SCOTTISH MORTGAGE INVESTMENT TRUST
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SCOTTISH MORTGAGE
ENTERED THE
FTSE 100 INDEX IN
MARCH 2017.
WHO SAID THE SKY
HAD TO BE THE LIMIT?
Business’s ability to exhibit exponential growth lies at the heart of the
Scottish Mortgage Investment Trust.
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.
We like companies that can deploy innovative technologies that threaten industry
incumbents and disrupt sectors as diverse as healthcare, energy, retail, automotive
and advertising.
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 blue sky 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
Inflation is on the whole good for equities in the long
term as companies can pass on price rises. However, in
the short term it creates uncertainty
taken people’s spending power and
squandered it on something they
didn’t want, meaning they get poorer
in real terms.
The good news
So, what can investors do to protect
themselves? The good news, according
to Smeaton, is that inflation is, on the
whole, good for equities in the long term
as companies can pass on price rises.
However, in the short term it creates
uncertainty.
Per cent change from year before
30
25
20
15
10
5
0
UK CONSUMER PRICE INDEX
“Companies really struggle to
understand what the real price signals
are,” Smeaton says.
“Is it a real price signal to produce
more of this stuff, or is it just inflation?
That confusion then percolates all the
way through the economic system,
which means that there’s more of a
chance of producing the wrong goods
that people don’t really need.
“What you find is everything doesn’t
go up simultaneously, it tends
to move through in waves in the
1970 1980 1990 2000
2010
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.
Source: Organization for Economic Co-operation and Development
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