This article was published on Thursday at 7.30pm and updated throughout Friday.
Update: Elliott Associates, the much feared and respected US activist hedge fund, has emerged with a 5% stake in Scottish Mortgage Trust (SMT), putting pressure on the UK’s biggest listed equities fund to improve returns to shareholders.
In a post-market disclosure to the stock exchange on Thursday, the Delaware-based investment firm revealed it had bought nearly 0.5%, or 6.5m shares, in the Baillie Gifford flagship with a further 4.57% in equity swaps to take it just over the 5% reporting threshold on Tuesday.