Source: Sharecast
Scottish Mortgage said NAV had dropped from 816.8p per share to 787.7p in the six months ended 11 September, compared to the FTSE All-World Index which delivered a 4.3% increase over the same period.
However, over five years, Scottish Mortgage said its NAV has gained 59.6% versus 49.6% for the index, while over ten years it increased by 358.1% against a rise of 189.5% for the index.
"We will have periods when we underperform the market, and the six months in question was one," said Scottish Mortgage, which left its dividend unchanged at 1.60p.
Looking forward, Scottish Mortgage said "financial conditions" have pushed many companies into prioritising "profitable growth" and said declines in stock prices had made valuations more attractive.
"This combination provides a strong underpinning for the long-term outlook," it said.
As of 1045 GMT, Scottish Mortgage shares were down 0.21% at 686.37p.
Reporting by Iain Gilbert at Sharecast.com