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.
Value and financial structure
17.7 Bn £ in gross assets1 540 M £ of recorded borrowingsthe share price 13.30 £ against 14.46 £ of net asset value per share
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 launchers and Starlink satellite internet
17.5 %contract semiconductor foundry
6.5 %graphics processors and AI chips
5.7 %social networks and short video (TikTok, Douyin)
4.4 %marketplace and payments in Latin America
3.6 %- Moderna Inc
messenger RNA vaccines and medicines
3.2 % generative AI models
2.9 %e-commerce and cloud (AWS)
2.9 %online payment infrastructure
2.8 %semiconductor lithography machines
2.6 %software and payments for online merchants
2.3 %internet infrastructure and security
2.1 %luxury sports cars
1.9 %music and podcast streaming
1.8 %cloud data warehouse
1.7 %social networks and messaging apps
1.7 %autonomous drone delivery
1.7 %e-commerce, video games and payments
1.7 %enterprise data and AI platform
1.6 %international money transfers and payments
1.4 %batteries for electric vehicles and storage
1.3 %Pinduoduo and Temu online marketplaces
1.3 %food and grocery delivery
1.2 %digital bank in Latin America
1.1 %genomic diagnostics and health data
1.1 %payment processing for merchants
1.1 %consumer app and software publisher
1.0 %food delivery and local services
1.0 %electric and hybrid vehicle manufacturer
0.9 %- Aurora Innovation
autonomous truck technology
0.9 % compressors, tools and industrial equipment
0.9 %online banking and financial services
0.9 %luxury, leather goods and fashion
0.7 %crypto-asset exchange and wallet platform
0.7 %neurodegenerative disease biotech
0.7 %start-up studio for food, agriculture and biotech
0.7 %DRAM and HBM memory chips
0.6 %point-of-sale buy now, pay later
0.6 %point-of-sale buy now, pay later
0.6 %- Ant International Co Limited Class C Ord.
cross-border payments and digital wallets
0.6 % Chinese social network and social commerce (Xiaohongshu)
0.6 %battery recycling and energy storage
0.5 %database for developers
0.5 %insulin pumps
0.5 %platform for user-created video games
0.4 %electricity generation and supply
0.4 %e-commerce in South Korea
0.4 %- Nuro, Inc.
autonomous driving technology
0.3 % - Epic Games, Inc
video games and Unreal Engine
0.3 % - Thumbtack Inc
home services marketplace
0.3 % driver assistance chips and software
0.3 %DRAM and NAND memory chips
0.3 %app advertising and monetization software
0.3 %on-demand delivery in Latin America
0.3 %AI-assisted drug discovery
0.3 %IT endpoint management and security
0.2 %electric air taxis (eVTOL)
0.2 %direct air capture of CO2
0.2 %drug discovery from natural sources
0.2 %home care for the elderly
0.2 %- Bottle Planet Holdings Ltd Series C Pref.0.2 %
online grocery technology and robotic warehouses
0.2 %- Oddity
cosmetics brands sold online
0.2 % collaborative design software
0.2 %bio-based chemistry using enzymes and catalysts
0.2 %industrial 3D printers
0.2 %generative AI models
0.2 %silicon photonic quantum computers
0.1 %oncology and immunology biotech
0.1 %luggage and travel accessories
0.1 %- ZocDoc Inc Series D-2 Pref.
