Overview
Scottish Mortgage, launched in 1909, is considered (says its website) to be Baillie Gifford’s flagship investment trust.
Scottish Mortgage is a global equity fund which selects companies for their strong growth prospects. The trust looks to significantly outperform world stock market indexes over a five year rolling period. The managers say they have a long term investment horizon and “invest with real patience”. They also say the portfolio is driven by corporate attraction rather than index construction. The managers see themselves as owners of companies rather than renters of stocks.
You can access the company’s website here
Fundamentals
Price
Research History
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09 Feb 2023 9 min read
QuotedData’s Investment Companies Roundup – February 2023
February 2023 Monthly roundup | Investment companies Winners and losers in January 2023 In a month where winners far outweighed losers, once again Chinese funds feature amongst the best-performing investment companies over the month, taking many of the top slots. China has barrelled ahead with the reopening of its economy following the lifting of COVID-related […]
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05 Jan 2023 9 min read
QuotedData’s Investment Companies Roundup – January 2023
December 2022 Monthly roundup | Investment companies Winners and losers in December 2022 The Financials sector only has two constituents, one of these – Trian Investors 1 – has seen its discount narrow since it promised to return cash to investors by next June, and it has also benefited from underlying NAV appreciation. Last month’s […]
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07 Dec 2022 64 min read
QuotedData’s Economic and Political Monthly Roundup December 2022
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8 min read
QuotedData’s Investment Companies Roundup – December 2022
Investment Companies Monthly Roundup Kindly sponsored by abrdn December 2022 Monthly | Investment companies Winners and losers in November 2022 As discussed in this month’s economic and political roundup, lower US inflation triggered a fall in the US dollar and drove equity markets higher over November. The big surprise was the resurgence of Chinese markets […]
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03 Nov 2022 8 min read
QuotedData’s Investment Companies Roundup – November 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn November 2022 Monthly | Investment companies Winners and losers in October 2022 Many equity markets recovered some of the ground lost in September. The swift departure of Liz Truss and her unfunded tax cuts helped the UK stock market and sterling. North America […]
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13 Oct 2022 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2022
Third quarter of 2022 Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Piling on the misery In the face of rising inflation, exacerbated by the war in Ukraine, central bankers have condemned for their relative inaction. However, in the third quarter of 2022, they stepped up a gear. Last month’s economic and political roundup […]
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06 Oct 2022 9 min read
QuotedData’s Investment Companies Roundup – October 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn October 2022 Monthly | Investment companies Winners and losers in September 2022 September’s median total share price return was -6.4% (+0.4% in August). The median NAV return over September was -1.2%. See Appendix 1 for a breakdown of how all the sectors have […]
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22 Oct 2021 1 min read
Interview with Claire Shaw of Scottish Mortgage
In this week’s show, James Carthew talked to Claire Shaw of Scottish Mortgage If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news, click here. If there is a guest speaker you’d particularly like to hear from, please email us. Additionally, if you would prefer to […]
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19 May 2021 1 min read
QuotedData’s Spring Webinar Series – Private Equity playback
On 19th May 2021, QuotedData hosted the second of three Spring webinars. This webinar was focused on Private Equity and included presentations and Q&As from 4 investment companies’ managers, covering different aspects of this area. We would like to thank all of our speakers and attendees for joining us. Click on the links below to watch […]
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16 Oct 2020 11 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit Stubborn resistance The end […]
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10 Sep 2020 6 min read
QuotedData’s Investment Companies Roundup – September 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research Performance data Discounts and premiums Money in and out Major news stories Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over August: Aberdeen New Dawn – COVID positive “In […]
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14 Jul 2020 9 min read
QuotedData’s Investment Companies Quarterly Review – Second Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit When the going gets […]
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07 Jul 2020 7 min read
QuotedData’s Investment Companies Roundup – July 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over June: CQS New City High Yield – […]
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08 Jun 2020 8 min read
QuotedData’s Economic Roundup – June 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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05 Jun 2020 1 min read
QuotedData’s weekly roundup 5 June 2020
James Carthew’s weekly news roundup show for Friday, 5 June, covers the proposed Travelodge CVA, the great results that the Biotech & Healthcare sector is achieving and the music royalty fund, Hipgnosis Songs Fund. It also includes an interview with Catharine Flood, client service director at Baillie Gifford with responsibility for Scottish Mortgage, the UK’s […]
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17 Apr 2020 8 min read
QuotedData’s Investment Companies Quarterly Review – First Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research The legal bit Unprecedented times We have knitted […]
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10 Mar 2020 7 min read
QuotedData’s Investment Companies Roundup – March 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide New research Here is a list of research we published over February: An initiation note on Montanaro UK Smaller Companies Trust (MTU) […]
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06 Dec 2019 5 min read
QuotedData’s economic roundup – December 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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6 min read
QuotedData’s investment companies roundup – December 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Income Events New research Here is a list of research we published over November: An initiation note on Henderson High Income “We have initiated coverage on Henderson High Income (HHI). Since […]
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12 Nov 2019 5 min read
QuotedData’s investment companies roundup – November 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over October, we published notes on Pacific Horizon, Seneca Global Income & Growth, Premier Global Infrastructure, Polar Capital Global Financials, Ecofin Global Utilities and Infrastructure, Aberdeen Standard European Logistics Income and Herald. Additionally, as part of our enhanced coverage of the property sector, we launched […]
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05 Jul 2019 3 min read
QuotedData’s investment companies roundup – July 2019
Investment Companies Roundup New research Over June, we published notes on CQS Natural Resources Growth and Income, Standard Life Private Equity and Shires Income. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – there was a greater appetite for risk in June as […]
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07 Jun 2019 3 min read
QuotedData’s investment companies roundup – June 2019
Investment Companies Roundup New research Over May, we published notes on Shires Income, Standard Life Private Equity and The North American Income Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was notable that risk appetite was down in May as renewed […]
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5 min read
QuotedData’s economic roundup – June 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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08 May 2019 3 min read
QuotedData’s investment companies roundup – May 2019
Investment Companies Roundup New research Over April, we published notes on Henderson Diversified Income, Ecofin Global Utilities and Infrastructure, Jupiter Emerging and Frontier Income, Seneca Global Income & Growth and Polar Capital Global Financials Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was […]
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15 Apr 2019 6 min read
Quarterly Investment Companies Roundup – First Quarter 2019
Quarterly Investment Companies Roundup – First Quarter 2019 QuotedData news Through the first quarter of 2019, global equities largely clawed back the losses suffered over the final weeks of 2018. How much longer this ten-year bull market can sustain itself is the subject of much debate. US interest rate rises have stalled, reflecting growing cautiousness. Elsewhere, […]
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22 Feb 2019 1 min read
QuotedData’s investment companies roundup – February 2019
QuotedData’s investment companies roundup – February 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2019. Kindly sponsored by Baillie Gifford. December’s sharp sell-off in technology and growth stocks reversed somewhat in January. This was […]
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19 Dec 2018 1 min read
QuotedData’s economic roundup – December 2018
QuotedData’s economic roundup – December 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any […]
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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14 Sep 2018 1 min read
QuotedData’s investment companies roundup – September 2018
QuotedData’s investment companies roundup – September 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in August GRIT Real Estate Income floated on the UK Stock Exchange in […]
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15 Aug 2018 1 min read
QuotedData’s investment companies roundup – August 2018
QuotedData’s investment companies roundup – August 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in July Tritax EuroBox raised its maximum target of £300 million in an […]
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18 Jul 2018 2 min read
Quarterly Investment Companies Roundup – Second Quarter 2018
QUARTERLY INVESTMENT COMPANIES ROUNDUP – SECOND QUARTER 2018 Global equities markets rose in the second quarter of 2018, Markets were volatile, as positive economic data and encouraging company performances played off against geopolitical concerns. Yields from bond markets rose early in the quarter but fell back as investors turned to ‘safer’ investments. The threat of […]
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11 Jul 2018 1 min read
QuotedData’s investment companies roundup – July 2018
QuotedData’s investment companies roundup – July 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2018. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised and returned in June Newcomer to the market, Yew Grove […]
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11 Jun 2018 2 min read
QuotedData’s Economic round up – June 2018
QuotedData’s Economic round up – June 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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1 min read
QuotedData’s investment companies roundup – June 2018
QuotedData’s investment companies roundup – June 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2018. Kindly sponsored by Baillie Gifford. The premium of biotech company, Syncona, rose on positive news on two of its […]
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25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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13 Mar 2018 1 min read
QuotedData’s investment companies roundup – March 2018
QuotedData investment companies roundup – March 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2018. Kindly sponsored by Baillie Gifford. Equity markets continued to run up in early February, supported by strong corporate earnings […]
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07 Feb 2018 2 min read
QuotedData investment companies roundup – February 2018
QuotedData investment companies roundup – February 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2018. Kindly sponsored by Baillie Gifford. The oil price was up again over the month and this helped propel […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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10 Jan 2018 2 min read
QuotedData investment companies roundup – January 2018
QuotedData investment companies roundup – January 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2017. Kindly sponsored by Baillie Gifford. January Investment Companies Roundup Winners and losers in December Infrastructure India’s share price […]
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11 Dec 2017 2 min read
QuotedData investment companies roundup – December 2017
QuotedData investment companies roundup – December 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2017. Kindly sponsored by Baillie Gifford. December Investment Companies Roundup Money raised and returned in November There were no […]
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1 min read
QuotedData’s economic round up – December 2017
QuotedData’s economic round up – December 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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10 Nov 2017 1 min read
QuotedData investment companies roundup – November 2017
QuotedData investment companies roundup – November 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2017. Kindly sponsored by Baillie Gifford. November Investment Companies Roundup Globalworth Real Estate’s discount was eliminated after it announced […]
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12 Oct 2017 1 min read
QuotedData investment companies roundup – October 2017
QuotedData investment companies roundup – October 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2017. Kindly sponsored by Baillie Gifford. October Investment Companies Roundup Amongst the top performers, Alternative Liquidity Fund sold its […]
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14 Sep 2017 1 min read
QuotedData investment companies roundup – September 2017
QuotedData investment companies roundup – September 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2017. Kindly sponsored by Baillie Gifford. September Investment Companies Roundup Winners and losers in August Ashmore Global’s […]
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12 Jul 2017 2 min read
QuotedData investment companies roundup – July 2017
QuotedData investment companies roundup – July 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2017. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised in July Newly launched in June were […]
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14 Jun 2017 1 min read
QuotedData investment companies roundup – June 2017
QuotedData investment companies roundup – June 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2017. Kindly sponsored by Baillie Gifford. June Investment Companies Roundup Japan was one of the best places to be […]
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1 min read
QuotedData’s economic round up – June 2017
QuotedData’s economic round up – June 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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16 May 2017 2 min read
QuotedData investment companies roundup – May 2017
QuotedData investment companies roundup: Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2017. Kindly sponsored by Baillie Gifford. Money in: The only new launch in April was EJF Investments, a £69m fund trying to take advantage of […]
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10 Apr 2017 1 min read
QuotedData investment companies roundup – April 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. April Investment Companies Roundup
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15 Mar 2017 1 min read
QuotedData investment companies roundup – March 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. March Investment Companies Roundup
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14 Feb 2017 1 min read
QuotedData investment companies roundup – February 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2017. Kindly sponsored by Baillie Gifford. February Investment Companies Roundup
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07 Dec 2016 1 min read
QuotedData investment companies roundup – December 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2016. december-investment-companies-roundup
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1 min read
QuotedData’s round up of views on the global economy – December 2016
QuotedData’s collation of recent insights on markets and economies taken from comments made by chairman and managers of investment companies. december-economic-and-political-roundup
News
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27 Dec 2024 5 min read
QuotedData’s review of the year 2024
This is the last of our weekly emails for 2024. We hope that you have been finding them useful. 2024 has been a year of setbacks and shrinkage for the UK investment companies industry, topped by the cynical and self-serving attack on seven trusts by US corporate raider Saba Capital (there will be much more […]
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08 Nov 2024 2 min read
Scottish Mortgage consolidates position over first half of 2024
Scottish Mortgage Investment Trust (SMT) announced its interim results for the six months to 30 September 2024. The company delivered a NAV total return of 1.9%, trailing the benchmark index return of 3.6%. Shares fell by 6% over the period, although are up 15% year to today. The company also announced an interim dividend of […]
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18 Oct 2024 1 min read
Why invest in private companies?
