01 Nov 2011

Scottish Mortgage Investment Trust Announces Interim Results 

Scotttish Mortgage Investment Trust PLC announces
its results for the six months to 30 September 2011. 

The latest half-yearly results for Scottish Mortgage Investment Trust PLC show, for the year to 30 September 2011, the net asset value per share (after deducting borrowings at fair value) fell by 20.5%. The share price fell by 16.0%, in line with the benchmark index, the FTSE All World Index in sterling terms, which was down 16.1% over the same period

Of more relevance to Scottish Mortgage are the five year performance figures and these show a net asset value total return (capital and dividends) of 28%, compared to an increase in the benchmark of 15%.

Scottish Mortgage has announced an interim dividend per share of 6.2p, which is 6.9% higher than last year’s interim payment.

Negative factors over the past six months include equity markets which have been weak and volatile. Also, nervousness has been self feeding with less attention paid to more positive news flow especially at company level.

While difficult, current market conditions have to be endured with a steady eye kept on companies’ individual investment cases and also on longer term dynamics and not short term market preoccupations.

Powerful longer term positive influences, notably the rapid growth of developing countries and the rapid pace of technological advance across many fields, remain in place.

Scottish Mortgage is a low cost investment trust that aims to maximise total return over the long term from a focused and actively managed portfolio. It invests globally, looking for strong businesses with above-average returns. The Trust had total assets of £2,097.32m (before deduction of borrowings of £433.04m) as at 30 September 2011.

More details on the results, including the Half-Yearly Management Report, can be found in the press release transcript at the top of this page. You can also find up to date performance information about Scottish Mortgage Investment Trust on Baillie Gifford’s website. 

Standardised Past Performance

Please remember that past performance is not a guide to future performance. The value of your investment may go down as well as up and you may not get back the amount originally invested.  You should regard your investment as long term.

The trust invests in overseas securities and changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.