Tesla drives gains at Scottish Mortgage Investment Trust | Business

Scottish Mortgage Investment Trust was one of the few blue-chip winners in the City this morning after Tesla, its biggest holding, hit a fresh record high overnight.

The electric carmaker added another 3.4 per cent on Wall Street yesterday to close at $574 as it extended its meteoric rise this year. The stock has more than doubled in value since August, aided by its recent inclusion into the S&P 500 index, and is up almost 600 per cent so far in 2020.

Tesla’s boom has been lucrative for Scottish Mortgage, Britain’s biggest investment trust, which is sitting on a stake now worth more than £2.5 billion. That is despite selling £1.2 billion worth of Tesla shares over summer as James Anderson, the trust’s