Is Scottish Mortgage the next big success story?

Despite facing setbacks, the Scottish Mortgage Trust bounces back, making it a top fund pick for investors.

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It’s been a roller coaster ride for shareholders of the Scottish Mortgage Investment Trust (LSE: SMT), the £11billion giant of the investment-trust sector. 

The share price trebled to £15 in the two years to late 2021, then fell by 60% to a low of £6 in the next 18 months. It then climbed back to more than £8 at the end of 2023, before slipping to 750p in January. The price went from a premium to net asset value (NAV) to a 20% discount but now trades at an 11% discount. 

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Max King
Investment Writer

Max has an Economics degree from the University of Cambridge and is a chartered accountant. He worked at Investec Asset Management for 12 years, managing multi-asset funds investing in internally and externally managed funds, including investment trusts. This included a fund of investment trusts which grew to £120m+. Max has managed ten investment trusts (winning many awards) and sat on the boards of three trusts – two directorships are still active.

After 39 years in financial services, including 30 as a professional fund manager, Max took semi-retirement in 2017. Max has been a MoneyWeek columnist since 2016 writing about investment funds and more generally on markets online, plus occasional opinion pieces. He also writes for the Investment Trust Handbook each year and has contributed to The Daily Telegraph and other publications. See here for details of current investments held by Max.