The Scottish Mortgage team explains why investing in private companies gives shareholders access to the most innovative and unique growth opportunities globally. Capital at risk.
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20 Sep 2024 6 min read
Why technical leaders have the advantage in the AI era
In the age of AI, having a leader with technical expertise can make all the difference. Scottish Mortgage manager Tom Slater explores how Meta, Shopify, Roblox and Spotify all benefit from chief executives with deep understanding of developing technologies. As with any investment, your capital is at risk. In combat, the US Air Force follows […]
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16 Aug 2024 1 min read
Scottish Mortgage manager insights: Tom Slater
Manager Tom Slater explains why resiliency and capital efficiency will be rewarded, and what factors make him optimistic for future growth, with private companies on track to deliver. Capital at risk.
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14 Jun 2024 3 min read
Baillie Gifford funds – Think different
QD view: The overlap between the portfolios of Baillie Gifford’s range of global investment trusts is limited, yet investors are treating them as quite narrow variations on a theme and this is throwing up opportunities for those able to appreciate the nuances within the range. It has undoubtedly been a difficult period for the Baillie […]
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07 Jun 2024 1 min read
Scottish Mortgage’s Lawrence Burns on artificial intelligence
Could AI be as groundbreaking as the printing press was? Scottish Mortgage deputy manager Lawrence Burns explores AI’s transformative power and investment potential. Capital at risk. View the article here.
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1 min read
Scottish Mortgage’s Lawrence Burns on artificial intelligence
Could AI be as groundbreaking as the printing press was? Scottish Mortgage deputy manager Lawrence Burns explores AI’s transformative power and investment potential. Capital at risk. View the article here.
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24 May 2024 12 min read
Scottish Mortgage reports on “challenging yet rewarding year”
Scottish Mortgage (SMT) has published its annual results for the year ended 31 March 2024. In what its chair, Justin Dowley, describes as a challenging yet rewarding year, SMT provided NAV and share price total returns of 11.5% and 32.5%, which it says compares to at 21.0% return from its FTSE All-World Benchmark. Dowley comments […]
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23 May 2024 4 min read
Massive buyback drives recovery in Scottish Mortgage share price
Over the 12 months ended 31 March 2024, Scottish Mortgage returned 11.5% in NAV terms and 32.5% in share price terms, driven by a narrowing discount. It says that these figures compare to a 21.0% return on the FTSE All-World Index. The main driver of the narrowing discount from 19.6% to 4.5% was the announcement […]
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03 May 2024 4 min read
Why Scottish Mortgage favours founder-led companies
What’s the common factor shared by companies that can switch direction in the blink of an eye? They’re usually still led by visionary founders, as Scottish Mortgage manager Tom Slater explains. As with any investment, your capital is at risk. Most of us think of the Amazon Prime subscription service as a wonderful retention tool, […]
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05 Apr 2024 1 min read
Scottish Mortgage webinar: your questions answered
From the recent buyback announcement, to private company valuations and areas of growth in the portfolio, catch up on the discussion between Scottish Mortgage managers Tom Slater and Lawrence Burns as they answer shareholder questions. Capital at risk.
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22 Mar 2024 1 min read
QuotedData’s weekly news show 22nd March 2024
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • abrdn Property Income (0:34) • Hipgnosis (3:24) • Scottish Mortgage (5:18) • Witan (8:32) In today’s show, James discussed the merits of the bid for abrdn […]
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3 min read
QD view – Elliott Associates grabs a slice of Scottish Mortgage
Scottish Mortgage (SMT), Baillie Gifford’s flagship investment trust and the largest trust in the investment companies sector, has announced that Elliott Associates, the US activist hedge fund, has acquired a 5% stake in the trust. The announcement, which came out last night after the market had closed, revealed that Elliott has bought nearly 0.5% of […]
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15 Mar 2024 1 min read
QuotedData’s weekly news show 15th March 2024
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Henderson EuroTrust / Henderson European Focus (0:53) • GCP Asset Backed Income (5:36) • Scottish Mortgage (7:41) • Regional REIT (11:02) This week’s interview was with […]
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3 min read
Scottish Mortgage to make at least £1bn available for buybacks
Scottish Mortgage (SMT) has announced that its board has taken the decision to make at least £1bn available for buybacks over the next two years. The trust says that its public and private portfolio is delivering strong operational results, with free cashflow from the portfolio companies having more than doubled over the past year, and […]
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08 Mar 2024 3 min read
QD view – Clash of the titans
Alliance Trust and F&C Investment Trust are two of the largest investment trusts offering investors access to a global portfolio of shares. Both are well over 100 years old, with a good track record of adapting to changing circumstances. There has always been something of a rivalry between them, but it feels to me as […]
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01 Mar 2024 1 min read
Scottish Mortgage’s Lawrence Burns talks to Brandtech Group CEO David Jones
In the latest episode of the Scottish Mortgage Invest in Progress podcast, Lawrence Burns speaks to digital marketing company Brandtech’s CEO about how his company connects content, data and media to help global brands navigate the complexities of marketing in the digital age. Capital at risk. Listen to the podcast.
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09 Feb 2024 1 min read
Scottish Mortgage’s Lawrence Burns talks to Climeworks CEO Christoph Gebald
In the latest episode of the Scottish Mortgage Invest in Progress podcast, deputy manager Lawrence Burns speaks to Climeworks CEO Christoph about why he thinks the carbon removal industry could be as big by 2050 as oil and gas is today. Capital at risk. Listen to the podcast below.
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19 Jan 2024 1 min read
Scottish Mortgage on Moderna: designing drugs on a computer
Five years from now, Moderna could be synonymous with personalised cancer vaccines, not Covid-19. Chief executive Stéphane Bancel talks with Scottish Mortgage Manager Tom Slater about what can be achieved through programmable drug development. “There are huge areas of unmet clinical need that cause untold human suffering, that [Moderna’s] technology will be able to address.” […]
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22 Dec 2023 3 min read
QD – review of the year
This is the last of our weekly emails for 2023. We hope that you have been finding them useful. We will be publishing our annual roundup in January. Ahead of that however, I thought it might be worth pulling out a few of the year’s highs and lows. In January, China’s market shone as hopes […]
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15 Dec 2023 4 min read
HelloFresh: changing how people eat forever
Scottish Mortgage’s Lawrence Burns speaks to Dominik Richter, co-founder and chief executive at HelloFresh, about streamlining the journey from farm to front-door, reducing food waste and providing hassle-free meal options for consumers. As with any investment, your capital is at risk. With its innovative approach to reducing the pain of meal planning and grocery shopping, […]
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24 Nov 2023 1 min read
Scottish Mortgage investor webinar: your questions answered
What two questions should an investor ask themselves if a company’s share price goes up? Join Scottish Mortgage’s decision-makers as they answer this and the questions put to them by its shareholders. “We believe that the value created by a small number of exceptional companies over the long run is the way to make money. […]
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06 Oct 2023 5 min read
Scottish Mortgage: How NVIDIA is accelerating AI
As with all investment strategies, your capital is at risk. NVIDIA’s co-founder Jensen Huang is Silicon Valley’s longest-serving chief executive. But his greatest impact may still be ahead of him, as Scottish Mortgage’s Claire Shaw explains Jensen Huang recently celebrated three decades as NVIDIA’s chief executive. It’s a remarkable achievement, particularly given that many recent […]
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01 Sep 2023 1 min read
Scottish Mortgage stock stories: Climeworks
What if it were possible to capture CO2 directly from the air and lock it away permanently? Scottish Mortgage holding, Climeworks wants to inspire 1 billion people to remove CO2 from the air to help tackle legacy and unavoidable carbon emissions. “Climeworks is the first direct air capture company to deliver third-party certified carbon dioxide […]
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04 Aug 2023 1 min read
Scottish Mortgage stock stories: Climeworks
What if it were possible to capture CO2 directly from the air and lock it away permanently? Scottish Mortgage holding, Climeworks wants to inspire 1 billion people to remove CO2 from the air to help tackle legacy and unavoidable carbon emissions. “Climeworks is the first direct air capture company to deliver third-party certified carbon dioxide […]
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07 Jul 2023 1 min read
Scottish Mortgage manager insights: embracing discomfort
Amid the upheaval of progress, there is no going back to the world as it was. Tom Slater, manager of Scottish Mortgage, looks beyond the uncertainty in pursuit of long-term growth. “What gives us the confidence to stay the course and stick to our approach? It is the ongoing, deepening and widening of technological progress.” […]
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19 May 2023 4 min read
QD view – Time to buy Scottish Mortgage?
