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SMT Scottish Mortgage Investment Trust Plc

8.00 (1.09%)
08 Dec 2023 - Closed
Delayed by 15 minutes
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
  8.00 1.09% 743.20 3,753,656 16:35:13
Bid Price Offer Price High Price Low Price Open Price
743.80 744.60 748.60 733.00 736.60
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt -2.91B -2.92B -2.0463 -3.64 10.63B
Last Trade Time Trade Type Trade Size Trade Price Currency
18:04:41 O 871 744.00 GBX

Scottish Mortgage Invest... (SMT) Latest News (1)

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

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Date Time Title Posts
08/12/202310:51scottish mortgage Inv. trust charts3,264
10/12/202219:33Scottish Mortgage Trust3
06/6/202214:33ScoMo ScoMo ScoMo and other BIG TECH207
29/9/202006:18Scottish Mortgage5

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

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Posted at 09/12/2023 08:20 by Scottish Mortgage Invest... Daily Update
Scottish Mortgage Investment Trust Plc is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker SMT. The last closing price for Scottish Mortgage Invest... was 735.20p.
Scottish Mortgage Invest... currently has 1,428,019,945 shares in issue. The market capitalisation of Scottish Mortgage Invest... is £10,627,324,431.
Scottish Mortgage Invest... has a price to earnings ratio (PE ratio) of -3.64.
This morning SMT shares opened at 736.60p
Posted at 23/11/2023 13:08 by hazl
I think it is time to remind those above
that the proof of the pudding is in the eating!

Net asset values show the share price is undervalued in my book!
Scottish Mortgage Investment Trust PLC (SMT) 22 November 2023
Legal Entity Identifier : 213800G37DCS3Q9IJM38
Cum Par NAV 809.98p

Cum Fair NAV 839.24p

Ex Par NAV 808.04p

Ex Fair NAV 837.30p
Posted at 23/11/2023 08:26 by loganair
The reason I heard why the NVIDIA share price fell slightly when they came out with their stellar earnings is because the big money is saying this is as good as it gets which strongly suggest the days of the stellar rise in NVIDIA share price are behind it.

This is where SMT are making their big mistake, not selling once a company is at the good as it gets stage and the stellar rise in the companies share price is behind it.
Posted at 19/11/2023 20:13 by loganair
hazl - How is JEMA the worse performing fund this year. Last November 2022 the share price stood at around 80p, today around 140p therefore the fund is up 75% over the past year therefore the -88.24% over the past year is complete misinformation and if deliberately posted then is disinformation.

I held JRS many many years ago and sold out just before the 2008 crash at just pennies from the top.

I rebought back in 2014 to 2016 and sold all but 15% of my holding at 2.5 times my buy in price.

I then bought the renames JRS - JEMA in 3 lots when the share price was in the late 50p's, late 60p's and mid 70p range and have therefore over doubled my money in JEMA over the past year - that's what investing is all about, making money from ones investments and that is what 'I've been successfully doing over the past 20 years in JRS/JEMA which has been my most profitable investment over my life time so far.

SMT - ARK invest which also invests in Tech and tech start ups say that the share price is unlikely to reach all time highs of $152 and even Cathy Wood says that Arks share price is likely to be around $95 in 5 years time therefore it seems highly unlikely that SMT will reach £15.68 high of November 2021.

There is more likelihood that SMT will fall below 600p over the next year.

The biggest mistake SMT had was holding on to their Moderna, should have sold out when the share price was $400, however seems to me they didn't because BG is by far Moderna's largest share holder and therefore just wanted to stick with their investment in the company.
Posted at 13/11/2023 06:25 by takeiteasy

I simply do not get why you ignore the risk/return dimension if you want to provide the fullest picture.

Go on trustnet and google 5 year return and volatility for SMT vs close tech rival global fund (I won't mention the name as there are a number so the specific IT does not matter tbh) and you will find the following.

SMT has pretty much exactly the same volatiity as some of the other high risk tech funds but has exactly in some cases half the 5 year returns.

To compete for the attention of professional investors (ignore retail clients for now), SMT needs either to find investments that provide an overall better return or reduce the volatility in the overall portfolio with some better risk/reward options.

This is the modern day discipline that professional investors running portfolios against risk models will apply. At the moment, SMT needs to do more imvho in this regard to get the risk/reward balance right. dyor etc
Posted at 12/11/2023 14:55 by hazl
Loganair but it is the share price that has gone down along with nearly everything including Baillie Gifford!
Not the valuations of the companies as the NAV shows.

In fact as I pointed out B Gifford seems to have gone down much more!

'The Trust has a significant exposure to private
companies. The Trust’s risk could be increased
as these assets may be more difficult to buy or
sell, so changes in their prices may be greater.
ب The Trust can make use of derivatives. The use
of derivatives may impact on its performance.'

