Can Scottish Mortgage keep climbing? We ask Tom Slater about its 105% return in a year, Tesla, and 投資s for the 未来 on the INVESTING SHOW

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Hugely popular 投資 信用 Scottish Mortgage shrugged off a year like no other to more than 二塁打 its army of small 投資家s’ money in 2020.?

As 投資家s 重さを計る up whether it can keep climbing after such stellar 最近の 業績／成果, we speak to Scottish Mortgage’s Tom Slater on the 投資するing Show to discuss the past 12 months and the 未来.

This is Money’s Simon Lambert asks whether the coronavirus pandemic led its 経営者／支配人s to consider a change of tack or 新たにするd their enthusiasm for its long 称する，呼ぶ／期間／用語 holdings, and where they see the best 適切な時期s for the １０年間 ahead.

Scottish Mortgage’s 株 price climbed 105 per cent over the past year, spurred on by the 業績／成果 of holdings 含むing US 星／主役にするs, Tesla and アマゾン, and 中国’s Tencent and Alibaba.

This （機の）カム on 最高の，を越す of the strong 業績／成果 that has seen Scottish Mortgage 伸び（る） 4 21 per cent compared to the AIC 全世界の 部門 信用 普通の／平均（する） of 187 per cent over five years.

Such 伸び（る）s （一定の）期間 good news for 投資家s looking in their 大臣の地位’s 後部 見解（をとる） mirror, but 提起する／ポーズをとる important questions of whether history can be repeated ? or at least continue to rhyme ? for Scottish Mortgage in the 未来.?

一方／合間, the big 株 price rises and high profiles of some of Scottish Mortgage’s holdings lead to comments that such 在庫／株s must be difficult to manage.

How do you 対処する with a company like Tesla 存在 9 per cent of your 大臣の地位, for example? And what does Tesla have to do to 正当化する the valuation 投資家s have put on it.

Scottish Mortgage's 株 price has more than 二塁打d over the past year as the 全世界の 信用 and its holdings shrugged off the coronavirus pandemic

We asked Mr Slater about this and the 経営者／支配人 explains the 信用’s continuing long-称する，呼ぶ／期間／用語 投資s in Tesla and アマゾン ? but sale of Facebook - 同様に as the マリファナ ntial growth it sees in Chinese electric carmaker Nio and a more old-school モーターing icon in Ferrari.

Scottish Mortgage dates 支援する to 1909 and has grown to £18.8billion in size, 持つ／拘留するing 株式市場 名簿（に載せる）／表（にあげる）d companies from around the world - with a particular 焦点（を合わせる） on the US and 中国 - along with its recently built up 大臣の地位 of unlisted companies.

But that big 名簿（に載せる）／表（にあげる） of companies masks a 比較して concentrated and 高度に active 大臣の地位.?

Many of Scottish Mortgage's holdings account for only small positions, 反して the 信用's 最高の，を越す ten 量s to 48.3 per cent of the 大臣の地位 and the 最高の，を越す 37 holdings of 0.7 per cent or above accounts for 84.6 per cent.

の中で the holdings below the 最高の，を越す ten are 井戸／弁護士席-known 指名するs 含むing the aforementioned Ferrari, along with Netflix, Spotify, Wayfair, NVidia, ByteDance, Zoom and Covid-ワクチン 製造者 Moderna.

Mr Slater says this 名簿（に載せる）／表（にあげる） shows that although Scottish Mortgage is often characterised as tech-激しい, the 信用 should be seen as 的ing companies in a variety of 部門s using 科学（工学）技術 to 改善する what they do.

Scottish Mortgage?

経営者／支配人s: James Anderson and Tom Slater?

Size: £18.8billion

現在進行中の 告発（する），告訴（する）／料金s: 0.36%

賞与金 / 割引: +0.36%?

?業績／成果 vs 全世界の 部門 ave:

One-year: 105% vs 42.9%

Three-year:? 166.5% vs 77.4%

Five-year: 421.3% vs 188.6%

Ten-year: 851.5% vs? 318.8%

Scottish Mortgage 投資 信用's 最高の，を越す ten holdings at the end of 2020

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