OPULION
Scottish Mortgage Investment Trust PLC's double ring: inside, liquidity; outside, the nature of what it owns. See the detail.

Scottish Mortgage Investment Trust PLC

Who is Scottish Mortgage Investment Trust PLC?

A London-listed fund managed by Baillie Gifford, holding growing companies, listed or not, for the long term.

SMT London Stock ExchangeListed in pence sterling (GBp)GBpOfficial websiteWebsitePrice on Yahoo FinanceYahoo

Value and financial structure

Reporting date

17.7 Bn £ in gross assets as at Aug 31, 20261 540 M £ of recorded borrowingsthe share price 13.30 £ against 14.46 £ of net asset value per share (published discount 8.0 %)

Its largest holdings, as a share of gross assets as of Aug 31, 2026

  1. Space Exploration Technologies Corp17.5 %
  2. TSMC6.5 %
  3. NVIDIA5.7 %
All 108 named holdings, one by one

What you own

Reporting date|Out of total assets of17 749 M £

By type

Listed or unlisted, and in what form.

Gross assets

17.7 Bn £

at Aug 31, 2026

Pick a part to see what it holds.

Inside: or . Outside: the type of asset.

What the company owes

1 540 M £Borrowings on recordat Jul 31, 2026

Investment company borrowings

Published gearing, net debt to shareholders' funds: 10 % as at Jul 31, 2026.

How this figure is calculated

These borrowings are the investment company's own — the ones its published bridge to net asset value deducts. They cover the same perimeter as the gross assets the chart divides, so the share above really does measure how much of those assets is debt-financed.

Source: Scottish mortgage monthly factsheet · Jul 31, 2026

By theme

What the companies held do, in fifteen themes.

Sorted by theme

97 %

of gross assets

Pick a theme to see its companies.

As a share of gross assets, on the lines whose weight the company publishes. Themes defined by Opulion, the same on every page, not by the company.

Company by company

Names as published, as of Aug 31, 2026 unless another date is shown.

108 named holdings: 99 with a weight, 49 listed. 22 are also held by another company followed on Opulion.

With their weight99

  • Space Exploration Technologies Corp

    space launchers and Starlink satellite internet

    listed
    17.5 %
  • TSMC

    contract semiconductor foundry

    listed
    6.5 %
  • NVIDIA

    graphics processors and AI chips

    listedalso held byExor
    5.7 %
  • ByteDance Ltd

    social networks and short video (TikTok, Douyin)

    unlistedalso held bySofinaSoftBank
    4.4 %
  • MercadoLibre

    marketplace and payments in Latin America

    listedalso held byExor
    3.6 %
  • Moderna Inc

    messenger RNA vaccines and medicines

    listedalso held byExor
    3.2 %
  • Anthropic PBC

    generative AI models

    unlisted
    2.9 %
  • Amazon.com

    e-commerce and cloud (AWS)

    listedalso held byExor
    2.9 %
  • Stripe Global Holdings, Inc

    online payment infrastructure

    unlisted
    2.8 %
  • ASML

    semiconductor lithography machines

    listed
    2.6 %
  • Shopify 'A'

    software and payments for online merchants

    listed
    2.3 %
  • Cloudflare Inc

    internet infrastructure and security

    listedalso held byExor
    2.1 %

1

7

1

  • Intarcia Therapeutics Inc Convert. Promissory Note

    biotech developing implantable diabetes treatments

    unlisted

Open the full holdings detail →

What is it worth on the market?

Reporting date

The share price against net asset value per share.

Values shown in pound sterling, GBP

14.46 £

debt at fair value, the company's calculation

Share price

13.30 £

price used by the company at this date

8.0 %

the company's own figure, not recomputed; the direction is the price against the same-date net asset value

Performance over time

Long term

Figures published by the company, over 5, 10 or 15 years, rebased to 100 at the start. Each point keeps its date and source; a missing year stays visible.

Rebased to 100 at the first year

Chart rendered with Lightweight Charts, created by TradingView

  • Shareholder return, dividends reinvestedannual approximation12 published points out of 12
  • MSCI ACWI world index, for market contextexact series124 published points out of 124
  • Net asset value, total returnannual approximation13 published points out of 13
Method and limits

Method: distributions within a calendar year are added up and reinvested at the 31 December closing price. With no ex-dates or intra-year prices available, the result is an annual approximation.

Series not shown

  • Investable benchmarkinvestable benchmark not yet legally available
View as a table

The same content as the figure, reachable by keyboard and without hovering.

View as a table
Year-endSeriesIndex, base 100Published levelSource
Cases covered
  • Share splits and reverse splitsnot yet covered
  • Special dividendshandled
  • Distributions in sharesnot yet covered
  • Subscription rightsnot yet covered
  • Share buybacks and cancellationshandled
  • Spin-offsnot yet covered
  • Change of listing currencyexcluded
  • Change of share classnot yet covered
  • Change in the share count used as denominatorhandled
  • Withholding tax, fees, gross versus netexcluded

Series source: Scottish Mortgage, full-year results RNS (Investegate)

Latest reporting date: Jun 30, 2026.

The share price

Market

Price on Turquoise, a London Stock Exchange Group venue: same share, same currency. TradingView does not carry the main London quote here.

