Scottish Mortgage Investment Trust PLC

Legal Entity Identifier: 213800G37DCS3Q9IJM38

19 March 2021

Portfolio Management Update

The Company announces that it has been notified by Baillie Gifford & Co that, after nearly four decades at Baillie Gifford, James Anderson will retire from the Baillie Gifford partnership on 30 April 2022 and will, accordingly, step down as joint portfolio manager of Scottish Mortgage Investment Trust PLC on that date.

James joined Baillie Gifford in 1983 and became a partner four years later. He has been the portfolio manager of the Company since 2000 and, since 2015, joint portfolio manager with fellow partner Tom Slater. Tom will continue as lead portfolio manager when James retires and Lawrence Burns, who is also a partner at Baillie Gifford, will become deputy portfolio manager with immediate effect.

The Company also notes the announcement today that, on 29 April 2021, James will be nominated to stand for non-executive chairman of the Swedish investment company Kinnevik AB, a company quoted on the Nasdaq Stockholm Stock Exchange which is currently held in the Company's portfolio. If appointed, James would recuse himself from any investment discussions and decisions about the Company's holding in Kinnevik and its underlying investments while he remains joint portfolio manager of the Company. 

Fiona McBain, chair of Scottish Mortgage, said: "James's approach of identifying and holding transformational growth companies has helped drive economic progress and delivered exceptional returns for shareholders. He has also pioneered our investments in private companies, one of the trust's most important strategic initiatives to date.

"James and Tom constantly seek to observe, learn and improve. This has resulted in an investment philosophy that will continue to evolve. I and my fellow directors look forward to working with James, Tom and Lawrence over the coming year, and with Tom and Lawrence after that."

CONTACTS:

Shareholders

Stewart Heggie                                                ScottishMortgageCDTeam@bailliegifford.com

Investment Specialist                                     

Scottish Mortgage Investment Trust  PLC     

Baillie Gifford

Media

Jonathan Atkins, Anthony Cornwell              +44 (0) 20 3697 4200

Four Communications                                     BaillieGifford@fourcommunications.com

NOTES TO EDITORS

Scottish Mortgage Investment Trust PLC

Scottish Mortgage Investment Trust PLC is an actively managed low-cost investment trust, investing in a high conviction global portfolio of companies with the aim of maximising its total return to its shareholders over the long term. Scottish Mortgage has a strong focus on providing a low-cost and long-term investment proposition to its shareholders, with ongoing charges of 0.36 per cent as at 31 March 2020. Launched in 1909, it has £17bn in net assets and is the UK's largest investment trust. Visit scottishmortgageit.com for more.

Baillie Gifford

Baillie Gifford & Co Limited is the manager of Scottish Mortgage Investment Trust PLC and a wholly owned subsidiary of Baillie Gifford & Co. Baillie Gifford & Co, an independent investment partnership founded in 1908, is headquartered in Edinburgh with offices in Buenos Aires, Dublin, Frankfurt, Hong Kong, Krakow, London, New York, Shanghai, Toronto and Zurich. It has £326bn in assets under management and advice. Visit bailliegifford.com for more.

All data as at 31 December 2020 unless otherwise stated.

Important Information

All investment strategies have the potential for profit and loss, your or your clients' capital may be at risk. Past performance is not a guide to future returns.

Baillie Gifford & Co and Baillie Gifford & Co Ltd are authorised and regulated by the Financial Conduct Authority.

Regulated Information Classification

Additional regulated information required to be disclosed under applicable laws.