March 15 (Reuters) - Scottish Mortgage Investment Trust ( STMZF )

, Britain's largest investment trust, will buy back

shares worth 1 billion pounds ($1.27 billion) over the next two

years, it said on Friday, as its portfolio companies deliver

strong operational results.

SMT, one of asset manager Baillie Gifford's flagship trusts

and an investor in big U.S. tech stocks, said the buybacks were

part of its intention to take more "concerted action" to address

the discount to net asset value at which the its shares trade.

Last year, the trust named Justin Dowley its new chair as

part of a broader boardroom shake-up, as it sought to draw a

line under a board dispute following a steep decline in its

share price.

($1 = 0.7848 pounds)