The world of investment trusts typically is filled with caution. Fund managers and boards are always trying to point investors towards looking at the long-term performance.
So when John Scott, outgoing chairman at Scottish Mortgage Investment Trust, uses the word “stellar” to describe its performance, it is worth noting.
It was, indeed, a strong year for Scottish Mortgage, with its net asset value rising by 38.1 per cent and its share price by 40.9 per cent. Its benchmark, the FTSE all-world index, was up 33.1 per cent in the corresponding 12 months to the end of March this year.
On a five-year basis, the net-asset value is up 146.6 per cent and the share price 177.3 per cent, with the benchmark up 97.3 per