online medical appointment booking
0.1 % Vendor, workforce and spend management platform for oil and gas
0.1 %longevity drugs for dogs
0.1 %AI for therapeutic molecule design
0.1 %- ARCH Ventures Fund XIII
biotechnology venture capital fund
0.10 % value-based care management
0.09 %autonomous labs and synthetic biology R&D services
0.07 %payments and financial services for merchants
0.04 %luggage and travel accessories
0.04 %quick delivery of consumer goods
0.04 %- WI Harper Fund VIII
transpacific technology venture capital fund
0.04 % - Global AI Opportunities Fund0.03 %
- ARCH Ventures Fund XII
biotechnology venture capital fund
0.03 % - Sinovation Fund III
Chinese venture capital fund (Sinovation)
0.03 % biotechnology venture capital fund
0.03 %biotech venture capital fund
0.03 %direct air capture of CO2
0.03 %cell-cultivated meat
0.02 %home care for the elderly
0.02 %biotech venture capital fund
0.01 %biotech venture capital fund
0.01 %- WI Harper Fund VII
US–China cross-border venture capital fund
0.01 % - Gobrands, Inc (Gopuff) Convertible Loan Note
quick delivery of consumer goods
0.01 % - Antler East Africa Fund I LP
seed-stage venture capital fund
0.01 % - Innovation Works Development Fund
Chinese technology venture capital fund
0.00 % DNA sequencers, arrays and reagents for research and diagnostics
0.00 %direct air capture of CO2
0.00 %biomaterials for personal care, operations ceased per website
0.00 %payments and financial services for merchants
0.00 %
1
international money transfers
7
bitcoin infrastructure and services
online pharmacy with delivery
biological inputs and agricultural carbon
lithium-ion battery cells (bankrupt)
lithium-ion batteries, bankrupt since 2025
3D-printed space launchers
marketing agencies and AI-generated content
1
- Intarcia Therapeutics Inc Convert. Promissory Note
biotech developing implantable diabetes treatments
The news feed
Up to date as of
Our latest articles on this company
The whole journal"Change drives growth": the lesson from the Scottish Mortgage investment trust for the AI era
At its 23 September conference, the Baillie Gifford trust showed where its performance comes from: a few very large winners, and companies that adapt faster than the rest. From SpaceX to Chinese batteries, the same rule keeps coming back.
US Growth and Scottish Mortgage own the same champions, but not the same liquidity risk
SpaceX, Stripe, Anthropic, Databricks and Zipline connect the two trusts. Yet their scale, gearing and governance turn the same assets into two different equations.
SpaceX adds USD1.11 billion a month of hosted compute: what it means for three listed holdings
The new contract does more than change SpaceX's revenue mix. It asks Scottish Mortgage, US Growth and Sofina shareholders to look beyond rockets and Starlink.
Upcoming publications
- Jul 1, 2027 to Jul 31, 2027Annual general meetingAnnual general meeting 2027date estimated from the usual schedule
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.
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
No data at this reporting date
Latest discount published by the company: 8.0 % as at Jul 31, 2026.
Signs as published by the company; conventions vary between companies.
Performance over time
Long termFigures 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.
| Year-end | Series | Index, base 100 | Published level | Source |
|---|---|---|---|---|
| Mar 31, 2016 | Shareholder return, dividends reinvested | 100.0 | 262.50 | Computed by Opulion |
| Mar 31, 2017 | Shareholder return, dividends reinvested | 140.6 | 369.06 | Computed by Opulion |
| Mar 31, 2018 | Shareholder return, dividends reinvested | 171.0 | 448.80 | Computed by Opulion |
| Mar 31, 2019 | Shareholder return, dividends reinvested | 199.1 | 522.76 | Computed by Opulion |
