Scottish Mortgage Investment Trust PLC (LSE:SMT) reported a 15% fall in its net asset value (NAV) since the end of March as it updated investors on results for the six months to 30 September 2022.
The company noted this fall compared to a 7% decrease in the FTSE All-World index but pointed out that in the last five years NAV was up 115% against 53% for the index.
For the six-month period the NAV was down 39% to 841.7p from 1,381.1p a year earlier, and from 1,021.8p at the end of March 2022.
Shareholders will receive an interim dividend of 1.60p per share, up of 5% over last year's payment of 1.52p.
In terms of the portfolio, Moderna, the mRNA therapeutics company, remained the largest holding with an interest also in Tesla, while the trust made a further investment in Northvolt during the period which is now one of its largest positions, it said.
Several Chinese holdings have been reduced including long-standing investments in Alibaba and Tencent as the regulatory environment in China remains challenging.
“Powerful forces of change are creating significant opportunities,” the company said.
“While rising interest rates and increasing friction between the United States and China create a problematic environment to navigate, the long-term advantages of companies are often built in periods of stress and capital shortage.”