Announcing its results for the year to 31 March 2021, Baillie Gifford said that the increase in single year return builds on the strong long term share price total returns over five and ten years, which stand at 348% and 756% respectively.

Portfolio turnover increased over the year in both monetary and number terms as Scottish Mortgage became owners of several new companies which the Managers believe can drive returns over the coming years.

Lawrence Burns also joined the trust as deputy manager in March 2021, with three managers now working together for the year ahead.

The firm said the managers are focused on what will dominate over the coming decade, and particular areas of focus are the intersection of IT and healthcare as well as the consequences of the switch in energy generation.

The Scottish Mortgage Investment Trust also reported a drop in ongoing charges to 0.34%, while its dividend increased by 5.2% to 3.42pn.

The trust issued 24.7 million shares and bought back 56.4 million, resulting in a net buyback totalling around £420m.