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SCOTTISH MORTGAGE INVESTMENT TRUST
Emerging markets are also less mature
and less liquid, which means the risks
can be greater and due diligence needs
to be more stringent. Yet few private
investors can jump on a plane to Asia
to meet the management team or
You may think about supplementing analyse the footfall of a flagship store.
your core portfolio with individual
Even if they did, the marginal gains are
equities and, with enough research,
unlikely to be worth the effort.
it may be possible to form a judgment
However, Gallagher points out these
on, say, a vast US technology company:
issues are one side of a double-edged
information is widely available, you use sword, calling them a key part of the
the products day-to-day and there is
opportunity set in emerging markets.
plenty of analyst and media comment
“The fact these markets are tricky
on the likely direction of the share price. to access keeps volatile international
However, Melissa Gallagher, co-head
fund flows at bay and means that many
of investment trusts at BlackRock, says
fantastic companies remain temporarily
picking stocks in smaller and emerging undiscovered,” she adds. “We relish the
markets is a job best left to the experts.
complexity, but we believe these are
“For a Vietnamese retailer or a Thai
markets where experience and expertise
agricultural company, the accounts
are invaluable.”
may be in a different language, created
using different accounting standards,”
she explains. “Independent broker
comment is rare. At the same
time, the markets
themselves may
be difficult
to access as
they may
be subject
to foreign-
ownership
restrictions.”
Buying
obscure
equities
TRUSTNET
SCOTTISH MORTGAGE
ENTERED THE
FTSE 100 INDEX IN
MARCH 2017.
WANTED. DREAMERS, VISIONARIES
AND REVOLUTIONARIES.
Visionary entrepreneurs offer opportunities for great wealth creation. The Scottish Mortgage Investment Trust
actively seeks them out.
Our portfolio consists of around 80 of what we believe are the most exciting companies in the world today. Our vision
is long term and we invest with no limits on geographical or sector exposure.
Our track record as long-term, supportive shareholders makes us attractive to a new breed of capital-light businesses.
And our committed approach means we can enjoy a better quality of dialogue with management teams at transformational
organisations. Over the last five years the Scottish Mortgage Investment Trust has delivered a total return of 143.1%
compared to 106.9% for the sector*. And Scottish Mortgage is low-cost with an ongoing charges figure of just 0.37%**.
Standardised past performance to 31 December*
2015 2016 2017 2018 2019
Scottish Mortgage 13.3% 16.5% 41.1% 4.6% 24.8%
AIC Global Sector^ 9.1% 23.5% 26.4% -1.8% 24.5%
^Weighted average.
Past performance is not a guide to future returns.
Please remember that changing stock market conditions and currency
exchange rates will affect the value of the investment in the fund and
any income from it. Investors may not get back the amount invested.
For a farsighted approach call 0800 917 2112
or visit us at www.scottishmortgageit.com
A Key Information Document is available by contacting us.
Long-term investment partners
*Source: Morningstar, share price, total return as at 31.12.19. **Ongoing charges as at 31.03.19 calculated in accordance with AIC recommendations.
Details of other costs can be found in the Key Information Document. Your call may be recorded for training or monitoring purposes. Issued and approved
by Baillie Gifford & Co Limited, whose registered address is at Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN, United Kingdom. Baillie Gifford &
Co Limited is the authorised Alternative Investment Fund Manager and Company Secretary of the Company. Baillie Gifford & Co Limited is authorised and
regulated by the Financial Conduct Authority (FCA). The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not
authorised and regulated by the Financial Conduct Authority.