BMO's Hewitt: 'It is too late to sell Scottish Mortgage'

Sold 1/3 of BG and tech trusts

Peter Hewitt, manager of BMO Managed Portfolio Growth and Managed Portfolio Income trusts, has said it is “too late to sell Scottish Mortgage” and the other tech trusts in his portfolios.

The manager, who runs trust-of-trust portfolios, had 4.7% in Scottish Mortgage at the end of November in the Growth portfolio, with none in the Income trust, according to the trusts' interim reports.   Within the Growth portfolio, Scottish Mortgage sat alongside several other Baillie Gifford trusts, which made up a total of 19.4%, with a further 8% in Allianz and Polar Capital technology trusts. Since then, Hewitt said he has cut all those holdings down by about one-third. However, he said at this point he would not go any further. "I know these trusts do well in the long-term and ...