Baillie Gifford's Tom Slater owns up to 'humbling' 2022

After $14bn loss on Tesla and Shopify

Tom Slater, manager of the £13.8bn Scottish Mortgage investment trust, has acknowledged that last year was “humbling” after Baillie Gifford lost more than $14bn on its Tesla and Shopify holdings.

Speaking at an investor forum in London, Slater, who has co-managed the UK's largest trust since 2015, said it had been a "mistake" to assume that shifts in consumer behaviour during the pandemic would stick.  He also admitted they were "slow to recognise the significance of the shattering in Sino-US relations". Tesla, which has seen its share price drop by 66.5% in the last year, according to Morningstar data, accounts for 4.9% of the Scottish Mortgage trust and is its third-largest holding.  Scottish Mortgage's Slater: We place an 'outsized degree of importance' on company founde...