Scottish Mortgage Investment Trust

What Scottish Mortgage Investment Trust does

Scottish Mortgage Investment Trust PLC is a publicly listed UK investment trust founded in 1909 and managed by Baillie Gifford & Co Limited, with shares trading on the London Stock Exchange under the ticker SMT and included in the FTSE 100. The trust invests in exceptional public and private growth companies globally, with a portfolio valued at approximately £15.2 billion as of March 2026 (£13.7 billion at end-March 2025). Its largest holdings include SpaceX (approximately 17.9% of assets), TSMC, ASML, Nvidia, ByteDance, Anthropic, Databricks, Stripe, and Revolut, and 41.3% of the portfolio is allocated to private companies — six of the world's ten most valuable private companies.

The trust operates a single-product, closed-end investment trust structure designed to maximise long-term total returns while limiting fees so shareholders retain more of any returns generated. Its distribution relies on the London Stock Exchange listing and UK retail investment platforms (notably AJ Bell and interactive investor), with shares widely held inside stocks and shares ISAs; engagement is supplemented by an "Invest in Progress" podcast, email newsletter, and a thought-leadership website. The investment committee, led by manager Tom Slater and chaired by Christopher Samuel, follows a patient-capital philosophy and is actively pursuing an EGM proposal (16 March 2026) to permit up to £250 million of additional investment beyond the existing 30% cap on private company holdings.

The business model is asset-value-driven rather than revenue-driven: the trust does not charge management fees itself (those accrue to Baillie Gifford) and there is no traditional top-line. Shareholder returns are delivered through net asset value growth — 22.9% over the six months to 30 September 2025 and approximately 20% share-price gain in 2026 — and through dividend distributions. An active share buyback programme (250,000 shares repurchased at 1,179.04p on 29 December 2025) is used to manage the discount/premium to NAV, which moved from a 10.7% discount to a 6.4% premium over a twelve-month period.

Name

Scottish Mortgage Investment Trust

Legal name

Scottish Mortgage Investment Trust PLC

Website

https://scottishmortgageit.com

Company type

Public

Founded year

1909

Operating status

Operating

Headcount range

1–10 employees

Short description

Scottish Mortgage Investment Trust PLC is a London-listed investment trust, founded 1909 and managed by Baillie Gifford, providing UK retail investors liquid, low-cost exposure to exceptional public and private global growth companies, with ~41% of its £15.2 billion portfolio allocated to private holdings.

Ownership category

akta.pro rank

Product category

Public Equity Investment Trust

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Alternative Investments for Private Wealth (Hedge Funds, PE/VC Access, Private Credit) (FSAAABAI)

Keywords

• Investment trust management
• Global growth equities
• Private company exposure
• Public equity holdings
• Long-term capital growth

Headquarters

HQ city

Edinburgh

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Others

Revenue model

1. Investment Returns: The trust generates returns through capital appreciation and dividends from its portfolio of public and private growth companies including SpaceX, TSMC, ASML, Nvidia, ByteDance, Anthropic, Databricks, Stripe, and Revolut. Returns are distributed to shareholders through net asset value growth and dividends.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Scottish Mortgage Investment Trust is a London-listed investment trust that provides shareholders liquid, low-cost exposure to a portfolio of exceptional public and private growth companies worldwide. The trust is managed by Baillie Gifford & Co and concentrates on long-term capital appreciation through holdings in high-growth businesses such as SpaceX, TSMC, ASML, Nvidia, Anthropic, ByteDance, Stripe, Databricks, and Revolut. It invests across both listed equities and pre-IPO private companies, offering retail investors access that would otherwise be unavailable.

Product overview

Scottish Mortgage Investment Trust operates as a single unified investment trust product, offering investors a liquid, low-cost portfolio of the world's most exceptional growth companies across both public and private markets. The trust's portfolio includes major holdings such as SpaceX (approximately 17.9-19% of assets), TSMC, ASML, Nvidia, Anthropic, ByteDance, Stripe, Databricks, and Revolut, with significant exposure to AI and space-related sectors. The trust recently proposed expanding its investment mandate to permit additional follow-on and new investments in private companies beyond the current 30% cap, subject to shareholder approval.

Differentiator

Problem solved

Functional benefit

Products and services

• Scottish Mortgage Investment Trust Shares

Quantifiable outcome

• 179% total return from SpaceX over year to March 2026
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves3 records

Expansion highlights5 records

Direct peers

• Monks Investment Trust: UK-listed global growth investment trust also managed by Baillie Gifford. Closely comparable in philosophy (long-term, public + selective private exposure), structure (investment trust), and target investor base (UK retail via platforms and ISAs).
• Baillie Gifford US Growth Trust: UK-listed US-focused growth investment trust managed by the same firm, Baillie Gifford. Directly comparable on manager, philosophy (growth at a reasonable price over long horizons), and structure (investment trust).
• The Scottish American Investment Company (SAINTS): London-listed global investment trust with a long-term growth-and-income mandate. Comparable as a UK investment trust offering diversified global equity exposure to retail investors, with a similar distribution footprint across UK platforms.
• Witan Investment Trust: London-listed global investment trust offering diversified global equity exposure via multi-manager and direct holdings. Comparable structure and target UK retail/wealth investor base, with growth-oriented sleeve options.
• Alliance Trust: London-listed global equity investment trust focused on long-term growth through a multi-manager structure. Comparable as a UK-listed investment trust distributed via platforms and ISAs to retail investors seeking diversified global equity exposure.
• Caledonia Investments: London-listed investment trust combining public equities and direct private investments. Comparable on the public+private investment structure and long-term capital appreciation mandate, though with a more concentrated portfolio.
• Personal Assets Trust: London-listed investment trust focused on capital preservation and growth through equities, bonds, and selective private investments. