The king of investment trusts has been toppled. In October, for the first time since June 2019, Scottish Mortgage was not the bestselling investment trust on the Interactive Investor platform, which compiles a monthly league table (the new champion was City of London Investment Trust, a decidedly more conservative vehicle).
Some fans of Scottish Mortgage have run out of patience. The shares have more than halved from the high point of two years ago. Once trading at a premium to net assets, they now languish at a 13.6 per cent discount. According to the latest interim report yesterday, net assets dwindled by 2.7 per cent in the six months to September, underperforming its benchmark, which rose by 4.3 per cent over the same period.
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