The Scottish Mortgage (SMT) portfolio is very much a moveable feast, in part because of how aggressively valuations change for the racey growth stocks it owns. The trust's latest interim report, for the six months to the end of September, gives a good sense of this.
Among the top five contributors to returns, Chinese food delivery play Meituan (HK:3690) made a gain of nearly 70 per cent, even if this can partly attributed to a broad rally in the region during September. The top contributors' list also includes e-commerce play Mercado Libre (US:MELI), with a 28 per cent return, and Tesla (US:TSLA) with a 40 per cent return. Some of the biggest detractors suffered losses (in absolute terms) of more than 80 per cent.
But it's not just price moves that can prompt changes, given that managers will often change position sizes based on their view of the underlying business. That brings us, once again, to Nvidia (US:NVDA).