Growth… What Is It Good For?
Thematic Reports
Scottish Mortgage, Monks and Edinburgh Worldwide
Paradigm Shift: Following a sustained period of ‘Growth’ outperforming ‘Value’, recent years have seen a rotation of market leadership, driven by a changing macro environment. This has resulted in a notable reversal of fortunes for several investment trusts with a Growth bias, including some of the sector’s top performers in recent years. The investment trust structure is particularly well suited to capturing Growth dynamics, as its permanent capital nature grants managers the virtue of patience. Baillie Gifford is renowned for “thinking in decades, not quarters”, and its success in growth investing has spawned one of the largest listed companies in the UK. We recently met with several Baillie Gifford funds (Scottish Mortgage Investment Trust (SMT), Monks Investment Trust (MNKS) and Edinburgh Worldwide Investment Trust (EWI)), and we assess their perspectives in light of the wider question: What are the prospects for Growth-focused investment trusts?.
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