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 31/03/2021

    1 Year

    3 Years

    5 Years

    10 Years

    Share Price 90.4%169.6%406.4%829.2%
    NAV 98.1%180.4%417.2%744.4%
    Benchmark* 33.4%46.5%107.2%205.1%

    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 March each year

    31/03/2016
    31/03/2017

    31/03/2017
    31/03/2018

    31/03/2018
    31/03/2019

    31/03/2019
    31/03/2020

    31/03/2020
    31/03/2021

    Share Price 40.9%21.6%16.5%12.7%99.0%
    NAV 38.3%24.9%14.6%13.7%109.0%
    Benchmark* 33.1%2.9%10.7%-6.2%39.6%

    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 - 30/04/2021

    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 - 30/04/2021

    Fund %
    1 Tencent 5.8%
    2 Illumina 5.6%
    3 ASML 5.1%
    4 Amazon.com 4.7%
    5 Moderna 4.5%
    6 Tesla Inc 4.5%
    7 Alibaba 4.1%
    8 Meituan Dianping 3.7%
    9 Delivery Hero 3.4%
    10 NIO 3.3%
    Total 44.9%
    Active Share - 31/05/2021

    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.

    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.

    Investor Disclosure Document

    Portfolio Voting Disclosure

    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.