Scottish Mortgage Investment Trust

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The Scottish Mortgage Investment Trust (SMIT) is an investment trust that was founded in 1909. It is one of the oldest trusts on the London Stock Exchange and is managed by Baillie Gifford, a leading investment management firm in Edinburgh, Scotland. The trust primarily invests in globally listed equities, with a focus on growth companies and emerging technologies.
Investment strategy
The Scottish Mortgage Investment Trust aims to provide investors with long-term capital growth by investing in a diverse range of companies from all over the world. The trust looks for companies with strong competitive advantages, disruptive business models, and potential for long-term growth.
The trust's investment strategy is guided by five key themes: technology-enabled change, demographics and social change, globalisation, the effects of environmental and resource constraints, and ongoing innovation.
Portfolio composition
The trust's portfolio is diversified across different sectors, geographies, and market capitalizations. As of April 2021, the top four sectors in the portfolio were information technology, consumer discretionary, healthcare, and communication services. The trust also has significant exposure to emerging markets, with around 40% of its assets invested in these regions.
Some of the trust's top holdings include companies such as Tesla, Alibaba Group, Tencent Holdings, and Amazon. The trust also has exposure to unlisted companies through its relationship with Baillie Gifford's unlisted investment team.
Performance
Over the past five years, the Scottish Mortgage Investment Trust has delivered strong performance, outperforming its benchmark index, the FTSE World Index, by a significant margin. Its net asset value (NAV) per share has grown at a compound annual growth rate of 22.8% while its share price has grown at a compound annual growth rate of 23.3%.
Fees and management
The trust's management fees are competitive compared to other investment trusts, with an annual management fee of 0.37% of total assets. Baillie Gifford, the trust's manager, has a significant financial stake in the trust, aligning their interests with those of shareholders.
Conclusion
The Scottish Mortgage Investment Trust is a well-established investment trust with a strong track record of delivering returns to investors. Its globally diversified portfolio, combined with its focus on emerging technologies, makes it a unique option for investors looking for long-term growth opportunities. However, like all investments, it comes with risks, and investors should carefully consider their own investment objectives and risk tolerance before investing.

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See Company Q&A