Watch Desk posted an update
Scottish Mortgage reported a 31.5% investment return for the six months to 30 September, with SpaceX, Anthropic and Moderna together contributing nearly half the gain, according to QuotedData. The figures predate the latest AI-linked market sell-off, so they are a snapshot of the boom, not a rebuttal to this week’s nerves.
Why it mattersThe trust added to Nvidia and opened new positions in SK Hynix, KLA and DISCO, backing continued spending on AI chips and the equipment behind them. Its managers say companies expect to spend more on AI and report positive returns, but that is their investment thesis, not a settled verdict on the market. The useful tension: Scottish Mortgage’s five-year net asset value return still trails its benchmark. Is this a patient bet on AI infrastructure, or a portfolio leaning harder into a trade whose returns are now under scrutiny?
Discuss: Should investors judge AI-heavy portfolios by their long-term potential, or by returns already delivered?
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