Scottish Mortgage’s share price is almost 60% below its November 2021 peak. It published results for the 12 months ended 31 March 2023 this week and they were not pretty. Over the period, the NAV return was -17.8%, but – as the discount widened – the return to shareholders was -33.5%. Discount at 30-year record […]
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17 May 2023 7 min read
End of a challenging year for Scottish Mortgage
Scottish Mortgage announced its annual results for the year to 31 March 2023. The company NAV fell 17.8%, and shares dropped 33.5%. This compares to the FSTE All World Index which fell 0.9% while the global sector average share price fell 13.6%. These numbers reflect the company’s exposure to high growth sectors of the market, […]
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05 May 2023 1 min read
Scottish Mortgage Investor Webinar: your questions answered
In this webinar recording, Scottish Mortgage manager Tom Slater and deputy manager Lawrence Burns answer the top questions on shareholders’ minds. They discuss private company investing, share price performance, the resilience of holdings in a challenging climate, investing in China and much more. Capital at risk. Watch the Webinar.
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1 min read
Scottish Mortgage Investor Webinar: your questions answered
In this webinar recording, Scottish Mortgage manager Tom Slater and deputy manager Lawrence Burns answer the top questions on shareholders’ minds. They discuss private company investing, share price performance, the resilience of holdings in a challenging climate, investing in China and much more. Capital at risk. Watch the Webinar. previous story | next story
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03 May 2023 2 min read
QuotedData’s morning briefing 3 May 2023
Hipgnosis (SONG) announced that Vania Schlogel has stepped down as a director of the company with effect from 30 April 2023 to focus on her executive role at Atwater Capital, which she founded in 2017 and for which her commitments and responsibilities have recently increased significantly. The board of Scottish Mortgage Investment Trust (SMT) announced […]
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31 Mar 2023 3 min read
Scottish Mortgage: staying patient and disciplined
Market turmoil can distract us from what investing should be about: directing capital to companies that change our lives for the better. Tom Slater, manager of Scottish Mortgage Investment Trust, reflects on why in tough times, the best companies deserve investors’ loyalty. As with any investment, capital is at risk. New technologies and better ways […]
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24 Mar 2023 1 min read
QuotedData’s weekly news show 24th March 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Scottish Mortgage (0:29) • Banking problems – SVB/Credit Suisse fallout (8:34) This week’s interview was with Richard Staveley from Rockwood Strategic – watch it […]
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21 Mar 2023 1 min read
Shake up at Scottish Mortgage – chair out
The board of Scottish Mortgage Investment Trust has announced certain role changes on the board resulting from succession planning which it says has been developed and supported by all of the directors over the course of the last 12 months: Mr Justin Dowley, the senior independent director, will succeed Ms Fiona McBain as chair with […]
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20 Mar 2023 1 min read
QuotedData’s daily briefing 20 March 2023
In QuotedData’s daily briefing for 20 March 2023: City of London (CTY) has applied for a block listing of 26m shares, equal to 5% of the current circulation. Scottish Mortgage (SMT) has confirmed that Professor A Bhidé remains a director of the trust and has not resigned or been removed. Schroder European REIT (SERE) has […]
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17 Mar 2023 1 min read
QuotedData’s weekly news show 17th March 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew and Richard Williams covered the week’s top stories: • abrdn Latin American Income (0:23) • Blackstone Loan Financing (5:16) • Ediston Property Investment Company (9:11) • Scottish Mortgage (12:56) This […]
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2 min read
Boardroom row at Scottish Mortgage
A director of the Baillie Gifford investment trust, Scottish Mortgage, appears to have been removed from a board meeting on Thursday following a disagreement around the appointment of two new board members and risks surrounding the trust’s investments in unquoted assets worth almost £4bn, or 27% of the total portfolio. The FT has reported that […]
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03 Mar 2023 4 min read
QD view – Discounts – time to get serious?
The chart below shows how the median discount of share price to net asset value (NAV) across the whole London-listed investment companies market has moved since the start of 2021. What we see is a big lurch downwards around the outbreak of the war in Ukraine. Then a steady widening over the next few months […]
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3 min read
MercardoLibre: bridging the digital divide
Scottish Mortgage deputy manager Lawrence Burns speaks to Pedro Arnt, CFO of MercadoLibre, to find out how the company combines innovation and iteration to democratise commerce and access to financial services. As with any investment, capital is at risk. Four per cent of UK adults do not have a bank account. But go to Latin […]
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3 min read
MercardoLibre: bridging the digital divide
Scottish Mortgage deputy manager Lawrence Burns speaks to Pedro Arnt, CFO of MercadoLibre, to find out how the company combines innovation and iteration to democratise commerce and access to financial services. As with any investment, capital is at risk. Four per cent of UK adults do not have a bank account. But go to Latin […]
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03 Feb 2023 1 min read
Scottish Mortgage launches Invest in Progress podcast
Supplying life-saving medical supplies by robotic flights in Africa was just the start. In this first instalment of the new Invest in Progress podcast, Zipline’s co-founder Keller Rinaudo Cliffton talks to Scottish Mortgage manager Tom Slater about what’s next. Capital at risk. Listen to the podcast
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1 min read
Scottish Mortgage launches Invest in Progress podcast
Supplying life-saving medical supplies by robotic flights in Africa was just the start. In this first instalment of the new Invest in Progress podcast, Zipline’s co-founder Keller Rinaudo Cliffton talks to Scottish Mortgage manager Tom Slater about what’s next. Capital at risk. Listen to the podcast previous story | next story
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05 Jan 2023 1 min read
Scottish Mortgage stock stories: Redwood Materials
The transition to electric transportation is key for tackling climate change. Scottish Mortgage’s Claire Shaw discusses how challenges facing this sector make battery recycling companies like Redwood Materials worth investing in. Capital at risk. Watch the film
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1 min read
Scottish Mortgage stock stories: Redwood Materials
The transition to electric transportation is key for tackling climate change. Scottish Mortgage’s Claire Shaw discusses how challenges facing this sector make battery recycling companies like Redwood Materials worth investing in. Capital at risk. Watch the film
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29 Nov 2022 1 min read
Scottish Mortgage: Perspectives on Progress
Scottish Mortgage: Perspectives on Progress From exciting company developments and portfolio activity to challenging regulatory requirements and industry headlines, the Scottish Mortgage team discuss their view on the landscape we see around us. Read about their latest thoughts on holdings such as Roblox, Netflix and Joby Aviation. Capital at risk. Read Full Article
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1 min read
Scottish Mortgage: Perspectives on Progress
Scottish Mortgage: Perspectives on Progress From exciting company developments and portfolio activity to challenging regulatory requirements and industry headlines, the Scottish Mortgage team discuss their view on the landscape we see around us. Read about their latest thoughts on holdings such as Roblox, Netflix and Joby Aviation. Capital at risk. Read Full Article
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11 Nov 2022 2 min read
QuotedData’s morning briefing 11 November 2022
In QuotedData’s morning briefing 11 November 2022: Capital Gearing Trust (CGT) has announced its interim results for the six months ended 30 September 2022. At the half-year end, CGT’s net asset value per share was 4,798.4p, compared to 5,025.1p at 31 March 2022. This represents an NAV total return of -3.5% over the previous six […]
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20 May 2022 1 min read
Scottish Mortgage: why decarbonisation needs patient investors
Scottish Mortgage Investment Trust’s Claire Shaw explains why investing in the next generation of green technologies requires time and patience. “What is the greater challenge to decarbonisation? The speed at which we need to find breakthrough innovations to reform carbon-intensive sectors at scale or the patience investors require to fund the companies set to do […]
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1 min read
QuotedData’s weekly news show 20th May 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Scottish Mortgage • HydrogenOne This week’s interview was with James Thom of Aberdeen New Dawn – watch it again here.
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3 min read
QD view – what’s the craic, Scottish Mortgage?
