Scottish Mortgage Investment Trust plc (SMT.L) — Company Research

Scottish Mortgage Investment Trust plc (LSE: SMT) is a FTSE 100-listed UK closed-end investment trust managed by Baillie Gifford & Co, with the objective of generating long-term total returns from a global portfolio of approximately 100 listed and unlisted growth companies (per Scottish Mortgage's investor disclosures and yfinance, pulled 2026-05-26). For the year ended 31 March 2026 the trust delivered a NAV per share total return of +27.4% and a share price total return of +26.8%, both ahead of the FTSE All-World Index's +18.0% (per the FY2026 annual results, year ended 31 March 2026). SpaceX was the largest single contributor to returns and represented over 19% of total assets at year-end (per the FY2026 annual results). The shares last traded at 1,529.0 pence against a 52-week range of 972.4p to 1,540.0p — at or close to a 12-month high (per yfinance, pulled 2026-05-26). All figures in pounds sterling (GBP).

1. Company Snapshot

Field	Value
Name	Scottish Mortgage Investment Trust plc (per the FY2026 annual results, year ended 31 March 2026)
Ticker / Exchange	SMT / London Stock Exchange Main Market — FTSE 100 (per yfinance, pulled 2026-05-26)
Sector / Industry	Closed-end investment trust — global growth (per Scottish Mortgage / Baillie Gifford disclosures)
Market cap	GBP 16.86bn (per yfinance marketCap, pulled 2026-05-26)
Enterprise value	not applicable — investment trust; NAV reporting differs from operating-company EV
FY2026 NAV per share total return	+27.4% (per the FY2026 annual results, year ended 31 March 2026)
FY2026 revenue / operating income	not applicable — investment trust; SMT does not report operating-company revenue or operating income
FY2026 free cash flow	not applicable — investment trust
Gross margin	not applicable — investment trust
Net margin	not applicable — investment trust
Employees	None directly — investment management is performed by Baillie Gifford & Co (per Scottish Mortgage / Baillie Gifford disclosures)
Manager (lead managers)	Tom Slater (lead) and Lawrence Burns (deputy), Baillie Gifford Long Term Global Growth team (per Scottish Mortgage disclosures)
Headquarters	Edinburgh, Scotland (Baillie Gifford head office) (per public corporate disclosure)
Website	scottishmortgage.com (per public corporate disclosure)
Fiscal year-end	31 March (per the FY2026 annual results)
Next NAV update / results	FY2026 annual results published; next scheduled update date not disclosed in this report's source data
Dividend	4.57p per share, +4.3%, 43rd consecutive year of increases (per the FY2026 annual results)
52-week high	1,540.0p (per yfinance, pulled 2026-05-26)
52-week low	972.4p (per yfinance, pulled 2026-05-26)
Ongoing charges	0.33%, no performance fee (per the FY2026 annual results)
Gearing	11% of net assets (per the FY2026 annual results)
Discount / premium to NAV	~9.5% discount at 31 March 2026 year-end, moved to a premium more recently (coverage cited ~8%) on SpaceX IPO anticipation (per the FY2026 annual results and the 01 April 2026 NAV/SpaceX RNS and contemporaneous coverage)

2. Bull Case vs Bear Case

Bull Case

• FY2026 NAV per share total return +27.4% and share price +26.8%, both beating the FTSE All-World. Per the FY2026 annual results (year ended 31 March 2026): NAV per share total return was +27.4% and share price total return +26.8%, materially ahead of the FTSE All-World Index's +18.0%.
• NAV per share rose strongly year on year. Per the FY2026 annual results: NAV per share was 1,282.0p (book / debt at book) versus 1,006.0p at FY2025, and 1,315.8p (fair value / debt at fair value) versus 1,037.0p at FY2025.
• SpaceX was the largest single contributor to returns. Per the FY2026 annual results: SpaceX was the largest single contributor and represented over 19% of total assets at year-end; it filed for an IPO after the year-end. Per the 01 April 2026 NAV/SpaceX RNS: SpaceX was carried at approximately $1.25tn following that revaluation.
• Very low ongoing charges with no performance fee. Per the FY2026 annual results: ongoing charges were 0.33% with no performance fee — low relative to actively managed fund alternatives.
• Long unbroken dividend-growth record. Per the FY2026 annual results: the dividend was raised 4.3% to 4.57p per share, the 43rd consecutive year of dividend increases.

