Scottish Mortgage Invest... Share Discussion Threads

[quepassa] 19/12/2024 13:57

Archer Aviation

" Completes Construction of High-Volume Manufacturing Facility"

NYSE: ACHR

[scottishfield] 18/12/2024 15:27

Same thing by Saba at HRI too.

[quepassa] 18/12/2024 15:09

It will be interesting to observe how the good house of Baillie Gifford defend against the attack and affront launched today by Saba Capital on ScoMo sister-funds, BGUSA and EWI.

Personally, I don't think there is any case to answer.

ALL IMO. DYOR.
QP

[quepassa] 16/12/2024 11:47

1.

China is getting a worse rap than it deserves.

The TOP PERFORMER in Q3 (ending 30/9/24) for ScoMo was a Chinese stock, namely MEITUAN which gave a stonking quarterly Total Return of 46.7%

2.

Not such a bad year for ScoMo - arguably an excellent one.

Over one year to 30/11/24 - the share price has increased by a whopping 30.7% whilst significantly outperforming its Index (FTSE All-World Index) which rose 25.7%



Agree that 2025 is lining up to be a vintage year for ScoMo.


All imo. Dyor.
QP

[steeplejack] 16/12/2024 11:04

Well out of date,written in 2022,but worth a read in that it outlines the funds philosophy.




End Nov 24

Top ten holdings
Holdings % of total assets
1 Amazon.com 5.9
2 MercadoLibre 5.9
3 Space Exploration Technologies
4 Meta Platforms
5 NVIDIA
6 Tesla Inc
7 Ferrari
8 Meituan
9 Spotify
10 ByteDance Ltd.

Total

40.8

So Moderna has fallen out of the top ten due to chronic underperformance.What with China plus Moderna and Northvolt,this has been a tough year for SMT but with these problem areas falling down the pecking order,2025 could see further price recovery given the current discount to NAV.

[quepassa] 14/12/2024 07:03

The latest ScoMo Monthly Fact Sheet to 30th. November has just come out:-

1.

Total Fund Value is £14.53 billion

( impressively up from £13.65 billion at end prior month )

2.

Top Five holdings percentage of fund

1. Amazon 5.9%
2. Mercado Libre 5.9%
3. SpaceX 5.1%
4. Meituan 4.2%
5. Nvidia 4.2%


3.

Departures from Top ten Holdings

ASML
PDD Holdings

4.

New Entrants to Top ten Holdings

Spotify 3.0%
Bytedance 3.0%


5.

Other

-The value of the top holding of Amazon holding is £857 million

-SpaceX has moved from 4.8% of the fund to 5.1% (on this basis, it would appear that a major revaluation of SpaceX has not occurred)


-Discount to NAV narrowed marginally from 11.3% to 10.4%



ALL IMO. DYOR.
QP

[its the oxman] 13/12/2024 13:09

Yes and we should be around a pound higher at least. Much closer to nav. Discount seems excessive at the moment.

[quepassa] 13/12/2024 11:43

According to reports from Bloomberg, SpaceX has now formally agreed a tender price two days ago for $1.5billion of SpaceX shares at $185 per share valuing the Company at $350billion.

SpaceX shares were last sold just a few months ago at a much lower price of $112.

Sooner or later, one would imagine that this new price of $185 will feed through to the valuations used by ScoMo and BGUSA for their holdings of SpaceX shares.

It is not clear to me whether this new share price for SpaceX will be reflected at one of ScoMo's regular revaluation dates or whether this new Tender will qualify as a "trigger event" which would allow for an earlier revaluation.

Either way, one would likely expect a big uplift in the value of ScoMo's holding of SpaceX in the not too distant future.

It is possible -if not likely- that after revaluation, SpaceX will become ScoMo's top holding - albeit that it is a private/unlisted company.



ALL IMO. DYOR.
QP

[hazl] 12/12/2024 07:11

Interesting steeplejack.

[dickiehhh] 11/12/2024 19:41

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?

[steeplejack] 11/12/2024 10:53

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.

[quepassa] 09/12/2024 18:00

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

[steeplejack] 05/12/2024 08:41

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.

[quepassa] 03/12/2024 12:21

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

[quepassa] 01/12/2024 08:52

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

[peterbill] 25/11/2024 09:57

From The Times: Baillie Gifford has left two major green investing bodies, becoming the latest asset manager to do so.

[peterbill] 25/11/2024 09:29

Financial Times: Funds managed by Goldman Sachs will write off almost $900m after Swedish battery maker Northvolt filed for Chapter 11 bankruptcy last week.

[cruelladeville] 22/11/2024 15:26

Well, there's not much doubt about Northvolt now. They've filed for bankruptcy.

[quepassa] 22/11/2024 11:42

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.

[cynicalsteve] 22/11/2024 10:47

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.