Scottish Mortgage reports share price return of 32.5%

Scottish Mortgage Investment Trust has reported that during the year to 31 March 2024, it delivered a share price and net asset value (NAV) return of 32.5 % and 11.5%, respectively.

The strength of the share price, relative to the NAV, reflects a narrowing of the discount from 19.6% to 4.5%, after hitting a mid-year low of 22.7%.

This resulted in total assets of £14.1bn, with the share price gaining 46% at year end, from that mid-year low.

The trust, managed by Baillie Gifford, aims to invest in growth companies – such as Nvidia, Spotify and SpaceX – and patiently own them over long periods of time.

Over the last decade, its managers have delivered a NAV per share increase of 381.9%, compared to a 218.2% increase in the FTSE All-World index.

Manager Tom Slater said: “Artificial intelligence, digitalisation, scientific and engineering progress and the opportunities presented by transitioning our energy model will provide fertile investment territory for years to come.”

Managers added five new companies to the portfolio during the year, including the re-introduction of Meta, alongside Insulet – which manufactures tubeless pumps that integrate with glucose monitors for type-1 diabetics – and Sea – a digital entertainment, e-commerce and financial services business.

Lawrence Burns, deputy manager, added: “We’re greatly encouraged by the founders of our portfolio companies telling us that, to them, the pace and magnitude of technological-driven change has never appeared greater.

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