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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
Annual Performance to 30 June each year 30/06/2015
30/06/201630/06/2016
30/06/201730/06/2017
30/06/201830/06/2018
30/06/201930/06/2019
30/06/2020Share Price 4.9% 48.8% 33.4% 0.7% 55.4% NAV 8.2% 43.4% 34.1% 2.5% 54.8% Index* 14.0% 23.0% 9.4% 10.1% 5.7% 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.Periodic Performance
All figures to 30/06/2020 1 Year
3 Years
5 Years
10 Years
Share Price 55.4% 108.8% 225.9% 729.5% NAV 54.8% 112.8% 230.2% 635.5% Index* 5.7% 27.3% 78.4% 205.9% 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 - 30/06/2020The 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 - 30/06/2020The 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 - 30/06/2020
Fund % 1 Tesla Inc 12.7% 2 Amazon.com 9.4% 3 Tencent 6.1% 4 Illumina 6.0% 5 Alibaba 5.2% 6 ASML 3.7% 7 Meituan Dianping 3.2% 8 Delivery Hero 3.0% 9 Spotify 2.7% 10 Netflix 2.7% Total 54.6% All holdings of 0.7% and aboveFund % 1 Tesla Inc 12.7% 2 Amazon.com 9.4% 3 Tencent 6.1% 4 Illumina 6.0% 5 Alibaba 5.2% 6 ASML 3.7% 7 Meituan Dianping 3.2% 8 Delivery Hero 3.0% 9 Spotify 2.7% 10 Netflix 2.7% 11 Kering 2.3% 12 Ferrari 2.1% 13 NVIDIA 2.1% 14 Ant International 2.0% 15 HelloFresh 1.6% 16 Shopify 1.6% 17 You & Mr Jones 1.3% 18 Alphabet 1.3% 19 Wayfair 1.3% 20 Zalando 1.3% 21 Ginkgo BioWorks 1.3% 22 Inditex 1.2% 23 Pinduoduo 1.1% 24 Zoom Video Communications 1.1% 25 NIO 1.1% 26 Tempus Labs Inc 1.1% 27 Workday 1.0% 28 TransferWise 1.0% 29 Atlas Copco 0.9% 30 Vir Biotechnology 0.9% 31 MercadoLibre 0.9% 32 Intuitive Surgical 0.9% 33 Kinnevik 0.7% Total 84.6% Active Share - 30/06/2020Relative to FTSE All-World Index. Source: Baillie Gifford & Co, FTSE.Unfortunately we were unable to load the chart. Please try again later.Insights
All insightsJune 2020Scottish Mortgage Annual General Meeting and Managers’ Presentations.
The AGM of Scottish Mortgage Investment Trust took place on 25 June 2020.
Read moreJune 2020Paradigm Shifts with Professor Carlota Perez.
Carlota Perez, British-Venezuelan researcher, lecturer and international consultant, presents on the paradigm shifts she observes in historical technological revolutions and what these shifts could mean for the future.
WatchMay 2020Setting our Sights on Private Companies.
It’s often listed companies that make the headlines but some of the most exciting investment opportunities are in private firms according to Scottish Mortgage Investment Trust’s Catharine Flood.
Read moreMay 2020When long-term Investing Pays.
Goodbye Baidu, hello Bytedance. Tom Slater highlights those Scottish Mortgage holdings currently bringing disruptive innovation to the world.
Read moreMay 2020Finding New Fish to Fry.
As the world adapts to wrenching changes, James Anderson observes both human progress and stock markets that did not learn.
Read moreApril 2020Why the Crisis Favours Growth Stocks.
Growth stocks have generally fared better than value stocks during the coronavirus pandemic, helping Scottish Mortgage Investment Trust during the worst of the stock market falls. In our podcast series, Short Briefings on Long Term Thinking Baillie Gifford partner Tom Slater explains why.
Read moreApril 2020Some Suspicions About the Coming Years.
James Anderson discusses what we can learn about the effects of the coronavirus. Drawing on the work of experts such as Hans Rosling, James explores the monetary and fiscal transformation we are going through, concluding that the days of neo-liberalism are numbered. James also looks at what the crisis means for equity investors, asking what investments are now more valuable, and assesses the shift of global power towards Asia.
