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Scottish Mortgage Investment Trust Plc

24.80 (3.69%)
Share Name Share Symbol Market Type Share ISIN Share Description
Scottish Mortgage Investment Trust Plc LSE:SMT London Ordinary Share GB00BLDYK618 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  24.80 3.69% 697.60 2,824,411 16:35:29
Bid Price Offer Price High Price Low Price Open Price
697.80 698.60 699.00 678.00 680.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Trusts -2,535.62 -2,544.35 - - 9,871.08
Last Trade Time Trade Type Trade Size Trade Price Currency
18:05:08 O 416 698.113 GBX

Scottish Mortgage Invest... (SMT) Latest News (2)

Scottish Mortgage Invest... (SMT) Discussions and Chat

Scottish Mortgage Invest... Forums and Chat

Date Time Title Posts
02/6/202315:18scottish mortgage Inv. trust charts2,877
10/12/202219:33Scottish Mortgage Trust3
06/6/202215:33ScoMo ScoMo ScoMo and other BIG TECH207
29/9/202007:18Scottish Mortgage5

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Scottish Mortgage Invest... (SMT) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-06-02 17:05:18698.114162,904.15O
2023-06-02 17:01:03697.6049,927348,290.75O
2023-06-02 16:45:23697.6777537.21O
2023-06-02 16:26:30696.891,0737,477.61O
2023-06-02 16:12:29697.6112,22385,268.63O

Scottish Mortgage Invest... (SMT) Top Chat Posts

Top Posts
Posted at 02/6/2023 15:18 by steeplejack
A valuation is applied to the unquoted element of the portfolio by SMT and one is required to accept that.I can argue that a portfoilio that contains the likes of Nvidia and ASML should not stand at a discount (even given a large holding in Moderna!) but i’m running fairly blind when it comes to arguing that the unquoted investments are being undervalued in the portfolio because i don’t have a comparable access to data.Yet,i see what you’re saying ie SMT is being valued incorrectly as a consequence of 30% of its portfolio being in unquoted.Well,time will tell.Ideally it would be good to have the equivalent of what Action Supermarkets is to III (the latter trading at around a 5% premium to NAV)driven almost entirely by an appreciation of that private company’s record and prospects.

PS.I welcome the fact that an investment trust like SMT has a large unquoted element.Listings both sides of the Atlantic are in marked decline and to get in on the ground floor,you will need to purchase an interest in private companies.Many growth companies will eschew a stock exchange listing if they can secure bedrock finance from the likes of SMT especially given the regulatory regime under which listed companies labour nowadays.Dechra are on their bike i see and many others will follow.

Posted at 02/6/2023 14:46 by steeplejack
Two years ago (when SMT were around £16 and stood at a 5% premium to NAV) the world was a very different place.Inflation was subdued and the geopolitical situation superficially relatively benign.The valuation and premium enjoyed by SMT was wrong two years ago as history has shown.SMT is oversold and has enjoyed a good bounce of late and that is in part, at least,been partially technical plus the benefit of having sizeable positions in good performing semiconductors.The markets valuation of SMT can only be assessed as 'wrong' with the benefit of hindsight given that for the greater part the share largely tracks the value of the portfolio constituents.Sentiment and demand accounts for a fluctuating discount/premium.
Posted at 02/6/2023 07:34 by quepassa
Good times. Bad times.

Do bear in mind that sentiment drives the share price which in turn drives the price to NAV.

Currently discounted by c 15%, the market was pricing ScoMo at par or even at a premium to NAV two years ago.

Posted at 11/5/2023 21:10 by steeplejack
I think you'll find that SMT chased the price of Moderna up as it sped towards $400 during the Covid pandemic.They started well enough but the disclosure announcements suggest that the latter purchases were ill timed.I reckon that SMT's portfolio cost of its Moderna holding could average high as $200 a share certainly not less than $150.This is SMTs flagship holding and frankly it looks pretty lame right now....but you're right,even a stopped clock tells the right time twice a day.Come on Moderna!.....i hold the stock incidentally and i suspect my price is less than the average price SMT paid .
Posted at 28/4/2023 09:32 by steeplejack
This sort of volatility in an investment trust isn't everybody's cup of tea.Compared to SMT,the likes of Polar Capital Tech look like proverbial steady eddies.Throw in the the lack of clarity which comes with a near third of the fund vested in unquoted and the marketers of SMT might have a choppier ride going forward.It was only a couple of years back that SMT traded at a premium to assets of 5%.A premium then seemed optimistic,it'll seem 'ostrich like' if it happens in the future.For all the bravado,at the end of the day,successful investment invariably requires a bit of luck.That's not a surprise given the importance of timing.SMT is going through a rather unlucky patch.We've seen it before as these darlings of the investment community fall from grace.I have a few SMT but in general i'm happier selecting my own stocks then i only have myself to blame.
Posted at 24/4/2023 14:20 by steeplejack
The Covid epidemic is unlikely to prove a ‘one-off’;.SMTs decision to buy a thumping big stake in Moderna (chasing the price up in the process) was clearly based on the belief that an epidemic of that nature is more than likely to recur any event,the drug industry invariably looks after its own.Takeda,for example,is prolific when it comes to acquiring drug companies of all shapes and sizes in the biotech world.Moderna might well be ‘absorbed̵7; in due course.I think that SMTs decision to pile so heavily into Moderna was,with the benefit of hindsight,overly exuberant.It’s the sort of thing i might do….i expect better of SMT.
Posted at 22/4/2023 10:24 by loganair
Even the most bullish analysts say Moderna share price will not reach the highs of 2021/2022, therefore I ask why didn't SMT sell its stake in Moderna then?