The recent sell-off in growth and technology stocks has seen investment trust superstar Scottish Mortgage’s (SMT) share price plummet by around 50% over the past six months, which led it to announce negative returns in its 2021/2022 annual report for the first time in years. This downturn deviates from the consistent growth usually delivered by […]
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19 May 2022 3 min read
Growth sell-off dents Scottish Mortgage
Over the twelve months to 31 March 2022, Scottish Mortgage returned -13.1% in NAV terms and -9.5% in share price terms as compared to a 12.8% increase in the All-World Index. The chair says “these last couple of years have been extraordinary and do not offer a suitable timeframe over which to judge investment returns” […]
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25 Mar 2022 1 min read
Scottish Mortgage on the power of people
Scottish Mortgage deputy fund manager Lawrence Burns explains how access to the brightest minds in entrepreneurship and academia allows him and his team to invest in the leading companies of the future. “Academics don’t think on a one to two-year horizon. They think on a 10-year horizon, they think on a multidecade horizon and that […]
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28 Jan 2022 1 min read
Nurobots: delivering a good life with autonomous vehicles
Today, transportation barriers prevent many from accessing the goods and services they need. But Nuro’s self-driving vehicles hope to deliver a better everyday life as its autonomous vehicles simultaneously reduce inequalities and transform local commerce for everyone. Claire Shaw, Investment Specialist at Scottish Mortgage explains. “With Nuro, the attraction is the scale of the opportunity, […]
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20 Jan 2022 1 min read
QuotedData’s morning briefing 20 January 2022
In QuotedData’s morning briefing 20 January 2022: Fondul Proprietatea (FP.) has sold 2,275,000,000 shares that it held in the Romanian energy business, OMV Petrom. The deal was done using an accelerated bookbuild offering at RON0.43 /share. The gross proceeds were RON978,250,000 (£164.8m) and will be used to fund the buyback programme and the payment of […]
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07 Jan 2022 1 min read
The Baillie Gifford Japan Trust: Into the fifth decade
Thriving in good times and bad, The Baillie Gifford Japan Trust has come a long way since its 1981 foundation. But what might the future have in store? Manager Matthew Brett offers six predictions. “We need to focus on identifying as many big winners as we can. Given the acceleration of technological progress, this will […]
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26 Dec 2021 1 min read
Scottish Mortgage on the disrupting disease with artificial intelligence
Scottish Mortgage on disrupting disease with artificial intelligence Cancer, heart failure and Alzheimer’s are among the last lethal hold-outs. But medical technologies using artificial intelligence could speed up breakthroughs, as Tom Slater, joint manager of Scottish Mortgage Investment Trust explains. “The trust’s enthusiasm for the sector stems from a convergence of technological breakthroughs that have […]
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22 Nov 2021 1 min read
Scottish Mortgage on the disrupting disease with artificial intelligence
Scottish Mortgage on disrupting disease with artificial intelligence Cancer, heart failure and Alzheimer’s are among the last lethal hold-outs. But medical technologies using artificial intelligence could speed up breakthroughs, as Tom Slater, joint manager of Scottish Mortgage Investment Trust explains. “The trust’s enthusiasm for the sector stems from a convergence of technological breakthroughs that have […]
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19 Nov 2021 3 min read
QD view – Turn and face the change
Last night, members of the QuotedData team attended the annual Investment Company of the Year Awards in London, hosted by leading investment trade title Investment Week and sponsored by the Association of Investment Companies. This year, the Jackie Beard Award for Outstanding Contribution to the Industry was awarded to two individuals that have been in […]
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12 Nov 2021 1 min read
QuotedData’s weekly news show 12th November 2021
QuotedData’s weekly news show 12th November 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: Pantheon Infrastructure VH Global Sustainable Energy Opportunities Scottish Mortgage This week’s interview was with Helen Steers from Pantheon […]
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08 Nov 2021 1 min read
Scottish Mortgage boosted by healthcare and technology performance
Scottish Mortgage boosted by healthcare and technology performance – Scottish Mortgage (SMT) has published its results for the six months to 30 September 2021. During the period, its NAV increased by 16% from 1,195.1p per share to 1,381.1p per share, compared to a 9% increase in its index. Meanwhile the board has recommended an interim […]
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23 Aug 2021 1 min read
Scottish Mortgage on the visionaries driving the future of healthcare
With innovative management teams and breakthrough-inspiring cultures, Moderna and Illumina have the technology and vision to progress a new era of healthcare. “It’s not just about the technology, it’s that in combination with the right people driving it: it takes revolutionary thinkers with an innovative mindset to see their vision through and make this progress […]
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21 Aug 2021 1 min read
Are 3D printed rockets the future of space travel? – Scottish Mortgage
A trip to Mars may not be high on the average person’s to-do list, but Scottish Mortgage is prepared to embrace the radical thinkers and their companies striving to get us there. Civilisation on Mars might seem far-fetched. For Scottish Mortgage, however, we believe we must embrace seemingly unreasonable propositions to discover the most extraordinary […]
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09 Jul 2021 3 min read
QD view – is football coming home? Plus QuotedData’s Euro 2020 quiz
The last few weeks have given English football fans – and probably non-football fans alike – a much-needed boost of energy and excitement after 18 months of on-and-off staying at home. After Wednesday’s Euro 2020 semi-final against Denmark, which saw England win 2-1 and make history by reaching its first major men’s final since 1966, […]
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01 Jul 2021 3 min read
QuotedData’s morning briefing 1 July 2021
In QuotedData’s morning briefing 1 July 2021 LXi REIT (LXI) has raised gross proceeds of £100m as part of its placing after announcing its intention to raise £75m on 24 June. The placing was significantly oversubscribed and therefore a scaling back exercise was implemented. A further £4m of gross proceeds pursuant to the PrimaryBid offer was […]
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21 May 2021 1 min read
Stay on the Road Less Travelled – Scottish Mortgage article
In his final annual review as joint manager of Scottish Mortgage Investment Trust, James Anderson reflects on the challenge and excitement of the search for extreme returns. Anticipating greater change to come, he urges investors to keep thinking distinctively. “After many years of anodyne reviews perhaps some bluntness is permissible in this final and twenty […]
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13 May 2021 7 min read
Scottish Mortgage enjoys strongest returns in its history
Scottish Mortgage enjoys strongest returns in its history – Scottish Mortgage has announced preliminary results for the year ended 31 March 2021. The net asset value total return rose by 111.20%, significantly outperforming the 39.6% return from its FTSE All World benchmark. The share price rose by 99%, compared to a Global sector average return […]
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07 May 2021 3 min read
QD view – how the top 10 trusts have changed
I was playing with the QuotedData data pages this week – looking at factors such as widest discounts and highest yields – then I alighted on the 10-largest funds by market cap and I have to admit that some names on that list were a surprise to me. Fortunately, I had some old data from […]
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19 Mar 2021 1 min read
QuotedData’s weekly news show 19 March 2021
QuotedData’s weekly news show 19 March 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew covered the week’s top stories: James Anderson of Scottish Mortgage retirement announcement Apax Global Alpha update Richard Williams also covered: Supermarket Income REIT […]
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3 min read
QD view – retiring gracefully
This week’s big news is the planned retirement of James Anderson, manager of Scottish Mortgage Trust (SMT) since 2000 and arguably one of the UK’s best fund managers. The returns that Scottish Mortgage has generated are impressive – turning £1,000 worth of capital into almost £18,000 over the past 20 years. It is the best […]
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2 min read
Scottish Mortgage manager James Anderson to retire
Scottish Mortgage has announced that, after nearly four decades at Baillie Gifford, James Anderson will retire from the Baillie Gifford partnership on 30 April 2022 and will, accordingly, step down as joint portfolio manager of Scottish Mortgage Investment Trust PLC on that date. Tom Slater will continue as lead portfolio manager when James retires and […]
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05 Mar 2021 3 min read
QD view – Inflation fears making waves
If you listened into this week’s interview with Nick Brind, one of the managers of Polar Capital Global Financials Trust, you will have heard how rising long-term interest rates are helping to drive a recovery in the financials sector, particularly for banks. Long-term interest rates are climbing in part because investors are expecting that inflation […]
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29 May 2020 2 min read
Ways to thrive in a crisis
The five best performing investment companies over the past year in NAV terms are Golden Prospect Precious Metals, Biotech Growth, Pershing Square, JPMorgan China Growth and Income and Scottish Mortgage. It’s an eclectic bunch and illustrative of just how hard it is to navigate the market in the current turmoil. Golden Prospect is soaring because […]
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15 May 2020 14 min read
Scottish Mortgage provides an effective shelter
Scottish Mortgage (SMT) has announced its annual results for the year ended 31 March 2020, which suggest that the trust has provided an effective shelter against the storm of covid-19. During the year, the trust provided Nav and share price total returns of 13.7% and 12.7% respectively, which are very respectable given the unfortunate timing […]
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1 min read
QuotedData’s morning briefing 15 May 2020
In QuotedData’s morning briefing 15 May 2020 Having collected 100% of rents due at the end of March, Triple Point Social Housing REIT has raised its dividend target for the year ended 31 December 2020 to 5.18p, 1.7p up on the figure for 2019. It has also appointed Stifel Nicolaus Europe Limited as sole corporate broker and […]
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21 Jan 2020 1 min read
QuotedData’s other news 21 January 2020
In QuotedData’s other news 21 January 2020: Troy Income & Growth reports that 25.4m shares were voted against one of the resolutions proposed at its AGM. The resolution still passed as 80m shares were voted in favour. The resolution was one that allows TIGT to issue shares without first offering them to existing shareholders. As TIGT […]
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16 Jan 2020 1 min read
Scottish Mortgage private placement raises £188m
Scottish Mortgage (SMT) has raised further borrowings of £188m in long-term, fixed rate, senior, unsecured private placement notes, denominated in a mixture of Sterling and Euros. SMT says the transaction has provided it with further long-term financing at very attractive rates. The new notes are part of SMT’s existing gearing facilities and represent the third set […]
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08 Nov 2019 2 min read
Scottish Mortgage discusses competitive pressures faced by big Chinese internet companies
Scottish Mortgage discusses competitive pressures faced by big Chinese internet companies – Over Scottish Mortgage’s (SMT) half-year period to 30 September 2019, the trust’s total return NAV increased by 3.2%, less than the 9.9% return generated by the FTSE All-World Index. This represented a rare period of underperformance by SMT. The longer term performance record remains […]
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16 Jul 2019 1 min read
Scottish Mortgage leads $121m round in AI-based biotech Recursion
Scottish Mortgage leads $121m round in AI-based biotech Recursion – Baillie Gifford-managed Scottish Mortgage lnvestment Trust (SMT) has led a $121m Series C private financing in Recursion Pharmaceuticals, a US-based company that combines automated experimental biology with artificial intelligence tools. The financing brought in three new institutional investors – Intermountain Ventures, University of Minnesota, Texas […]
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16 May 2019 3 min read
Scottish mortgage posts double digit returns and raises over £400m
Scottish mortgage posts double digit returns and raises over £400m – Scottish Mortgage (SMT), the £7.7bn market cap global growth trust, reported another strong set of annual results (to March 31, 2019) earlier today. Total return NAV was up 14.6% while the shares rose 16.5%. SMT holds a number of companies in the technology space […]
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1 min read
QuotedData’s other news 16 May 2019
BBGI SICAV (BBGI), the global public private partnership (PPP) infrastructure investment company, announced that it had completed the acquisition of a further 33.3% equity interest in the Ohio River Bridges – East End Crossing PPP Project and now owns 66.6% of the equity in the project. The project is a large-scale availability-based infrastructure project that […]
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14 Aug 2018 1 min read
BG-backed Orchard raises $150m on the back of GSK deal
