Collective Investments
Scottish Mortgage Investment Trust is a global growth investment trust managed by Baillie Gifford. It invests in a concentrated portfolio of public and private companies expected to benefit from long-term technological and economic change.
Long-term investment in listed and private growth companies, participation in private funding rounds, portfolio realisations, gearing and active share buybacks.
Global growth equities and private companies, with large exposure to technology, semiconductors, digital platforms, biotechnology and disruptive business models.
Performance and valuations of major holdings, private-company realisations and IPOs, technology spending, interest rates, share buybacks and the trust's discount to NAV.
High growth-stock volatility, concentrated holdings, private-asset valuation uncertainty, technology cycles, geopolitical exposure, gearing and discount widening.
26 May 2026: full-year results showed a 27.4% NAV total return, with SpaceX by far the largest contributor and representing a very substantial portfolio weight ahead of its planned flotation. The trust also bought back about £1.3bn of shares during the year, making SpaceX valuation, private-asset liquidity and discount management major 2027 themes.
Scottish Mortgage pays a small dividend because capital growth is the primary objective. The FY2026 final dividend was 2.97p per share, ex-dividend 11 June 2026 and paid 10 July; income yield remains low relative to most investment trusts.
The complete 350 Trade Book — 350 leading UK-listed companies, presented in one consistent working reference.