Elliott takes some profits in Scottish Mortgage, reducing stake below 5%

Activist US hedge fund Elliott Management has taken some profits in Scottish Mortgage, reducing its stake to below 5%, according to a stock market filing this afternoon.

The sale took place on Wednesday on the day Scottish Mortgage bought back £311m of its shares, a record one-day purchase by a UK investment company.

Elliott declined to comment on its trading but sources say it remains the largest single shareholder in the Baillie Gifford flagship.