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.

Browse the Scottish Mortgage Team's top picks.

Periods of rapid change are often uncomfortable, but they are also rich with opportunity.

Scottish Mortgage Manager Tom Slater on how periods of rapid change can create lasting investment opportunity.

Tom Slater: Manager Review | Scottish Mortgage

Tom Slater: Manager Review

Investment Specialist Hamish Maxwell explores how AI and structural shifts reshape industries, highlighting key portfolio themes and recent performance.

Hamish Maxwell on AI’s impact, transformational growth themes, and portfolio performance at Scottish Mortgage.

Portfolio Update Q3 2025 | Scottish Mortgage

Portfolio Update Q3 2025

Does the 2015 research still hold? The Scottish Mortgage Team reflects on investment success.

Discover how patience, adaptability and backing outlier companies drive long-term investment success, according to Scottish Mortgage’s managers.

Blue Sky and Base Rates: 10 Years On

From an AI bubble to Bitcoin exposure, the managers tackle the topics on shareholders’ minds.

The Scottish Mortgage investment managers candidly answer shareholder questions on AI, tech, global markets and portfolio strategy.

Change Drives Growth: Q&A Session

What’s next for MercadoLibre after reshaping ecommerce and payments in Latin America?

Discover how MercadoLibre is transforming ecommerce, fintech and digital advertising across Latin America in conversation with incoming CEO, Ariel Szarfsztejn.

MercadoLibre: Building Latin America's Digital Infrastructure

Welcoming Anthropic, Figma and RedNote while showcasing how our existing holdings are reshaping quantum computing and luxury engineering.

The Scottish Mortgage Team shares the latest updates from portfolio companies and introduces Anthropic, Figma and RedNote. Discover how these companies, along with existing holdings, are shaping the future of AI, design, quantum computing, and luxury engineering.

Perspectives on Progress #16 | Scottish Mortgage

Perspectives on Progress #16

Periods of transformation test conviction, but they also reveal the companies shaping the future.

Scottish Mortgage manager Tom Slater reviews a period of strong progress, as portfolio companies drive global change in AI, digital platforms and electrification.

A written summary of Lawrence Burns in discussion with MercadoLibre's incoming CEO Ariel Szarfsztejn.

Incoming CEO Ariel Szarfsztejn shares MercadoLibre’s vision and growth plans for ecommerce, fintech and advertising across Latin America.

MercadoLibre: The Next Chapter | Scottish Mortgage

MercadoLibre: The Next Chapter

Claire Shaw welcomes shareholders to this year’s Scottish Mortgage Digital Conference.

Portfolio Director, Claire Shaw, welcomes shareholders to this year’s Scottish Mortgage Digital Conference.

Change Drives Growth: Introduction

Scottish Mortgage’s Tom Slater on the lesson from turbulent times.

Scottish Mortgage’s Tom Slater on the lesson from turbulent times: that companies must be built to survive before they can thrive.

The Age of Resilience: Outperformers Must First be Survivors | Scottish Mortgage

The Age of Resilience: Outperformers Must First be Survivors

The electric carmaker’s drive to follow success in China with global expansion.

BYD’s Right to Win | Scottish Mortgage

Driving Ambition: BYD’s Right to Win

Why Scottish Mortgage is investing in the 'picks and shovels' of the crypto boom.

New Kids on the Blockchain | Scottish Mortgage

New Kids on the Blockchain

Two new companies enter the portfolio, while Roblox, Zipline and Cloudflare continue transforming their respective industries.

The Scottish Mortgage Team shares the latest updates from portfolio companies, including two new holdings CATL and Applovin and three meaningful milestones from Zipline, Roblox and Cloudflare.

Perspectives on Progress #15 | Scottish Mortgage

Perspectives on Progress #15

Investment Specialist Chloé Darling-Stewart updates on recent meetings with  founders, holdings continuing to show impressive resilience, and trading activity and performance.

Investment Specialist Chloé Darling-Stewart shares recent discussions with company founders, highlights the portfolio holdings showing resilience in challenging times, and comments on latest transactions and portfolio performance.

Portfolio Update Q2 2025| Scottish Mortgage

Portfolio Update Q2 2025

From enabling global money movement to serving underbanked populations, Scottish Mortgage holdings are building the financial systems of the future.

From Revolut to Stripe to Nubank, the Scottish Mortgage portfolio includes companies building the financial systems of the future.

The Digital Finance Revolution | Scottish Mortgage

The Digital Finance Revolution: Backing the Architects of the Future of Finance

From AI integrations to global opportunities, Tom Slater reflects on the past 12 months, and his continuous search for the next generation of winners.

From AI driving tangible gains, to innovative businesses being built in all corners of the globe, Tom Slater reflects on the past 12 months, and his continuous search for the next generation of winners.

Manager Insights: Tom Slater | Scottish Mortgage

Manager Insights: Tom Slater

Lawrence Burns outlines the commonalities he has observed amongst the portfolio’s biggest winners.

Scottish Mortgage manager Lawrence Burns outlines what portfolio’s biggest winners have in common.