| Mar 31, 2020 | Shareholder return, dividends reinvested | 224.3 | 588.74 | Computed by Opulion |
| Mar 31, 2021 | Shareholder return, dividends reinvested | 445.9 | 1170.56 | Computed by Opulion |
| Mar 31, 2022 | Shareholder return, dividends reinvested | 403.7 | 1059.81 | Computed by Opulion |
| Mar 31, 2023 | Shareholder return, dividends reinvested | 268.4 | 704.67 | Computed by Opulion |
| Mar 31, 2024 | Shareholder return, dividends reinvested | 355.3 | 932.60 | Computed by Opulion |
| Mar 31, 2025 | Shareholder return, dividends reinvested | 376.6 | 988.55 | Computed by Opulion |
| Mar 31, 2026 | Shareholder return, dividends reinvested | 475.4 | 1248.01 | Computed by Opulion |
| Jun 30, 2026 | Shareholder return, dividends reinvested | 588.8 | 1545.47 | Computed by Opulion |
| Mar 31, 2016 | MSCI ACWI world index, for market context | 100.0 | 56.20 | Published by iShares, a fund tracking the index |
| Apr 29, 2016 | MSCI ACWI world index, for market context | 101.5 | 57.04 | Published by iShares, a fund tracking the index |
| May 31, 2016 | MSCI ACWI world index, for market context | 101.6 | 57.09 | Published by iShares, a fund tracking the index |
| Jun 30, 2016 | MSCI ACWI world index, for market context | 99.8 | 56.07 | Published by iShares, a fund tracking the index |
| Jul 29, 2016 | MSCI ACWI world index, for market context | 104.0 | 58.43 | Published by iShares, a fund tracking the index |
| Aug 31, 2016 | MSCI ACWI world index, for market context | 104.3 | 58.63 | Published by iShares, a fund tracking the index |
| Sep 30, 2016 | MSCI ACWI world index, for market context | 104.9 | 58.98 | Published by iShares, a fund tracking the index |
| Oct 31, 2016 | MSCI ACWI world index, for market context | 103.2 | 58.00 | Published by iShares, a fund tracking the index |
| Nov 30, 2016 | MSCI ACWI world index, for market context | 104.1 | 58.50 | Published by iShares, a fund tracking the index |
| Dec 30, 2016 | MSCI ACWI world index, for market context | 105.4 | 59.22 | Published by iShares, a fund tracking the index |
| Jan 31, 2017 | MSCI ACWI world index, for market context | 108.2 | 60.81 | Published by iShares, a fund tracking the index |
| Feb 28, 2017 | MSCI ACWI world index, for market context | 111.2 | 62.50 | Published by iShares, a fund tracking the index |
| Mar 31, 2017 | MSCI ACWI world index, for market context | 112.6 | 63.27 | Published by iShares, a fund tracking the index |
| Apr 28, 2017 | MSCI ACWI world index, for market context | 114.3 | 64.26 | Published by iShares, a fund tracking the index |
| May 31, 2017 | MSCI ACWI world index, for market context | 117.0 | 65.77 | Published by iShares, a fund tracking the index |
| Jun 30, 2017 | MSCI ACWI world index, for market context | 116.3 | 65.34 | Published by iShares, a fund tracking the index |
| Jul 31, 2017 | MSCI ACWI world index, for market context | 119.5 | 67.16 | Published by iShares, a fund tracking the index |
| Aug 31, 2017 | MSCI ACWI world index, for market context | 120.0 | 67.43 | Published by iShares, a fund tracking the index |
| Sep 29, 2017 | MSCI ACWI world index, for market context | 122.4 | 68.78 | Published by iShares, a fund tracking the index |
| Oct 31, 2017 | MSCI ACWI world index, for market context | 124.9 | 70.22 | Published by iShares, a fund tracking the index |
| Nov 30, 2017 | MSCI ACWI world index, for market context | 127.4 | 71.62 | Published by iShares, a fund tracking the index |
| Dec 29, 2017 | MSCI ACWI world index, for market context | 128.4 | 72.15 | Published by iShares, a fund tracking the index |
| Jan 31, 2018 | MSCI ACWI world index, for market context | 135.6 | 76.23 | Published by iShares, a fund tracking the index |
| Feb 28, 2018 | MSCI ACWI world index, for market context | 130.0 | 73.08 | Published by iShares, a fund tracking the index |
