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.

If none of the previous options apply, please select Rest of World below:

SELECT LOCATION

This article is archived and some details may be out of date.

You need to be an existing investor of this {{FundOrStrategy}} before you can view its details.
If you are not an existing investor of this {{FundOrStrategy}}, please close this message and you'll be directed to our list of funds.

Home

This private website has been shared on a reverse solicitation basis only. It is intended to only be accessed by the recipient: a professional or institutional investor who has received the direct link from Baillie Gifford following a reverse enquiry. It has been designed to provide you with the specific information you have requested from Baillie Gifford. It is not for onward distribution, and is not intended for use with retail clients.

Legal declaration

This podcast is archived and some details may be out of date.

Private placement funds can only be bought or sold by Accredited Investors, as defined for the purposes of SEC Rule 506 (c) of Regulation D under the Securities Act of 1933, as amended. We shall ask for confirmation of your accredited status before you invest.

This video is archived and some details may be out of date.

Philosophy

Deliberately different in more ways than one. Discover our investment philosophy and learn how we differentiate ourselves from the rest.

Insights

Explainers

Documents

Podcast

You are viewing the site as Insights in UK

About Us

How to Invest

Frequently Asked Questions

Email Sign Up

The home of our latest insights, ranging from articles and newsletters to films.
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.

An update on our SpaceX holding amid IPO speculation.

A Space X rocket sat on the launch pad on a mild day.

An update on Scottish Mortgage’s SpaceX holding, valuation approach and SpaceX IPO speculation, including what is currently known and what remains uncertain.

SpaceX: Briefing Note

Explore the private companies widening Scottish Mortgage’s opportunity set.

Beyond SpaceX sits a broader private portfolio at Scottish Mortgage, spanning exceptional companies in AI, payments, biotech and logistics.

Beyond SpaceX: the Next Wave of Exceptional Companies

Beyond SpaceX: Our Private Portfolio and the Next Wave of Exceptional Companies

Why we would rather invest in the companies driving change than shelter from it.

Tom Slater explores Scottish Mortgage’s focus on AI, SpaceX and long-term investing in companies driving global change.

Tom Slater: Manager Review | Scottish Mortgage

Tom Slater: Manager Review

How the rise of agentic AI could reshape software, commerce and the infrastructure of the digital economy.

Lawrence Burns explores how agentic AI could reshape software, commerce and digital infrastructure, and what it means for Scottish Mortgage.

Lawrence Burns: Manager Review | Scottish Mortgage

Lawrence Burns: Manager Review

When private companies go public, what really changes for long-term investors?

As IPO activity picks up, Scottish Mortgage explores what truly changes when companies list and why long-term investors should stay focused on fundamentals.

IPO Talk is Back

IPO Talk is Back: Our Investment Horizon Never Left

Discover the companies driving change, from digital banking and new medicines to the future of urban air travel.

Scottish Mortgage explores portfolio progress, from Revolut’s banking milestone to Joby Aviation's move towards urban air travel. Discover how growth companies are opening new possibilities.

Perspectives on Progress #18 | Scottish Mortgage

Perspectives on Progress #18

Investment Specialist Chloé Darling-Stewart explores how AI is reshaping industries and highlights our exposure to companies driving this change.

Investment Specialist Chloé Darling-Stewart explores how AI is reshaping global investing in her Q1 2026 update, highlighting Scottish Mortgage’s exposure to leading growth companies.

Portfolio Update Q1 2026 | Scottish Mortgage

Portfolio Update Q1 2026

As AI rewrites the rules, where does value go next? The managers answer shareholder questions.

What Scottish Mortgage’s managers really think about AI, SpaceX and private markets. Key insights from the latest shareholder webinar, including how the portfolio is positioned for change.

Investor Webinar: Your Questions Answered

AI is reshaping human cognition at unprecedented speed. What does that mean for workers, companies and society?

Tom Slater explores how AI is reshaping human cognition at unprecedented speed. What does that mean for workers, companies and society?

AI Isn’t Coming for Your Job. It’s Coming for Your Mind

AI Isn’t Coming For Your Job. It’s Coming For Your Mind

From space to smartphones, unpacking progress across technology, banking and pet healthcare, with new investments in MiniMax and Loyal.

The Scottish Mortgage Team provides updates from across the portfolio and introduces MiniMax and Loyal. Explore how these companies are redefining technology, digital banking and pet healthcare at scale.

Perspectives on Progress #17 | Scottish Mortgage

Perspectives on Progress #17

Investing in Scottish Mortgage is an investment in global change and progress in its many forms.

From AI to embodied intelligence, Scottish Mortgage managers look forward to an era of intense innovation, where leader-takes-all economics will drive growth.

The Golden Age of Change: Forum Write-Up

Scottish Mortgage 2026 Forum: The Golden Age of Change

Investment Specialist Hamish Maxwell reflects on the 'Golden Age of Change' driven by AI and highlights our strategic exposure in transformational growth areas.

Investment Specialist Hamish Maxwell explores the impact of AI and electrification on industries in his Q4 2025 update, highlighting Scottish Mortgage's strategic investments.

Portfolio Update Q4 2025 | Scottish Mortgage

Portfolio Update Q4 2025

Why avoiding growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.

Why avoiding growth stocks is perilous: AI infrastructure investment, asymmetric returns, and the paradigm shift explained.

The New Growth Epoch: Avoid at Your Peril

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.

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

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

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

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

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

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

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

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.

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.

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

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

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.

Insights

Spotlight

SpaceX: Briefing Note

Beyond SpaceX: the Next Wave of Exceptional Companies

Tom Slater: Manager Review

Lawrence Burns: Manager Review

IPO Talk is Back

Categories

June 2026

Tom Slater: Manager Review

June 2026

Lawrence Burns: Manager Review

June 2026

Beyond SpaceX: the Next Wave of Exceptional Companies

May 2026

Perspectives on Progress #18

May 2026

SpaceX: Briefing Note

April 2026

Portfolio Update Q1 2026

March 2026

IPO Talk is Back

February 2026

Investor Webinar: Your Questions Answered

February 2026

AI Is Coming For Your Mind

February 2026

Perspectives on Progress #17

January 2026

The Golden Age of Change: Forum Write-Up

January 2026

Portfolio Update Q4 2025