Scottish Mortgage carries on business as an Investment Trust. The investment objective is to maximise total return from a portfolio of long term investments chosen on a global basis enabling the Company to provide capital and dividend growth. The equity portfolio is relatively concentrated and investments are chosen on their long term merits rather than with reference to geographical asset allocation or the composition of an index. The Company aims to achieve greater return that the FTSE All World Index (in sterling terms) over a five year rolling period.