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We believe that Scottish Mortgage’s rapid advance into investing in unquoted companies represents our greatest strategic initiative of the last decade. The initial investment results are promising. As we noted in our interim accounts the total return from the subset of holdings that started out as unquoted since our first such investment in June 2010 was 419 per cent against our overall gain of 344 per cent and 163 per cent for the FTSE All-World index.
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