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At one point today European markets were down heavily, with the FTSE 100 and DAX hitting five-week lows, as inflation concerns once again weighed on sentiment. However these lows proved to be short-lived, with the rest of the day spent clawing the bulk, or all of the losses back, with the FTSE underperforming due to its heavy basic resources weighting, where most of today s losses have been concentrated.
In an extremely fickle environment, markets are continuing to wrestle with the dilemma as to whether the current bout of rising inflation prints is transitory in nature. US PPI for April only served to reinforce this inflationist narrative, however it is still very difficult to put aside how much base effects are exerting upward pressure on the overall numbers.
Searching for the next Tesla among the FTSE 100 companies using Scottish Mortgage s investment strategy
The UK is not known for its technology stocks, but there is one in the FTSE 100 that SMT s investment manager, Baillie Gifford, likes the look of. If you want to know what SMT is investing in, start watching re-runs of the Jetsons
The investment manager’s report in today’s results statement from Scottish Mortgage Investment Trust PLC (LON:SMT) provides some useful insight into the trust’s strategy.
Tom Slater – the Baillie Gifford man who is the joint manager of SMT’s investment portfolio – explained the team s strategy is to create long term value by finding companies pursuing big opportunities and investing in projects with uncertain payoffs.
Scottish Mortgage reported an 111% increase in net asset value for the year to 31 March, its âstrongest everâ return. It was the best performing share in the FTSE 100 during 2020.
However, it has now sold 80% of its Tesla shares and offloaded its holdings in Facebook and the Google owner, Alphabet, to focus on finding other companies that will help build the post-carbon economy.
New investments include Northvolt, a Swedish battery maker for electric vehicles that is led by a former Tesla engineer, and the Covid-19 vaccine maker Moderna, which Anderson likened to a software company, as it writes RNA code to program human cells to develop new therapies.