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Re: Scottish Mortgage heading for where
Posted: March 9th, 2021, 5:00 pm
by scrumpyjack
Interesting article about the recent volatility and in particular that part of it may have been due to worries about the valuation of their unquoted holdings which are about 16% of the portfolio. Also talks about their valuation process and how they ensure it is kept up to date by monthly reviews of one third, soo all get reviewed every 3 months.
https://citywire.co.uk/investment-trust ... s/a1478181
Re: Scottish Mortgage heading for where
Posted: March 9th, 2021, 6:29 pm
by Steveam
This is not my usual style! Having sold out in January I bought some yesterday as I thought they were oversold but they rebounded a bit today so I sold again and pocketed £2,000 by day trading. Really not me at all. I may well buy back in at some point.
The quick in and out was really done on a whim - perhaps COVID boredom is getting to me.
Best wishes,
Steve
Re: Scottish Mortgage heading for where
Posted: March 9th, 2021, 7:23 pm
by XFool
Most things seem to be collapsing upwards today.
Re: Scottish Mortgage heading for where
Posted: March 15th, 2021, 6:10 pm
by Adamski
Bought SMT 1% today (to add to 1% on 5 March). Got 25% in Baillie Gifford now. Thinking of reducing BG China B, become uncomfortable with single country holdings, and don't really want more than 20% in BG; but hesitant as probably will wait until go back up first. Feels like the wrong time to sell with China 20%+ down in the last few weeks. But suppose should look at it as portfolio is now, and adjust based on what allocation I want now, not on what has happened in the past.
Re: Scottish Mortgage heading for where
Posted: March 15th, 2021, 6:22 pm
by seekingbalance
Adamski wrote: Feels like the wrong time to sell with China 20%+ down in the last few weeks.
China is an enigma - you never know what might come along from their Government, so I find it always good to not go too far in investing there. But it's also impossible to ignore them!
Check out this amusing, but also not very amusing, take on the US v China from comedian bill Maher!
https://www.youtube.com/watch?v=2DH4v6FnbvMA whole market, or well managed IT is surely a must, in case they don't confiscate all money and revert to true communism.
Re: Scottish Mortgage heading for where
Posted: March 15th, 2021, 8:02 pm
by scrumpyjack
seekingbalance wrote:Adamski wrote: Feels like the wrong time to sell with China 20%+ down in the last few weeks.
China is an enigma - you never know what might come along from their Government, so I find it always good to not go too far in investing there. But it's also impossible to ignore them!
Check out this amusing, but also not very amusing, take on the US v China from comedian bill Maher!
https://www.youtube.com/watch?v=2DH4v6FnbvMA whole market, or well managed IT is surely a must, in case they don't confiscate all money and revert to true communism.
Yes a lot of truth in Bill Maher's sketch! China is going to come out on top, but somehow I can't see Western shareholders getting the benefits. Many years ago a company I was involved with invested in projects in China which looked dead certs. Needless to say the benefits all went to rip off locals and the western company lost millions. Naibu was no flash in the pan (and that's not the saga I was referring to which I will say no more about).
Re: Scottish Mortgage heading for where
Posted: March 16th, 2021, 3:27 pm
by richfool
Stripe, the unquoted global payments processor, has received a record $95bn (£68bn) valuation, boosting backer Scottish Mortgage Trust (SMT) as the UK’s largest investment trust recovers from the recent tech sell-off.
Stripe, an e-commerce company founded in 2010 by Irish brothers Patrick and John Collinson, announced yesterday it had raised $600m from a range of investors including Baillie Gifford, manager of the £16bn listed global fund.
The company’s eighth funding round values it at $95bn, nearly three times more than the $35bn it was valued at last April when Baillie Gifford and other investors pumped in $600m in an extension of a $250m financing in the previous September.
This make the San Francisco based company the most valuable private company Silicon Valley has ever produced, according to the Financial Times, with its rapid rise in valuation exceeding previous tech stars Facebook and Uber before they went public.
https://citywire.co.uk/funds-insider/ne ... n/a1481084
Re: Scottish Mortgage heading for where
Posted: March 19th, 2021, 7:23 am
by wanderer101
James Anderson to retire:
https://www.investegate.co.uk/scot.mort ... 00027810S/The Company announces that it has been notified by Baillie Gifford & Co that, after nearly four decades at Baillie Gifford, James Anderson will retire from the Baillie Gifford partnership on 30 April 2022 and will, accordingly, step down as joint portfolio manager of Scottish Mortgage Investment Trust PLC on that date.
James joined Baillie Gifford in 1983 and became a partner four years later. He has been the portfolio manager of the Company since 2000 and, since 2015, joint portfolio manager with fellow partner Tom Slater. Tom will continue as lead portfolio manager when James retires and Lawrence Burns, who is also a partner at Baillie Gifford, will become deputy portfolio manager with immediate effect.
Re: Scottish Mortgage heading for where
Posted: March 19th, 2021, 8:45 am
by SoBo65
Another excellent example from BG on how to manage succession properly.
Re: Scottish Mortgage heading for where
Posted: March 19th, 2021, 9:48 am
by scrumpyjack
I'm sure James Anderson will continue to take a close interest in SMT given that his personal holding of the shares is, I understand, about 1% (=£170 million)
Re: Scottish Mortgage heading for where
Posted: March 19th, 2021, 1:00 pm
by UncleEbenezer
scrumpyjack wrote:I'm sure James Anderson will continue to take a close interest in SMT given that his personal holding of the shares is, I understand, about 1% (=£170 million)
That's a man who can ... um ... afford to sit back and do a Doris if he chooses to devote himself to other interests, or if health dictates that he takes it easy.
