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Scottish Mortgage tracker
What Scottish Mortgage owns and how that changes each month, what its companies are building, its results, buybacks and the latest news.
Half-year results to 30 Sep 2026
Published 6 Nov 2026. The value of what the trust owns rose 31.5% in six months, counting dividends, almost twice the 16.0% from the world index it measures itself against. SpaceX, Moderna and Anthropic did most of the work. It sold its last Tesla shares and cut SpaceX to 11.1% of the trust by 4 Nov.
In brief
- Net asset value per share up 31.2% to £17.27; shareholders’ funds £17.7bn, up from £13.8bn at 31 Mar.
- SpaceX added 8.0 points to the return, Moderna 4.5, Anthropic 3.4, TSMC 2.9 and Zipline 2.4. PDD held it back most.
- SpaceX listed on 12 Jun. It had grown to more than a quarter of the trust; it was cut to 15.0% by 30 Sep and 11.1% by 4 Nov.
- Sold all its Tesla shares after 13 years (they returned 13 times the money put in), plus Netflix, Delivery Hero, Kering, Insulet, HeartFlow and Sana Biotechnology.
- New holdings: SK hynix, KLA, DISCO, Vistra, EQT and Bending Spoons, and private companies Hadrian, ICON and Chai Discovery.
- Bought back 72.9m shares for about £1.06bn after reissuing 40.95m for about £602m; net borrowing (gearing) cut from 11.0% to 4.3%.
- Interim dividend up 12.5%, paid on 11 Dec.
Against a year ago (Apr–Sep 2025)
| Apr–Sep 2025 | Apr–Sep 2026 | Change | |
|---|---|---|---|
| Net asset value total return | 22.9% | 31.5% | +8.6 pts |
| Shareholders’ funds | £13,944.2m | £17,687.5m | up +27% |
Red and green show whether a change is good or bad for Scottish Mortgage, so more spending shows in red.
Net asset value is after taking off borrowings at fair value; returns include dividends. The comparison is with the same six months a year earlier. Scottish Mortgage half-year report, 6 Nov 2026
Holdings tracker
Scottish Mortgage lists what it owns each month, as a share of the trust’s total assets. We read the list every morning and show what changed since the list before. A “Private” tag means the company is not on a stock market.
Biggest 20 holdings, 31 Oct 2026
- SpaceX−3.8 pts since 30 Sep11.2%#1
- TSMC−0.1 pts since 30 Sep6.4%#2
- NVIDIA−0.2 pts since 30 Sep6.0%#3
- Moderna+0.3 pts since 30 Sep4.6%#4
- ByteDancePrivate+0.3 pts since 30 Sep4.3%#5
- AnthropicPrivate+0.3 pts since 30 Sep4.2%#6
- ZiplinePrivate+0.2 pts since 30 Sep3.9%#7
- MercadoLibre+0.3 pts since 30 Sep3.4%#8
- Amazon+0.1 pts since 30 Sep2.7%#9
- ASML−0.1 pts since 30 Sep2.7%#10
- StripePrivate+0.2 pts since 30 Sep2.6%#11
- Shopify+0.3 pts since 30 Sep2.5%#12
- Cloudflare−0.3 pts since 30 Sep2.0%#13
- Spotify+0.5 pts since 30 Sep2.0%#14
- Meta Platforms−0.2 pts since 30 Sep1.9%#15
- Ferrari+0.1 pts since 30 Sep1.8%#16
- DatabricksPrivate+0.1 pts since 30 Sep1.7%#17
- CATL+0.2 pts since 30 Sep1.7%#18
- Snowflake−0.1 pts since 30 Sep1.7%#19
- Bending Spoons+0.4 pts since 30 Sep1.4%#20
Show the other 77 holdings (97 in all)
- RevolutPrivate+0.1 pts since 30 Sep1.2%#21
