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.

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

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

Manager insights: Tom Slater

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.

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 

Perspectives on Progress 10

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 an IPO to $10bn of gross merchandise value a month, the latest news on portfolio holdings.

An update on Scottish Mortgage holdings making the news – Climeworks, ODDITY, MercadoLibre, Delivery Hero and Pinduoduo.

Perspectives on Progress #6 | Scottish Mortgage

Perspectives on Progress #6

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

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

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

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

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.

Stock stories: Wise

Denali is trying to cross the blood-brain barrier with breakthrough drug treatments to tackle neurodegenerative diseases.

Denali is trying to cross the blood-brain barrier with breakthrough drug treatments to treat neurodegenerative diseases.

Denali: defeating the blood-brain barrier

Denali: can drug treatments defeat the blood-brain barrier? 

What if there was a non-invasive, cost-effective way to diagnose heart disease accurately?

HeartFlow's AI-generated heart models are cost-effective and non-invasive, providing accurate diagnosis and cardiac care.

HeartFlow: combating heart disease with AI | Scottish Mortgage

HeartFlow: combating heart disease with AI-generated models

An update on the portfolio, and the fertile territories for growth investing. 

With a focus on resilient, long-term growth companies, explore Scottish Mortgage’s key holdings and strategic insights.

Tom Slater: manager review | Scottish Mortgage

Scottish Mortgage manager review

Stepping back from the noise to outline the layers of AI that will drive true transformation.

OpenAI’s founder depicts computing power as the most precious commodity. Lawrence Burns explores where AI’s value lies.

Lawrence Burns on artificial intelligence: manager review | Scottish Mortgage

Scottish Mortgage deputy manager review 

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: carbon removal pioneers | Scottish Mortgage

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

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

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.

Insights

AI: intelligence everywhere

Perspectives on Progress

Categories

Against the clock: Can drones save lives?

Stock stories: Tempus

Manager insights: Tom Slater

Manager insights: Lawrence Burns

Stock stories: Wise

Denali: defeating the blood-brain barrier

HeartFlow: combating heart disease with AI

Tom Slater: manager review

Lawrence Burns: manager review

AI: intelligence everywhere

Starlink’s Space-based broadband

The founder factor

The Archive