Re: Scottish Mortgage heading for where
Posted: March 19th, 2021, 4:21 pm
by ADrunkenMarcus
If he has £170 million worth of SMT, then he can comfortably live on the 0.3% dividend yield!
Best wishes
Mark.
Re: Scottish Mortgage heading for where
Posted: March 19th, 2021, 5:07 pm
by monabri
or..he could draw down half a million a year for the next 340 years... what a dilemma!
Re: Scottish Mortgage heading for where
Posted: March 20th, 2021, 3:42 pm
by Dod101
There is an article in The Times today about the announced retirement of James Anderson. Inter alia is a comment from Simon Elliott IT analyst at Winterflood ''His ability to insult most of his audience is unparalleled''. The article says that he is a passionate advocate of the idea that it is the timid fund managers who avoid highly priced, high growth stocks who are taking the bigger risk with their client's money.
Also some sayings attributed to him
On the FT: The London financial community's Pravda equivalent.
On big pharma : A real mess
On British business ambition: We fail at every level
I rather like him.
Dod
Re: Scottish Mortgage heading for where
Posted: March 20th, 2021, 4:04 pm
by Dod101
Adamski wrote:Bought SMT 1% today (to add to 1% on 5 March). Got 25% in Baillie Gifford now. Thinking of reducing BG China B, become uncomfortable with single country holdings, and don't really want more than 20% in BG; but hesitant as probably will wait until go back up first. Feels like the wrong time to sell with China 20%+ down in the last few weeks. But suppose should look at it as portfolio is now, and adjust based on what allocation I want now, not on what has happened in the past.
However good a fund manager may be, you are absolutely right I am sure to limit your exposure to any one fund manager. BG are primarily growth investors and that will not always be in fashion and anyway your own needs might change.
I tend to avoid ITs that are too specialist and prefer the big generalists, but I like to think each of my ITs is slightly different. I did though buy into BG China when the mandate changed and BG were taking over. I got in before the huge premium emerged and am glad to see that the premium has fallen well back although I am still well on the right side in rather less than 6 months. I bought for the China exposure and because it is run by BG. It is a very small part of my total portfolio but I do not think we can ignore China.
Dod
Re: Scottish Mortgage heading for where
Posted: March 22nd, 2021, 11:11 am
by wanderer101
The factsheet for end-Feb is now up on the website:
https://www.bailliegifford.com/en/uk/in ... factsheet/Couple of points I notice: Tesla down to 5th place and 4.4 percent (much/most of that may be due to share price movement.
And SMT is on its largest discount in at least 5 years. (Current discount 5.3 percent according to website).
Cheers wand
Re: Scottish Mortgage heading for where
Posted: March 22nd, 2021, 12:09 pm
by bluedonkey
I think the discount/premium for SMT can be clouded by the off-market valuations of the substantial private equity holdings it has.
Re: Scottish Mortgage heading for where
Posted: March 22nd, 2021, 12:28 pm
by Charlottesquare
Dod101 wrote:Adamski wrote:Bought SMT 1% today (to add to 1% on 5 March). . I bought for the China exposure and because it is run by BG. It is a very small part of my total portfolio but I do not think we can ignore China.
Dod
Certainly agree about China but also Asia/Pacific/India more generally, I now have more in this broad sector than any other single broad region/area, my second place being USA/Canada ,I certainly now hold more than I hold in solely UK or Europe centric trusts.
Best results I have had have been with Fidelity China Special Situations, first purchased 3/8/15 at £134.20, last purchase 13/10/20 at £364.25, and apart from things like Aberdeen Asian, Henderson Far East Income, JPM Indian and Schroeder Oriental Income I am now also dipping a very little toe into smaller individual markets like Vietnam (Vina Capital Opp Fund plc) and Thailand (Aberdeen New Thai).
Re: Scottish Mortgage heading for where
Posted: March 22nd, 2021, 6:50 pm
by Adamski
Charlottesquare wrote:Best results I have had have been with Fidelity China Special Situations, first purchased 3/8/15 at £134.20, last purchase 13/10/20 at...
Noticed FCSS held up relatively well in the recent feb/March China sell off, compared to peers.
SMT today 4.8%, on bullish day for US market. Whether this is a sign of start of a bounce back? Or just an upbeat day, shall see.
Re: Scottish Mortgage heading for where
Posted: March 22nd, 2021, 9:26 pm
by Charlottesquare
Adamski wrote:Charlottesquare wrote:Best results I have had have been with Fidelity China Special Situations, first purchased 3/8/15 at £134.20, last purchase 13/10/20 at...
Noticed FCSS held up relatively well in the recent Feb/March China sell off, compared to peers.
SMT today 4.8%, on bullish day for US market. Whether this is a sign of start of a bounce back? Or just an upbeat day, shall see.
Cannot complain with SMT, apart from one purchase in Feb 21 that is ahead of the current price all have been fine, my purchases since March 20 have been at:
553.59
629.24
1224.94
1068.86
Whilst no spare cash right now if I do decide to realise one of the property companies held, or trim something else, then I may, notwithstanding SMT is already at 9.99% of my portfolio valuation, buy a few more- I also bought some in 2013 within a Trust created after my father died, they have been stellar , average cost of these 202.78, given we trimmed some years back in this trust (only held 7 ITs so SMT was getting too large as a single holding), I have no inclination to now do anything but sit, hold and maybe add a few more to my personal position.