| Mar 29, 2018 | MSCI ACWI world index, for market context | 127.1 | 71.43 | Published by iShares, a fund tracking the index |
| Apr 30, 2018 | MSCI ACWI world index, for market context | 128.4 | 72.17 | Published by iShares, a fund tracking the index |
| May 31, 2018 | MSCI ACWI world index, for market context | 128.7 | 72.32 | Published by iShares, a fund tracking the index |
| Jun 29, 2018 | MSCI ACWI world index, for market context | 126.6 | 71.16 | Published by iShares, a fund tracking the index |
| Jul 31, 2018 | MSCI ACWI world index, for market context | 130.4 | 73.31 | Published by iShares, a fund tracking the index |
| Aug 31, 2018 | MSCI ACWI world index, for market context | 131.5 | 73.93 | Published by iShares, a fund tracking the index |
| Sep 28, 2018 | MSCI ACWI world index, for market context | 132.2 | 74.28 | Published by iShares, a fund tracking the index |
| Oct 31, 2018 | MSCI ACWI world index, for market context | 122.3 | 68.75 | Published by iShares, a fund tracking the index |
| Nov 30, 2018 | MSCI ACWI world index, for market context | 124.1 | 69.74 | Published by iShares, a fund tracking the index |
| Dec 31, 2018 | MSCI ACWI world index, for market context | 114.2 | 64.19 | Published by iShares, a fund tracking the index |
| Jan 31, 2019 | MSCI ACWI world index, for market context | 123.3 | 69.30 | Published by iShares, a fund tracking the index |
| Feb 28, 2019 | MSCI ACWI world index, for market context | 126.6 | 71.15 | Published by iShares, a fund tracking the index |
| Mar 29, 2019 | MSCI ACWI world index, for market context | 128.2 | 72.05 | Published by iShares, a fund tracking the index |
| Apr 30, 2019 | MSCI ACWI world index, for market context | 132.5 | 74.49 | Published by iShares, a fund tracking the index |
| May 31, 2019 | MSCI ACWI world index, for market context | 124.7 | 70.06 | Published by iShares, a fund tracking the index |
| Jun 28, 2019 | MSCI ACWI world index, for market context | 131.2 | 73.71 | Published by iShares, a fund tracking the index |
| Jul 31, 2019 | MSCI ACWI world index, for market context | 131.6 | 73.94 | Published by iShares, a fund tracking the index |
| Aug 30, 2019 | MSCI ACWI world index, for market context | 128.5 | 72.22 | Published by iShares, a fund tracking the index |
| Sep 30, 2019 | MSCI ACWI world index, for market context | 131.2 | 73.73 | Published by iShares, a fund tracking the index |
| Oct 31, 2019 | MSCI ACWI world index, for market context | 134.8 | 75.75 | Published by iShares, a fund tracking the index |
| Nov 29, 2019 | MSCI ACWI world index, for market context | 138.0 | 77.58 | Published by iShares, a fund tracking the index |
| Dec 31, 2019 | MSCI ACWI world index, for market context | 141.2 | 79.36 | Published by iShares, a fund tracking the index |
| Jan 31, 2020 | MSCI ACWI world index, for market context | 139.6 | 78.46 | Published by iShares, a fund tracking the index |
| Feb 28, 2020 | MSCI ACWI world index, for market context | 128.3 | 72.13 | Published by iShares, a fund tracking the index |
| Mar 31, 2020 | MSCI ACWI world index, for market context | 111.0 | 62.40 | Published by iShares, a fund tracking the index |
| Apr 30, 2020 | MSCI ACWI world index, for market context | 122.8 | 69.03 | Published by iShares, a fund tracking the index |
| May 29, 2020 | MSCI ACWI world index, for market context | 128.4 | 72.16 | Published by iShares, a fund tracking the index |
| Jun 30, 2020 | MSCI ACWI world index, for market context | 131.4 | 73.83 | Published by iShares, a fund tracking the index |
| Jul 31, 2020 | MSCI ACWI world index, for market context | 138.3 | 77.73 | Published by iShares, a fund tracking the index |
| Aug 31, 2020 | MSCI ACWI world index, for market context | 146.8 | 82.50 | Published by iShares, a fund tracking the index |
