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Overview
Launched in 1909, Scottish Mortgage is considered to be Baillie Gifford's flagship investment trust. These days the trust is Global rather than Scottish and has nothing whatsoever to do with mortgages.
We look to add value over five year time frames, preferably much longer. We don't see that we can add much more than anyone else in the short term.
Performance & Portfolio
Periodic Performance
All figures to 31/01/2021 1 Year
3 Years
5 Years
10 Years
Share Price 117.0% 180.8% 417.4% 895.3% NAV 116.7% 178.7% 430.1% 807.7% Benchmark* 12.7% 31.6% 99.8% 188.2% The value of your investment may go down as well as up, and you may not get back the amount you invested.
NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and par value for 10 years.
*FTSE All World Index (GBP) TR.
Performance source: Morningstar and relevant underlying index provider, total return.
Please bear in mind that past performance is not a guide to future performance.
Discrete Performance
Annual Performance to 31 December each year 31/12/2015
31/12/201631/12/2016
31/12/201731/12/2017
31/12/201831/12/2018
31/12/201931/12/2019
31/12/2020Share Price 16.5% 41.1% 4.6% 24.8% 110.5% NAV 15.3% 40.6% 4.0% 26.8% 106.5% Benchmark* 29.6% 13.8% -3.4% 22.3% 13.0% The value of your investment may go down as well as up, and you may not get back the amount you invested.
NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and par value for 10 years.
*FTSE All World Index (GBP) TR.
Performance source: Morningstar and relevant underlying index provider, total return.
Please bear in mind that past performance is not a guide to future performance.Performance - 31/01/2021The value of your investment may go down as well as up, and you may not get back the amount you invested.
Benchmark data is limited to a 5 year period from the current date.
The graph has been rebased to 100.
Please bear in mind that past performance is not a guide to future performance.Unfortunately we were unable to load the chart. Please try again later.Discount/Premium History at Fair - 31/01/2021The value of your investment may go down as well as up, and you may not get back the amount you invested.
If the graph shows negative figures this means that the share price is lower than the NAV at fair – this is known as trading at a Discount.
If the graph shows positive figures this means that the share price is higher than the NAV at fair - this is known as trading at a Premium.
Please bear in mind that past performance is not a guide to future performance.Holdings - 31/01/2021
Fund % 1 Tencent 6.5% 2 Illumina 6.1% 3 Amazon.com 5.9% 4 Tesla Inc 5.1% 5 NIO 4.8% 6 Alibaba 4.6% 7 Meituan Dianping 4.5% 8 ASML 4.2% 9 Moderna 3.6% 10 Delivery Hero 3.3% Total 48.6% All holdings of 0.7% and aboveFund % 1 Tencent 6.5% 2 Illumina 6.1% 3 Amazon.com 5.9% 4 Tesla Inc 5.1% 5 NIO 4.8% 6 Alibaba 4.6% 7 Meituan Dianping 4.5% 8 ASML 4.2% 9 Moderna 3.6% 10 Delivery Hero 3.3% 11 Kering 2.1% 12 Spotify 2.0% 13 MercadoLibre 1.9% 14 Netflix 1.9% 15 Zalando 1.8% 16 NVIDIA 1.7% 17 Pinduoduo 1.7% 18 Denali Therapeutics 1.6% 19 Ferrari 1.6% 20 Ant International 1.6% 21 Affirm 1.5% 22 HelloFresh 1.5% 23 Zoom Video Communications 1.4% 24 ByteDance 1.2% 25 Adyen 1.2% 26 Tempus Labs Inc 1.1% 27 Shopify 1.1% 28 Wayfair 1.1% 29 Ginkgo BioWorks 0.9% 30 Carvana 0.9% 31 Vir Biotechnology 0.9% 32 Ocado 0.9% 33 TransferWise 0.8% 34 You & Mr Jones 0.8% 35 Kinnevik 0.8% 36 Zipline 0.8% 37 Palantir Technologies 0.7% 38 Stripe 0.7% 39 Space Exploration Technologies 0.7% 40 Workday 0.7% 41 Atlas Copco 0.7% Total 86.7% Insights
View all InsightsFebruary 2021Investing in Progress.
Scottish Mortgage was the FTSE 100’s stand-out growth company in 2020, but its managers’ are focused not on short-term performance, but on how best to exploit that added size in future.
Read moreJanuary 2021Scottish Mortgage: Investing In Progress Webinar.
In this webinar recording, investment specialist Stewart Heggie talks to James Anderson and Tom Slater, joint managers of the Scottish Mortgage Investment Trust about the growing opportunities that lie ahead for the trust. From transport, to healthcare, to an energy revolution, there is plenty to be optimistic about in 2021 and beyond.
WatchNovember 2020Biofacturing.
Synthetic biology conjures images of Frankenstein’s monster, with mad scientists poring over boiling beakers to bring to life the beast. The reality of modern labs is significantly different. Truly remarkable progress is being made in solving some of the world’s biggest problems by unlocking nature at its most granular level.
Read moreNovember 2020SM Interim Managers Report.
