Scottish Mortgage has launched the largest ever share buyback programme in absolute terms in the investment trust universe, making at least £1bn shares available to buy over the coming two years.
The £14.2bn trust has repurchased around £353m of its shares in the previous two years and during this time, its board and managers have been "actively considering increasing" the level of buybacks to address the discount. Over the past decade, the trust had repurchased around £1.3bn of its own shares. Scottish Mortgage repurchases Meta after 2020 exit SMT is currently trading on a 14.6% discount, according to data from the Association of Investment Companies, the third highest in the IT Global sector. This means the £1bn total represents 9% of SMT shares, at the current price. ...
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