| Sep 30, 2020 | MSCI ACWI world index, for market context | 142.1 | 79.84 | Published by iShares, a fund tracking the index |
| Oct 30, 2020 | MSCI ACWI world index, for market context | 138.6 | 77.90 | Published by iShares, a fund tracking the index |
| Nov 30, 2020 | MSCI ACWI world index, for market context | 155.7 | 87.52 | Published by iShares, a fund tracking the index |
| Dec 31, 2020 | MSCI ACWI world index, for market context | 161.7 | 90.88 | Published by iShares, a fund tracking the index |
| Jan 29, 2021 | MSCI ACWI world index, for market context | 161.0 | 90.47 | Published by iShares, a fund tracking the index |
| Feb 26, 2021 | MSCI ACWI world index, for market context | 164.7 | 92.54 | Published by iShares, a fund tracking the index |
| Mar 31, 2021 | MSCI ACWI world index, for market context | 169.1 | 95.04 | Published by iShares, a fund tracking the index |
| Apr 30, 2021 | MSCI ACWI world index, for market context | 176.4 | 99.16 | Published by iShares, a fund tracking the index |
| May 28, 2021 | MSCI ACWI world index, for market context | 179.1 | 100.66 | Published by iShares, a fund tracking the index |
| Jun 30, 2021 | MSCI ACWI world index, for market context | 180.2 | 101.29 | Published by iShares, a fund tracking the index |
| Jul 30, 2021 | MSCI ACWI world index, for market context | 181.4 | 101.96 | Published by iShares, a fund tracking the index |
| Aug 31, 2021 | MSCI ACWI world index, for market context | 185.8 | 104.40 | Published by iShares, a fund tracking the index |
| Sep 30, 2021 | MSCI ACWI world index, for market context | 177.9 | 99.98 | Published by iShares, a fund tracking the index |
| Oct 29, 2021 | MSCI ACWI world index, for market context | 187.3 | 105.27 | Published by iShares, a fund tracking the index |
| Nov 30, 2021 | MSCI ACWI world index, for market context | 182.9 | 102.79 | Published by iShares, a fund tracking the index |
| Dec 31, 2021 | MSCI ACWI world index, for market context | 188.1 | 105.71 | Published by iShares, a fund tracking the index |
| Jan 31, 2022 | MSCI ACWI world index, for market context | 179.7 | 100.98 | Published by iShares, a fund tracking the index |
| Feb 28, 2022 | MSCI ACWI world index, for market context | 174.1 | 97.82 | Published by iShares, a fund tracking the index |
| Mar 31, 2022 | MSCI ACWI world index, for market context | 177.5 | 99.74 | Published by iShares, a fund tracking the index |
| Apr 29, 2022 | MSCI ACWI world index, for market context | 163.3 | 91.76 | Published by iShares, a fund tracking the index |
| May 31, 2022 | MSCI ACWI world index, for market context | 164.1 | 92.21 | Published by iShares, a fund tracking the index |
| Jun 30, 2022 | MSCI ACWI world index, for market context | 149.1 | 83.81 | Published by iShares, a fund tracking the index |
| Jul 29, 2022 | MSCI ACWI world index, for market context | 159.5 | 89.65 | Published by iShares, a fund tracking the index |
| Aug 31, 2022 | MSCI ACWI world index, for market context | 153.1 | 86.02 | Published by iShares, a fund tracking the index |
| Sep 30, 2022 | MSCI ACWI world index, for market context | 138.5 | 77.81 | Published by iShares, a fund tracking the index |
| Oct 31, 2022 | MSCI ACWI world index, for market context | 147.0 | 82.62 | Published by iShares, a fund tracking the index |
| Nov 30, 2022 | MSCI ACWI world index, for market context | 159.5 | 89.65 | Published by iShares, a fund tracking the index |
| Dec 30, 2022 | MSCI ACWI world index, for market context | 151.1 | 84.93 | Published by iShares, a fund tracking the index |
| Jan 31, 2023 | MSCI ACWI world index, for market context | 162.3 | 91.20 | Published by iShares, a fund tracking the index |
| Feb 28, 2023 | MSCI ACWI world index, for market context | 157.2 | 88.32 | Published by iShares, a fund tracking the index |
