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Shareholders in Scottish Mortgage Investment Trust have cashed in on its early support for SpaceX following the US tech firm\u2019s mammoth flotation in the summer.<\/p>\n
The FTSE 100 trust, managed by Baillie Gifford, took advantage for profit taking when the window opened for the sale of shares. It currently holds 11.1% in Elon Musk\u2019s company from 15% at the end of September.<\/p>\n
The trust invested in SpaceX seven and a half years before the IPO and in a statement with half-year figures chairman Christopher Samuel noted how it is an example of \u201cwhat makes Scottish Mortgage distinctive\u201d.<\/p>\n
Total net asset value return was 31.5%, compared with 16% for the FTSE All-World Index. The share price total return was 33.8%.<\/p>\n
The figures reflect the soaring value of tech stocks ahead of sharp falls in recent days, including yesterday\u2019s crash which wiped $40 billion off Musk\u2019s net worth. Shares in his Tesla car manufacturer and SpaceX \u2013 down 10.8% and 9.1% respectively on the Nasdaq exchange \u2013 were among those that suffered as investors took fright at signs that the Democrats could derail the artificial intelligence boom.<\/p>\n
Speaking about Scottish Mortgage\u2019s investment in SpaceX, Mr Samuel said: \u201cThe managers deserve considerable credit for recognising its potential before it was publicly traded and for sustaining their conviction as the business developed. <\/p>\n
\u201cEqually, the decision to reduce the position following its flotation, while retaining a substantial investment, demonstrates the importance of balancing conviction with disciplined portfolio management.\u201d<\/p>\n
Mr Samuel also noted other stocks in the portfoliom including drugs firm Moderna. Its progress during the period also \u201cdemonstrated how patience can be rewarded, reinforcing the importance of giving promising businesses the time they need to realise their potential.\u201d<\/p>\n
He also mentioned Anthropic which \u201chighlights a different strength of Scottish Mortgage\u2019s investment approach: the ability to gain exposure to exceptional businesses before they reach public markets. This access remains a distinctive feature of the company\u2019s investment approach, expanding the range of opportunities available to shareholders.\u201d<\/p>\n
At the General Meeting in April a targeted change to the investment policy was approved with up to \u00a3250 million added for private-company investments. This enabled the managers to add to the company\u2019s investment in Anthropic in May. <\/p>\n
Following SpaceX\u2019s flotation, private companies represented 24.9% of the company\u2019s total assets at 30 September. The additional capacity remains subject to defined limits and Board oversight.<\/p>\n
The discount to NAV at 30 September was 7.9%, compared with 9.5% at 31 March.<\/p>\n
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