Fund Research

Scottish Mortgage Investment Trust

Last update 06 November 2018
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Baillie Gifford is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered as factual information only and not an indication as to the desirability or appropriateness of investing in the security discussed.

Please see the important information by following this link or at the bottom of the page.

Investment objective

Scottish Mortgage aims to maximise total return over the long term from a high conviction and actively managed portfolio. It invests globally, looking for strong businesses with above-average returns.


Scottish Mortgage



Management Company

Baillie Gifford & Co Limited.

Manager Name

James K. Anderson;Tom Slater;

Association of Investment Companies (AIC) Sector


12 Mo Yield


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Scottish Mortgage is a global equity portfolio run with a long-term investment time-frame, via a highly-concentrated, growth-orientated stockpicking approach. It is the largest “conventional” UK-listed investment trust with net assets of close to £7bn. The managers aim to invest in the most promising growth companies across the globe – publicly listed or private.

The trust, which is a member of the FTSE 100, has built on its long-term track record of outperformance over the course of 2018, with NAV total returns to 2nd November of more than 11.8%, well ahead of the 1.6% delivered by the FTSE All World index over the period. Over five years, the trust has delivered NAV total returns of 147.7%.

The managers are not afraid to take punchy bets and the major drivers of performance boil down to the strong returns from their highest conviction investments. However, most recent activity at the portfolio level has focused on investing in private, unlisted companies.

For the first time, in the recent interim results, the managers took the opportunity to review the progress to date of such investments – looking at performance both before and after IPO (if applicable). From June 2010 when the managers made their first unquoted investment to the end of September 2018, the entire Scottish Mortgage portfolio generated a total return of 344%, but the total return from the subset of holdings that had started out as unlisted investments over the same period was 419%. For context the FTSE All-World Index's total return over the same period was 163%.

Scottish Mortgage remains one of the stand-out higher-risk options for equity investors, yet is among the cheapest in terms of OCF. The trust is likely to generate higher levels of volatility than the index and peers. The trust is currently on a premium of 1.8%.

Important Information

Baillie Gifford is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered as factual information only and not an indication as to the desirability or appropriateness of investing in the security discussed.

Please see the important information by following this link or at the bottom of the page.

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Fund History: Scottish Mortgage Investment Trust

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