una - I also submit very positive points on some threats, JEMA for one, usually threads that many others are posting very negatively on.

Posted at 23/3/2023 10:06 by steeplejack
Worse still,when SMT accumulated their Moderna shareholding,they chased the shares up.Their initial starting price was fine but as the price of Moderna sped towards $400 a couple of years back SMT paid up in a wave of rather amateurish enthusiasm.One can discern as much from the timing of the announcements in regard of constituent holdings in the SMT fund.I reckon that the average price paid for the Moderna holding could be around $200.The current price is around $150.That said,i see Moderna as a potential takeover candidate.The US pharmas have a history of looking after their own.
Posted at 24/2/2023 09:13 by lord loads of lolly
EssentialInvestor - depends which of SMT's Moderna purchases you mean. MRNA's average share price in Dec 20 (when SMT first invested) was less than today's. However, any top ups made between mid Apr 21 & mid Feb 22 are currently in the red. Especially any made mid - late 21. The Covid effect on MRNA's share price over the pandemic peak is likely to have been a one off. But that doesn't mean it has no other tricks up its sleeve.
Posted at 20/10/2022 11:07 by lord loads of lolly
Caternia - OK then. Time to move on from quepassa, as he appears unable to answer even a basic question from me. In terms of the future for SMT, nobody knows for sure. I suspect we're in for another turbulent 12 months, with volatility still in charge. If global recession materialises (inevitable in my book), the sectors SMT is most heavily invested in are likely to remain out of favour. The question then is how much of this is already priced in? I suspect quite a lot. But an even deeper/longer recession than the current consensus could drive global share prices even lower. The other big unknown is inflation and how high international interest rates will have to go to bring it under control. My guess is that interest rates are likely to peak some time towards the end of 2023. My reasoning for that is that Putin may well find it increasingly hard to fund a long war of attrition in Ukraine, as Europe increasingly weans itself off Russian energy. Sure, he can turn to other markets like China & India, but they aren't going to pay as much. And are unlikely to mop up all the surplus that Europe has since turned its back on. Even early signs of a potential resolution in Ukraine (however messy & unsatisfactory) would be deflationary & hugely market-boosting. But of course, trying to read the mind of an unhinged leader like Putin is a mug's game. The other big unknown with SMT is how its unquoted listings fare. Continued devaluations there could spook investors & create a credibility issue. There again, the reverse is true. Many were dismissive of Tesla when it was a minnow, trading at around $20. SMT, however, had the foresight to see its potential & the contacts to allow it to be a significant early investment partner. Sure Tesla's share price has almost halved from its peak. But SMT has also been reducing its % holding there over the past year or two and has made a shedload of money thanks to its early backing. My personal thought is that how you approach SMT entirely depends on whether you're already invested or looking to get in now. It also depends on your age, risk profile & aspirations. If you're in the least risk averse and haven't already invested in SMT, my advice would be don't. If you've a fair time left until retirement and have some spare cash now, I doubt you'll go too far wrong getting in at these levels (providing you've at least a 5 year - and preferably a 10 year - timeframe). If you've bought in at much higher levels than today, my advice would be don't lose heart or ditch the lot, crystallising a huge loss. Instead, look to trade a bit of what you've already invested, selling maybe 10% of your holding when the price next moves up (say to above £8), then buying back in if/when the price next moves 10% back down below your selling price. Of course, this involves an element of luck and is - like any other form of investing - also a bit of a gamble. a) You could sell 10%, only to see the price continue to recover. But at least then you've sold a portion of your stake at a higher level than now. b) You could never see the price recover to £8. In which case, at least you haven't thrown any more money at it. c) You could sell a tenth, buy back in at a price 10% below your selling price, then find the price continues to drop even further below your buy back price. Nothing is ever certain, but I've repeatedly managed to use this trading strategy to at least average down a bit. Hope this helps. All these suggestions are purely IMHO. So please DYOR.
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