Scottish Mortgage private asset valuations slide as unquoted exposure hits 31%

NAV down 2.7%

Elliot Gulliver-Needham
clock • 2 min read

The valuations of Scottish Mortgage's private holdings have continued to slide, dropping 0.5% over the last six months.

In its half-year results to 30 September, the trust said that due to "company-specific circumstances", which have "challenged the economic reality of the liquidation preferences", the average private investee company securities price fell in value by 2.4% Overall, the trust's net asset value declined by 2.7% during the reporting period, compared to a rise of 4.3% for the FTSE All-World index. Private companies currently represent 31% of the trust's gross assets and 35% of NAV at £3.9bn, according to Stifel, despite SMT's 30% exposure limit to unquoted companies. Five companies account...

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