Thanks for sharing, @RLX. Interesting read, but I can’t shake the feeling about not being written objectively. It has a dismissive connotation and in some parts tries to isolate the events in the last year. Maybe it’s just me. 
Besides their philosophy, I’m invested in SMT because of the fact, the partners put their money where their mouth is. It gives me solace.
Wholly owned by its roughly 50 partners, the firm has staked its future on the belief that it can spot the next big thing.
If I remember correctly, I felt a little disappointed with that article, because I were expecting some juice about the portfolio, investments, reasons about the last 1,5 year performance. Maybe because it’s Bloomberg, a financial media, talking about a financial company. 
I felt bored half way (maybe sooner) because it’s very generic and superficial, talk about a lot of things, but few about financial matters.
Anyone else noticed the redesigned page? Looks nice. 
https://www.scottishmortgage.com/en/non-uk/non-uk-shareholders
Spotted that the other day, it does look good. The portfolio looks relatively unchanged since the last time I checked a few months back.
Guys, what are your recent thoughts on BG, especially SMT after the change of managers?
I’m still investing in SMT alongside S&P.
My thinking hasn’t really changed as it’s an investment I’ll hold for 30 years or more. I added a bunch in 2022 to bring my average price to just over £8.
However, I have reined in exposure to BG over the past couple of years. SMT makes up about 15% of my portfolio, which I’d like to bring down to nearer 10%, so I won’t be adding to it for a while.
Thanks for sharing. It’s not just SMT, but the broad market and its cycles that’s negatively impacted, so I don’t understand what could the fund have done differently … well, it’s 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 – by Dan McCrum, of Wirecard fame – makes the point that the chair should have retired by now in line with the corporate governance code.
Bhide adds: “My concern is that no one on the board has any professional investment experience. This board desperately needed people who knew what they are doing.”
While it’s important to remember he has an axe to grind, it is concerning to hear him question the chair’s independence: "Her role so far as I can see is to protect managers from criticism.”
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. It’s a shame the trust’s relatively illiquid and the spread’s so wide.
Sorry to go out of topic…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 £25 billion impairment charge earlier today. Using the current exchange rates, £25 billion equals $31.5 billion. Apologies if we have caused any confusion 
This was an interesting read. It’s worth noting that the 32% is in the riskier end of private equity.
For those interested in SMT, it’s Monthly LinkedIn Newsletter (with subscription option):
It’s 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.
For anyone interested, I’ve created a pie based on SMT’s holdings, minus the private companies, to scratch an itch to own some individual stocks after filling my Isa.
