1. 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 31/12/2021

    1 Year

    3 Years

    5 Years

    10 Years

    Share Price 10.5%190.1%328.2%1147.2%
    NAV 13.2%196.4%333.3%1006.7%
    Benchmark* 20.0%65.8%82.2%270.6%

    Performance figures appear in GBP. 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






    Share Price 41.1%4.6%24.8%110.5%10.5%
    NAV 40.6%4.0%26.8%106.5%13.2%
    Benchmark* 13.8%-3.4%22.3%13.0%20.0%

    Performance figures appear in GBP. 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 - 31/12/2021

    Performance figures appear in GBP. The 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.

    Holdings - 31/12/2021

    Fund %
    1 Moderna 8.1%
    2 ASML 6.0%
    3 Illumina 5.5%
    4 Tesla Inc 5.1%
    5 Tencent 4.1%
    6 NVIDIA 3.0%
    7 Meituan 2.7%
    8 Delivery Hero 2.6%
    9 NIO 2.5%
    10 Kering 2.4%
    Total 42.0%
    Active Share - 31/01/2022

    Relative to FTSE All-World Index. Source: Baillie Gifford & Co, FTSE.

    Meet the Managers

    James Anderson - Manager

    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 - Manager

    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.

    Lawrence Burns - Deputy Manager

    Lawrence was appointed deputy manager of Scottish Mortgage Investment Trust in 2021. He became a partner in 2020. Since 2017, Lawrence has co-managed the International Concentrated Growth Strategy and in 2020 he became a manager of the Vanguard International Growth Fund. In 2012 he became a member of the Portfolio Construction Group for the International Growth Strategy. Lawrence Burns joined Baillie Gifford in 2009 and his investment focus is on transformative growth companies.

    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.

    Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans.

    Please also note that we do not have an online service for individual investors.

    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


    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.

    Investor Disclosure Document


    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.


    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.


    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.


    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.


    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.


    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.