Investors should buy the dip in Scottish Mortgage, which now trades at a rare discount to the value of its portfolio. Analysts have advised savers to “drip feed” money into the £16.5bn investment trust, following a 27pc drop in its share price since November.

Britain’s largest investment trust is packed full of promising but risky technology and healthcare stocks that have come under pressure because central banks have pledged to raise interest rates to curb inflation. Investors fear this will put an abrupt end to more than a decade of easy money, which fuelled demand for fast-­growing companies at the expense of established and profitable but less fast growing businesses.

Shares in Moderna, Scottish Mortgage’s largest holding, have fallen by 20pc this year. The e-commerce platform Shopify is 15pc lower, while the cloud computing firm Snowflake is off 13pc in 2022. The more speculative the company, the harder it has fallen: flying car firms Lilium and Joby Aviation have fallen by around 60pc from their share price peaks last year.

Scottish Mortgage shares now trade at a rare 3pc discount to the value of its investment portfolio, compared with an average premium of just over 1pc for the past five years. This makes it a buying opportunity, according to Stifel, the stockbroker.