Bear Case

• Single-position concentration on SpaceX. Per the FY2026 annual results: SpaceX represented over 19% of total assets at year-end — any future downward revaluation of this single unquoted holding would directly impair NAV.
• Unquoted-holding valuations are less observable than listed quotes. Per the 01 April 2026 NAV/SpaceX RNS: the SpaceX carrying value was adjusted to approximately $1.25tn via a valuation event rather than a continuous market quote; unquoted valuations are inherently less observable and can lag listed-market moves. Specific valuation methodology detail is not disclosed in this report's source data.
• Discount/premium volatility. Per the FY2026 annual results and contemporaneous coverage: the trust stood at roughly a 9.5% discount to NAV at the 31 March 2026 year-end before moving to a premium (coverage cited ~8%); a swing back to a discount would compound any NAV drawdown for shareholders.
• Gearing amplifies losses on the downside. Per the FY2026 annual results: gearing was 11% of net assets — structural debt enhances returns on the upside but amplifies losses on the downside.
• Reliance on SpaceX IPO anticipation. Per the 01 April 2026 NAV/SpaceX RNS and contemporaneous coverage: the recent move to a premium has been driven by anticipation of a SpaceX IPO; if the IPO is delayed, repriced or does not proceed on expected terms, sentiment-driven premium support could unwind. The IPO timing beyond "post year-end filing" is not disclosed in this report's source data.

3. What Does Scottish Mortgage Actually Do?

Scottish Mortgage is a UK closed-end investment trust, not an operating company, so operating-company metrics such as segment revenue, products and a "what it sells" breakdown are not applicable — investment trust.

Per Scottish Mortgage's investor disclosures and yfinance (pulled 2026-05-26): the trust invests in a global portfolio of approximately 100 listed and unlisted growth companies, managed under a long-term, low-turnover approach by Baillie Gifford's Long Term Global Growth team. The only specific holding disclosed in this report's source data is SpaceX, which the FY2026 annual results identify as the largest single contributor to returns and over 19% of total assets at year-end. Specific other holdings and their weights are not disclosed in this report's source data.

In plain English: Scottish Mortgage gives investors a single listed share that owns a slice of a Baillie Gifford-managed global growth portfolio spanning both listed and unlisted (private) companies — including SpaceX, which retail investors cannot easily access directly.

4. The Business Model

Per Scottish Mortgage's investor disclosures and the FY2026 annual results: Scottish Mortgage operates as a closed-end investment trust. It holds a portfolio of listed and unlisted growth companies, charges a low all-in management cost (ongoing charges of 0.33%, no performance fee, per the FY2026 annual results), and uses structural gearing (11% of net assets at FY2026 year-end, per the FY2026 annual results) to amplify returns. Returns to shareholders come from share-price appreciation (driven by NAV growth plus discount/premium dynamics) and a dividend (4.57p per share at FY2026, per the FY2026 annual results).

Operating-company business-model elements — unit economics, gross margin, distribution channels and product mix — are not applicable to an investment trust. The closed-end structure is the key differentiator: it lets the manager hold illiquid private positions (such as SpaceX) without being forced to sell to meet redemptions.

5. Financial Health

Scottish Mortgage is an investment trust — "financial health" in the operating-company sense (revenue trend, operating income, margins) does not apply. The relevant metrics are NAV per share, NAV total return, share-price total return, gearing, ongoing charges and the discount/premium to NAV.

NAV and total-return performance (per the FY2026 annual results, year ended 31 March 2026):

Metric	FY2026	FY2025
NAV per share total return	+27.4%	not disclosed in this report's source data
Share price total return	+26.8%	not disclosed in this report's source data
FTSE All-World Index total return	+18.0%	not disclosed in this report's source data
NAV per share (book / debt at book)	1,282.0p	1,006.0p
NAV per share (fair value / debt at fair value)	1,315.8p	1,037.0p
Ongoing charges	0.33% (no performance fee)	not disclosed in this report's source data
Gearing (% of net assets)	11%	not disclosed in this report's source data
Dividend per share	4.57p (+4.3%; 43rd consecutive annual increase)	not disclosed in this report's source data

Per yfinance (pulled 2026-05-26): the trust's market capitalisation is GBP 16.86bn across approximately 1,102.9m shares. For an investment trust, market cap measures price times shares rather than an "enterprise value" applicable to operating companies.

