Scottish Mortgage 長，指導者 Tom Slater defends 巨大（な） that 急に上がるd like a ロケット／急騰する then 急落（する），激減（する）d
- Scottish Mortgage divides opinion - 投資家s and 専門家s either love it or hate it
- 分析家s at Winterflood 宣言するd 信用 one of its 投資 選ぶs for this year
- But 相当するものs at Investec 持続する their sell 推薦?
（疑いを）晴らす 見通し: Scottish Mortgage's lead 投資 経営者／支配人 Tom Slater, with Wealth's Jeff Prestridge
Mega 投資 信用 Scottish Mortgage divides opinion.?
投資家s and 専門家s either love it or hate it ? there is no middle ground.
Last week, 分析家s at City 仲買人 Winterflood 宣言するd the 信用 one of its 投資 選ぶs for this year.
However, their 相当するものs at Investec continue to recommend 投資家s sell the 信用's 株.?
This is because of continued 関心s over the 基金's （危険などに）さらす to unquoted 投資s against the 背景 of a difficult 経済的な 環境 (made even more challenging by events in the Red Sea).
The 信用, with a market value of £10.9 billion, is the 部門's largest by a country mile, held by tens of thousands of Isa 投資家s, and is a 重要な 選挙権を持つ／選挙人 of the FTSE 100 索引.
And while its 指名する points to its origins in the 早期に-1900s as a Scottish provider of credit to Asian rubber planters eager to 会合，会う 需要・要求する for their wares from an embryonic car 産業, the 投資 信用 of today 耐えるs no resemblance to that 設立するd in 1909.
Today's beast is a quasi-全世界の 科学（工学）技術 基金 managed from Edinburgh by 投資 共同 Baillie Gifford.?
It 投資するs both in 井戸／弁護士席 known growth 在庫／株s such as Nvidia (a 開拓する in the rather scary area of 人工的な 知能); and companies yet to 名簿（に載せる）／表（にあげる） on the 株式市場, but with the 可能性のある to 配達する 未来 exciting 利益（をあげる）s (the likes of Elon Musk's unlisted company SpaceX).
Other 重要な holdings 含む US healthcare 巨大（な） Moderna, famous for its Covid 19 ワクチン, and Chinese company Byte-Dance, owner of popular ビデオ 地位，任命するing service TikTok.
It's a 信用 whose 株 price at times has 急に上がるd like one of Musk's ロケット／急騰するs. Its price has also fallen like a 石／投石する, most 顕著に in 2022 when the 時代 of low 利益／興味 率s and cheap money （機の）カム to a shuddering 停止（させる） ? hitting hard the valuations of many of the growth 在庫／株s it held.
Over the last year, its 株 price is up 2 per cent, かなり いっそう少なく than the 41 and 42 per cent rises 記録，記録的な／記録するd by 類似の 投資 信用s Allianz 科学（工学）技術 and Polar 資本／首都 科学（工学）技術.?
Over two years, it is 負かす／撃墜する nearly 35 per cent. For Tom Slater, lead 投資 経営者／支配人 of the 信用, his 統治する as 単独の numero uno has been a baptism of 解雇する／砲火／射撃.
Left alone in the hot seat 以前 株d with 共同の 経営者／支配人 James Anderson who 'retired' in spring 2022, Slater has had to guide the 基金 through tricky waters ? a 落ちるing 株 price, boardroom squabbles and, in particular, a 大臣の地位 ますます skewed に向かって unquoted companies.
Today, nearly 30 per cent of the 信用's 資産s are in 私的な companies. Once above 30 per cent, Slater is not permitted to make その上の 投資s into these illiquid holdings so as not to 押し進める the 信用's 全体にわたる 危険 profile into red hot 領土. But, just as importantly, it is also not 要求するd to offload any 火刑／賭けるs.
When I 会合，会う Slater ahead of a 贈呈 to professional 投資家s at the luxurious 42-storey Pan 太平洋の Hotel in the heart of London's 財政上の 地区, the 45-year-old 基金 経営者／支配人 appears incredibly relaxed.?
This is にもかかわらず a 5am climb out of a warm bed in Edinburgh to get the flight 負かす／撃墜する to London and 現在の to 150-半端物 専門家s thirsty for a mix of （警察などへの）密告，告訴（状） and 安心.?
The previous day, he had held a 類似の 投資家 会議 at the Waldorf Astoria in Scotland's 資本／首都 city.?
'Yes, it has been a challenging 18 months to two years,' he 収容する／認めるs in between sips of coffee in the hotel's noisy foyer. 'I don't like 配達するing this type of experience for 株主s ? losing money.'
But he is quick to put the 最近の difficulties into 視野. 'As 経営者／支配人s,' he says, 'we have a very good 鮮明度／定義 of what we want to do ? which is to own the world's 主要な growth companies.?
'いつかs, that is not 平易な, but if it wasn't a volatile 旅行 there would be lots of 投資 companies doing what we do. You have to 耐える those periods when what you are 投資するing in is out of favour ? and not 適合する with whatever the market is 利益／興味d in.'
Slater says he prefers to be 裁判官d on the 信用's five-year 業績／成果 人物／姿／数字s. This is not just because they are 肯定的な (the 株 price is up over 60 per cent) but he argues they are more reflective of what the 信用 is all about ? identifying long-称する，呼ぶ／期間／用語 growth companies, drivers of 構造上の change, and sticking with them through 厚い and thin.?
