Scottish Mortgage Investment Trust PLC is an actively managed, low-cost investment trust, investing in a high-conviction global portfolio of companies, with the aim of maximising total returns over the long term. The managers look for strong businesses with above-average returns and aim to achieve a greater return than the FTSE All-World Index (in sterling terms) over a five-year rolling period.

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The home of our latest insights, ranging from articles and newsletters to films and podcasts.
Each piece is designed to provide you with a deeper dive into Scottish Mortgage, whether that’s an update from the managers, a stock story on a portfolio company, or a thought piece on an industry where we see the greatest potential for growth.

Despite best efforts, there will always be carbon emissions. This company is tackling the problem.

An early pioneer in the carbon capture industry, Climeworks hopes to address the need to remove carbon from the air.

Climeworks: carbon removal pioneers | Scottish Mortgage

Climeworks: leading the charge in carbon removal

Tom Slater on why investing in the agents of change trumps reacting to short-term headwinds.

With technology transforming industries at a rapid pace, Scottish Mortgage invests in the companies driving change.

Futureproof: investing in progress | Scottish Mortgage

In it for the future: investing in progress

Tom Slater on the secret sauce shared by nearly nine out of ten Scottish Mortgage companies. 

Scottish Mortgage manager Tom Slater on how founders’ flair for the counterintuitive can create long-term value.

Founder-led firms’ agility drives growth | Scottish Mortgage

Why Scottish Mortgage favours founder-led companies

Tom Slater and Lawrence Burns talk buybacks, private company valuations, and the astonishing progress of portfolio holdings.

Tom Slater, Lawrence Burns and Stewart Heggie sat in discussion.

Scottish Mortgage managers Tom Slater and Lawrence Burns discuss buybacks, private companies, portfolio holdings and more.

Scottish Mortgage event: Tom Slater & Lawrence Burns

Investor webinar: your questions answered

Lawrence Burns reflects on the value that can be generated by investing in private companies.

Scottish Mortgage joint manager, Lawrence Burns explains why investing in private companies is more important than ever.

A decade of private company investing | Scottish Mortgage

Reflecting on a decade of private company investing

This newsletter offers you the Scottish Mortgage Team’s view on the current landscape, from company developments to portfolio activity.

Existing holdings Spotify, Stripe and Snowflake reach new milestones, and a world-leading semiconductor company enters the portfolio. 

The three ‘S’s’ – Stripe, Spotify and Snowflake – make it easier for you to pay, play or make data-driven decisions.

Perspectives on Progress #9  | Scottish Mortgage

Perspectives on Progress #9

Hamilton’s move to Ferrari isn’t the firm’s only news, while Coupang and Shopify continue making strides.

The latest news from Scottish Mortgage holdings, Ferrari, Coupang, Epic Games, Redwood Materials and Shopify.

Perspectives on Progress #8 | Scottish Mortgage

Perspectives on Progress #8

Success looks different for every company. Sometimes, it looks like an exploding rocket.

Discover the latest news from Scottish Mortgage portfolio holdings, from Databricks to SpaceX, Meta and Northvolt.

Perspectives on Progress #7 | Scottish Mortgage 

Perspectives on Progress #7

From Affirm’s tie-up with Amazon to UPSIDE Foods’ cultivated meat on Michelin star menus, get the latest news on the companies in our portfolio.

From Affirm’s buy now, pay later tie-up with Amazon to UPSIDE Food’s cultured meat featuring in a renowned chef’s menu.

Perspectives on Progress #5  | Scottish Mortgage

Perspectives on Progress #5

The future never looked closer, thanks to Scottish Mortgage-backed companies.

From Tesla’s Model Y to Zipline’s teleportation products, innovations by companies held by Scottish Mortgage are creating a better future.

Perspectives on Progress #4 | Scottish Mortgage 

Perspectives on Progress #4

Scottish Mortgage holdings are not sitting back and waiting for the future, they’re shaping it.

Amazon CEO Andy Jassy is taking the company in a new direction. But where are other Scottish Mortgage holdings heading?

Perspectives on Progress #3 | Scottish Mortgage 

Perspectives on Progress #3

Do cultivated meat or personalised cancer vaccines seem far-fetched? Recent developments say no.

Personalised cancer vaccines (Moderna) and cultivated meat (UPSIDE Foods) have both taken a big leap forward.

Perspectives on Progress | Scottish Mortgage

Perspectives on Progress #2

Read The Scottish Mortgage Team’s first issue of Perspectives on Progress, a newsletter about what’s happening in the world today.