| Mar 31, 2023 | MSCI ACWI world index, for market context | 162.3 | 91.22 | Published by iShares, a fund tracking the index |
| Apr 28, 2023 | MSCI ACWI world index, for market context | 164.7 | 92.57 | Published by iShares, a fund tracking the index |
| May 31, 2023 | MSCI ACWI world index, for market context | 163.0 | 91.59 | Published by iShares, a fund tracking the index |
| Jun 30, 2023 | MSCI ACWI world index, for market context | 170.7 | 95.92 | Published by iShares, a fund tracking the index |
| Jul 31, 2023 | MSCI ACWI world index, for market context | 176.7 | 99.30 | Published by iShares, a fund tracking the index |
| Aug 31, 2023 | MSCI ACWI world index, for market context | 171.7 | 96.48 | Published by iShares, a fund tracking the index |
| Sep 29, 2023 | MSCI ACWI world index, for market context | 164.5 | 92.44 | Published by iShares, a fund tracking the index |
| Oct 31, 2023 | MSCI ACWI world index, for market context | 160.0 | 89.93 | Published by iShares, a fund tracking the index |
| Nov 30, 2023 | MSCI ACWI world index, for market context | 174.5 | 98.05 | Published by iShares, a fund tracking the index |
| Dec 29, 2023 | MSCI ACWI world index, for market context | 181.1 | 101.77 | Published by iShares, a fund tracking the index |
| Jan 31, 2024 | MSCI ACWI world index, for market context | 181.7 | 102.11 | Published by iShares, a fund tracking the index |
| Feb 29, 2024 | MSCI ACWI world index, for market context | 190.0 | 106.76 | Published by iShares, a fund tracking the index |
| Mar 31, 2024 | MSCI ACWI world index, for market context | 195.9 | 110.12 | Published by iShares, a fund tracking the index |
| Apr 30, 2024 | MSCI ACWI world index, for market context | 189.0 | 106.24 | Published by iShares, a fund tracking the index |
| May 31, 2024 | MSCI ACWI world index, for market context | 197.5 | 111.01 | Published by iShares, a fund tracking the index |
| Jun 28, 2024 | MSCI ACWI world index, for market context | 199.8 | 112.31 | Published by iShares, a fund tracking the index |
| Jul 31, 2024 | MSCI ACWI world index, for market context | 203.1 | 114.16 | Published by iShares, a fund tracking the index |
| Aug 30, 2024 | MSCI ACWI world index, for market context | 208.3 | 117.05 | Published by iShares, a fund tracking the index |
| Sep 30, 2024 | MSCI ACWI world index, for market context | 212.8 | 119.61 | Published by iShares, a fund tracking the index |
| Oct 31, 2024 | MSCI ACWI world index, for market context | 208.2 | 117.01 | Published by iShares, a fund tracking the index |
| Nov 29, 2024 | MSCI ACWI world index, for market context | 216.4 | 121.62 | Published by iShares, a fund tracking the index |
| Dec 31, 2024 | MSCI ACWI world index, for market context | 209.0 | 117.45 | Published by iShares, a fund tracking the index |
| Jan 31, 2025 | MSCI ACWI world index, for market context | 215.9 | 121.31 | Published by iShares, a fund tracking the index |
| Feb 28, 2025 | MSCI ACWI world index, for market context | 215.1 | 120.88 | Published by iShares, a fund tracking the index |
| Mar 31, 2025 | MSCI ACWI world index, for market context | 206.9 | 116.28 | Published by iShares, a fund tracking the index |
| Apr 30, 2025 | MSCI ACWI world index, for market context | 208.5 | 117.16 | Published by iShares, a fund tracking the index |
| May 30, 2025 | MSCI ACWI world index, for market context | 220.4 | 123.86 | Published by iShares, a fund tracking the index |
| Jun 30, 2025 | MSCI ACWI world index, for market context | 228.9 | 128.62 | Published by iShares, a fund tracking the index |
| Jul 31, 2025 | MSCI ACWI world index, for market context | 231.2 | 129.93 | Published by iShares, a fund tracking the index |
| Aug 29, 2025 | MSCI ACWI world index, for market context | 237.4 | 133.41 | Published by iShares, a fund tracking the index |
