Ok great thanks for that
Hoping the same, that the BG team know what they’re doing. I have a fairly big (for me) amount in their health innovation fund. Not a pretty sight at the minute but I’m still optimistic for the mid to long timeframe.
Healthcare over the next 2-10 years will be about so much more than Covid. the last couple of years have brought about a scramble to get in to genetic therapeutics which should benefit all sorts of companies. Your traditional big Pharma as well as all the upstream and supporting companies.
Healthcare and especially Biotech have a particular political risk, as political actors like to bash the Big Pharma due to their drug prices and patents.
The Pharma tantrum tends to happen in the elections period, when the candidates to earn votes hit the Pharma with (populism) criticism. See the examples of Hillary Clinton and Trump in past elections and the volatility of Healthcare and Biotech sectors.
For me, Healthcare & Biotech share a common problem with aircraft manufacturers & aviation companies, when happens a bad surprise, with news about deadly side effects or deaths (and future bans from regulators/governments) in Pharma sector or in the case of aviation sector, a plane crashes killing a lot of people.
That are extreme events that take everyone by surprise, without time to react before the selloffs.
@RLX, do you hold anything from BG?
The new issue of the Trust Magazine is out.
Here’s the interview with Tom Slater. “At present, about 17 per cent of Scottish Mortgage is invested in medically-related firms, compared to 12 per cent five years ago and 3 per cent 10 years ago.”
I believe the MRNA holding has less to do with the pandemic and more to do with potential cures using RNA technology.
I have 3 ITs from BG: SMT, USA, PHI.
Sold MNKS.
Some stats on BG ITs (EUR converted, 27-01-2022, the decimal separator is “,”, values are %):
| Legal Name | Category Name | Return | Return | Return | Return | Return | Return | Return | Return | Return | Return | Standard Deviation | Standard Deviation | Standard Deviation | Standard Deviation |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 Day | 1 Week | 1 Month | 3 Month | 6 Month | YTD | 1 Year | 3 Year (ann) | 5 Year (ann) | 10 Year (ann) | 1 Year | 3 Year | 5 Year | 10 Year | ||
| Scottish Mortgage Investment Trust plc | Global Large-Cap Growth Equity | -2,67 | -9,56 | -21,44 | -28,12 | -16,21 | -21,17 | -12,59 | 32,43 | 26,33 | 24,13 | 22,13 | 21,8 | 19,36 | 18,22 |
| Monks Investment Trust Plc | Global Large-Cap Growth Equity | -1,25 | -6,27 | -15,83 | -16,36 | -15,38 | -16,47 | -11,96 | 15,51 | 14,67 | 14,13 | 7,61 | 18,27 | 16,77 | 15,36 |
| Baillie Gifford US Growth Trust plc | US Flex-Cap Equity | -3,75 | -9,07 | -28,53 | -31,98 | -31,79 | -27,39 | -31,67 | 26,74 | 23,33 | 25,84 | ||||
| Pacific Horizon Investment Trust | Asia ex-Japan Equity | -0,24 | -3,65 | -15,23 | -19,85 | -3,05 | -16,40 | -5,53 | 37,40 | 27,96 | 16,96 | 16,71 | 23,99 | 21,82 | 19,57 |
Source: Morningstar
You can see the more profitable and the more volatile.
For me, the bad surprise is USA, the good surprise is PHI, considering the Chinese bashing.
I no longer hold Edinburgh Worldwide IT but this was an interesting watch nonetheless. EWI’s been hit particularly hard over the past 12 months.
Liam, here’s the link to the interview. 
Ahh awesome thank you!
Thanks @libreus - just back from a stag weekend so haven’t had a chance to check my emails.
Interesting listen this:
James Anderson’s reflections.
As he prepares to stand down as joint manager of Scottish Mortgage Investment Trust, James Anderson reflects on the great minds that influenced his thinking
Thanks. That was a good read. I’ve been looking into the Santa Fe Institute and Long Now Foundation as Baillie Gifford draws on their research. This Peter Leyden talk was fascinating:
Long term investors: “Fascinating stuff.”
Traders: “Sponsored by Stripe. That’s bullish!”
My god SMT is taking a beating. I never thought we’d see sub 1000 again, let again sub 800. How low can it go!?