Scottish Mortgage NAV dragged down by 11.3% average drop in private company valuations

New director set to become chair

Sorin Dojan
clock • 2 min read

Scottish Mortgage (SMT) has reported stunted growth in its net asset value for the six months to the end of September, largely driven by a decline in the valuation of its private company holdings.

In its half-year financial results published today (8 November), the trust said its NAV grew by just 1.9% over the reported period, lagging its FTSE All-World benchmark, which gained 3.6%.  The trust's results were impacted by a drop in the valuation of its private companies, which fell by around 11.3% on average. According to SMT, 96% of the companies in the trust's portfolio were revalued up to four times in the period, but said "continued market volatility has meant that recent pricing has moved much more frequently than during stable market conditions". Scottish Mortgage adds '...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

Trustpilot