UPDATE: Scottish Mortgage has continued to bounce back since June 2024, with SpaceX becoming its largest holding, and its share price touching the level it hit in late 2021. The NAV total return for the year to March 2025 was 11%, followed by 27% for the year to March 2026. In early 2026, it asked shareholders to give it more flexibility regarding the level of its private investments, but this concern has since lessened due to the IPO of SpaceX.
Scottish Mortgage (ticker: SMT) was founded in 1909 and has been managed by Baillie Gifford throughout its existence. For the last several decades, i...
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UPDATE: A revised version of this profile was published in June 2024.
Scottish Mortgage needs little introduction, being both the largest investment trust with a market cap of £22bn and the best-performing of the last decade with an astonishing 1,318% return. After a 110% return in 2020, long-time manager James Anderson announced that he would be stepping down in April 2022 after more than 20 years at the helm. Scottish Mortgage is perhaps most famous for its big bets on the likes of Amazon and Tesla but it's recently eased back on these in favour of vaccine maker Moderna and other healthcare...
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