Tom Slater interview: Scottish Mortgage’s lockdown winners and new trends

Scottish Mortgage Investment Trust pursues long-term capital appreciation by identifying and holding world-class growth companies that leverage modern technology to disrupt established industries. Rather than focusing on specific products, the strategy targets businesses with massive addressable markets and sustainable competitive advantages. China represents a critical growth engine, where companies like Meituan Dianping demonstrate superior operational scale and competitive intensity compared to Western counterparts. The portfolio maintains a long-term horizon, often exceeding a decade, which necessitates flexibility to include unlisted companies that function as large-scale enterprises. Notable holdings like Amazon and Tesla illustrate this focus on transformative shifts in grocery and transportation, while Ferrari highlights the enduring value of luxury brand management. By prioritizing companies that utilize technology to drive exponential change, the trust seeks to capture growth opportunities that span decades rather than reacting to short-term market fluctuations.