Investments  

Scottish Mortgage trust takes hit from medical assets

But while Mr Slater acknowledged the closeness of such relationships was a risk, he believed even if it meant they were holding on to an underperforming company for longer than they should, the overall benefit to shareholders outweighed any negatives.

Peter Walls, manager of Mastertrust at Unicorn Asset Management, said he took a "very keen interest" in Scottish Mortgage but did not presently invest in the trust through his fund.

He said: "Where we are [with these] tech disruption type businesses, I feel like perhaps a little bit too much capital is being allocated to some of those types of firms.

"Things do not go up in a straight line forever."

david.thorpe@ft.com