Scottish Mortgage and other London funds hit by US stock sell-off
Published: 12:25 11 Mar 2025 GMT
London-listed funds such as Scottish Mortgage Investment Trust PLC (LSE:SMT) and Allianz Technology Trust PLC (LSE:ATT) saw their shares fall sharply on Tuesday due to their large holdings of US tech stocks that plummeted in what was the US Nasdaq's worst day in since 2022.
The Allianz Tech trust fell 1.5%, taking losses over the past month to over 21%.
cottish Mortgage dropped 1.1% and is down 14% over the month, while a similar fall for fellow FTSE 100-listed Alliance Witan PLC (LSE:ALW) took its decline to over 10% in the month, and F&C Investment Trust PLC (LSE:FCIT) was less affected, down 0.75% on the day and 6.6% over the month.
Monks Investment Trust PLC (LSE:MNKS) and Polar Capital Technology Trust PLC (LSE:PCT) were among other fallers.
Allianz Tech's 10 largest holdings are led by Nvidia, Meta, Apple and Microsoft; Scottish Mortgage's includes Amazon, Meta and Nvidia; and Alliance Witan's Amazon and Microsoft.
NVIDIA and Apple shares dropped 5.1% and 4.9% yesterday, Alphabet and Meta Platforms fell 4.4%, Microsoft 3.3%.
Tesla shares fell over 15%, but most of the trusts sold down their stake in the EV maker last year.
