Scottish Mortgage Won’t Be Too Bothered By Nasdaq Wobble | Nils Pratley | Business

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THursday’s biggest drop in the FTSE 100 index was the Scottish Mortgage Investment Trust, a completely unsurprising move on a day when the high-tech Nasdaq fell. The trust portfolio is itself long on technology and innovation, led by Amazon and Tesla.Indeed, this week announced that Baillie Gifford, who manages Scotland’s £ 14bn mortgage fund, had to reduce its stake in Tesla for the very reason that stocks have done almost too well. The six-fold increase in Tesla’s share price this year has caused the concentration limits on individual funds to be exceeded. So a few Tesla shares had to disappear, even though Baillie Gifford still owns 4.3% of the electric car company.

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