Read moreApril 2020Scottish Mortgage – Bringing the Freight Industry Up To Speed.
The antiquated freight industry is set for a shake up as new tech-savvy players look to take a slice of what is a €5.6 trillion, and growing, industry.
Read moreApril 2020Staying the Course for Scottish Mortgage.
The disruption caused by the coronavirus (Covid-19) pandemic extends far beyond the narrow world of investment but, as Catharine Flood explains, within that sphere Scottish Mortgage Investment Trust remains committed to patient investment, focused on the long-term and on companies with the most potential for future growth.
Read moreMarch 2020How did we do?
As the new decade dawns, James Anderson, joint manager of Scottish Mortgage Investment Trust, reflects on past predictions and ponders what’s next.
Read moreMarch 2020Famous for 15 seconds.
The genius of TikTok is not just its short and prolific content. Tom Slater, joint manager of Scottish Mortgage Investment Trust, talks to Jemima Kiss about how the Chinese social media company has achieved worldwide success.
Read moreFebruary 2020The Future of Advertising.
In this series of articles, we highlight companies in the Scottish Mortgage portfolio that are taking technological advances to the next level, a new generation of companies who will reshape our world and what is possible in the years to come.
Read moreFourth Quarter 2019The Future of Financial Services.
In this series of articles, we highlight companies in the Scottish Mortgage portfolio that are taking technological advances to the next level, a new generation of companies who will reshape our world and what is possible in the years to come.
Read moreThird Quarter 2019The Future of Healthcare.
In this series of articles, we highlight companies in the Scottish Mortgage portfolio that are taking technological advances to the next level, a new generation of companies who will reshape our world and what is possible in the years to come.
Read moreFourth Quarter 2019Next Generation of Progress.
In this series of articles, we highlight companies in the Scottish Mortgage portfolio that are taking technological advances to the next level, a new generation of companies who will reshape our world and what is possible in the years to come.
Read moreFourth Quarter 2019The Future of Food.
In this series of articles, we highlight companies in the Scottish Mortgage portfolio that are taking technological advances to the next level, a new generation of companies who will reshape our world and what is possible in the years to come.
Read moreFourth Quarter 2019The Future of Manufacturing.
In this series of articles, we highlight companies in the Scottish Mortgage portfolio that are taking technological advances to the next level, a new generation of companies who will reshape our world and what is possible in the years to come.
Read moreFourth Quarter 2019The Future of Work.
In this series of articles, we highlight companies in the Scottish Mortgage portfolio that are taking technological advances to the next level, a new generation of companies who will reshape our world and what is possible in the years to come.
Read moreThird Quarter 2019The 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.
Read moreSecond Quarter 2019Scottish Mortgage - Annual General Meeting.
The Scottish Mortgage Investment Trust Annual General Meeting (AGM) took place in Edinburgh on 27 June 2019. In addition to the business of the day, there were presentations from the Trust's managers, James Anderson and Tom Slater, which you can now watch here.
WatchFirst Quarter 2019Streaming the Future.
In the second in his series of reflections following a meeting with Amazon boss Jeff Bezos in Seattle, Tom Slater considers the online giant’s prospects in the changing world of new media.
Read moreFirst Quarter 2019.The Future of Food.
In this series of articles, we highlight companies in the Scottish Mortgage portfolio that are taking technological advances to the next level, a new generation of companies who will reshape our world and what is possible in the years to come.
Read moreFourth Quarter 2018Scottish Mortgage Stock Stories: ANT Financial.
ANT Financial is a private online payments business that started life as part of the Chinese e-commerce giant Alibaba. Tom Slater explains what attracted him to take a holding in ANT for Scottish Mortgage.
WatchFourth Quarter 2018Scottish Mortgage - Invest in Progress.
Joint managers, James Anderson and Tom Slater, believe that the rapid progress in several industries has created some exciting new businesses with deep competitive advantages, targeting large opportunities. These are exactly the types of companies Scottish Mortgage seeks to own for long periods of time. Watch the film to discover how you could invest in this progress too.
WatchFourth Quarter 2017The Rules of Engagement.
