Thanks for sharing. Itās not just SMT, but the broad market and its cycles thatās negatively impacted, so I donāt understand what could the fund have done differently ā¦ well, itās easy to have the answers directed to the past, but still.
His concerns about the private equity exposure seem reasonable and I think it can be helpful to have dissenting voices around the table.
The FT story ā by Dan McCrum, of Wirecard fame ā makes the point that the chair should have retired by now in line with the corporate governance code.
Bhide adds: āMy concern is that no one on the board has any professional investment experience. This board desperately needed people who knew what they are doing.ā
While itās important to remember he has an axe to grind, it is concerning to hear him question the chairās independence: "Her role so far as I can see is to protect managers from criticism.ā
Scottish Mortgage Investor Webinar
https://www.scottishmortgage.com/en/uk/individual-investors/insights/ic-video/2023-q1-scottish-mortgage-your-questions-answered-10019535
This is good news for investors. MNTN shares up 6-7% today. Hopefully, this provides confidence in the valuations of private equities held by Baillie Gifford.
An infographic about Cloud computing by SMT.
MNTN is tempting with a 57% discount and the share price down more than 50% this year. Itās a shame the trustās relatively illiquid and the spreadās so wide.
Sorry to go out of topicā¦is todays BATS reporting impairment charge 25 or 31 Billion. Am getting confused?
T212 says 31 Billion
HL says 25 Billion
Hey, @Zrtz 
It seems like the information provided by HL presents the impairment charge in GBP, while our notification presents it in USD.
As you know, BATS announced a Ā£25 billion impairment charge earlier today. Using the current exchange rates, Ā£25 billion equals $31.5 billion. Apologies if we have caused any confusion 
This was an interesting read. Itās worth noting that the 32% is in the riskier end of private equity.
For those interested in SMT, itās Monthly LinkedIn Newsletter (with subscription option):
Itās interesting that the managers have lost faith in Illumina, though I can hardly blame them after the whole Grail debacle.
Northvolt might be the one that leads an IPO revival. That could really sure up SMT.
Itās all gone very quiet around here 
I no longer own any BG funds though I do use SMTās holdings as a bit of a screener for individual investments and I hold some of the same companies.
The managers have been doing some spring cleaning which is no bad thing because, for me, the portfolio needed thinning out.
Carvana, Beam, Chargepoint, Lilium, Nio, Illumina, Hellofresh, Zoom, Tencent and more have all been shown the door.
Iām glad to see Slater and Burns starting to put more of their own stamp on SMT.
This was part of the reason I sold SMT, I was getting uncomfortable with the 30%ish private holdings, and I wanted to bank a bounce.
I know the managers have since slashed the Tesla holding but itās still 9%ish combined with SpaceX.
I balked at the concentration in Musk as he was beginning to dabble more in politics.
Iām considering building up a position in MNTN, to give me some exposure that I have more control over, when a good entry point arises.
Itās planning to move to the main market from the specialist fund segment which Iām hoping will bring better execution.
Iām doing some research to try to understand what this actually means but youād imagine it would include higher standards of governance etc.
This article suggests the fund would be more liquid and denominated in sterling rather than USD.
Interesting, thanks for the feedback.
The ongoing charges are high, though. 
Ongoing charges 0,92 %
Yes, executionās pretty horrendous too.
SMT remains a cheaper, more liquid way of getting exposure to many of the same private firms.
I hold many of the same public companies individually, so SMT doesnāt make as much sense to me any more.
But I wonāt be rushing into buying MNTN. Iāve lots more research to do on this one.
Yeah same. Theyāve never fully recovered from 2021 and their subsequent rebalancing hasnāt really worked. But Iāve made a decent amount in the SIPP and now keen to sell if thereās a better option out there but I havenāt done any research in a year or so as letting things grow and breathe.
Feels like we might be nearing the end of another tech cycle.