From Ginkgo Bioworks to Joby Aviation, Scottish Mortgage invests in companies through the highs and lows of progress.

Perspectives on Progress #1

Why AI could be the printing press of intelligence. 


Why AI could be today’s Gutenberg printing press for intelligence.

AI: intelligence everywhere | Scottish Mortgage

AI: intelligence everywhere

How the SpaceX subsidiary is turning internet deserts into online oases.

Satellites deliver unprecedented internet access worldwide, even in the most unreachable regions thanks to Starlink’s vision.

Starlink: closing the digital divide | Scottish Mortgage

Starlink: broadband from above

From share buybacks to AI opportunities, Tom Slater and Lawrence Burns provide a portfolio update. 

The managers of Scottish Mortgage answer shareholders’ questions on the portfolio, growth prospects and private companies.

March 2024 Investor webinar: written overview | Scottish Mortgage

Investor webinar: written overview 

Every brand is now integrating AI into its offering. It’s a good thing this company has a 9-year head start.

Brandtech connects content, data and media to help global brands navigate the complexities of marketing in the digital age.

Brandtech: on better, faster and cheaper marketing | Scottish Mortgage

The Brandtech Group: on better, faster and cheaper marketing

A small portfolio holding with a long-term climate goal.

By 2050, Climeworks aims to remove one billion tons of carbon each year, equal to taking 235 million cars off the road.

Climeworks: digging deeper for climate solutions

In what areas will the big winners emerge from? The managers share four key themes.

Digitalisation, decarbonisation, AI and healthcare advances. 

Investor forum 2024 | Scottish Mortgage

Trust in progress: from headwinds to tailwinds

Can scientists meet unmet health needs by writing code to help the body heal itself?

From personalised cancer vaccines to treating latent viruses, Moderna’s mRNA technology has many potential applications.

Moderna: designing drugs on a computer | Scottish Mortgage

Moderna: designing drugs on a computer

The company transforming urban travel and making science fiction a reality along the way.

Joby Aviation’s eVOTL aircraft seeks to offer a faster, more efficient and sustainable mode of transport in big cities.

Joby Aviation: preparing for takeoff | Scottish Mortgage

Joby Aviation: preparing for takeoff

HelloFresh’s CEO explains the art and science of meal kit delivery on a global scale.

Dominik Richter, HelloFresh’s CEO, says its meal kits offer consumers healthy, hassle free meals whilst reducing food waste. 

HelloFresh: changing how people eat forever | Scottish Mortgage

HelloFresh: changing how people eat forever

Tom Slater and Lawrence Burns provide an update on the portfolio, the market environment and their outlook.

Investor webinar: written overview | Scottish Mortgage

Investor webinar: written overview

Tom Slater explains recent performance and why the outlook for the portfolio is positive.

Investment manager Tom Slater explains recent performance and why the long-term outlook for the portfolio is positive.

Interim management report

Tom Slater and Lawrence Burns answer the questions on shareholders minds.

From Moderna’s vaccines to NVIDIA’s video chips, the opportunities are growing for Scottish Mortgage holdings.

Investor webinar – your questions answered | Scottish Mortgage

The US’s $800bn trucking industry is on track for a shake up with Aurora’s self-driving technology.

From autonomous vehicles at Waymo to autonomous trucks at Aurora, Chris Urmson is bringing about a self-driving future.

Aurora: the technology company transforming trucking | Scottish Mortgage 

Aurora: the technology company transforming trucking

How Jensen Huang’s ‘failing forward’ has advanced artificial intelligence.

The story of how the chip company’s co-founder came to play a pivotal role in accelerating progress.

How Jensen Huang, NVIDIA has advanced AI | Scottish Mortgage

Jensen Huang: NVIDIA’s leader accelerates AI’s advance

Uncover the multiple layers of governance that feed into the valuation of private companies at Baillie Gifford.

Describing the governance measures that make Bailie Gifford’s valuation of private companies a robust process.

The valuation process for private companies | Scottish Mortgage

What’s the valuation process for private companies?

Busting three myths that could alter your view about what private company investing is.

ByteDance and Northvolt dispel the myth that private company investing involves high-risk, early seed-stage companies.

The myths of private company investing | Scottish Mortgage

What are the myths of private company investing?

Tom Slater explains how companies create value and power progress by combining earlier innovations.

Innovators build on past discoveries, which companies then combine in novel ways to create value and power progress.

Innovation powers progress and growth | Scottish Mortgage

Innovation and growth march to their own drumbeat

Lawrence Burns reports back following his recent trip to China.

