Managers of Baillie Gifford’s flagship Scottish Mortgage trust have defended its independent authority in the face of investor concerns about activist investor Elliott Management, after the latter became the company’s largest individual investor, with a 5% stake.
Speaking on a live online investor webinar on 26 March, lead manager Tom Slater attempted to quell concern about the influence Elliott had over the £13bn investment trust. US activist investor Elliott Management takes 5% stake in Scottish Mortgage The move was revealed from Elliott after SMT announced it was launching a £1bn share buyback programme in an attempt to close the trust's discount, which is currently at 7.2%, according to data from the Association of Investment Companies. Elliott has a reputation as a powerful activist in the investment trust space, derived from its posi...
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