Companies such as アマゾン, Nvidia and Tesla have been held since 2004, 2016 and 2013 それぞれ.?
Unlike many 競争相手 経営者／支配人s, they have never sought to take 利益（をあげる）s on these holdings, even when their 株 prices have 急に上がるd.?
Slater's 見解（をとる） is that when running an 投資 基金, it is usually just a few 重要な 火刑／賭けるs that will 運動 全体にわたる 投資 returns skywards.
For example, Nvidia's 株 price has risen by more than 230 per cent in dollar 条件 over the past year, but he has 終始一貫して resisted the 誘惑 to 削減する the position.
'If there is nothing challenging your 見解（をとる） on the 投資 適切な時期 that a company 現在のs, then you should be 患者 as an 投資 経営者／支配人,' he argues.?
'It's owning without 干渉，妨害 that is so important in 運動ing 投資 returns.'
He says there have been times when the 信用 could have taken 利益（をあげる）s on holdings such as アマゾン and Tesla, but it would have resulted in lower returns for Scottish Mortgage 株主s.
When I question him on the 信用 dividing opinion, I half 推定する／予想する him to lose his morning 冷静な／正味の. But he remains 静める and collected, even when I について言及する that 投資 壇・綱領・公約 AJ Bell no longer 含むs it on its 'select' (best buy) 投資 信用 名簿（に載せる）／表（にあげる）.?
It was 除去するd last June as a result of '問題／発行するs' over the 信用's 大臣の地位 of unlisted 安全s ? and AJ Bell does not seem to be in a hurry to 復帰させる it.?
'I think it would be very dangerous to try to be popular and 会合，会う everyone's 期待s,' Slater says.
'What's most important is 存在 （疑いを）晴らす about what you are 努力する／競うing to do as a 基金 経営者／支配人 and be transparent. Then let people （不足などを）補う their own mind as to whether the 信用 is 権利 for them or not.'
He 追加するs: '配達するing long-称する，呼ぶ／期間／用語 資本／首都 評価 is not 一貫した with minimising price volatility. If 投資家s can't 受託する 重要な price volatility as an 投資家, they shouldn't 持つ／拘留する Scottish Mortgage 株.'?
Slater says 投資家s should instead buy a low-cost 基金 that replicates the 業績／成果 of the 株式市場 ? world or the UK.?
'That's a good thing to do for many 投資家s,' he explains.?
'If an 投資家 is going to 支払う／賃金 for active 基金 管理／経営, the 経営者／支配人s in turn must 申し込む／申し出 something different from the 索引. Almost, by 鮮明度／定義, that will polarise opinion. Some people will like it and want to 支払う／賃金 for it. Others won't.'
The 信用's most contentious 問題／発行する remains its high （危険などに）さらす to 私的な compani es.?
Although these holdings 構成する some 井戸／弁護士席-設立するd companies ? such as SpaceX, ByteDance and Swedish 殴打／砲列 操作者 Northvolt ? they will really only 配達する value for the 信用's 株主s when they 名簿（に載せる）／表（にあげる） on a 株式市場 (経由で an IPO, an 初期の public 申し込む／申し出ing) or are bought by a 競争相手.?
The difficult 経済的な 条件s have 原因（となる）d such IPOs and 取引，協定s to 乾燥した，日照りの up, meaning the 信用 has been unable to 減ずる its 私的な company （危険などに）さらす.
'Nothing has recently moved from the 私的な part of the 信用's 大臣の地位 to the public 構成要素,' says Slater. 'Hopefully, over the next year, that will change.'
Yet, this is only part of the problem.?
Some 専門家s question the value the 信用 puts on these unquoted 資産s ? decided by a 委員会 at Baillie Gifford with 指導／手引 from 財政上の 分析家s S&P 全世界の.?
Slater 主張するs the 現在の valuation 過程, which he plays no part in, is '強健な'. 部外者s believe it would be 改善するd if the 委員会 was 外部の.
Alan Brierley, 長，率いる of 投資 companies 研究 at Investec Bank, believes the 信用's 株 remain a 'sell' rather than a 'buy'.?
He says: 'What would make me いっそう少なく 消極的な is an 開始 of the IPO market and ? or ? a sharp 落ちる in インフレーション and 利益／興味 率s which would be more supportive of the long duration 資産s that Scottish Mortgage 焦点（を合わせる）s on.'
Brierley is not a 孤独な cautionary 発言する／表明する. Brian Dennehy is managing director of 投資 研究 company FundExpert. He says: 'I see nothing to make me want to buy the 株. On the contrary, if I wa s an 投資家, I would be looking for the 出口.'?
Yet, for every Brierley and Dennehy, there is a company such as 壇・綱領・公約 Interactive 投資家 which continues to 含む the 基金 on its 名簿（に載せる）／表（にあげる） of '最高の' 投資s.
The last word goes to Slater.?
'If I look at the companies the 信用 owns, they continue to grow 堅固に. Our biggest holdings, 私的な and public, are growing their 歳入s on 普通の／平均（する） by 40 per cent a year and with it their cash flow. I feel 楽観的な about the 見通し. The headwinds over the past couple of years have 沈下するd.'
Only time will tell which opinion 勝つ／広く一帯に広がるs.