6. Valuation & Market Data

Raw market data only — no commentary on cheap or expensive.

Metric	Value
Share price	1,529.0p (per yfinance, pulled 2026-05-26)
Previous close	1,498.0p (per yfinance, pulled 2026-05-26)
Day range	1,517.5p – 1,540.0p (per yfinance, pulled 2026-05-26)
52-week high / low	1,540.0p / 972.4p (per yfinance, pulled 2026-05-26)
Market cap	GBP 16.86bn (per yfinance, pulled 2026-05-26)
Shares outstanding	~1,102.9m (per yfinance, pulled 2026-05-26)
Trailing P/E	4.87 (per yfinance, pulled 2026-05-26 — for a closed-end trust the trailing P/E reflects accounting profit including unrealised investment gains and is not comparable to operating-company P/E)
Price-to-book	1.23 (per yfinance, pulled 2026-05-26)
Dividend yield	not disclosed in this report's source data (yfinance returns None; the trust paid a dividend of 4.57p per share at FY2026 per the annual results)
Ongoing charges	0.33%, no performance fee (per the FY2026 annual results)
Gearing	11% of net assets (per the FY2026 annual results)
Discount / premium to NAV	~9.5% discount at 31 March 2026 year-end; moved to a premium (coverage cited ~8%) more recently on SpaceX IPO anticipation (per the FY2026 annual results, the 01 April 2026 NAV/SpaceX RNS and contemporaneous coverage)

(Note: operating-company valuation ratios such as P/S, EV/EBITDA, ROE and operating/net margin are not applicable to a closed-end investment trust.)

7. What Are They Building / What's Coming

Per the FY2026 annual results and the 01 April 2026 NAV/SpaceX RNS:

• SpaceX IPO. Per the FY2026 annual results: SpaceX filed for an IPO after the year-end. Per the 01 April 2026 NAV/SpaceX RNS: SpaceX was carried at approximately $1.25tn following the revaluation; the IPO is a forward catalyst for NAV and for the trust's discount/premium. Specific IPO timing is not disclosed in this report's source data.
• Continued unlisted-company exposure. Per Scottish Mortgage's disclosures: a meaningful share of the portfolio remains allocated to unlisted growth companies, with SpaceX (over 19% of total assets at year-end, per the FY2026 annual results) the largest. Other specific unlisted names and weights are not disclosed in this report's source data.
• Share buybacks. Per yfinance (pulled 2026-05-26): the trust conducted multiple buyback transactions in May 2026 (see Section 9); the buyback authority is used to manage the discount.

8. Competitive Landscape

Scottish Mortgage is a closed-end investment trust rather than an operating company, so a conventional peer table of operating companies (revenue, gross margin, P/S) is not applicable — investment trust. Peer-trust market data is not disclosed in this report's source data.

Per Scottish Mortgage's disclosures: the trust competes for UK retail and institutional capital against other global-growth investment trusts and open-ended global/technology funds. The names, tickers and market data of specific peer trusts are not disclosed in this report's source data and are not asserted here. Scottish Mortgage's principal differentiation is its meaningful unlisted-company allocation — most notably SpaceX (over 19% of total assets at year-end, per the FY2026 annual results) — combined with very low ongoing charges of 0.33% (per the FY2026 annual results).

9. Leadership and Ownership

Per Scottish Mortgage's investor disclosures: the trust is managed by Baillie Gifford & Co under an investment-management agreement. The lead manager is Tom Slater and the deputy is Lawrence Burns, of Baillie Gifford's Long Term Global Growth team. The Board of Scottish Mortgage Investment Trust plc provides governance; specific 2026 Board composition is not disclosed in this report's source data.

Top institutional shareholders reported by yfinance (pulled 2026-05-26) — these are small ETF / index-fund positions only:

Holder	% held	Shares
HSBC FTSE 100 UCITS ETF	0.02%	332,297
SSgA SPDR FTSE UK All Share ETF	0.02%	269,857
EQ Advisors Trust – International Equity Index Portfolio	0.01%	182,919
HC Capital Trust – Institutional International Equity Portfolio	0.01%	105,000
EQ Advisors Trust – International Value Managed Volatility Portfolio	~0.00%	58,354

(The bulk of Scottish Mortgage's register sits in UK nominee / platform accounts and is not separately broken out in this report's source data. The yfinance "Value" fields for these positions appear inconsistent in currency units and are therefore omitted.)

