How is 1% higher than 5%?
In relation to the single position in both Funds, due to higher AUM, 1% position has more total value than the 5% position in other fund.
However in relation to the impact inside the fund itself, 1% impacts lot less then 5%. So even if it is 100k or 100m it is 1%
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Of course it is, silly me. I was viewing it from a totally wrong perspective. I donāt know what I was thinking and Iām so embarrassed re-reading what Iāve written. 
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To Whom It May Concern, the new issue of Trust is out:
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āIn this interview, Investment Specialist Claire Shaw is joined by Tom Slater, Joint Manager of the Scottish Mortgage Investment Trust PLC. Shaw sets the scene by describing the trustās unrelenting pursuit of ambitious, disruptive companies and the importance of Mooreās Law, before going on to ask Slater about which industries he thinks the big winners of the future will come from. Healthcare, transport, transactions and food delivery appear to be the ones to watch.ā
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Iāve been investing for about 5 years now, and I havenāt found anything else that comes close to the quality of SMT & the team behind it. Not just about the returns, but their ethos, process and what I believe to be their biggest quality, trustworthiness with my money! 
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Agree completely - have held SMT for years, always sticking in the end when that portfolio-churn itch strikes every now and then and I wander about in IT-land looking at alternatives.
Persuasive even in the face of the BH gentsā recently reiterated guidance for the average Joe as wellā¦
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This was a good read:
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Good read actually. Shame itās in the guardian though 
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Whyās that? 
Twenty characters
James Anderson and Tom Slaterās letters to investors
Put it this way, my dad is an avid reader and I call him red Dave.
and much to my mothers dismay, our political views arenāt aligned. So the guardian is a bit of a running joke in my family.
Iām still in SMT, itās my largest position.
Seen my P/L swing wildly during this down time in the market, hoping it will recover well!
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It will.
Also, SMT & USA account for 20% of my portfolio.
It has been a tough few months, but they are trending up, if only just.
long term these will bode well. SMT is of the highest quality. Short term pain yes for now, but without doubt long term gains.
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Yep, I donāt doubt it.
I donāt blame them for recent performance, every growth stock has been brought to itās knees.
Iām wishing I had cash on hand to add more when it hit ~$9!
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Does anyone have holdings in all the BG managed ITs?
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I have all but one: MNTN/C: because I decided private equity was pretty much covered in the others, the spread/premiumās not nearly so wide and theyāre not as illiquid.
I split my Isa 50:50 between passive and active. The passive partās in two ETFs covering developed and emerging markets.
Then the active part is in 12 Baillie Gifford ITs, which are roughly allocated by real world weight, ie 5-6%-ish in the UK, 55-60% in the US and so on.
Itās probably overkill and I could live without SAIN, MNKS, EWI and KPC but I thought āwhat the hell? may as well chuck them in there as they each offer something a little differentā.
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But perhaps, having a lot of ITs from the same asset manager, it increases the probability of overexposure in some positions. The differences between ITs compensate the overexposure?
Did you done a Morningstar X-Ray on the repeated positions?
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Yeah, I like MNKS and SAIN for that very reason ā theyāre not nearly as high-octane as some of the others. Iām not overly bothered by having a lot of ITs from the same asset manager because I like the overarching approach and most of my moneyās in a Sipp which is better diversified. That said, it probably would be wiser to broaden my horizons beyond one fund house for my Isa too.
I have indeed. I also spent a ludicrous amount of time poring over annual reports and plugging numbers into Google Sheets to thoroughly understand my underlying allocations/exposure.