Manager Insights: Lawrence Burns | Scottish Mortgage

Manager Insights: Lawrence Burns

Tom Slater reflects on decades of daring to be different in search of growth.

What Tom Slater has learned from decades of defying consensus to focus on a few transformative high-growth companies.

Back to Blue Sky and Base Rates: 10 Years On | Scottish Mortgage

Back to Blue Sky and Base Rates: 10 Years On

From drones to driverless systems, autonomous technology is taking flight.

Scottish Mortgage invests in autonomous technology pioneers transforming transportation. Explore how BYD, Aurora, Zipline and Joby Aviation are revolutionising self-driving cars, drone delivery and air taxis.

Perspectives on Progress #14 | Scottish Mortgage

Perspectives on Progress #14

What are the characteristics of a true outlier company? Lawrence Burns shares his view.

Scottish Mortgage’s Lawrence Burns on what makes a company a true outlier.

Lawrence Burns: Manager Review | Scottish Mortgage

Lawrence Burns: Manager Review

Investment Specialist Hamish Maxwell on recent volatility, latest portfolio transactions, and a deep dive on two key long-term growth trends prominent in the portfolio.

Scottish Mortgage Portfolio Update Q1 2025 | Scottish Mortgage

Portfolio Update Q1 2025

Author Tim Marshall explains how space is set to become the new arena for rival powers.

Author Tim Marshall explains how space is set to become the new arena for rival powers as well as an aid to life on earth.

Watch this space: Tim Marshall on the future of ‘astropolitics’

Watch This Space: Tim Marshall on the Future of ‘Astropolitics’

How a flying taxi firm could launch a transport revolution.

Joby Aviation's flying taxis could revolutionise clean transportation. The firm is set to lower emissions and journey times, helped by its strategic partnerships.

Joby Aviation readies for takes off

Joby Aviation Readies for Take-Off

Charting the app-based lenders’ long-term growth.

Charting the app-based lenders’ long-term growth and customer products with infographics.

Nubank: Latin America’s Digital Disrupter

Nubank: Latin America’s Digital Finance Disrupter

Key points addressed by the managers in the recent webinar, including the buyback, the US political landscape, investing in private companies, and exposure to China.

An abstract of a waveform with blue and orange colours.

A summary of the recent Scottish Mortgage webinar addressing shareholder questions regarding the Trust and how it is positioned.

Investor Webinar: Written Overview | Scottish Mortgage

Investor Webinar: Written Overview

Tom Slater and Lawrence Burns discuss everything from the impact of the Trump administration and investing in China, to artificial intelligence and portfolio positioning.

Tom Slater and Lawrence Burns discuss the topics on shareholders’ minds, from the impact of the Trump administration and investing in China, to artificial intelligence and portfolio positioning.

Webinar with Scottish Mortgage Managers | Scottish Mortgage

Investor Webinar: Your Questions Answered

In the latest holdings updates, we explore how innovative companies tap into unexplored worlds, from the wonders of space to the beauty of nature’s chemistry.

An update on progress at Scottish Mortgage holdings, from innovative healthcare to industry-leading private companies.

Perspectives on Progress #13 | Scottish Mortgage

Perspectives on Progress #13

The crypto firm’s chief executive discusses outlasting rivals and high hopes for the future.

The crypto firm’s chief executive, Peter Smith, on outlasting rivals and his high hopes for the Trump administration.

Blockchain.com: Building Crypto’s Financial Future | Scottish Mortgage

Blockchain.com: Building Crypto’s Financial Future

Where in the world would you travel for the best investment opportunities? We take a tour of the portfolio to find out.

Discover the countries and companies that are exciting Scottish Mortgage’s managers out of a rich and diverse global opportunity set.

Scottish Mortgage: A World of Investment Opportunities

A World of Opportunities: Forum Write-Up

Investment Specialist Hamish Maxwell on recent portfolio transactions, how we define ‘exceptional growth’, and how our private company exposure continues to be a competitive edge.

Scottish Mortgage Portfolio Update Q4 2024 | Scottish Mortgage

Portfolio Update Q4 2024

As markets become more supportive of crypto following the US election, what does this mean for the Scottish Mortgage portfolio?

The latest news from Scottish Mortgage holdings, including innovation in the world of finance and progress being made toward autonomous driving.

Perspectives on Progress #12

Tempus AI is a pioneer in personalised healthcare, leveraging AI across cancer care, diagnostics and treatment discovery.

Tempus AI: the future of cancer care

Highlights, challenges, and how the portfolio is well-positioned to take advantage of investment opportunities in the decades ahead.

Tom Slater updates shareholders on the portfolio and how it is positioned to take advantage of investment opportunities in the decades ahead.

Scottish Mortgage: Interim Manager Review

Tom Slater and Lawrence Burns share the latest on the private companies held in the Scottish Mortgage portfolio.

Private companies: embracing change, driving growth

Private Companies: Embracing Change, Driving Growth

Companies and countries are vying for influence on the chips powering computation.