- PDD Holdings+0.1 pts since 30 Sep1.2%#22
- Affirm+0.1 pts since 30 Sep1.2%#23
- Sea−0.3 pts since 30 Sep1.1%#24
- Tempus AI−0.3 pts since 30 Sep1.0%#25
- Wise1.0%#26
- Disco+0.5 pts since 30 Sep1.0%#27
- DoorDash0.9%#28
- Nu Holdings0.9%#29
- Meituan+0.1 pts since 30 Sep0.9%#30
- SK Hynix−0.2 pts since 30 Sep0.9%#31
- Adyen0.8%#32
- KLA+0.3 pts since 30 Sep0.8%#33
- Hermès International+0.2 pts since 30 Sep0.8%#34
- Atlas Copco0.8%#35
- Blockchain.comPrivate0.8%#36
- BYD Company0.7%#37
- The Production BoardPrivate0.7%#38
- Aurora−0.1 pts since 30 Sep0.7%#39
- EQT+0.1 pts since 30 Sep0.7%#40
- LasertecNew since 30 Sep0.7%#41
- Vistra0.6%#42
- Ant InternationalPrivate0.6%#43
- InspirePrivate0.6%#44
- Denali Therapeutics0.6%#45
- Redwood MaterialsPrivate0.6%#46
- Roblox0.5%#47
- HadrianPrivate0.4%#48
- MongoDB0.4%#49
- Coupang0.4%#50
- Enveda TherapeuticsPrivate0.4%#51
- Astera LabsNew since 30 Sep0.4%#52
- Epic GamesPrivate0.4%#53
- NuroPrivate0.4%#54
- ThumbtackPrivate0.3%#55
- Recursion Pharmaceuticals0.3%#56
- SolugenPrivate0.3%#57
- RappiPrivate0.3%#58
- Oddity+0.1 pts since 30 Sep0.3%#59
- TaniumPrivate0.3%#60
- Joby Aviation+0.1 pts since 30 Sep0.3%#61
- Ocado+0.1 pts since 30 Sep0.3%#62
- HonorPrivate0.3%#63
- Horizon Robotics0.3%#64
- ClimeworksPrivate0.2%#65
- AppLovin−0.1 pts since 30 Sep0.2%#66
- ICONPrivate0.2%#67
- Bottle Planet HoldingsPrivate0.2%#68
- CarbonPrivate0.2%#69
- Away (JRSK)Private0.2%#70
- WorkrisePrivate0.2%#71
- PsiQuantumPrivate0.2%#72
- KSQ TherapeuticsPrivate0.1%#73
- Figma0.1%#74
- ZocDocPrivate0.1%#75
- Ginkgo Bioworks0.1%#76
- Loyal Animal HealthPrivate0.1%#77
- Chai DiscoveryPrivate0.1%#78
- ARCH Ventures Fund XIII0.1%#79
- LumerisPrivate0.1%#80
- MiniMax0.1%#81
- Teya HoldingsPrivateunder 0.1%#82
- GoPuffPrivateunder 0.1%#83
- WI Harper Fund VIIIunder 0.1%#84
- Global AI Opportunities Fundunder 0.1%#85
- ARCH Venture Fund XIIunder 0.1%#86
- Sinovation Fund IIIunder 0.1%#87
- ARCH Ventures Fund XIunder 0.1%#88
- ARCH Venturesunder 0.1%#89
- Upside FoodsPrivateunder 0.1%#90
- ARCH Ventures Fund Xunder 0.1%#91
- Arch Venture Partners Overageunder 0.1%#92
- WI Harper Fundunder 0.1%#93
- Antler East Africa Fundunder 0.1%#94
- Innovation Works Development Fund0.0%#95
- Illumina0.0%#96
- Bolt Threads0.0%#97
The top five over time
| 30 Sep2026 | 31 Oct2026 | |
|---|---|---|
| SpaceX | 15.0% | 11.2% |
| TSMC | 6.5% | 6.4% |
| NVIDIA | 6.2% | 6.0% |
| Moderna | 4.3% | 4.6% |
| ByteDance | 4.0% | 4.3% |
- 97 holdings in the list. The biggest 10 make up 49.4% of the trust.
- New since 30 Sep: Lasertec, Astera Labs.
- Gone since 30 Sep: none.
Sold and cut back recently
Monthly lists, 30 Sep to 31 Oct 2026
Dropped out of the list: none.
| Biggest falls in share of the trust | 30 Sep | 31 Oct |
|---|---|---|
| SpaceX | 15.0% | 11.2% |
| Cloudflare | 2.3% | 2.0% |
| Tempus AI | 1.3% | 1.0% |
| Sea | 1.4% | 1.1% |
| Meta Platforms | 2.1% | 1.9% |
| NVIDIA | 6.2% | 6.0% |
A fall can come from selling shares or from the share price dropping. The monthly list does not say which.