BG-backed Orchard raises $150m on the back of GSK deal Baillie Gifford-backed US-UK gene therapy company Orchard Therapeutics has raised $150m in a Series C financing just four months after acquiring GlaxoSmithKline’s portfolio of investigational and approved rare disease gene therapies. The financing was led by Deerfield Management, a leading US healthcare investor, and included more than […]
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06 Aug 2018 1 min read
IBT backed Regeneron teams up with Bluebird on T cell cancer therapies
IBT backed Regeneron teams up with Bluebird on T cell cancer therapies US top tier biotech Regeneron Pharmaceuticals (NASDAQ: REGN) is to make a $100m equity investment at a 59% premium in the gene therapy pioneer Bluebird Bio, as part of a newly established collaboration to develop and commercialise novel immune cell therapies for cancer. Regeneron is […]
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19 Jul 2018 1 min read
Investment Trust Insider on how to grow trusts
Investment Trust Insider on how to grow trusts James Carthew: imponderable questions in quest for scale Last week I addressed the uphill battle Ashoka India Equity (AIE) faces if it wants to expand, having raised just £46.5 million in its flotation. It is by no means the smallest fund out there, however. Many of the very smallest funds […]
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09 May 2018 1 min read
Puretech digital health venture raises $55m
Puretech digital health venture raises $55m LSE-listed healthcare venture firm Puretech Health (PRTC)’s digital health offshoot, Akili Interactive, has raised $55m in a series C financing. The move comes ahead of its planned FDA filing for a tablet-based video game for the treatment for attention deficit hyperactivity disorder (ADHD). This product, AKL-T01, would – if approved – become one […]
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19 Jan 2018 1 min read
Investment Trust Insider on Scottish Mortgage
Investment Trust Insider on Scottish Mortgage – The investment company industry had a good 2017. Money flooded into the sector; we got a couple of new and potentially fast-growing sub-sectors in the form of social housing and biotech debt; discounts narrowed; and, in general, performance was pretty good. By my reckoning, the average equity-focused investment […]
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18 Dec 2017 1 min read
Investment Trust Insider on Biotech
Investment Trust Insider on Biotech – inspired by the launch of our biotech news service on QuotedData, I wrote something for Citywire that looks at some of the exciting stories that have been published just in the last couple of weeks. James Carthew: biotech boom boosts generalist trusts This week I am returning to the […]
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11 Dec 2017 1 min read
Scottish Mortgage to benefit from Denali IPO
Scottish Mortgage to benefit from Denali IPO – Baillie Gifford-managed Scottish Mortgage Investment Trust SMT looks set to receive a significant £85m windfall as a result of last week’s Nasdaq IPO of Denali Therapeutics, a US-based biotech in which it invested in 2016. Baillie Gifford was the lead investors in Denali’s $130m Series B financing round, investing […]
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1 min read
Investment Trust Insider on Blue Prism’s inexorable rise
Investment Trust Insider on Blue Prism’s inexorable rise Carthew: the beneficiaries of Blue Prism’s inexorable rise Occasionally, early stage technology companies can produce spectacular share price gains. When this happens, even relatively small investments can make a noticeable difference to a fund’s returns. Regular readers of my column may recall that I wrote about the […]
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31 Jul 2017 3 min read
Better year for Growth pool in F&C Managed Portfolio
Better year for Growth pool in F&C Managed Portfolio – F&C Managed Portfolio has published results for the year ended 31 May 2017. The NAV total return (i.e. adding dividends paid to capital performance) was 24.5% for the Income shares and 26.4% for the Growth shares. This compares with the 24.5% total return for the All-Share […]
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15 May 2017 1 min read
Scottish Mortgage may top up dividends from capital next year
Scottish Mortgage delivered a return on NAV of 38.1% for the year to 31 March 2017, this compares well with a return on its benchmark of 33.1%. The return to shareholders was 40.9%. The board is recommending an increased final dividend, providing a total distribution for the year of 3.00 pence per share (2015/16: 2.96p), an […]
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03 May 2017 2 min read
14th consecutive year of outperformance for BlackRock Smaller
For fourteen consecutive years BlackRock Smaller Companies has outperformed its benchmark and increased its dividend. Over that period, the NAV has grown nearly ten-fold whereas the benchmark has almost quadrupled. The compound annual increase in dividends paid over the past five years has been 20% per annum. During the year to 28 February 2017, the NAV increased […]
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07 Apr 2017 1 min read
Scottish Mortgage raises £125 million in private debt placement
Scottish Mortgage has announced that it has agreed to raise a total of £125 million in long term, fixed rate, senior, unsecured private placement notes, denominated in sterling. The funds raised will be used to retire, in part, an existing bank debt facility of US$165 million which is to due to mature in early April […]
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28 Feb 2017 1 min read
Scottish Mortgage makes FTSE100
Scottish Mortgage will be promoted to the FTSE100 list Update 1 March Scottish Mortgage announces that, in recognition of its continued growth and success, there will be a cut in the annual management fees for the company, effective from 1 April 2017. Scottish Mortgage already enjoys one of the lowest ongoing charges levels in the […]
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06 Feb 2017 1 min read
14 investment trusts for income and growth in 2017
Investors looking forward to a period of calm in 2017 might be disappointed, but David Prosser has the trusts experts are backing to navigate further storms. Having just been through a year of unprecedented political upheaval that sent financial markets spinning, many investors will be assuming 2017 cannot possibly be so tumultuous. The reality, however, […]
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07 Nov 2016 3 min read
Scottish Mortgage bets on the strong getting stronger
Over the six months to the end of September, both Scottish Mortgage’s net asset value (NAV) and price per share rose by 25% on a total return basis; for context, the FTSE All World Index rose by 18% over the same period. All three of these figures were favourably influenced by the falls in the pound against […]
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21 Oct 2016 2 min read
Manchester & London performance improves
Manchester & London reports that, for the year ended 31 July 2016, its NAV increased by 19.8% which they compare to a 4.0% return on the Dow Jones U.K. Total Stock Market Total Return Index. The discount the Shares trade at to their Net Asset Value per Share has widened by 2.2 per cent during […]
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13 May 2016 2 min read
Scottish Mortgage has a pretty flat year!
Scottish Mortgage has announced its annual results for the year ended 31 March 2016. During the period, which its chairman says, “has not been as strong as in recent years”, the company’s NAV effectively remained flat in total return terms (it fell 0.1% over the year) but beat it FTSE All-World Benchmark, which declined by […]
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26 Apr 2016 1 min read
Scottish Mortgage plans more private equity investments
Subject to prior approval from the Financial Conduct Authority, Scottish Mortgage intends to seek shareholders’ approval, at the Annual General Meeting on 30 June, to amend the company’s investment policy to stipulate that the maximum amount which may be invested in companies not listed on a public market shall not exceed 25 per cent of […]
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28 Jan 2016 2 min read
F&C Managed Portfolio beats UK market
F&C Managed Portfolio Trust has published interim results for the six months ended 30 November 2015, announcing a net asset value total return of -5.1% for the Income shares and -2.4% for the Growth shares compared to the FTSE All-Share Index return of -6.4%. The key drivers of the performance of the Growth Portfolio were […]
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06 Nov 2015 1 min read
Scottish Mortgage now 10% in unlisted investments
Scottish Mortgage has reported interim results for the six months ended 30 September 2015. It was a period of falling markets – the FTSE All-World Index fell by 11.8%. Scottish Mortgage did a little better, its NAV fell by 10.9% over the period and the share price fell by 9.7%. The interim dividend is being […]
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27 Jul 2015 5 min read
F&C Managed Portfolio sees both pools beat the UK market
F&C Managed Portfolio has published results for the year ended 31 May 2015. The NAV total returns for the Income shares were 10.0% and for the Growth shares 12.8% compared to the FTSE All-Share Index of 7.5%. The investment company sector, as measured by the FTSE Equity Investment Instruments Index, returned 13.0%. The annual dividend increased […]
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20 Jul 2015 1 min read
Investment trusts see largest ever new issue
QuotedData reports that the investment trust sector expanded by about GBP2.4 billion over the second quarter of 2015, taking in close to GBP2.9 billion and handing back just over GBP450 million. The firm comments that many of the funds raising money are not designed to throw off high levels of income, suggesting that investors are […]
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08 May 2015 1 min read
Scottish Mortgage beats benchmark by large margin
Scottish Mortgage has published results for the year ended 31 March 2015. Its net asset value total return for the year was 27.7% and the share price total return was 29.6%; these returns were well ahead of the FTSE All-World Index, which produced a total return over the period of 19.2%. A final dividend of 1.55p is proposed, giving […]
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22 Jan 2015 1 min read
F&C Managed Portfolio benefits from strong investment company sector
F&C Managed Portfolio has announced results for the six months that finished on 30 November 2014. The FTSE All-Share Index returned -0.1% over that period but F&C Managed Portfolio Growth shares (FMPG) returned 4.3% and the F&C Managed Portfolio Income shares (FMPI) returned 3.0% over the period. This may be largely down to a good […]
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07 Jan 2015 1 min read
Scottish Mortgage appoints new joint manager
The board of Scottish Mortgage has announced that Tom Slater has been appointed joint manager of the fund, working alongside James Anderson. Tom has been Deputy Manager of Scottish Mortgage since 2009. Tom graduated BSc in Computer Science with Mathematics from the University of Edinburgh in 2000. He joined Baillie Gifford the same year and worked in […]
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02 Dec 2014 1 min read
The alternative plays in investment trusts
Source: http://www.moneymarketing.co.uk/news-and-analysis/analysis/the-alternative-plays-in-investment-trusts/2016533.article Income-seeking investors would do well to look at the alternative plays on offer in the investment companies space, such as renewable energy and asset leasing With interest rates held so low for so long, it is not surprising investors have been looking for alternative ways to generate income. That search is only set to […]
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07 Nov 2014 1 min read
Strong performance helps Scottish Mortgage become no.1
SMT : Strong performance helps Scottish Mortgage become no.1 Scottish Mortgage beat the FTSE All-Share Index by some margin over the six months that ended on 30 September 2014. Over that period the total return on net assets was 9.0% vs. 4.4% for the index. What’s more, the fund’s rating improved so that the return […]
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09 May 2014 1 min read
Scottish Mortgage : SMT – annual results
Scottish Mortgage has released figures for the year ended 31 March 2014. It was good year for the fund as the net asset value total return of 23.1% was well ahead of the 6.8% return on the FTSE All-World Index. The share price did even better, returning 28.9% as the discount closed to zero. The […]
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03 Mar 2014 1 min read
Scottish Mortgage : SMT – fee change
The Board of Scottish Mortgage, led by John Scott (pictured), has negotiated a reduction in the management fee from 0.32% to 0.3% on total assets less current liabilities.
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In The Press
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10 Dec 2024 1 min read
Boards in the spotlight
James Carthew in The Investment Trusts Handbook 2025: JAMES CARTHEW looks at the increasingly high-profile role that boards of investment trusts have had to play as the sector has de-rated and shrunk over the last three years. In my view, the role of the board is vital to the success or failure of investment companies. […]
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1 min read
Scottish Mortgage, Finsbury Growth & Income and other trusts with catalysts
By Emma Wallis, News editor, Trustnet, 10 December 2024: Some of the largest and best-known investment trusts are on the cusp of events that could boost their share prices, narrow their discounts and reward shareholders, including Scottish Mortgage and Pershing Square Holdings.. A significant catalyst for Scottish Mortgage could be its 4.8% allocation to Space […]
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03 Dec 2024 1 min read
Investment trust insider on Trump, climate change and the environment
Investment trust insider on Trump, climate change and the environment – James Carthew: The renewable trusts in Trump’s firing line President-elect Donald Trump could row back policies including the US Inflation Reduction Act, which would knock trusts with exposure to tax credits and tariffs In recent weeks, I’ve been looking at the possible impact of […]
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29 Nov 2024 1 min read
Which undervalued trusts could rerate in 2025?
