The managers of Baillie Gifford’s £3.4 billion Monks Investment Trust are selling established technology platforms in favour of new digital companies.

Spencer Adair and Malcolm MacColl said that they had reduced their positions in “mega-platforms” such as Amazon, the Google-owner Alphabet, Facebook, the Chinese online retailer Alibaba and the electric car manufacturer Tesla. They sold their entire Visa stock last year.

They are using some of the proceeds to reinvest in what they describe as a new wave of digital companies. They have swapped Visa for Adyen and Stripe, companies that manage online payments.

Other buys include Bumble, the online dating app, and Epic Games, which makes computer games including the hit battle game Fortnite.

ByteDance, which owns the social media platform TikTok, Wayfair,