The £14 billion fund also suffered a 9.5% drop in its share price, compared with a 12.8% increase for its benchmark FTSE All-world Index.

According to the strategic report, for the financial year to 31 March 2021, Baillie Gifford shareholders saw the strongest ever return produced by the Scottish Mortgage Investment Trust. As a result, the company reached new market capitalisation highs during the year, closing at just over £18bn.

Over the ten year period to the end of March, the Scottish Mortgage Investment Trust has delivered a 633.9% return on its net asset value, against a 231.7% increase for the FTSE All-world Index.

Fiona Mcbain, chairman of the trust: “After the past few years of relatively benign market conditions, it is easy to forget how bumpy the ride can become when storms roll in. Scottish Mortgage has weathered more than most: the Great Depression; two World Wars; the Global Financial Crisis, to name but a few.

“Over time, experience has shown that it is not the ferocity of any market storm that matters, it is what one does during it that will most influence outcomes for shareholders.”

She added: “For Scottish Mortgage, our time horizons reach far beyond most others but a sunny long-term forecast is of little value if companies themselves cannot navigate the current storms.

“It has been pleasing, therefore, to note that, whilst many portfolio companies possess the potential to shape the future, they have also continued to deliver strong operational performance.”