| Sep 30, 2025 | MSCI ACWI world index, for market context | 246.2 | 138.36 | Published by iShares, a fund tracking the index |
| Oct 31, 2025 | MSCI ACWI world index, for market context | 251.4 | 141.31 | Published by iShares, a fund tracking the index |
| Nov 28, 2025 | MSCI ACWI world index, for market context | 251.5 | 141.37 | Published by iShares, a fund tracking the index |
| Dec 31, 2025 | MSCI ACWI world index, for market context | 251.7 | 141.45 | Published by iShares, a fund tracking the index |
| Jan 30, 2026 | MSCI ACWI world index, for market context | 258.8 | 145.47 | Published by iShares, a fund tracking the index |
| Feb 27, 2026 | MSCI ACWI world index, for market context | 262.3 | 147.41 | Published by iShares, a fund tracking the index |
| Mar 31, 2026 | MSCI ACWI world index, for market context | 245.8 | 138.13 | Published by iShares, a fund tracking the index |
| Apr 30, 2026 | MSCI ACWI world index, for market context | 269.3 | 151.36 | Published by iShares, a fund tracking the index |
| May 29, 2026 | MSCI ACWI world index, for market context | 282.3 | 158.63 | Published by iShares, a fund tracking the index |
| Jun 30, 2026 | MSCI ACWI world index, for market context | 279.2 | 156.92 | Published by iShares, a fund tracking the index |
| Mar 31, 2016 | Net asset value, total return | 100.0 | 259.20 | Computed by Opulion |
| Mar 31, 2017 | Net asset value, total return | 137.9 | 357.56 | Computed by Opulion |
| Mar 31, 2018 | Net asset value, total return | 172.3 | 446.60 | Computed by Opulion |
| Mar 31, 2019 | Net asset value, total return | 197.4 | 511.54 | Computed by Opulion |
| Mar 31, 2020 | Net asset value, total return | 224.2 | 581.03 | Computed by Opulion |
| Mar 31, 2021 | Net asset value, total return | 472.8 | 1225.59 | Computed by Opulion |
| Mar 31, 2022 | Net asset value, total return | 410.9 | 1065.15 | Computed by Opulion |
| Mar 31, 2023 | Net asset value, total return | 337.9 | 875.73 | Computed by Opulion |
| Mar 31, 2024 | Net asset value, total return | 376.6 | 976.18 | Computed by Opulion |
| Mar 31, 2025 | Net asset value, total return | 418.7 | 1085.24 | Computed by Opulion |
| Mar 31, 2026 | Net asset value, total return | 531.3 | 1377.01 | Computed by Opulion |
| Jun 15, 2026 | Net asset value, total return | 669.0 | 1733.92 | Computed by Opulion |
| Jun 30, 2026 | Net asset value, total return | 653.0 | 1692.62 | Computed by Opulion |
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
MarketPrice on Turquoise, a London Stock Exchange Group venue: same share, same currency. TradingView does not carry the main London quote here.
Getting to know Scottish Mortgage
Each answer links to its source.
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.
Sourcescottishmortgage.comWhat 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.
Sourcemedia.bailliegifford.comHow 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.
Sourcescottishmortgage.comHow 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.
Sourcemedia.bailliegifford.comHow 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.
Sourcemedia.bailliegifford.comWhat 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.
Sourcescottishmortgage.com
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
- Christopher Samuel· Chair of the Board of Directors2025
- Sharon Flood· Lead independent director, chair of the remuneration committee2023
- Mark FitzPatrick· Non-executive director, chair of the audit committee2021
- Vikram Kumaraswamy· Non-executive director2023
- Stephanie Leung· Non-executive director2023
- Heather Manners· Non-executive director2026
- Tom Slater· Portfolio manager2009
- Lawrence Burns· Portfolio manager2021
- Baillie Gifford & Co Limited· Secretary to the Boarddate not published
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)