Scottish Mortgage has reported interim results for the six months ended 30 September 2015. It was a period of falling markets – the FTSE All-World Index fell by 11.8%. Scottish Mortgage did a little better, its NAV fell by 10.9% over the period and the share price fell by 9.7%. The interim dividend is being maintained at 1.38p.
The proportion invested in unlisted investments has risen to 10% (16 companies) and they say these figures will rise further. New investments in this area include Home24, a European online furniture retailer developed by Rocket Internet; Airbnb, an online travel platform, changing the shape of the global holiday accommodation market; Funding Circle, which is dis-intermediating the provision of capital between savers and small and medium sized enterprises in the UK, in direct competition to the banks; and Thumbtack, a US-based online directory and ratings platform for the provision of tradesmen’s services. Within the last twelve months, private investments have also been made in the US cyber security and analytics company Palantir and the Indian e-commerce company, Flipkart.
Shareholders are not being told which investments made positive and negative contributions to performance.
SMT : Scottish Mortgage now 10% in unlisted investments