In short: #2, and the only one on the list bought for access rather than for capital allocation. "A global investment trust… they identify and invest in exceptional public and private companies that are building the future of the global economy. Via $SMT, you get exposure to companies you could otherwise never own. Think about companies like SpaceX, Anthropic and ByteDance (TikTok)." Top five: SpaceX 15.3%, TSMC 5.7%, MercadoLibre 4.8%, ByteDance 4.1%, Amazon 4.0%. Record: 14.4% a year since 2001. Written as "$SMTL" in the heading and "$SMT" in the body; the London line is SMT. No discount-to-NAV is quoted, which is the number this vehicle is usually traded on.
Scottish Mortgage is a London-listed investment trust, which means you buy a share of a fund the way you buy a share of a company. What makes it unusual is that a large slice of what it owns is not listed anywhere — private businesses an ordinary investor simply cannot buy.
The examples given are the famous ones: SpaceX, Anthropic and ByteDance, the owner of TikTok. SpaceX alone is 15.3% of the trust; TSMC is 5.7%, MercadoLibre 4.8%, ByteDance 4.1% and Amazon 4%. The reason to own it, on this argument, is access rather than cheapness.
Long-run performance is about 14.4% a year since 2001. The thing to keep in mind, which the post does not raise, is that the private positions are valued by estimate rather than by a market price — so about a fifth of what you own is worth whatever the manager says it is worth until someone buys it.
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