Scottish Mortgage (Baillie Gifford) Letters & Research Archive

Scottish Mortgage is Baillie Gifford's flagship investment trust (founded 1909, LSE ticker SMT), known for its maximalist growth style — long-term stakes in Tesla, Amazon and ASML plus bold allocations to private companies like SpaceX and ByteDance. It is the UK retail investor's flagship vehicle for global disruptive growth.

5 pieces · 2025–2026 · updated every Monday

2026

04-23Private Investor Forum 2026: Investing in great growth companiesThis article explains how Scottish Mortgage and Monks invest: they believe only about 4% of companies generate almost all stock market wealth, so they focus on a few potential winners and hold them fo…→04-01Cultivating uncertainty: why Anthropic’s culture grows confidenceThis article explains why Scottish Mortgage, an investment trust, is betting on Anthropic, an AI company. Instead of trying to predict which AI model will win, they focus on Anthropic's culture: safet…→04-01Sea surge: a growth story in three actsThis analysis explains how Sea Limited uses its three businesses—gaming (Free Fire), e-commerce (Shopee), and finance (digital wallets and loans)—to build a hard-to-copy advantage in Southeast Asia, w…→

2025

09-15New kids on the blockchainThis report explains why a major investment firm is betting on cryptocurrency infrastructure rather than buying coins like Bitcoin itself. Instead of holding volatile crypto, they invest in companies…→09-09The age of resilience: outperformers must first be survivorsThis report says investing isn't just about finding fast-growing companies—you need ones that can survive surprises. For example, Swedish battery maker Northvolt (once seen as Europe's champion) went…→