Scottish Mortgage Trust (SMT) says SpaceX (SPCX) accounted for over a quarter (25.7%) of its £18.7bn portfolio at 30 June, up from 21% before its record flotation on 12 June and up from 8.2% in November. The disclosure in the latest factsheet of the Baillie Gifford flagship came yesterday as SpaceX shares fell to $139, just above their $135 IPO price but down from a post-flotation peak of $201.80, valuing it at $1.8trn.

Polar Capital Global Financials (PCFT) made a 4.8% investment return in the half-year to 31 May to beat the MSCI All Country World index gain of 3.1%. Shareholders in the £382m investment trust did better with a 5.7% total return as the share price discount narrowed from 5.1% to 4.3%. Increased market volatility benefited brokers IG Group and StoneX but London Stock Exchange was held back on AI disruption fears and NOBA Bank and Nu Holdings suffered from concerns over their loan exposures. Dividends rose to 4.7p from 4.2p per share in line with the new 4% of net assets policy, partly covered by revenue return per share rising to 3.37p from 3.26p.

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