Scottish Mortgage is keenly aware of the activist investor eyes on the UK investment trust space, and its extensive share buyback programme is helping to keep them off its shareholder register.
At SMT's annual general meeting yesterday (3 July), chair Justin Dowley confirmed that the trust had spent £2bn in its share buyback scheme so far. The £14.5bn trust launched a minimum £1bn share buyback scheme back in March 2024, mainly as a way to tackle its extensive discount, a dynamic which has been apparent across the investment trust sector in recent years. Baillie Gifford: Investment trusts 'that simply mirror an OEIC are vulnerable to attack' Dowley said SMT had bought back stock at discounts "as wide" as 16%, down to the current 9.7% level. "It is not ideal, what we wo...
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