Scottish Mortgage Investment Trust
This is the second consecutive year the Scottish Mortgage Investment Trust has won in this category, with the panel of judges particularly impressed by its long-term track record.
The trust is managed on behalf of Baillie Gifford by James Anderson and Tom Slater, having launched in 1909. Its stated aim is to maximise total returns from an actively managed and high-conviction portfolio of global companies.
The managers identify businesses with above-average returns and seek to deliver a greater return than the FTSE All World index over a rolling five-year period.
According to the latest factsheet, the trust has an active share of 94 per cent and there are 70 equity investments in the portfolio. Companies are analysed on criteria such as strength of management, competitive position, prospects for sales and margins, and current and potential valuation.
The largest geographical weighting in the portfolio is to North America at 48 per cent of the fund, with 33.7 per cent allocated to Europe. Of that, the UK accounts for 8.2 per cent. Within Asia, which makes up 15.5 per cent of the portfolio, 12.9 per cent is exposed to China.
What the judges say
The judges said this trust has a reputation for delivering good alpha to investors. One noted that its long-term record “cannot be denied”.
In numbers
£3.6bn
Total assets
159.8%
Five-year actual return
0.48%
Ongoing charges
Club members
Artemis Global Growth
Henderson Global Growth
JOHCM Global Select
Majedie Investment Trust
