investment trust type public industry investment management founded 1909 headquarters edinburgh scotland united kingdom key people james anderson joint manager tom slater joint manager parent baillie gifford & co limited website www.scottishmortgageit.com scottish mortgage investment trust lse smt is a publicly traded investment trust listed on the london stock exchange . it invests globally looking for strong businesses with above average returns . scottish mortgage is managed by baillie gifford & co limited the edinburgh based investment management partnership . contents 1 history 2 dividends 3 present day 4 time line 5 references 6 further reading 7 external links history edit the origins of scottish mortgage lie in a credit crisis the panic of 1907 . by 1909 the growing popularity of the motorcar including the model t ford was creating significant demand for tyres which rubber planters in southeast asia were keen to exploit but credit was still difficult to obtain . in edinburgh the recently formed legal partnership between colonel augustus baillie and carlyle gifford which ultimately became baillie gifford & co spotted an opportunity . they established the straits mortgage and trust company limited . 1 to lend money to the planters secured on the rubber estates . within a couple of years however the credit crisis was over and rubber planters no longer required finance from straits mortgage on the scale anticipated . in 1913 the trust s investment remit was widened to include bond and equity markets worldwide and its name changed to the scottish mortgage and trust company limited . 2 by 1913 it was obvious the future of the trust lay in operating as a normal investment trust that is to say one which invested in a broad range of securities very largely overseas as was typical of scottish investment trusts of the period with a strong bias towards north america rather than the rubber plantation specialist that had originally been envisaged . in recognition of this the board decided to change its name to the scottish mortgage and trust limited ; this change of name received official approval on 31 may 1913 . 3 early investments reflected the rapid global industrialisation that characterised the period including shares in oil and railway companies and loans to the argentine indian chinese and imperial ottoman governments . 4 these reflected scottish mortgage s flexible unconstrained investment policy which enabled managers to invest shareholders money in whatever and wherever the manager believed to be the best available opportunities . from early on north american investments featured in scottish mortgage s portfolio but these were augmented substantially in the mid 1930s with the proceeds of european investments sold 5 in reaction to the deteriorating political situation in europe . by 1940 22 per cent of the portfolio was invested in us names . 6 soon after however the british government mandated the sale and repatriation of all american securities owned by british citizens including those of scottish mortgage . the government s representative overseeing this formidable exercise was carlyle gifford . the proportion invested in the us fell to 6.6 per cent by 1942 7 not to be rebuilt until the 1950s . 8 by 1957 in the midst of the post war boom in equities the chairman noted ... we have over 44 per cent of our assets ... in usa and canada . indeed a higher proportion would have been even better . 9 in the 1960s the trust was among the first to take advantage of the lifting of restrictions on foreigners investing in the burgeoning japanese market ; a sound investment decision but a controversial one with wartime memories still fresh . 10 in later decades investments in southeast asia sought to take advantage of that region s development . the amount invested in the uk allocation has also varied . during the early 1970s uk equities and bonds fell from 63 per cent in 1972 11 to nearly 45 per cent of the trust two years later . 12 while some of this decline reflects steep relative falls in the uk stock market it also reflects a deliberate move away from the uk . the exasperation of the chairman comes through in his 1975 statement the fact is that this country has got itself into a really dreadful mess ... we continue to have more confidence in investment prospects overseas than in the uk . 13 dividends edit over the entire history of scottish mortgage it has cut its dividend only once in 1933 after the effects of the depression ravaged its portfolio . 14 in every other year it either maintained or increased its dividend even during both world wars . in 1942 the chairman wrote with masterly understatement of some important adverse influences ... our revenue has suffered from the almost complete stoppage of dividends from the invaded areas . 7 present day edit scottish mortgage celebrated its centenary year in 2009 . as at 31 july 2016 the trust had total net assets of approximately 3.8 billion . investments continue to reflect the global nature of the trust with holdings in fast growing economies such as china and brazil . time line edit 1909 launch of straits mortgage & trust limited 1913 name change to scottish mortgage & trust company limited 1914 18 first world war 1929 wall street crash 1933 scottish mortgage cuts dividend the only time in its history 1939 45 second world war 1957 macmillan tells britons they have never had it so good reflects post war economic and stock market boom 1965 finance act major tax changes 1969 scottish mortgage merges with two other trusts second scottish mortgage & scottish capital 1973 4 oil shock and stock market crash 1975 start of a 25 year bull run in equities 2000 long bull market ends with bursting of technology bubble 2002 name change to scottish mortgage investment trust plc 2003 7 market rally led by emerging markets and commodities 2008 scottish mortgage annual dividend per share reaches record high of 10.3 pence . severe stock market falls as banking and credit crisis takes place 2009 scottish mortgage s 100th agm held in june in edinburgh . 