In the announcement the Scottish fund shared its decision to sell its holdings in companies “which had veered off track from their forward-looking hypotheses”. The companies included Zillow, Vroom, Glaukos and Lyft.

It also added a number of holdings to its portfolio:

• Three listed companies Rivian Automotive, HashiCorp and Duolingo
• Seven private companies: BillionToOne, Blockstream, Databricks, Discord, Faire Wholesale, Snyk and Solugen

The fund held twenty-four private company investments at the end of May, collectively making up 36.4% of total assets.

In its results, the firm said: “Turnover remains low, consistent with our five year plus time horizon.

“We are currently seeing a significant dislocation between share prices and fundamentals but the prospects for the innovators that are driving change remain bright.”