Scottish Investment Trust chairman James Will says that, while in time the worst effects of coronavirus will pass, "there may not be a definitive end and we may, instead, have to adapt to live with it".

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Alasdair McKinnon, manager of the £622 million trust, said it remains “cautious” but continuously monitors for “signs of fundamental and psychological improvement”. He added: “Governments now seem determined to create growth and, we suspect, will show increasingly greater tolerance for inflation.”

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The trust reported a negative total return on net asset value of 5.8% for the six months to April. This compares with respective negative total returns of 5.3% and 17.5% on the MSCI All Country World and MSCI UK All Cap indices in sterling terms.