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Fund reveals range of unquoted investments

Scottish Mortgage doubles its money in tech sector

SpotifyScottish Mortgage Trust, the top-performing global investment trust, is placing its bets on technology producing big returns after revealing for the first time the unquoted companies it is backing.

Figures for the half year show it has more than doubled its assets invested in early stage companies from 4% to 10%.

It means the fund’s exposure to this sector has risen from £150 million to £350m as it seeks out the next stars in the technology sector.

The fund has £26.6m invested in Dropbox, giving it a 0.8% stake, and £16m (0.4%) in each of Spotify, the music streaming business (pictured) and SurveyMonkey, the online survey provider.

It has a £16m holding in Airbnb, the online travel and accommodation company, which now accounts for 0.4% of the fund, and £32m in Palantir Technologies, a data mining firm and now its biggest unquoted holding at 1.1% of the fund.

The figures also reveal that peer-to-peer funder Funding Circle received almost £16m from the fund when it raised equity from a group of international investors. A stake in Flipkart, an Indian e-commerce company, is valued at £33 million.

Fund managers James Anderson and Tom Slater first indicated their intention to boost investments in privately owned tech companies a year ago.

 

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