We are committed to the individual companies in which we invest. So when bad things happen, James Anderson thinks we should be honouring that commitment and our long-term perspective by tailoring our engagement to the specifics of the situation and the company involved.
Read moreARCHIVEDSecond Quarter 2019A Complexified World.
The impact of ever-faster networks and complex systems is all around us. Tom Slater reflects on the implications of our accelerating connectedness in an increasingly ‘complexified’ world.
Read moreARCHIVEDSecond Quarter 2019Scottish Mortgage Managers’ Review.
James Anderson explains why Scottish Mortgage’s portfolio makes him optimistic about the future, despite the sound and fury of recent headlines.
Read moreARCHIVEDFourth Quarter 2018Scottish Mortgage Stock Stories: Spotify.
Tom Slater shares his enthusiasm for Spotify, a subscription streaming business that has grown to be a global product under the guidance of its founder CEO Daniel Ek.
WatchARCHIVEDFourth Quarter 2018Scottish Mortgage Stock Stories: Shopify.
Shopify helps companies looking to sell their goods online. It is regarded by Amazon as a partner and, as Tom Slater explains, with a growing number of companies looking to have an online presence, it has a massive potential opportunity.
WatchARCHIVEDAutumn 2018Room for Growth.
When Tom Slater first came across Airbnb’s Brian Chesky, he didn’t spot the magic. Here the joint manager of Scottish Mortgage Investment Trust explains why he changed his mind.
Read moreARCHIVEDAutumn 2018Extreme Returns.
James Anderson, joint manager of Scottish Mortgage Investment Trust, talks about the implications of Hendrik Bessembinder’s extraordinary research.
Read moreARCHIVEDJune 2018Scottish Mortgage Annual General Meeting.
The Annual General Meeting of the Scottish Mortgage Investment Trust took place in Edinburgh on 29 June. In addition to the business of the day, co-managers James Anderson and Tom Slater made presentations and you can read the highlights here.
Read moreARCHIVEDFirst Quarter 2018Scottish Mortgage Stock Stories: Alibaba & NIO.
James Anderson, joint manager of Scottish Mortgage, shares his thoughts on Chinese car company NIO and the founder-driven, Chinese giant retailing platform, Alibaba.
WatchARCHIVEDFirst Quarter 2018Scottish Mortgage Stock Stories: Amazon.
James Anderson, joint manager of Scottish Mortgage, shares why he is enthusiastic about investing in Amazon as and why he believes it will remain a dominant company in the future.
WatchARCHIVEDFirst Quarter 2018Scottish Mortgage Stock Stories: Bolt Threads.
Tom Slater, joint manager of Scottish Mortgage, discusses why he thinks biotech company Bolt Threads has the potential to transform the apparel industry.
WatchARCHIVEDFirst Quarter 2018Scottish Mortgage Stock Stories: Uptake.
Tom Slater, joint manager of Scottish Mortgage, discusses industrial technology company Uptake, which uses data science to enable people and machines to work better together.
WatchARCHIVEDFirst Quarter 2018Scottish Mortgage Stock Stories: Spotify.
European company Spotify is on its way to becoming a global leader. James Anderson, joint manager of Scottish Mortgage, shares his enthusiasm for Spotify and its founder.
WatchARCHIVEDFourth Quarter 2017Regards from Shanghai.
Following a meeting with Jack Ma of Alibaba, James Anderson considers the importance of data to our future, and anticipates the pivotal role China will play in shaping what is to come.
Read moreARCHIVED2017Scottish Mortgage Annual General Meeting.
The annual meeting of the Scottish Mortgage Investment Trust took place in Edinburgh on 29 June. In addition to the business of the day, there were presentations from the Trust’s managers, James Anderson and Tom Slater. This summary includes several short audio clips recorded on the day.
Find out moreARCHIVEDThird Quarter 20165 key things we thought you'd like to hear.
The 107th AGM of Scottish Mortgage Investment Trust once again saw presentations from the investment managers James Anderson and Tom Slater. We’ve captured some key points that each made on the day, as audio recordings and wanted you to have the opportunity to hear their thinking for yourself.
Find out 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). 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.
Unlisted Investments
The Trust has a significant exposure to unlisted investments. The Trust’s risk could be increased as these assets may be more difficult to buy or 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.