By Jennifer Hill, Investment Trust Insider, 29 November 2024: Investment trust discounts are heading in the right direction, having narrowed by almost four percentage points from their lows in October last year, but they still have plenty of ground to make up. At the end of October 2023, amid rising interest rates and conflict in […]
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28 Oct 2024 1 min read
Fund manager changes: which ones are paying off?
by Jennifer Hill from interactive investor, 28th October 2024: There are many reasons why a fund might get a new manager, with the retirement of the incumbent manager and poor performance being chief among them. While some investment houses have navigated the task of replacing a veteran fund manager with aplomb, others have failed to […]
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31 Jul 2024 1 min read
Top 20 investment trusts that have seen their discounts narrow
by Kyle Caldwell from interactive investor, 31st July 2024: For about 18 months, there’s been no shortage of investment trust bargain opportunities, with the average trust discount typically trading at around -15%.. For this article, we asked QuotedData, the investment trust analyst, to crunch the numbers to reveal which trusts have bucked the trend and […]
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17 Jul 2024 2 min read
Baillie Gifford’s Monks Investment Trust dials down racy stocks
by Val Cipriani, Investors Chronicle, July 17, 2024: Baillie Gifford has dialled down the risk in its global investment trust, Monks Investment Trust (MNKS), in an attempt to turn around poor numbers – but all of the company’s global strategies are still some way off recovering from the 2022 rout. Despite posting better numbers in […]
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29 May 2024 1 min read
Will ‘activist investors’ turn these trusts around?
by Dave Baxter, Investors’ Chronicle, May 29, 2024: When Elliott Investment Management cut its stake in Scottish Mortgage (SMT) below 5 per cent earlier this month, it’s likely to have prompted a sigh of relief from the trust’s board.. The case for activists Activists are not always a helpful presence for other shareholders given that […]
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21 May 2024 2 min read
A golden goose
Tom Aylott, Portfolio Adviser, 16 May 2024: Deep and widespread discounts have been touted as a prime buying opportunity, with investors now able to buy trusts at prices well below their net asset value (NAV). However, it is worth bearing in mind that investment companies have always traded at discounts historically, meaning the current opportunity […]
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25 Apr 2024 1 min read
Fundsmith or Baillie Gifford: Which should you pick for small-cap exposure?
By Jean-Baptiste Andrieux, Reporter, Trustnet, 25 April 2024: Fundsmith Equity and Scottish Mortgage rank high on investors’ buy lists due to their impressive performance over the past decade. As a result, fans of the two global large-cap portfolios might also be interested in their small-cap siblings, Smithson and Edinburgh Worldwide. In theory, small-caps should outperform […]
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23 Apr 2024 1 min read
A glaring opportunity to snap up these cheap investment trusts
by Cherry Reynard from interactive investor, 23rd April 2024: Private equity investment trusts look like a glaring opportunity. They are trading at or near all-time record discounts after a long period where the sector has been out of favour. Holdings in the trusts have generally continued to perform well, with valuations stable. Yet these trusts […]
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17 Apr 2024 1 min read
The ‘purest’ trust to buy if you’re bullish on Scottish Mortgage’s private companies
By Matteo Anelli, Senior reporter, Trustnet, 17 April 2024: Investors who are bullish on Scottish Mortgage’s unlisted companies could broaden their horizons and consider the Schiehallion trust instead, which is “the purest version of Baillie Gifford’s private equity holdings”, according to Peel Hunt analysts.. “We look across to Schiehallion for multiple reasons,” the analysts continued. […]
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05 Apr 2024 1 min read
Buyback bonanza
Cherry Reynard, for AIC Compass, 5 April 2024: In March, Scottish Mortgage Investment Trust announced a £1 billion share buyback programme, designed to narrow its persistent discount to net asset value. At a time when investment trust discounts are wide relative to history and arbitrageurs are hovering over the sector, it is one of a […]
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18 Mar 2024 1 min read
Will Scottish Mortgage’s plan to tackle its discount work?
by Kyle Caldwell, from interactive investor, 18th March 2024: The plan announced by Scottish Mortgage at the end of last week to make at least £1 billion available to buy back its own shares over the next two years was warmly welcomed, causing its share price to rise by 5.3% on 15 March. Buying back […]
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1 min read
Brokers recommend Scottish Mortgage, but questions remain
By Emma Wallis, News editor, Trustnet, 15 March 2024: Jefferies has given the Scottish Mortgage Investment Trust a buy rating while Numis Securities’ Ewan Lovett-Turner believes it “warrants a place in portfolios for its unique mandate focused on companies that have the potential to deliver exceptional growth,” after the trust’s commitment to investing at least […]
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08 Mar 2024 2 min read
The investment trusts banking on an IPO rebound
by Dave Baxter, Investors Chronicle, March 8, 2024: With its latest trading update unveiling a fifth straight annual loss, unquoted buy now, pay later business Klarna embodies some of the problems facing racy growth companies in recent times. Once seen as a promising name, the lender has struggled in the face of rising rates and […]
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26 Feb 2024 2 min read
IT Factor
Tom Aylott, Portfolio Adviser Magazine, February 2024: Poor market conditions have sent the share price of investment companies plummeting in recent years, with 93.8% of all trusts now trading at a discount to their net asset value. While this has been a thorn in the side of many portfolios, widespread discounts could be used to […]
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23 Feb 2024 1 min read
How to value investment trusts’ private assets
by Val Cipriani, Investors Chronicle, February 21, 2024: The valuations of private assets have increasingly come under scrutiny in the past two years, as inflation and higher interest rates sent listed company values on a rollercoaster but left the likes of private equity relatively untouched. Private investors typically get exposure to private assets through investment […]
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05 Feb 2024 1 min read
When Scottish Mortgage will flourish and struggle
By Jean-Baptiste Andrieux, Reporter, Trustnet, 05 February 2024: Investors who bet on Scottish Mortgage Investment Trust 10 years ago have been richly rewarded, quadrupling their cash since 2014. This phenomenal return has made it the best performing portfolio of the past decade in the IT Global sector – a feat it achieved thanks to a […]
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22 Jan 2024 1 min read
Investment trust insider on global trusts
Investment trust insider on global trusts – James Carthew: Global funds can learn from Alliance Trust’s success Our columnist says he is increasingly convinced Alliance Trust makes a ‘core’ holding for investors after its prgamatic multi-manager revamp seven years ago. Last week I discussed how 2023’s markets were dominated by a ‘magnificent seven’ of mega-cap […]
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18 Dec 2023 1 min read
Bagging a bargain: 13 investment trusts pros say offer great value
by Jennifer Hill from interactive investor, 18th December 2023: Investors looking to bag a bargain need look no further than the investment trust sector where risk-off sentiment has this year sent discounts to levels not seen since the financial crisis. At the end of 2021 – before the war in Ukraine fuelled energy and food […]
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11 Oct 2023 1 min read
15 years on from Lehman’s: the funds and investment trusts that top the charts
by Kyle Caldwell from interactive investor, 10th October 2023: The 15-year anniversary of the collapse of Lehman Brothers, which sent shockwaves through global stock markets, recently passed. Prior to the largest bankruptcy in US history came the credit crunch. This put paid to over-borrowed banks such as Northern Rock. Then came the full-blown banking crisis […]
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01 Sep 2023 1 min read
How to analyse investment trust gearing in the era of rising interest rates
By Jean-Baptiste Andrieux, Reporter, Trustnet, 31 August 2023: The ability to borrow money is one of the weapon in an investment trust’s arsenal. In many cases, it has contributed towards the outperformance of investment trusts relative to their equivalent open-ended versions, as they take out money to invest, making higher returns each year above the […]
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16 Aug 2023 1 min read
Investment trust insider on the return of arbitrageurs
Investment trust insider on the return of arbitrageurs – James Carthew: The unfit trusts at risk from an ‘arb’ attack Investment company bargains abound following the discount widening that has plagued the sector. We have seen some welcome proactive moves by boards to address the problem. What does not seem to have emerged yet is […]
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11 Aug 2023 1 min read
How to find the real investment trust bargains
Kyle Caldwell, interactive investor, 10 Aug 2023: This episode of On The Money is inspired by interactive investor readers requesting a closer look at investment trust discounts. Kyle is joined by James Carthew, co-founder and head of investment company research at QuotedData, to tackle the topic, including how to spot a good opportunity and how […]
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10 Aug 2023 1 min read
The pros and cons of Scottish Mortgage and Edinburgh Worldwide
By Jean-Baptiste Andrieux, Reporter, Trustnet, 10 August 2023: Scottish Mortgage and Edinburgh Worldwide belong to two different sectors but share a range of similarities. Besides being both run by Baillie Gifford, they invest with a global mandate, mix public and private equities and have highly concentrated portfolios. Moreover, they are both currently trading on a […]
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18 Jul 2023 1 min read
Investment trust discount dilemma: Is buying for less a bargain or a cause for concern?
By ANNE ASHWORTH, Daily Mail, 15 July 2023: When in a clothing store, the reduced rail is always my first destination. But my enthusiasm for a bargain is tempered by scepticism. The items may cost less, but they must also be the pieces my wardrobe needs, rather than impulse purchases. The same considerations apply when […]
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14 Jul 2023 1 min read
The Baillie Gifford trusts worth backing
By Jean-Baptiste Andrieux, Reporter, Trustnet, 13 July 2023: Edinburgh-based investment firm Baillie Gifford had a dreadful time in 2022, with none of its 49 funds and trusts making a positive return. Baillie Gifford’s funds rose to prominence and were popular among investors as their strong tilt towards growth blossomed the low interest rate environment of […]
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27 Jun 2023 1 min read
Are ‘dividend hero’ investment trusts keeping up with inflation?
by Kyle Caldwell from interactive investor, 27 June 2023: Research for interactive investor examined whether 19 investment trusts have beaten inflation over the past five years in terms of dividend growth, share price and net asset value (NAV) returns. The minimum aim of every investor should be to ensure that over the long term the […]
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1 min read
Scottish Mortgage shares half: A buying opportunity or bad omen?
By Tom Aylott, Reporter, Trustnet, 27 June 2023: The Scottish Mortgage Investment Trust made some of the industry’s biggest returns by investing in high-growth assets over the past decade, yet volatile market conditions have halved its share price from its peak in November 2021. It is the best performing trust in the IT Global sector […]
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09 May 2023 1 min read
Investment trust boards: what do they do, and do they add value?
by Faith Glasgow from interactive investor, 9 May 2023: The recent widely publicised spat between members of Scottish Mortgage’s board of directors has once again focused attention on investment trust boards as a unique aspect of the closed-ended fund structure… Investment trusts are required to have independently elected boards of directors because they are structured […]
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28 Mar 2023 1 min read
Investment trust share buybacks: do they benefit private investors?
by Faith Glasgow from interactive investor, 28th March 2023: Share buybacks are used by investment trust boards to reduce the number of shares in circulation, as a mechanism for controlling the trust’s share price discount to net asset value (NAV)… But how far does that work in practice?.. A recent report by broker Numis notes […]
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27 Mar 2023 1 min read
Is it time to sell Scottish Mortgage?