Track all markets on TradingView

What it has returned

Reporting date

Against the same world benchmark for all.

Published performance,

World index in pound sterling, GBP, per year

Company figures as of Jul 31, 2026 · world index as of Jul 31, 2026

1 year

  • +20.3 %
  • +21.6 %
  • +20.5 %checked against 3 ETFs

3 years

  • +18.3 %computed by Opulioncumulative +65.7 %
  • +22.4 %computed by Opulioncumulative +83.2 %
  • +16.6 %checked against 3 ETFscumulative +58.7 %

5 years

  • +1.9 %computed by Opulioncumulative +9.6 %
  • +0.7 %computed by Opulioncumulative +3.4 %
  • +11.8 %checked against 3 ETFscumulative +74.5 %

10 years

  • +17.8 %computed by Opulioncumulative +413.2 %
  • +16.7 %computed by Opulioncumulative +370.2 %
  • +12.0 %checked against 3 ETFscumulative +211.7 %

Average return ; the follows below.

Method and sources

Each panel carries its own scale: lengths compare within a panel, never from one panel to the next.

A return is never converted from one currency to another: that would take the exchange rate move over the whole period, not the rate on one reporting date. The company's series are served in the issuer's currency only.

Every company covered is compared with the same benchmark, never with the index their own manager picked: a manager who picks his index also picks the bar he had to clear. This benchmark is not the MSCI ACWI itself, which belongs to MSCI and may not be redistributed. It is the median, recomputed by Opulion, of the net asset values published by three ETFs from three different managers tracking that index: iShares (IE00B6R52259), State Street SPDR (IE00B44Z5B48) and Amundi (LU1829220133). A single fund is never served on its own. Convention: last net asset value on a date at or before the reporting date, within a seven calendar day window; geometric annualisation over the nominal horizon; conversion at the European Central Bank reference rate of the day of the net asset value actually retained, a cross rate being an Opulion computation that is declared as such. The recomputation reproduces the performance each manager publishes for its own fund, to the second decimal, fifteen times out of twenty, and never departs from it by more than 0.04 point. Funds used: BlackRock, State Street and Amundi.

Converted at the reference rate of Aug 31, 2026, published by the European Central Bank. A cross rate is a computation, not a published figure: the ECB publishes rates against the euro only, and the other pairs are derived from two of them.

The news feed

Up to date as of

Our latest articles on this company

The whole journal

Upcoming publications

  • Jul 1, 2027 to Jul 31, 2027Annual general meetingAnnual general meeting 2027date estimated from the usual schedule

Getting to know Scottish Mortgage

Each answer links to its source.

  1. Who decides?

    The trust does not manage its own money: it delegates management to Baillie Gifford, where Tom Slater, the manager, and Lawrence Burns, his deputy, pick the holdings. A board of directors sets the fees and oversees the managers' work.

    Source of card 1: scottishmortgage.com, opens in a new tab

  2. What does it own?

    Growth companies from around the world: 48 listed companies, such as TSMC, NVIDIA or MercadoLibre, and 52 unlisted ones, such as ByteDance, Stripe or Anthropic. Its largest holding is SpaceX.

    Source of card 2: media.bailliegifford.com, opens in a new tab

  3. How does it choose its investments?

    It looks for outliers, the handful of companies whose gains cover the bets that fail. It banks on the asymmetry of shares: 'uncapped upside yet bounded downside'. It invests anywhere in the world, before and after a company goes public.

    Source of card 3: scottishmortgage.com, opens in a new tab

  4. How does it make money?

    Through the rise in value of the companies it owns, not their dividends: its largest holdings reinvest their cash. It also borrows to invest more, up to 10 % of its net asset value, what the portfolio is worth once debt is deducted.

    Source of card 4: media.bailliegifford.com, opens in a new tab

  5. How are shareholders paid?

    Through a dividend, 0.05 £ per share for the last financial year, raised every year for decades. And through share buybacks when the price drops below net asset value, what the portfolio is worth after debt: 1 312 M £ over the year.

    Source of card 5: media.bailliegifford.com, opens in a new tab

  6. What sets it apart

    The same manager since it was founded more than a century ago: Baillie Gifford. The firm is wholly owned by its partners, with no outside shareholders, and the trust's managers, partners themselves, personally hold Scottish Mortgage shares.

    Source of card 6: scottishmortgage.com, opens in a new tab
1 of 6

Who runs it, and since when?

Management and what it costs

0.3 %

How long they have been there

Tenure on the board and in management

20092013201720212026

Company facts

Value and financial structure

14 345M £Market capitalisation, at Jul 31, 2026 (not the reporting date of this page), calculated by Opulion
13 822M £Total shareholders' funds, at Mar 31, 2026 (not the reporting date of this page)
Not published at this reporting dateat Jul 31, 2026
14.46 £at Jul 31, 2026 (not the reporting date of this page)
Founded in
1909
Registered office
Édimbourg, GB
Headcount
0 the holding alone
Headcount as at
Mar 31, 2025 (not the reporting date of this page)

Tested against the figures

  • 0.3 %Jul 31, 2026 (not the reporting date of this page)
  • 1 312 M £Mar 31, 2026 (not the reporting date of this page)
  • Weight of the top ten holdings53.5 %Jul 31, 2026 (not the reporting date of this page)

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