After a turbulent five-year period post-pandemic, Scottish Mortgage has recovered its losses and is now trading near all-time highs. SpaceX deserves much of the credit, but is there more to come? Josef Licsauer, investment trust research analyst at Kepler Partners, takes a look in our latest Investing Analyst column.
Few investment trusts have divided opinion quite like Scottish Mortgage.
For its believers, it’s the closest thing the investment trust world has to a visionary – a £17billion portfolio backing some of the world’s most innovative and disruptive companies, both public and private, delivering almost twice the returns of the global equity market over the past decade.
For its critics, its post-pandemic slump, falling almost 60 percentage points behind the global market over five-years, provided ample ammunition for the ‘I told you so’s’.
Over this period, Scottish Mortgage saw its discount widen to almost 23 per cent, shifting the narrative from triumph to cautionary tale.