2010 tom slater appointed deputy manager of scottish mortgage investment trust plc references edit burns page 6 certificate of name change no. 7058 28 may 1913 burns page 12 national archives gd378 4 16 journal no. 1 1910 1926 burns page 42 scottish mortgage annual report and accounts 1940 a b the scottish mortgage and trust company limited chairman s speech to the agm 21 may 1942 scottish mortgage annual report and accounts 1957 scottish mortgage annual report and accounts 1957 chairman s statement burns pages 89 90 scottish mortgage annual report and accounts 1973 chairman s statement scottish mortgage annual report and accounts 1975 scottish mortgage annual report and accounts 1975 chairman s statement burns page 32 further reading edit burns richard 2008 . a century of investing baillie gifford s first 100 years . edinburgh birlinn limited . isbn 978 184158781 3 . hollis gill spring 2008 . evolution and growth . trust magazine page 12 . external links edit scottish mortgage investment trust website baillie gifford & co website trust magazine investment trust news expert analysis videos competitions and more from baillie gifford companies portal v t e ftse 100 ftse 250 companies of the united kingdom 3i infrastructure aa aberdeen asset management aberforth smaller companies trust acacia mining aggreko aldermore group alliance trust allied minds amec foster wheeler ao world ascential ashmore group assura atkins auto trader group aveva balfour beatty bankers investment trust barr a.g. bba aviation beazley group bellway berendsen berkeley group holdings bank of georgia bh macro big yellow group b & m european retail value bodycote booker group bovis homes group brewin dolphin holdings british empire trust britvic brown n. btg plc cairn energy caledonia investments capital & counties properties card factory carillion centamin cineworld city of london investment trust clarkson close brothers group cls holdings cmc markets cobham computacenter countryside properties countrywide cranswick crest nicholson cybg daejan holdings dairy crest debenhams dechra pharmaceuticals derwent london dfs dignity diploma domino s pizza drax group dunelm group edinburgh investment trust electra private equity electrocomponents elementis entertainment one essentra esure euromoney institutional investor evraz f & c commercial property trust fidelity china special situations fidelity european values fidessa group finsbury growth & income trust firstgroup fisher james & sons foreign & colonial investment trust g4s galliford try gcp infrastructure investments genesis emerging markets fund genus go ahead group grafton group grainger great portland estates greencoat uk wind greencore greene king greggs gvc holdings halfords group halma hansteen holdings harbourvest global private equity hastings group hays henderson group hicl infrastructure company hill & smith hiscox hochschild mining homeserve howdens joinery hunting ibstock icap ig group holdings imi inchcape indivior inmarsat intermediate capital group international personal finance international public partnerships investec ip group jardine lloyd thompson jd sports john laing group john laing infrastructure fund jpmorgan american investment trust jpmorgan emerging markets investment trust jpmorgan indian investment trust jrp group jupiter fund management just eat kaz minerals keller kennedy wilson europe real estate kier group ladbrokes laird lancashire holdings londonmetric property man group marshalls marston s mccarthy & stone meggitt mercantile investment trust metro bank millennium & copthorne hotels mitchells & butlers mitie moneysupermarket.com group monks investment trust morgan advanced materials murray international trust national express group nb global ncc nmc health ocado group onesavings bank p2p global investments pagegroup paragon group of companies paypoint paysafe pennon group perpetual income & growth investment trust personal assets trust petrofac pets at home phoenix group holdings playtech polar capital technology trust polypipe premier farnell pz cussons qinetiq rank group rathbone brothers redefine international redrow regus group renewables infrastructure group renishaw rentokil initial restaurant group rightmove rit capital partners riverstone energy rotork rpc group safestore saga savills scottish investment trust scottish mortgage investment trust segro senior serco shaftesbury shawbrook bank sig plc smith ds smurfit kappa group softcat sophos spectris spirax sarco engineering spire healthcare sports direct ssp group stagecoach group st. modwen properties supergroup svg capital synthomer talktalk group tate & lyle ted baker telecom plus temple bar investment trust templeton emerging markets investment trust thomas cook group tritax big box reit tr property investment trust tullett prebon tullow oil ubm udg healthcare uk commercial property trust ultra electronics holdings unite group vectura group vedanta resources vesuvius victrex virgin money weir group wetherspoon j d w h smith william hill witan investment trust wizz air woodford patient capital trust wood group workspace group worldwide healthcare trust zoopla retrieved from https en.wikipedia.org w index.php title scottish mortgage investment trust & oldid 738001881 categories 1909 establishments in scotlandcompanies based in edinburghcompanies established in 1909companies listed on the london stock exchangefinancial services companies of scotlandinvestment management companies of the united kingdominvestment trusts of the united kingdom navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent 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