Believers in Scottish Mortgage Investment Trust need to maintain their faith more than most right now. The wind has turned against the FTSE 100 constituent, precipitating a share price fall far greater in magnitude than those at the start of 2020 or during the 2008 financial crisis.
A regulatory clampdown on Chinese technology companies and the prospect of more aggressive interest rate rises by the US Federal Reserve have caused a sell-off in the growth stocks that make up the trust’s largest holdings. Its net asset value shrank by 14 per cent over the 12 months to the end of March, a dramatic reversal from the 111 per cent expansion in the previous year.
Indeed, the shares have fallen further than the value of the