China continues to exhibit extraordinary potential in EVs and other key future industries.

China: pace setters on electric vehicles | Scottish Mortgage 

Why China’s edge in key industries looks set to last

Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.

Others may call it private equity, seed investing, etc. Discover why it’s private company.

What is private company investing? | Scottish Mortgage

What is private company investing? And why do we do it?

Charting rising cross-border money payments and the opportunity for remittance service Wise.

Remittance service Wise is poised to benefit from the growing amount of money workers send overseas to dependents.

Cross-border money transfers and Wise | Scottish Mortgage

The rise of cross-border money transfers

MercadoLibre offers hope to Latin America’s 178 million unbanked population.

Latin America has a large unbanked population, 178 million, that ecommerce platform MercadoLibre hopes to address.

MercadoLibre: Latin America’s unbanked | Scottish Mortgage

Visualised: Latin America’s unbanked population

Low-orbit satellites could be the answer for the three billion unable to access the internet.

From Chad to Burkina Faso, where conventional internet providers can’t reach those offline, SpaceX subsidiary Starlink provides access.

Starlink: internet for mobile dead zones | Scottish Mortgage

Starlink: providing internet for mobile dead zones

The Scottish Mortgage managers on recent performance, private company investing, and where they’re looking for the ‘next big thing’.

Scottish Mortgage managers answer your questions and discuss performance, opportunities and private company investing.

June forum: why we’re backing innovation | Scottish Mortgage

Scottish Mortgage forum: why we continue to back innovation

Climeworks, the company using innovative technology to capture and store CO2 underground safely, measurably and permanently.

Climeworks leads the way in direct air capture, its technology removing greenhouse gas emissions from the atmosphere.

Stock stories: Climeworks | Scottish Mortgage

Stock stories: Climeworks

Yesterday’s safety is tomorrow’s capital destruction, says Tom Slater.

From BYD to Geely, Tom Slater on why Scottish Mortgage should back the companies, entrepreneurs and innovation it does.

Embracing discomfort: manager insights | Scottish Mortgage

Embracing discomfort: manager insights

Lawrence Burns shares the four biggest reasons Scottish Mortgage takes stakes in private firms.

Scottish Mortgage’s deputy manager explains the four biggest reasons the Trust invests in unlisted firms.

Private companies: the case for investing | Scottish Mortgage

Investing in private companies: manager insights

Forget the hype. Our thoughts on artificial intelligence have been forming over decades, not days.

OpenAI’s ChatGPT marks a new era in artificial intelligence, which Scottish Mortgage has been thinking about for years.

Investing in artificial intelligence | Scottish Mortgage

All in good time: investing in artificial intelligence

From data lakes to Databricks, cloud storage will be key to driving progress and future innovation.

The atmospheric rise of cloud computing

Could farmers hold the key to carbon removal? Indigo Agriculture may just have the answer.

By storing carbon in the soil, Indigo Agriculture makes growing crops more profitable and environmentally friendly.

Stock stories: Indigo Agriculture | Scottish Mortgage

Stock stories: Indigo Agriculture

The way meat gets onto our plates is unpalatable for many. UPSIDE Foods plans to change that.

Can chicken leave a good taste in the mouth for vegans? UPSIDE Foods thinks so if it’s grown from animal cells.

UPSIDE Foods: why its vegan founder is championing meat | Scottish Mortgage

UPSIDE Foods: why its vegan founder is championing meat

The mRNA technology behind the Covid vaccine is being directed against other diseases.

Why the Covid vaccine was just the start for the disease-busting technology.

Moderna’s mRNA healthcare revolution

From Covid to cancer: Moderna’s new challenge

Tom Slater on looking beyond tough times to future opportunities.

Throughout its history the Trust has looked beyond the surrounding gloom to long-term opportunities.

Scottish Mortgage: success in adversity

Scottish Mortgage: looking beyond tough times to future opportunities

Tom Slater and Lawrence Burns answer the questions on shareholders’ minds.

Tom Slater and Lawrence Burns answer the questions on Scottish Mortgage shareholders’ minds.

Insights

Climeworks: leading the charge in carbon removal

Perspectives on Progress

Categories

AI: intelligence everywhere

Starlink’s Space-based broadband

The founder factor

Investor webinar: written overview

Investor webinar: your questions answered

Brandtech: on better, faster and cheaper marketing

Climeworks: digging deeper for climate solutions

Trust in progress: from headwinds to tailwinds

Moderna: designing drugs on a computer

Joby Aviation: preparing for takeoff

HelloFresh: changing how people eat forever

Investor webinar: written overview

The Archive