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Scottish Mortgage Investment Trust () 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. ==History== 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.〔Burns, Page 6〕 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.〔Certificate of Name Change No. 7058, 28 May 1913〕
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.〔National Archives - GD378/4/16 - Journal No.1 (1910-1926)〕 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〔Burns, Page 42〕 in reaction to the deteriorating political situation in Europe. By 1940, 22 per cent of the portfolio was invested in US names.〔Scottish Mortgage Annual Report and Accounts 1940〕 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,〔The Scottish Mortgage and Trust Company Limited, Chairman's Speech to the AGM, 21 May 1942〕 not to be rebuilt until the 1950s.〔Scottish Mortgage Annual Report and Accounts 1957〕 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".〔Scottish Mortgage Annual Report and Accounts 1957, Chairman's Statement〕 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.〔Burns, Pages 89,90〕 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〔Scottish Mortgage Annual Report and Accounts 1973, Chairman's Statement〕 to nearly 45 per cent of the Trust two years later.〔Scottish Mortgage Annual Report and Accounts 1975〕 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".〔Scottish Mortgage Annual Report and Accounts 1975, Chairman's Statement〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Scottish Mortgage Investment Trust」の詳細全文を読む スポンサード リンク
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