David Brenchley, The Sunday Times, Sunday March 26 2023: A boardroom bust-up and the resignation of its chairwoman has compounded issues at Scottish Mortgage, the UK’s second-largest investment trust whose shares have more than halved in 16 months… What happened? A row erupted on March 17 when in remarks made to the Financial Times, Amar […]
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1 min read
Can Scottish Mortgage survive the tech wreck?
By ANNE ASHWORTH FOR THE DAILY MAIL, 24 March 2023: The chairman of the biggest and best-known investment trust suddenly quits. Her exit follows the outspoken comments of a fellow director who questions whether the trust’s managers have the capacity to monitor its controversial stakes in private unquoted companies. Naturally, some investors are alarmed by […]
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1 min read
Rising rates put investment trust performance under pressure
Mary McDougall, Financial Times, MARCH 25 2023: The boardroom bust-up at Baillie Gifford’s flagship Scottish Mortgage Investment Trust has put the oversight of these venerable structures under an awkward spotlight. Last week the 114-year-old investment trust asked one of its non-executive directors to leave following a searing critique of the firm’s corporate governance. This week […]
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24 Mar 2023 1 min read
Scottish Mortgage shake-up raises further questions about private holdings
By Dave Baxter, Investors Chronicle, March 22, 2023: The Scottish Mortgage Investment Trust (SMT) has lurched into further difficulties, with its chair Fiona McBain stepping down in the wake of a boardroom spat over governance and monitoring of the trust’s sizeable exposure to private companies. The Baillie Gifford trust announced on 21 March that McBain […]
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22 Mar 2023 1 min read
Governance concerns hang over Baillie Gifford trust despite chair stepping back
By Jessica Tasman-Jones, FT Ignites Europe, 22 March 2023: The resignation of Scottish Mortgage’s chairwoman will not be enough to settle shareholder concerns about the governance of the Baillie Gifford investment trust, analysts say. Fiona McBain will resign from her role following the 2023 annual general meeting and will step down from the board at […]
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21 Mar 2023 1 min read
Scottish Mortgage chair steps down as rebel director promises to reveal board ‘violations’
BY GAVIN LUMSDEN, Citywire Investment Trust Insider, 21 Mar 2023: Fiona McBain, the chair of Scottish Mortgage Trust (SMT), and Amar Bhidé, the rebel non-executive, are both departing as the Baillie Gifford flagship’s board undergoes wholesale changes. McBain, the former Scottish Friendly chief executive who has served as a non-executive director at the trust for […]
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20 Mar 2023 1 min read
Analysts: Scottish Mortgage director likely to exit soon after board bust-up
BY JAMIE COLVIN, Citywire Wealth Manager, 20 Mar 2023: Analysts have said that Amar Bhidé, the director at the centre of a row over Scottish Mortgage Trust (SMT), is still likely to exit soon despite the board trying to reassure the market late on Friday that he had not been pushed out. Bhidé’s explosive comments […]
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1 min read
Buy and hold versus changing style: which fund approach is best?
by Jennifer Hill from interactive investor, 20 March 2023: Some fund managers stick to their knitting irrespective of the wider macroeconomic backdrop; others have more flexibility to change their strategy to respond to market conditions. But which approach is best? Are investors better sticking with funds that adopt a long-term buy and hold strategy or […]
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1 min read
Investment trust insider on Scottish Mortgage
Investment trust insider on Scottish Mortgage – James Carthew: Where Scottish Mortgage’s board is falling down Most of the time, the world of investment companies is pretty staid. However, on Friday a boardroom row at Scottish Mortgage (SMT) spilled over into the press and made headlines. A director, Professor Amar Bhidé, told the Financial Times […]
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1 min read
Scottish Mortgage will ‘have to respond’ to PE capabilities concerns
Eve Maddock-Jones, Investment Week, 17 March 2023: Scottish Mortgage is facing its second round of anxiety over private equity exposure this year, following internal concerns about its capabilities to navigate this space. A flagship product of Baillie Gifford, Scottish Mortgage has faced criticism from its own non-executive board member Amar Bhidé, who spoke out against […]
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17 Mar 2023 1 min read
FT: Scottish Mortgage director removed after row over unquoteds
BY GAVIN LUMSDEN, Citywire Investment Trust Insider, 17 March 2023 Amar Bhidé, a non-executive director at Scottish Mortgage Trust (SMT), has told the Financial Times he was removed from the investment trust’s board yesterday after disagreeing with the chair Fiona McBain over appointments and the risks of the trust’s £3.8bn investments in unquoted companies. Bhidé, […]
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15 Feb 2023 1 min read
ISA ideas: alternatives to the most-popular funds and trusts
by Jennifer Hill from interactive investor, 15 February 2023: We ask a range of experts for potential fund substitutes for funds and trusts consistently high in demand, including Scottish Mortgage, Fundsmith Equity, City of London, and Vanguard LifeStrategy. Investing can be a fickle business as money follows the latest trend but analysis of the most-bought […]
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09 Feb 2023 1 min read
Scottish Mortgage ‘under pressure’ due to stretched private assets exposure
Valeria Martinez, Investment Week, 9 February 2023: Scottish Mortgage is sitting in an uncomfortable position with its private equity exposure at full capacity, but analysts have pointed out several ways the managers of the £14.5bn investment trust giant could relieve some of the pressure. As a result of public equity market falls, particularly among the […]
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27 Jan 2023 1 min read
Public/private valuation disconnect looks overdone
James Carthew for Investment Week, 24 January 2023: Within the investment companies sector, it has to be admitted that 2022 was a pretty poor year for funds investing in global equities. Only one, Brunner, managed to beat the MSCI AC World index, in NAV terms, although Lindsell Train, Alliance Trust and F&C all came close. […]
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21 Nov 2022 1 min read
Trusts’ unlisted headache
By Dave Baxter, Investors’ Chronicle, November 17, 2022: Investment trusts typically demonstrate their strength in a crisis. Closed-ended equity income funds shrugged off the dividend cuts of 2020 thanks to revenue reserves, while trusts’ investment framework means they have encountered none of the liquidity problems demonstrated so clearly by the Neil Woodford scandal. That structure, […]
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1 min read
Investment trusts hold up as refinancing risks loom
By Dave Baxter, Investors’ Chronicle, November 17, 2022: Is the cure worse than the disease? Some might feel that way about central banks raising interest rates to tackle inflation: a sharp increase in the cost of borrowing has already caused pain in various parts of the UK economy, from a fixed income sell-off to the […]
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31 Oct 2022 1 min read
Investment trust insider on significant discounts
Investment trust insider on significant discounts – James Carthew: Trusts like Scottish Mortgage could do more to narrow discounts The widening of share price discounts across much of the investment company sector is costing investors dearly. For example, Scottish Mortgage’s (SMT) 13% discount represents a £1.6bn gap between the value being placed on the company […]
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14 Oct 2022 1 min read
Lindsell Train and Scottish Mortgage among the cheapest global trusts relative to their recent history
By Tom Aylott, Reporter, Trustnet, 13 October 2022: Global trusts were some of the biggest benefactors of the growth wave that dominated throughout the 2010s, loading up on US tech companies that soared. In the past five years alone, the IT Global Equity Income and IT Global sectors have delivered investors a total return of […]
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27 Sep 2022 1 min read
Which FTSE 100 investment trust should you hold?
Eve Maddock-Jones, Investment Week, 26 September 2022: For the first time in the history of the FTSE 100, the index features four investment trusts: Scottish Mortgage, 3i, Pershing Square Holdings and F&C… All four trusts can count themselves as heavyweights of the closed-ended space, for different reasons. While F&C holds heritage, IT Global peer Scottish […]
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26 Sep 2022 2 min read
Generalist investment trusts: life in the old dog yet?
By Dave Baxter, Investors’ Chronicle, September 23 2022: It’s testament to the sheer uncertainty of recent times that not a single UK investment trust has launched in the first eight months of 2022. That compares with 16 over the course of 2021 and six in an unpredictable 2020. Some analysts reckon it might even mark […]
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28 Jun 2022 1 min read
Have growth and value fund pairs outperformed the market?
by Jennifer Hill from interactive investor, 23rd June 2022: Last year we asked experts to name value and growth fund pairs to navigate the market rotation. The tactic has not yet paid off, but should investors stick with them?.. The sharp reversal in fortunes highlights the folly of pinning your colours to a single mast. […]
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22 Jun 2022 1 min read
Battle of the big three multi-manager trusts: who comes out on top?
by Jennifer Hill from interactive investor, 22nd June 2022: Alliance Trust, F&C and Witan – three big investment trusts that give investors access to a range of managers in one fell swoop. But how do they differ, and which has given investors the most bang for their buck? Three global multi-manager investment trusts – Alliance […]
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14 Jun 2022 1 min read
Bargain Hunter: Baillie Gifford trusts are cheap, time to buy?
by Kyle Caldwell, interactive investor, 14th June 2022: 11 Baillie Gifford trusts are trading on wider-than-usual discounts. We ask analysts whether this is an opportunity for brave investors to pick up bargains… With inflation levels soaring and interest rates on the rise, growth companies, including tech firms, have fallen out of favour. Instead, investors have […]
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01 Jun 2022 1 min read
Are Scottish Mortgage shares now a buy?
