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Welcome to Trust, the investment trust magazine from Baillie Gifford.

Loitering within tent: Find out more about Snow Peak’s lifestyle revolution

Please remember that the value of an investment can fall and you may not get back the amount invested.

Hello and welcome to Trust. With life almost back to normal following the pandemic, our autumn edition brings you more stories from our investors, who are travelling both near and far to uncover the next generation of growth companies. This issue also marks an important milestone for our flagship trust, Scottish Mortgage: a decade of investing in private companies.

It started with Alibaba, a Hangzhou-based firm that few outside China had heard of. Scottish Mortgage made a few more investments in private companies over the following years. But it wasn’t clear at the time that these were more than a series of one-offs. It has since become apparent that there has been a profound shift in the way entrepreneurs are raising funds to keep their businesses private for longer. Scottish Mortgage’s Tom Slater discusses what we have learnt over the last 10 years and the network of relationships that we have built with companies.

Our recent private investments include green-tech pioneers Climeworks and Northvolt. Both are based in Europe. Tom’s fellow manager Lawrence Burns tells us why ‘European innovation’ isn’t an oxymoron and explores the game-changing growth companies in Scottish Mortgage’s portfolio which are closer to home.

Travelling further afield, we meet Snow Peak’s president Lisa Yamai in Niigata Prefecture, on the north-west coast of Japan. She talks to Shin Nippon manager Praveen Kumar about her global plans for the mountaineering and camping brand founded by her grandfather in 1958.

In Trip Notes, Edinburgh Worldwide’s joint deputy manager Svetlana Viteva takes us to Tel Aviv. There she meets a range of businesses doing everything from studying how to bioengineer milk to targeting brain cancer with electrical waves.

In The Final Chapter, ‘father of the iPod’ Tony Fadell talks to Rory Cellan-Jones, the BBC’s former technology correspondent, about his new book, Build: An Unorthodox Guide to Making Things Worth Making. Fadell provides a fascinating insight into working with Apple’s co-founder Steve Jobs and tells us why he’s now betting on other people’s inventions.

We hope you enjoy the autumn edition as much as we have enjoyed working on it. If you’d like to get in touch about the stories in Trust, email me at [email protected]

Malcolm Borthwick


The views expressed in this article should not be considered as advice or a recommendation to buy, sell or hold a particular investment. The article contains information and opinion on investments that does not constitute independent investment research, and is therefore not subject to the protections afforded to independent research.

Some of the views expressed are not necessarily those of Baillie Gifford. Investment markets and conditions can change rapidly, therefore the views expressed should not be taken as statements of fact nor should reliance be placed on them when making investment decisions.

Baillie Gifford & Co Limited is wholly owned by Baillie Gifford & Co. Both companies are authorised and regulated by the Financial Conduct Authority and are based at: Calton Square, 1 Greenside Row, Edinburgh EH1 3AN.

The investment trusts managed by Baillie Gifford & Co Limited are listed on the London Stock Exchange and are not authorised or regulated by the Financial Conduct Authority.

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