The oddities of the pandemic will fade, some long-running shifts in our economy will have been accelerated and the stresses we have experienced will spark new waves of innovation.
Read moreNovember 2020From Musk to Maranello.
Ferrari owners want to wake the neighbours with the thunderous throttle of their car’s internal combustion engine. If that goes in the shift to greener and quieter motor technology, will the car still be worthy of the prancing horse’s name? Most definitely so, according to Ferrari’s CEO, Louis Camilleri.
Read moreView all Insights
Meet the Managers
James Anderson
James has been the Manager and then Joint Manager of Scottish Mortgage Investment Trust since 2000 and is a co-manager of the International Concentrated Growth Strategy. He Chaired the International Growth Portfolio Group from its inception in 2003 until July 2019 and remains co-manager of Vanguard International Growth. In 2003, James also co-founded our Long Term Global Growth Strategy. Prior to this, he headed our European Equity Team. James has served as a member of the Advisory Board of the government sponsored Kay Review and as Chair of the subsequent industry working group that set up the UK Investor Forum. He joined Baillie Gifford in 1983 and became a Partner in 1987. James graduated BA in History from the University of Oxford and after postgraduate study in Italy and Canada he gained an MA in International Affairs in 1982. He is a Trustee of the Johns Hopkins University.
Tom Slater
Tom is Head of the US Equities Team and is a Decision Maker on Long Term Global Growth Portfolios. He joined Baillie Gifford in 2000 and became a Partner of the firm in 2012. After serving as Deputy Manager for five years, Tom was appointed Joint Manager of Scottish Mortgage Investment Trust in 2015. During his time at Baillie Gifford he has also worked in the Developed Asia and UK Equity Teams. Tom’s investment interest is focused on high growth companies both in listed equity markets and as an investor in private companies. He graduated BSc in Computer Science with Mathematics from the University of Edinburgh in 2000.
How to Invest
You can invest in our funds via a number of fund platforms and supermarkets, please see the links opposite. Information on the range of funds available through platforms can be found in our Platform Matrix
Further information on our funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.
Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
How to Invest
Getting Financial Advice
At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.
Using professional financial advice
An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.
Finding a financial adviser near you
If you want to use an authorised intermediary, MyLocalAdviser is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.mylocaladviser.co.uk
Documents
You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available). Please note that, due to current government restrictions, we have a limited number of staff in our office. As a result, if posting instructions to us, there may be a delay in processing these due to these current restrictions.
To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.
Annual Reports
Bulletins and Factsheets
Corporate Governance
Fund Ratings Reports
Interim Reports
Investor Disclosure Document
Key Information Document
Notices of Debenture Holder Meetings
Other Fund Literature
Risks
Any investment in an investment trust involves risk. You should be aware of the following risks when considering investing.
Past performance
Past performance is not a guide to future performance.
The value of your investment
The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised or regulated by the Financial Conduct Authority. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested.
Overseas investment
The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.
Emerging Markets
The Trust invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.
Gearing
The Trust can borrow money to make further investments (sometimes known as “gearing” or “leverage”). The risk is that when this money is repaid by the Trust, the value of the investments may not be enough to cover the borrowing and interest costs, and the Trust will make a loss. If the Trust's investments fall in value, any invested borrowings will increase the amount of this loss.
Share buy-backs
The Trust can buy back its own shares. The risks from borrowing, referred to above, are increased when a trust buys back its own shares.
Liquidity
Market values for securities which have become difficult to trade may not be readily available and there can be no assurance that any value assigned to such securities will accurately reflect the price the Trust might receive upon their sale.
Derivatives
The Trust can make use of derivatives to obtain, increase or reduce exposure to assets and may result in the Trust being leveraged. Derivatives are most often used to compensate for possible unfavourable currency and market movements. This may result in greater movements (down or up) in the net asset value of the Trust. It is not our intention that the use of derivatives will significantly alter the overall risk profile of the Trust. A further risk exists in respect of the counterparty with whom the derivative transaction is made. Due care and diligence is exercised in the selection of counterparties, however, the possibility of the counterparty failing to pay sums due to the Trust still remains.
Private Companies
The Trust has a significant investment in private companies. The Trust’s risk could be increased as these assets may be more difficult to sell, so changes in their prices may be greater.
Charges to capital
The Trust charges 100% of the investment management fee and 100% of borrowing costs to capital which reduces the capital value.
Tax Rates
You should note that tax rates and reliefs may change at any time and their value depends on your circumstances.
Regulation
The Trust is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority.
Information subject to change
The information and opinions expressed within this website are subject to change without notice.
Not Investment Advice
This information has been issued and approved by Baillie Gifford & Co Limited and does not in any way constitute investment advice.
Suitability for retail distribution
Please note that the Company currently conducts its affairs, and intends to continue to conduct its affairs, so that the Company’s ordinary shares can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPI). The Company’s ordinary shares are excluded from the FCA’s restrictions which apply to non-mainstream pooled investment products because they are shares in an investment trust.
Disclaimers
FTSE Disclaimer
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®" and “Russell®” are trade marks of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.