Scottish Mortgage has published results for the year ended 31 March 2015. Its net asset value total return for the year was 27.7% and the share price total return was 29.6%; these returns were well ahead of the FTSE All-World Index, which produced a total return over the period of 19.2%. A final dividend of 1.55p is proposed, giving a total of 2.93p for the year, an increase of 1.0%. If approved, this will entail using 0.7p per share of the revenue reserves. In so doing, this will leave around 4p per share available to support future distributions.
To control the discount, Scottish Mortgage bought back 6.6m shares in the early part of the year but was able to issue 25.6m shares as the shares moved to trade at a premium later in the year.
There is no manager’s statement in the results announcement.
SMT : Scottish Mortgage beats benchmark by large margin