Noting the above your 9% of Space X could mean that B Gifford is more at risk
than 4% of SMT?
Posted at 12/11/2023 08:53 by loganair
Ark Invest themselves say their share price may never get back to all time highs of circa $138, will most probably take 5 years to get up to somewhere around $90. Currently their share price stands at a round $39.

It seems to me the problem with Scottish Mortgage is when they buy a stock, they don't know when or at what share price they intend to sell the said stock at, instead just keep holding and keep holding.
Posted at 03/11/2023 11:51 by steeplejack
Its difficult to tell.I presume you mean Moderna.Looking at past information about size of holdings,i reckon they did indeed start out well enough buying at around $100 perhaps less.The shares then climbed exponentially to over $400.It is pretty clear that the managers chased the price higher until the shares turned down a couple of years back.At the peak,Moderna represented 10% of the fund.I don’t think they sold any and i don’t think SMT have hard and fast lines about size of holdings.I reckon (looking at holding disclosures)that SMT have an average book price for their Moderna holding of perhaps $150~$200 and the price is now $70.Anyway,it is what it is.I don’t question the logic in buying some Moderna but i do question buying such a substantial stake in a biotech company.Verging on the irresponsible.

PS..i’m not aware of SMT ever having held Novo or Eli lilly.I was simply pointing out that the pharma sector has sported some good winners.At the end of Sept,Moderna was number 2 on its list and 6.1% of the fund.Nearer 4% now then.
Posted at 03/11/2023 08:40 by steeplejack
Interesting article.What it shows is that amongst a list of well known investment trusts SMT is the worst performer over one and three years.Thus the discount to NAV is in part at least justified by poor performance.The mystic that SMT enjoyed is being steadily eroded.Polar Capital looks a far less controversial choice given it doesn't have a 30% interest in unquoted.I suppose you're left struggling with semantics when considering whether SMTs investment strategy needs more time to play out.How long is long term?However,this bottom of the table position,suggests that SMT has a lot of stale bull holders who'll be only too keen to get the hell out when things do hopefully recover.I estimate that SMT's holding in Moderna has(compared with having the money in cash)knocked around 6% off SMTs NAV.
Posted at 05/8/2023 01:01 by elbrus55
Most trades in liquid stocks eg FTSE100 are by institutional investors, many using automated trading systems. The number of share sold versus bought EXACTLY matches, by definition. They choose their own prices in their orders. If it is outside the bid ask spread it won't trade through immediately but may do so later. Even that only works for orders of modest size. If you are trading a million shares at a time you won't usually be able to trade in full immediately at the quoted prices - need to wait for a matched opposite order. This mechanism determines the so called 'share price'. Actually there are just a series of trades at many different prices and lots of as yet unfilled orders at other different prices. Your way of describing it is a simplification of something more complicated. Not sure it is all that helpful. More relevant for illiquid shares e.g. AIM market.Retail investors trading through market makers have limited influence on the share price. ( Perhaps a little bit more than usual with SMT as it has quite a large retail investor base)You could google "London Stock Exchange guide for private investors" for some more detail.
Posted at 02/8/2023 09:27 by steeplejack
I know perfectly well that the Moderna holding was initially purchased before Anderson left.I know perfectly well that SMT initially made timely purchases of Moderna but then chased the price higher and that the fund probably now has a fairly sizeable overall loss on its holding.I’m not ‘worried’; about SMT’s holding in Moderna or my holding in SMT for that matter but i am ‘critical̵7;.I hold about 50 stocks internationally from Apple to British Aerospace but one thing i’ve learned over the years is that if you have a lossmaker like Moderna,sooner or later you are going to have to apply yourself to dealing with it not citing that in ‘the long term’ it might all come right.It might well,even a stopped clock etc but investment is all about opportunity cost and even if Moderna does eventually come right,SMT made a serious error in its purchasing of the stock and i’m intrigued as to how the management is going to deal with this lame flagship holding.Call it a test of character.

There are strong points in SMTs favour.Its been pretty canny in avoiding a sizeable exposure to China which is only around 10% of the fund and it also has a strong stable of private companies which i happen to like (Wise is a real success story).It has an inherent bias towards high tech growth companies and thus the US.When the SMT share price recovers which inevitably it will (especially given the current discount) i’ll probably sell some.I won’t be averaging down though at these bombed out prices,if i wanted to buy an investment trust with some SMT characteristics i’d buy PCT,its certainly less contentious.

I won’t comment on Moderna again,even I'm becoming bored with my criticism and afterall,the stock price is now some 70% off its peak.(By the by,Moderna are announcing results tomorrow).
Scottish Mortgage Invest... share price data is direct from the London Stock Exchange

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