By David Thorpe, FT Adviser, 27 May 2022: During the decade after the global financial crisis the Scottish Mortgage investment trust dominated the portfolios of many investors. Its share price total return of more than 700 per cent meant that even after clients stopped adding to their holding, the proportion of their overall portfolio exposed […]
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23 May 2022 1 min read
Trusts that have reigned longer than the Queen
By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY, 21 May 2022: Any investment that has generated wealth since before the Coronation must have firm foundations. That is true for the 36 investment trusts that predate the Queen’s accession to the throne. They have survived the stock market crashes that peppered the early 1970s, October 1987 (Black […]
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16 May 2022 1 min read
Eight star fund managers you can buy on the cheap
Sam Benstead from interactive investor, 11th May 2022: The stock market rout this year has created a rare opportunity to buy shares in investment trusts run by star managers at large discounts to the value of their investments. Headline bargains include a 38% discount on Pershing Square Holdings run by Bill Ackman, a 10% discount […]
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22 Feb 2022 1 min read
Bargain Hunter: 10 trusts that have moved from premiums to discounts
These trusts have seen their premiums vanish since the start of the year as growth shares lost ground. Kyle Caldwell from interactive investor 17th February 2022: Given all the volatility in the first six weeks of 2022, a surprising statistic is that the number of equity investment trusts trading on a premium to their net […]
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08 Feb 2022 1 min read
The top defensive global trust to consider buying at an 8% discount
Fund pickers share their thoughts on whether the AVI Global trust is a good option. Eve Maddock-Jones, Reporter, Trustnet 08 February 2022: A low allocation to the US, “rare” investment style and strong defensive track record, are some of the reasons analysts think the AVI Global trust is worth snapping up at a discount. Joe […]
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07 Feb 2022 2 min read
Gateway to private markets
Hannah Smith, AIC’s Compass, 4 February 2022: Unquoted companies offer the exciting potential for unbridled growth, albeit with a high level of stock-specific risk. With companies taking longer to reach IPO stage, there are more opportunities in this space, and now even mainstream investment trusts are making unlisted businesses a significant part of their portfolios. […]
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31 Jan 2022 1 min read
Investment trust insider on growth stocks
Investment trust insider on growth stocks – James Carthew: Growth is strong but still on a Blue Planet Back in early December, when the severity of the impact of the Omicron variant wasn’t clear, I finished my article by saying that US stocks were quite expensive, and I was nervous about a correction in 2022. […]
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28 Jan 2022 1 min read
Scottish Mortgage sell-off: how should investors respond?
Kyle Caldwell from interactive investor 26th January 2022: Should investors hold, fold or buy or more? History is repeating itself for the UK’s largest investment trust, Scottish Mortgage Ord, which has once again seen its share price fall sharply on the back of a sell-off in growth and technology stocks. Year-to-date Scottish Mortgage’s share price is […]
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21 Jan 2022 1 min read
The investment trust themes to watch out for in 2022
30th December 2021 by Faith Glasgow from interactive investor At the end of 2020, we looked ahead into the coming year and tried to pick out some key trends likely to shape the investment trust industry in 2021. It was a difficult, locked-down time, but our experts accurately identified several important themes. Most significant was […]
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23 Dec 2021 1 min read
Bargain Hunter: three trusts shaking things up to tackle their big discounts
7th December 2021 by Kyle Caldwell from interactive investor There are various tools a board can use in an attempt to boost demand for shares. Here are some examples. When an investment trust is persistently out of favour, its board can spring into action in an attempt to tackle its discount… Change at the top In a […]
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06 Dec 2021 2 min read
As stock markets stutter, there are bargains on offer from investment trusts
how to spot a discounted fund bargain By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY, 4 December 2021 Share prices have fallen sharply in recent days in response to fears over the potential economic disruption that the new Covid variant Omicron could cause. While shares in specific sectors such as airlines and travel have been hit […]
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15 Nov 2021 2 min read
Investment trusts rediscover their roots with a 21st century twist
The listed fund vehicles are financing innovation in clean fuels, space and digital infrastructure Mary McDougall, Financial Times, NOVEMBER 12 2021 Investment trusts seem to be coming full circle. For most of the 20th century, they gradually moved away from their origins as entrepreneurial schemes investing in specific targets, often in Britain’s colonies, to running […]
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2 min read
The alternative trusts allowing investors to capture new trends
Investment trusts enjoy record year for fundraising as they back a new wave of innovation November 11, 2021, Investors Chronicle, By Mary McDougall Investment trust fundraising amounted to £11.4bn in the first 10 months of the year, a record for the ancient fund structure which is now financing a new wave of innovation. Most striking is the […]
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06 Sep 2021 1 min read
Why a stocks and shares Isa is the perfect gift for a baby
Violet is five months old — a good age to start investing in the market, says her devoted uncle David Brenchley David Brenchley, Friday September 03 2021, 5.00pm, The Times It’s always exciting when you can welcome a new baby to the family. This was certainly the case with the birth of my niece, Violet, […]
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25 Aug 2021 1 min read
Which is the best route to profit from fast-growing unlisted firms?
Which is the best route to profit from fast-growing unlisted firms? 24th August 2021 10:35 by Jennifer Hill from interactive investor Jennifer Hill pits private equity trusts against growth capital trusts. Listing on the stock market used to be seen as a mark of success for companies, but with many choosing to stay private for longer, opportunities […]
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11 Aug 2021 1 min read
Should you invest in China?
The golden dragon could be too hot to handle – but a bargain if you’re a brave investor By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY PUBLISHED: 21:52, 7 August 2021 | UPDATED: 07:56, 9 August 2021 Investors wondering whether to put some of their hard-earned cash into the Chinese stock market are faced with a paradox: the country is too […]
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26 Jul 2021 1 min read
Trust Watch: ‘Cheap’ biotech & a 6%-yielding property play
Lots in this week’s review with strong updates from private equity trusts 3i and NBPE, biotech funds showing value and Waverton lining up a launch. By Gavin Lumsden, Investment Trust Insider, 23 Jul, 2021 3i and NBPE impress Fifth-placed 3i Group (III) rallied over 8% in the week to Thursday, half of it coming yesterday after the UK private […]
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19 Jul 2021 1 min read
The investment trusts readers have been studying
The surprising investment trusts Trustnet readers have started researching By Rory Palmer, Reporter, Trustnet 16 July 2021 Baillie Gifford has dominated the most-researched investment trusts by readers in 2021 but previously unheralded names such as Geiger Counter, Miton UK MicroCap and Canadian General Investments have seen the greatest surge, according to the latest figures. Comparing page […]
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02 Jun 2021 2 min read
Scottish Mortgage seeks to reduce ‘skin in the game’ threshold
We explain a rule change Scottish Mortgage shareholders are being asked to vote on 2nd June 2021 09:37, by Kyle Caldwell from interactive investor The UK’s largest investment trust is proposing a change to its directors’ share qualification rule in its forthcoming annual general meeting. At present, new members to the board of Scottish Mortgage Ord will need to put nearly […]
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31 Mar 2021 1 min read
Short-term blip or fundamental shift?
Growth trusts tumble: short-term blip or fundamental shift? Citywire Wealth Manager, Jennifer Hill, 30 March 2021 2020 was a vintage year for off-market equity investors. Shares in leading specialist trusts Chrysalis Investments and Scottish Mortgage rocketed 110% and 107% respectively. More recently some of that momentum has gone into reverse, however. Chrysalis is now 9.62% below its […]
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29 Mar 2021 1 min read
Mix and match to profit from recovery for value funds and trusts
Mix and match to profit from recovery for value funds and trusts by Jennifer Hill from interactive investor | 24th March 2021 10:23 Riding the resurgence of value as an investment style without throwing caution to the wind means holding both value and growth funds… While the powerful wave of returns from growth stocks appears to have broken recently amid […]
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16 Mar 2021 1 min read
Buying on the dip
Buying on the dip: investors pile in to stocks ripe for a recovery Lockdown is lifting, so why not snap up the companies that are ready to bounce back David Brenchley, Saturday March 13 2021, 12.01am, The Times Investors have been taking advantage of whipsawing markets as they buy on the dips in share prices […]
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04 Jan 2021 1 min read
2020’s investment trust winners: time to take profits?
2020’s investment trust winners: time to take profits? December 30, 2020 By Dave Baxter The enormous sell-off that took hold in February and March was swiftly followed by a fierce rally that has come to dominate much of the year. MSCI World index rose by nearly 40 per cent in sterling terms between the start of […]
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22 Dec 2020 2 min read
Moving Apart
Moving Apart Trustnet magazine, Issue 68, December 2020 Cherry Reynard This year saw a stark divide between the winners and losers, but nowhere was this more apparent than the investment trust universe, writes Cherry Reynard This year has been a tumultuous one and the investment trust industry has reflected its highs and lows. Despite the […]
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16 Nov 2020 1 min read
Should more trusts follow Scottish Mortgage into unquoteds
Should more trusts follow Scottish Mortgage into unquoteds? Investors Chronicle, Investment Trusts, November 12 2020 By Mary McDougall Private equity investment trusts have existed for decades. And more recently a number of trusts that focus on listed companies have also started allocating more of their assets to unquoted companies… As increasing numbers of companies stay private for longer, particularly in the technology sector, being […]
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15 Jun 2020 1 min read
How UK investors can cash in on the digital revolution
Don’t have a costly Kodak moment: How UK investors can cash in on the digital revolution and tech stocks By JEFF PRESTRIDGE, FINANCIAL MAIL ON SUNDAY PUBLISHED: 21:53, 13 June 2020 | UPDATED: 09:42, 14 June 2020 Technology is very much of the moment. It’s the investment theme that has driven the US stock market to claw back all the losses […]
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02 Jun 2020 2 min read
Investment trust insider on emerging markets
Investment trust insider on emerging markets – James Carthew: there’s value in emerging markets as investors rush to take cover In uncertain times, it makes sense that investors turn to sectors with defensive earnings, such as utilities and infrastructure. Ecofin Global Utilities and Infrastructure (EGL), which I hold, is trading at asset value and issuing shares. […]
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18 May 2020 1 min read
Tech titans can help your portfolio ZOOM!
Tech titans can help your portfolio ZOOM! The stay-at-home stocks set to emerge even stronger from lockdown By ANNE ASHWORTH FOR THE DAILY MAIL PUBLISHED: 21:51, 15 May 2020 | UPDATED: 21:51, 15 May 2020 The close links with the US tech giants forged by so many of us in past weeks seem set to endure, and may be even […]
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20 Jan 2020 2 min read
Investment trust insider on value versus growth for income
Investment trust insider on value versus growth for income – James Carthew: should you chase high yield or growth in search of good trust income? In my last article of 2019 I addressed the award of Edinburgh investment trust’s management contract to Majedie and commented how much better Henderson High Income Trust (HHI) had done over […]
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16 Jan 2020 1 min read
Investment trust insider on Scottish Mortgage
Investment trust insider on Scottish Mortgage – James Carthew: Scottish Mortgage seeks 1.3% of the very best global companies Scottish Mortgage (SMT) made a presentation to analysts last week. It was extremely well attended, unsurprising perhaps given that, with an £8.6bn market value, the trust has become the flagship for the investment companies sector. The discussion touched on some […]
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07 Feb 2019 1 min read
Investment Trust Insider on the past decade
Investment Trust Insider on the past decade – James Carthew: the constant evolution of investment trusts A decade ago, when we were emerging from the global financial crisis, I was managing Advance UK Trust and Citywire was just 10 years old. All of this seems like a long time ago now. Recently, I found a Winterflood […]
