US activist investor Elliott takes profits and reduces Scottish Mortgage stake to under 5%

Still largest individual shareholder

US activist hedge fund Elliott Investment Management has sold down its holding in Baillie Gifford’s Scottish Mortgage, just two months after building a 5% stake in the investment trust giant.

According to a stock exchange notice on Friday (10 May), Elliott's stake has been reduced to below 5%. The sale took place on Wednesday (8 May), the same day Scottish Mortgage bought back £313m of its shares, the largest one-day purchase by a UK investment company on record. In March this year, SMT revealed it would make at least £1bn available over the next two years for the purposes of buybacks. Commercial director Stewart Heggie said Wednesday's buyback "should be seen in the context of that announcement".  "The board and managers remain resolutely committed to facilitating trading...