Scottish Mortgage Investment Trust Plc reported a strong first half on Friday, with net asset value per share surging 22.9% in the six months to 30 September, outpacing the FTSE All-World Index's 15.4% gain.
The share price rose 20.9% on a total return basis, as a broad rally in technology, digital commerce and clean-energy holdings bolstered returns.
Chairman Christopher Samuel described the performance as "strong" but cautioned that six months was "too short a time frame on which to judge performance given the long-term nature of the investment strategy".
He said the results reflected "a growing market recognition that the companies driving fundamental technological and economic transformation have emerged from recent volatility with strengthened competitive positions."
Manager Tom Slater of Baillie Gifford said gains were led by companies "building real capabilities across a wide range of sectors and geographies".
Holdings in semiconductor suppliers ASML and TSMC delivered strong returns as demand for artificial intelligence infrastructure accelerated, while Nvidia's performance "reinforced the broader opportunity around AI hardware and software".
Digital platforms including Roblox, Meta, and Spotify also contributed as user engagement and monetisation improved, and e-commerce firms such as MercadoLibre and Sea gained on better profitability.
Exposure to clean-energy and electrification themes also paid off.
Chinese battery giant CATL and electric-vehicle maker BYD were among the top contributors as global transport systems continued to shift away from fossil fuels.
The trust said those firms, alongside Tesla, "benefit from deep vertical integration and global demand for electrification".
Scottish Mortgage added new positions during the half, including AI developer Anthropic, Chinese lifestyle platform Xiaohongshu, and software groups Figma and AppLovin, while trimming stakes in Amazon, Meta, Spotify, Netflix, and MercadoLibre to fund the investments.
Slater said the additions reflected "how the global economy is changing," highlighting that each new holding was founder-led and positioned for long-term shifts in technology and consumer behaviour.
The Edinburgh-based trust repurchased 75.2 million shares at a cost of £765.4m during the period, as part of a wider £2.6bn buyback initiative launched in 2024 to manage its discount and support the share price.
Its discount to net asset value widened slightly from 9% to 10.5%.
Revenue earnings rose after last year's write-off of Northvolt bond income, but the board kept the interim dividend unchanged at 1.6p per share, payable on 12 December.
Samuel said the trust remained focused on "identifying and supporting transformational growth businesses," with a strong balance sheet and patient capital positioning it well for the years ahead.
Slater added that the fund's success "reflects what we believe is the essence of successful investing: patience in the face of noise, and conviction in the face of doubt."
At 0912 GMT, shares in Scottish Mortgage Investment Trust were up 0.41% at 1,101p.
Reporting by Josh White for Sharecast.com.