Over the past decade weak economic growth and low interest rates have provided the perfect nursery for companies priced for a rapid expansion in earnings. Rising inflation, a likely move to increase rates and a regulatory clampdown by the Chinese government have caused technology stocks to falter since the start of this year.
But Scottish Mortgage Investment Trust, the main fund of the Scottish asset management firm Baillie Gifford, has proved itself to be more than just a proxy for the Faangs (Facebook, Amazon, Apple, Netflix and Google parent Alphabet). Over the past decade, the trust’s net asset value, with debt at fair value, has risen a blistering 1,072 per cent, against the 275 per cent generated by the benchmark FTSE All-World index. The
