The manager of the Scottish Mortgage Investment Trust has acknowledged that the past 12 months have been “painful for shareholders” but that “significant operational progress continues, reflecting the accelerating pace of change throughout the economy”.
During the financial year to 31 March 2023, its share price and net asset value - calculated deducting borrowings at fair value - returned -33.5% and -17.8% respectively.
Tom Slater said the trust would “not deviate from [our approach] to avoid short-term headwinds” and that “if patient ownership of growth companies was easy, there would be far more competition”.