Companies and countries are vying for influence over the technology that powers computation.

The Firms Behind the World’s Most Critical Technology

A written summary of Lawrence Burns in discussion with founder and CEO of Wise Kristo Käärmann.

On a mission to make international payments faster, cheaper and more convenient, Wise strives to do better for customers.

Wise move: saving on international money transfers

A Wise Move: Saving When Sending Abroad

Tom Slater explains why the theme ‘Change Drives Growth’ is fundamental to the Scottish Mortgage philosophy.

Tom Slater explains why the theme Change Drives Growth is fundamental to the Scottish Mortgage philosophy.

Tom Slater introduces the Scottish Mortgage Digital Conference | Scottish Mortgage

On why owning public and private companies in one fund is a unique proposition. Plus updates on SpaceX, Northvolt, blockchain.com and more.

Tom Slater, Lawrence Burns and Claire Shaw on the benefits of the private company allocation within the Scottish Mortgage portfolio. Plus updates on SpaceX, Northvolt and blockchain.com.

Scottish Mortgage on Private Company Investing | Scottish Mortgage

Private Companies: Primary Capital is Purposeful Capital

Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.

Wise founder Kristo Käärmann explains the customer-centric approach to making international money transfers cheaper and more transparent.

Lawrence Burns welcomes Wise co-founder and CEO Kristo Käärmann | Scottish Mortgage

Wise: Money Without Borders

Introducing Nubank and Hermès, and showcasing where existing holdings are disrupting healthcare, transport and fashion.

Perspectives on Progress #11 | Scottish Mortgage

Perspectives on Progress #11

The US’s new hotbeds of innovation are increasingly based outside California.

Why investors seeking the best in US innovation need to travel beyond the established tech heartlands to find thriving new business hubs.

Beyond Silicon Valley | Scottish Mortgage

Beyond Silicon Valley: the US’s other innovation hubs

How the leaders of Meta, Shopify, Roblox and Spotify’s expertise helps them put AI to use.

How Meta, Shopify, Roblox and Spotify benefit from their leaders’ technical expertise at a time when generative AI is creating new growth opportunities.

Why technical leaders have an advantage | Scottish Mortgage

Why technical leaders have the advantage in the AI era

Lawrence Burns sees great growth firms in action in South Korea and India

A visit to South Korea and India provides an opportunity to meet with online retailer Coupang and lender HDFC Bank and explore other potential investments.

Trip Notes: Seoul and Mumbai | Scottish Mortgage

Trip Notes: Seoul and Mumbai

Rising to the challenge of getting blood and medical supplies to where they’re needed most.

Zipline drones have proven their worth in Rwanda, saving lives by getting medical supplies to where they are needed most.

Zipline’s autonomous drones save lives | Scottish Mortgage

Against the clock: Can drones save lives?

The story of Tempus AI, the latest company in the portfolio to IPO.

From drug discovery to targeted therapy, Tempus’ platform gives hope to patients with cancer and other diseases.

Stock stories: Tempus | Scottish Mortgage

Stock stories: Tempus

Approvals abound: from Moderna’s second mRNA vaccine to Joby Aviation’s UAE deals and Tempus AI’s IPO.

Positive news regarding Moderna’s RSV vaccine, Joby Aviation’s air taxi deals, and Tempus AI’s IPO.

Perspectives on progress #10 | Scottish Mortgage

Perspectives on Progress 10

In uncertain times, companies that display resilience and capital efficiency will be rewarded, says Tom Slater.

Manager Tom Slater on investment shifts towards efficiency and resilience, and Scottish Mortgage's strategic focus on growth companies.

Manager insights: The search for profitable growth | Scottish Mortgage

Manager insights: Tom Slater

Lawrence Burns on how various companies within the portfolio are harnessing the power and potential of artificial intelligence.

Investment opportunities for AI can be found in hardware, infrastructure and applications layers, says Scottish Mortgages’ Lawrence Burns.

Manager insights: the rise of artificial intelligence | Scottish Mortgage

Manager insights: Lawrence Burns

Money makes the world go round, which is why “money without borders” is needed now more than ever.

Wise simplifies international money transfers, with no high exchange rates or hidden fees for cross-border payments.

Insights

Spotlight

Tom Slater: Manager Review

Portfolio Update Q3 2025

Blue Sky and Base Rates: 10 Years On

Change Drives Growth: Q&A Session

MercadoLibre: Building Latin America's Digital Infrastructure

Categories

November 2025

Perspectives on Progress #16

November 2025

Tom Slater: Manager Review

October 2025

Portfolio Update Q3 2025

October 2025

MercadoLibre: The Next Chapter

October 2025

Change Drives Growth: Introduction

October 2025

MercadoLibre: Building Latin America's Digital Infrastructure

October 2025

Change Drives Growth: Q&A Session

October 2025

Blue Sky and Base Rates: 10 Years On

September 2025

The Age of Resilience

September 2025

BYD’s Right to Win

September 2025

New Kids on the Blockchain

August 2025

Perspectives on Progress #15

The Archive