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 31/05/2022

    1 Year

    3 Years

    5 Years

    10 Years

    Share Price -32.3%62.2%108.4%585.6%
    NAV -29.6%80.1%129.9%577.2%
    Benchmark* 5.6%41.3%61.1%241.9%

    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 March each year

    31/03/2017
    31/03/2018

    31/03/2018
    31/03/2019

    31/03/2019
    31/03/2020

    31/03/2020
    31/03/2021

    31/03/2021
    31/03/2022

    Share Price 21.6%16.5%12.7%99.0%-9.5%
    NAV 24.9%14.6%13.7%111.2%-13.2%
    Benchmark* 2.9%10.7%-6.2%39.6%12.8%

    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 - 31/05/2022

    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 - 31/05/2022

    Fund %
    1 Moderna 7.4%
    2 ASML 6.7%
    3 Tesla Inc 5.7%
    4 Illumina 5.4%
    5 Tencent 5.0%
    6 Meituan 3.4%
    7 Amazon.com 2.7%
    8 Kering 2.5%
    9 NVIDIA 2.5%
    10 Northvolt 2.5%
    Total 43.7%
    Active Share - 31/05/2022

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

    Meet the Managers

    Tom Slater - Manager

    Tom 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 worked in the Developed Asia, UK Equity and Long Term Global Growth 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 joined Baillie Gifford in 2009, spent time working in both the Emerging Markets and UK Equity teams, and became a partner in 2020. Lawrence was appointed Deputy Manager of Scottish Mortgage Investment Trust in 2021. He has been a member of the International Growth Portfolio Construction Group since October 2012 and in 2020 he became a manager of Vanguard’s International Growth Fund. Lawrence is also a co-manager of the International Concentrated Growth and Global Outliers strategies. His investment focus is on transformative growth companies. He graduated BA in Geography from the University of Cambridge in 2009.

    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.

    Investor Disclosure Document

    Disclaimers

    FTSE Disclaimer

    Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2022. 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.