow's opportunities...
13 May 2019 Streaming the future
Scottish Mortgage's Tom Slater discusses tomorrow's opportunities...
22 Mar 2019 James Anderson: Venturing further
The joint manager of Scottish Mortgage Investment Trust talks about why private companies offer more promising new opportunities than their public counterparts...
27 Feb 2019 A marathon not a sprint
Our research shows that investment trusts' structural advantages give them a significant edge for investors seeking long term capital growth...
06 Nov 2018 Fund Analysis
Scottish Mortgage is a global equity trust run via a highly concentrated, growth-orientated stockpicking approach...
12 Jul 2018 Fund Analysis
Scottish Mortgage is a global equity portfolio run via a highly concentrated, growth-orientated stockpicking approach...
09 Jul 2018 Go big or go home
The overwhelming evidence is that fund managers who are willing to back their convictions with punchy bets are the ones that tend to outperform by the highest margin...
27 Jun 2018 A winning combination
New research from Cass Business school helps explain why closed-ended funds have outperformed their open-ended peers in the major equity sectors since 2000...
11 Jun 2018 James Anderson: The US, the UK and company creation
Baillie Gifford's James Anderson thinks the UK falls a long way short of the standards being set on the US west coast...
21 Feb 2018 Regards from Shanghai
Baillie Gifford's James Anderson meets Alibaba founder Jack Ma and finds him in an ebullient mood...
21 Feb 2018 Fund Analysis
The UK's largest investment trust, and a standout performer, with a very high conviction approach focused on some of the world's biggest growth stories...
21 Feb 2018 Once bitten, twice shy...
Fearful memories of 2008 mean discounts remain wide in the listed private equity sector, despite excellent returns from some of the trusts it contains...
14 Dec 2017 Race to the bottom
Ahead of the new PRIIPS rules we examine the progress investment trust boards are making in reducing costs...
23 Oct 2017 Fund Analysis
A high growth global trust with a very enviable track record...
26 Apr 2017 The greatest
We use technical analysis to identify some of the best stock picking fund managers in the world today...
20 Apr 2017 Fund Analysis
12 Jul 2016 The investment trust advantage
The UK's leading managers tell us how they use investment trusts to maximise returns...
12 Jul 2016 Anarchy in the UK
We collate the reactions of the City's leading investment companies analysts in the wake of the EU referendum...
19 Apr 2016 Fund Analysis
05 Apr 2016 Fighting spirit
Why investment trusts are the ultimate recovery play...
13 Oct 2015 Global funds for income, growth and stormy weather
We compare investment trusts and funds across five global equity sectors, and highlight four of the best...
13 Oct 2015 Fund Analysis
13 Oct 2015 Investing on the bright side
This is an exhilarating time to be a growth investor, says Baillie Gifford's James Budden, who thinks too much focus on the downside leads to missed opportunities...
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