PREMIUM
The value created by Tesla, led by Elon Musk (left), was flagged by the investment trust. Picture: Getty Images By Ian McConnell THE £18 billion Scottish Mortgage Investment Trust achieved its strongest-ever return in the year to March, exceeding those it recorded in the wake of the Great Depression and more recently the global financial crisis. Unveiling a 111.2 per cent total return on net asset value yesterday for the year to March 31, nearly three times the 39.6% recorded by the FTSE All-World Index over the same period, the Baillie Gifford-run trust hammered home its long-term approach. It also highlighted the contribution to its performance of companies including US electric vehicle pioneer Tesla, headed by Elon Musk, and pharmaceuticals and biotechnology group Moderna, which has found itself in the global spotlight as a result of its coronavirus vaccine development success. Scottish Mortgage also flagged the part played by another portfolio holding, Illumina