Per yfinance insider/transaction data (pulled 2026-05-26): the trust itself conducted multiple share buyback / reduction transactions in May 2026, including buy-backs of 2,200,000 shares (2026-05-21) and 1,500,000 shares (2026-05-19), and further reductions through 2026-05-06 to 2026-05-18. No individual-director dealing is disclosed in this report's source data.

10. Risks and Challenges

• Single-position concentration on SpaceX (Concentration): Per the FY2026 annual results (year ended 31 March 2026): SpaceX represented over 19% of total assets at year-end — a downward revaluation of this single unquoted holding would directly impair NAV.
• Unquoted-holding valuation risk (Operational): Per the 01 April 2026 NAV/SpaceX RNS: SpaceX's carrying value was set at approximately $1.25tn via a valuation event rather than a continuous market quote; unquoted valuations are less observable than listed quotes and may lag listed-market drawdowns.
• Discount / premium to NAV volatility (Market & Demand): Per the FY2026 annual results and contemporaneous coverage: the trust stood at roughly a 9.5% discount to NAV at 31 March 2026 before moving to a premium (coverage cited ~8%); a return to a discount would compound any underlying NAV drawdown for shareholders.
• Structural gearing amplifies downside (Financial): Per the FY2026 annual results: gearing was 11% of net assets — debt enhances returns on the upside but amplifies losses on the downside.
• Dependence on SpaceX IPO anticipation (Market & Demand): Per the 01 April 2026 NAV/SpaceX RNS and contemporaneous coverage: the recent premium has been supported by anticipation of a SpaceX IPO; delay or repricing of that event could unwind premium support.
• Manager / key-person risk (Operational): Per Scottish Mortgage's disclosures: lead manager Tom Slater and deputy Lawrence Burns drive portfolio construction; departure or strategy drift would be material to the equity story.
• Cybersecurity at the manager and administration (Cyber & Physical): Standard operational consideration for an investment trust — cyber incidents at Baillie Gifford or the trust's administrators could disrupt trading and shareholder services. Specific incident disclosure is not in this report's source data.
• Regulatory and tax-regime change (Regulatory): UK investment-trust tax treatment and regulatory status are subject to ongoing change. Specific FY2026 regulatory disclosures are not in this report's source data.

11. Recent Developments

Most recent first.

• 2026-05-21 — Scottish Mortgage share buyback: Per yfinance (pulled 2026-05-26): the trust bought back 2,200,000 shares. Source: yfinance insider/transaction data (pulled 2026-05-26).
• 2026-05-19 — Scottish Mortgage share buyback: Per yfinance (pulled 2026-05-26): the trust bought back 1,500,000 shares. Source: yfinance insider/transaction data (pulled 2026-05-26).
• 2026-04-01 — SpaceX revaluation / NAV update RNS: Per the 01 April 2026 NAV/SpaceX RNS: SpaceX was carried at approximately $1.25tn following the revaluation, and SpaceX had filed for an IPO post year-end; contemporaneous coverage cited the trust moving to a premium to NAV (~8%) on SpaceX IPO anticipation. Source: Scottish Mortgage 01 April 2026 NAV/SpaceX RNS.
• FY2026 annual results (year ended 31 March 2026): Per the FY2026 annual results: NAV per share total return +27.4%, share price total return +26.8% versus the FTSE All-World Index +18.0%; NAV per share 1,282.0p book (1,006.0p FY2025) and 1,315.8p fair value (1,037.0p FY2025); ongoing charges 0.33% with no performance fee; gearing reduced to 11%; dividend +4.3% to 4.57p (43rd consecutive annual increase); SpaceX the largest single contributor at over 19% of total assets, ~9.5% discount to NAV at year-end. Source: Scottish Mortgage FY2026 annual results.

12. Key Dates Coming Up

• SpaceX IPO (timing not disclosed in this report's source data): Per the FY2026 annual results: SpaceX filed for an IPO post year-end; the event is a forward catalyst for NAV and the trust's discount/premium. Specific date is not disclosed in this report's source data.
• Next NAV update / monthly factsheet: Scottish Mortgage publishes regular NAV updates; the specific next date is not disclosed in this report's source data.
• FY2027 results (year ending 31 March 2027): The next full-year reporting cycle follows the 31 March fiscal year-end; the specific publication date is not disclosed in this report's source data.

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