From the half-year report (Apr–Sep 2026)
Sold completely: Delivery Hero, HeartFlow, Insulet, Kering, Netflix, Sana Biotechnology, Tesla, Uptake Technologies.
Cut back: Amazon, ASML, Atlas Copco, Aurora, Coupang, Ferrari, MercadoLibre, Meta Platforms, Moderna, PDD, SpaceX, Stripe, TSMC, Tempus AI, Wise.
“Cut back” means it sold at least a fifth of that holding in the six months. Half-year report Sep 2026
From Scottish Mortgage’s own website (Baillie Gifford). Monthly lists come out a few weeks after the month ends; the full portfolio is published every three months. Private tags as at 30 Sep 2026. Scottish Mortgage holdings
What its companies are building
What the biggest companies in Scottish Mortgage are building, and how far each has got, from first announcement to widely available. Shares of the trust are at 31 Oct 2026. Checked against Scottish Mortgage’s half-year report (6 Nov 2026) and its holdings list at 31 Oct 2026.
Space
-
SpaceX: Starship Testing
Reached orbit for the first time in Sep 2026
SpaceX is the trust’s biggest holding (11.2% on 31 Oct 2026). Its giant reusable rocket reached orbit in September 2026, more than three years after its first launch. Scottish Mortgage half-year report, 6 Nov 2026, Our SpaceX tracker
-
SpaceX: Starlink Widely available
13.6m subscribers (30 Sep 2026)
Satellite internet. The managers expect new uses to follow Starlink, from phone signal straight from satellites to computing in orbit. SpaceX Q3 2026 results, 20 Oct 2026, Scottish Mortgage half-year report, 6 Nov 2026
AI
-
Anthropic: Claude AI models Widely available
Yearly sales rate up from $14bn (Feb) to $47bn (May 2026)
A private AI company and 4.2% of the trust. Scottish Mortgage added to its holding in May 2026, using new room for private companies that shareholders approved in April. Scottish Mortgage half-year report, 6 Nov 2026
-
NVIDIA: AI chips Widely available
Sales up 106% on a year (reported Aug 2026)
The third-biggest holding (6.0%). The managers added to it in Apr–Sep 2026, saying its value looks increasingly modest against its growth. Scottish Mortgage half-year report, 6 Nov 2026, Our Nvidia tracker
-
TSMC: making the chips Widely available
Second-biggest holding (6.4%)
Makes chips for other companies. Demand for AI computing gave it a 41% return in the six months to Sep 2026, though the trust took some profits. Scottish Mortgage half-year report, 6 Nov 2026
-
SK hynix, KLA and DISCO: memory and chip tools Widely available
New holdings, Apr–Sep 2026
SK hynix makes memory for AI chips; KLA and DISCO make the equipment used to inspect and cut chips. Scottish Mortgage half-year report, 6 Nov 2026
-
Vistra and EQT: power for AI Widely available
New holdings, Apr–Sep 2026
Power is becoming a limit on building AI data centres, so the trust bought Vistra, a power generator, and EQT, a natural gas producer. Scottish Mortgage half-year report, 6 Nov 2026
Medicine
-
Moderna: personalised cancer vaccine Testing
Succeeded in a late-stage melanoma trial (Aug 2026)
4.6% of the trust. The shares nearly tripled in one day on the result, about a decade after work began. Results from trials in lung, bladder and kidney cancer are still to come. The trust trimmed the holding. Scottish Mortgage half-year report, 6 Nov 2026
-
Chai Discovery: medicines designed by AI In development
New private holding, Apr–Sep 2026
Builds AI models that design new drugs from scratch, aiming to make the slow, trial-and-error search for medicines more like engineering. Scottish Mortgage half-year report, 6 Nov 2026
Robots and factories
-
Zipline: delivery drones Early rollout
Uber partnership; its value more than doubled (Apr–Sep 2026)
A private company and 3.9% of the trust. It started about a decade ago by flying blood to hospitals in Rwanda. Scottish Mortgage half-year report, 6 Nov 2026
-
Hadrian: automated factories Early rollout
New private holding, Apr–Sep 2026
Uses software and robots to run automated factories that make precision parts for aerospace and defence. Scottish Mortgage half-year report, 6 Nov 2026
