Odd to see this down today?? when the Nasdaq is making a new high and SpaceX valuations being adjusted upwards. Especially when USA and EWI are trading at around par. Does anyone else think this looks good value? |
I stand corrected QP!!
So the high proportion of private companies is more of a Billie Gifford thing by all accounts than a specific feature of SMT.That puts lie then to the idea that a high private company content inevitably compromises a trusts performance.
I confess,I’ve never held BGUSA only PCT and ATT.Personally,i have no problem with a large slug of a portfolio being in private companies but some do.I don’t have large investment trust holdings.I look over the holdings of the more successful trusts periodically for ideas and then make my own stock decisions.Dealing direct with a broker in the US,i pay neither stamp duty or commission on US stock purchases which very much reduces the attraction of dealing in the UK equity market in general. |
Interesting post.
But ....
BGUSA has a much higher portfolio percentage of private assets at 34% than ScoMo at 24%
It would appear that something else is driving ScoMo's trailing discount compared to that of sister-funds EWI and BGUSA - and perhaps not entirely the percentage of ScoMo's private/unlisted investments portfolio.
ALL IMO. DYOR.
QP |
Interesting comparison QP.The discount to assets for both ATT and Polar Capital remains around the 10%.As we all know,both Moderna and Northvolt have been the obvious handbrake on a more pronounced SMT price recovery this year.As much as one would like to believe that it'll all come right in time,its clear that sometimes SMT's more adventurous investments simply fall on very stony ground and that's implicit in the very nature of the fund ie Tesla was an inspired choice but others are not.When you have such a sizeable private company portfoilio,it makes you wander what else SMT has tucked away in that locker and it makes SMT enjoying a nil discount to assets (like BGUSA) unlikely. |
I mentioned recently on 15th. November in Post 3749 that SpaceX was widely rumoured to be considering selling shares via Tender this December at a price which would equate to a new valuation of $255 billion. - Significantly up from the recent summer valuation of $210 billion.
Fresh and widely reported rumours in the press today, now suggest that the Tender price could be much, much higher which would establish a new higher valuation for SpaceX of $350 billion.
If this is so, it is excellent news for the major SpaceX holdings held in the portfolios of a triumvirate of Baillie Gifford Trusts - namely ScoMo, BGUSA and Edinburgh Worldwide.
It should also be noted that BGUSA and EWI are now trading at par to NAV if not slightly over.
all imo. dyor.
qp |
1.
Strong November for ScoMo.
875p to 945p
+8%
2.
A comparison with sister-fund BG USA Growth.
A humongous month.
220p to 270p
+22.7%
3.
Comparison of current Discount-to- NAV
ScoMo Discount-to-NAV 7.8%
BGUSA Discount-to- NAV 0.00%
This tells its own (somewhat astonishing) story.
See my post 3745
4.
ScoMo Monthly Round-Up just released.
Including Manager Review.
Worth a read.
ALL IMO. DYOR.
QP |
From The Times: Baillie Gifford has left two major green investing bodies, becoming the latest asset manager to do so. |
Financial Times: Funds managed by Goldman Sachs will write off almost $900m after Swedish battery maker Northvolt filed for Chapter 11 bankruptcy last week. |
Well, there's not much doubt about Northvolt now. They've filed for bankruptcy. |
 You are cynical.
by name and by nature.
maybe that's a practice you do. others are more honest.
but fundamentally you are quite wrong.
-You can print hard-copies of comments
-You can take screen shots
-You can ask other posters if they think something has been edited.
Like a number of other posters on this bulletin board, you are in absolutely no position whatsoever to advise others what they SHOULD or SHOULDN'T do, say or write. It is none of your business to pontificate on what others write.
I generally find that your ilk of poster comprises people with zero imagination and a total inability to think for themselves or to add anything original.
And by the way, I totally disagree with your ill-conceived notions. It is of the utmost importance to view old comments as this is the only way - the acid test- to see if those comments had any real value.
I would encourage everybody to look back at past comments. Including yours.
Although using your homespun theory- you would have already doctored them all. |
QP I would advise against referring back to previous comments. We can edit our past comments for ever and there is no way of knowing they have been changed (at least not on my basic and free access level). This weakness could be used for dishonest purposes so we shouldn't write anything that encourages users to view old comments. If I am wrong and there is a way of viewing the editing of comments please let me know how to do it. |
I mentioned IonQ in early October in post 3682 when it was $9.
Today IonQ is $30
+230% in seven weeks.
Ticker NYSE:IONQ
Website hXXps://ionq.com/
AND RISING. |
Scottish Mortgage Investment Trust PLC (SMT)
20 November 2024
Legal Entity Identifier : 213800G37DCS3Q9IJM38
Cum Par NAV
1004.53p
Cum Fair NAV
1032.10p
Ex Par NAV
1003.46p
Ex Fair NAV
1031.03p |
NVIDIA is the one of note today I suggest. |
Yes I gathered your point lolly. |
hazl - whether it comes from SMT's own website or not, it's simply out of date. You only have to Google Northvolt to see what a parlous state they're currently in.
Agreed, one holding's success/demise is unlikely to make/break any fund. But sadly I don't think Northvolt will ever "burst into life again". |
Well clearly we have to be open to fresh news and somebody else contributing makes a difference.
However, the news you say is 'old' comes from SMT's website itself.
Remember with investments it is how you do across your portfiolio as whole that counts, and that is the same with a fund.
As you know sometimes investments burst into life again. |
OK. Fact is Northvolt is now an irrelevance in the battery industry. Major German automotive clients have just walked away. Estimates vary but Chinese battery manufacturing capacity is around 3x the current global demand. Amazing to think. Where are all these surplus batteries going? And Northvolt has been overtaken technologically too. If SMT indeed has the best tech analysts in the business, they got Northvolt badly wrong. |
hazl - those upbeat assessments of Northvolt are old news I’m afraid.
With hindsight I think we can safely say this was not one of SMT’s good investments & is more likely than not to be entirely written off. |
'Why do we invest?
We are approaching an energy revolution, moving away from fossil fuels towards the electrification of all forms of transport. To facilitate this shift, we are going to need batteries and lots of them. This is where Northvolt comes in. Its mission? To produce the world's greenest batteries by drawing on renewable energy sources and utilising recycled raw materials.
Northvolt has attracted significant talent, capital, and customer support since its founding. It also has a favourable starting point versus its competitors - good systems technology underpinned by a team of top battery chemists, a cost advantage as its first plant is near the cheap hydropower of North Sweden, and important commitments from large European original equipment manufacturers (OEM).
The company has made history by making the first ever lithium-ion battery cell using 100 per cent recycled nickel, cobalt and manganese in 2020. They aspire to build a circular model, with over half of their upstream materials to be recycled from their previous batteries by 2030.' |
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