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Know any better growth investors with lower charges?

I have held SMT for years and been to several meetings where I have heard many challenges to the managers' process - particularly when Tesla seemed very dodgy. The managers have always been consistent - increasing automation is changing the investment landscape - buying companies pre IPO can be a good idea - churn is low - costs are low. No flaws that I can see - short term sp swings but over the long term it is an impressive performance.

I envy your powers of prediction - the bookies must hate you. I hope that there are no events in the next quarter to upset your prediction. Hopefully the North Koreans will not rattle their sabres, Taiwan will not be invaded and Covid will not revive. Fingers crossed for loadsamoney in next quarter.

Today is a bad day for growth stocks. SMT has had a bad week. So what? Baillie Gifford reckon that the key to creating value is to buy a range of stocks with good potential in the expectation that some will be superstars. These stellar performers have setbacks - Amazon went from $106.99 in 1999 to $5.97 two years later. The BG process is to be long-term holders of promising companies. Time allows them the ability to compound their earnings. It is like a flywheel gaining speed, albeit with setbacks.

I have been invested in SMT over several years and the key themes have been investing in companies that have an above average chance of 'doing an Amazon' and disrupting market sectors. BG has worked hard at building a reputation as being a responsible and reliable investor with the benefit of getting offered good private equity deals. SMT is low cost. These benefits are not trivial. A friend of mine worked in BG's admin team when Tom Slater was a new hire and said he was the best of his generation in the firm. I cannot see Tom Slater failing.

Tom did actually spend six months in Silicon Valley a few years ago. Clearly the succession issue has been mulled for quite a long time and I think Tom will do very well.

SMT is for patient investors. Thinking of a five year tine horizon . I doubt whether the issues here discussed here will be high on the agenda in 2026. Well, I hope they won't...

'Let the trend be your friend.' SMT managers are investing in alternatives to oil and also continuing use of computers and genetic sequencing. If anyone has got any better ideas for things to invest in, please let me know. The managers also reckon that the market is not too good at predicting just how successful the big winners can be. They reference Amazon which was judged as a bookshop with fancy metrics until people rumbled the true nature of the business.

Casino not more fun? Who knows what any share price will do in short term? Vaccine has side -effects -leading to big sell off. Or, new super vaccine comes out and confidence surges. I hope SMT will hit 20 quid by the summer, but it might fall back to 8.

The managers have often stated that they do not claim to have a clue about short-term share movements. They point out that even their best investments often have a bumpy ride - think Tesla. Very unusual for a share to just keep going up day after day, month after month.

The BG people have made the point that a successful disruptive company , such as Amazon for example, often has 'bumps in the road.' In 1999 Amazon was about $111 - , two years later it was around $7. They stayed with Tesla when Musk was smoking dope on a radio interview, falling out with the SEC and failing to build enough cars. They were right to stay with it, but it was an uncomfortable time.

Yes, far more fun when SMT puts on 100% in steady stages in a year. Should the share carry a health warning?

I presume that the strong run for growth style investments will lead to more funds cash being invested to the extent that the market approaches Black Tulip territory. In September 1999 Amzn was $119 - in September 2001 it was $5.97. Not sure SMT the best stock for day traders. Actually, I am not convinced of the value of day trading for the average Joe.

You do horse racing tips too? Generous of you to take time to contribute to this thread, with you having all those Ferraris to polish.

Hmmm... one sneeze does not rule out pneumonia. Who knows what will happen in coming weeks? The Baillie Gifford people always say they cannot forecast short-term share movements.

Interested in search for 'weakness' in SMT sp. Weakness seems to be in short supply. Just wait for next market meltdown?

Got any ideas for a better growth oriented fund?

Two kinds of investment trust directors. One lot are essentially in it for the money and quite often have a bunch of other gigs - 'on every board other than the ironing board.' Then there are the people who have a large stake in the company and whose interests are more aligned with other shareholders. Another interesting metric is how many of the shares the managers' hold. James Anderson of SMT has achieved his aim of owning 1% of the Trust. 1% may not seem a lot, but today's market cap is nudging £20bn. He also stated that all his equity investment is in SMT. I rather admire his commitment - he is putting his money where his mouth is.

SMT is my biggest holding and I buy into its strategy but do not expect a large premium over NAV. The Trust issues shares quite regularly as it does not want a substantial premium. There is also a strategy to mitigate a discount. The current market cap is £19.78 bn so I think their place at the front of the queue for the best investment opportunities -private equity deals etc - looks pretty rosy.

The general rule for BG growth funds is that they will sell a stock if they don't think it is likely to double in the next five years.