Cover Story
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is likely to prompt a recession: “The
UK will be leaving the EU without a
transition period and is likely to face
significant trade tariffs in accordance
with WTO rules, along with full
customs checks, and a number of other
important memberships/associations
with EU institutions lapsing. Given the
fragile UK economy, we would then
forecast a recession over 2019.”
A UBS report also downgraded
UK economic prospects, saying:
“We expect Brexit uncertainty will
continue to weigh on the economy
as each deadline comes and passes
without resolution. The effects of this
uncertainty are being felt primarily
by businesses, who continue to hold
“We expect that Brexit
uncertainty will continue
to weigh on the economy as
each deadline comes and
passes without resolution”
back on much-needed investment.”
Can people prepare? Not really.
Their only defence is to ensure they
are following basic good practice on
their finances: paying down expensive
debt, holding three months’ worth of
expenses in cash and maxing out their
pension and ISA contributions. That,
or take that long-awaited sabbatical
and come back when it is all over.
Visionary entrepreneurs offer opportunities for great wealth creation. The Scottish Mortgage Investment Trust
actively seeks them out.
2018
growth
forecast
UK in
recession
3%
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 136.5%
compared to 74.9% for the sector*. And Scottish Mortgage is low-cost with an ongoing charges figure of just 0.37%**.
2%
Standardised past performance to 31 December*
1%
0%
-1%
-2%
2019
growth
forecast
-3%
-4%
-5%
2009
2014 2015 2016 2017 2018
Scottish Mortgage 21.4% 13.3% 16.5% 41.1% 4.6%
AIC Global Sector Average 8.8% 10.9% 22.6% 24.1% -4.9%
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
-4.2%
‘10
Source: The Bank of England, BBC
FE TRUSTNET
SCOTTISH MORTGAGE
ENTERED THE
FTSE 100 INDEX IN
MARCH 2017.
WANTED. DREAMERS, VISIONARIES
AND REVOLUTIONARIES.
GDP SINCE 2008
4%
SCOTTISH MORTGAGE INVESTMENT TRUST
‘11
‘12
‘13
‘14
‘15
‘16
‘17
‘18 2019
A Key Information Document is available by contacting us.
Long-term investment partners
*Source: Morningstar, share price, total return as at 31.12.18. **Ongoing charges as at 31.03.18. 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.