-
ICON: 3D-printed buildings Early rollout
New private holding, Apr–Sep 2026
Uses robotic 3D printers to build homes and other buildings, such as barracks for the US military, with less time, labour and waste. Scottish Mortgage half-year report, 6 Nov 2026
Batteries and cars
-
CATL: batteries Widely available
Sales growth sped up to 57% a year
The world’s largest battery maker, still winning market share. Its shares fell on price pressure from car makers and new battery taxes, and the trust added to the holding. Scottish Mortgage half-year report, 6 Nov 2026
Shopping and money
-
MercadoLibre: online shopping in Latin America Widely available
Sales growth of 50% in Apr–Jun 2026, its fastest in four years
3.4% of the trust. Heavy investment almost halved its operating margin; the managers back it to put long-term growth first. Scottish Mortgage half-year report, 6 Nov 2026
-
Shopify: AI that runs shops Early rollout
AI agents check shops overnight for things to fix
Its founder moved the company early and hard towards AI. The trust added to the holding in Apr–Sep 2026. Scottish Mortgage half-year report, 6 Nov 2026
What’s new
- News SpaceX drives Scottish Mortgage to return double its benchmark in half-year update Investment Week,
The last 30 days. Headlines link to the full stories on the publishers’ own sites.
Numbers
Net asset value per share (£)
The trust every six months
| 31 Mar 2025 | 30 Sep 2025 | 31 Mar 2026 | 30 Sep 2026 | |
|---|---|---|---|---|
| Net asset value per share | £10.37 | £12.71 | £13.16 | £17.27 |
| Shareholders’ funds | £12,082.5m | £13,944.2m | £13,822.2m | £17,687.5m |
| Borrowing (gearing) | 13% | 11% | 11% | 4% |
| In private companies | – | 26.8% | – | 24.9% |
Net asset value per share is after taking off borrowings at fair value. Gearing is net borrowing as a share of shareholders’ funds. Private-company share not given in the annual results. Half-year report Sep 2026, Annual results Mar 2026, Half-year report Sep 2025
Timeline
- Nov 2026Half-year results: net asset value up 31.5% in six months. SpaceX cut to 11.1% of the trust by 4 Nov.
- Apr–Sep 2026Sells its last Tesla shares, 13 years after first buying; they returned 13 times the money put in.
- Jun 2026SpaceX lists on the stock market on 12 Jun. The holding grows to more than a quarter of the trust before the managers start to cut it.
- May 2026Adds to its holding in Anthropic.
- Apr 2026Shareholders approve up to £250m of extra room to invest in private companies above its 30% limit.
- Mar 2024Announces a bigger share buyback programme. By Sep 2026 it has bought back more than £4bn of its shares.
- 2018First invests in SpaceX, then a private company.
- 2013First buys Tesla.
- 2012Makes its first investment in a private company.
- 1909Scottish Mortgage is launched; Baillie Gifford has managed it ever since.
On X
Posts worth seeing will be added here. Meanwhile, these are the accounts to follow:
- @ScotMortgage_UK Scottish Mortgage
- @BaillieGifford Baillie Gifford, the manager
What do you think?
Share your view on Scottish Mortgage with other ChartsView members.
Start a Scottish Mortgage thread on the forumWhere this comes from
- Holdings each month: Scottish Mortgage’s own website (Baillie Gifford)
- Results, net asset value, dividends and buybacks: Scottish Mortgage’s half-year and annual reports
- Full portfolio at 30 Sep 2026: Scottish Mortgage portfolio valuation
- Starlink subscribers: SpaceX’s Q3 2026 results (SEC)
- Investment trust news: Investment Week and QuotedData (links to the full stories)
- Products, cities and timeline: checked by ChartsView against the company’s own reports, last on 12 Nov 2026.
All sources are free and public. Data is collected each morning and refreshed through the day. This page is for information only and is not investment advice.
ChartsView is independent and is not connected with, or endorsed by, Scottish Mortgage Investment Trust PLC. The company’s name is used only to say who this page is about.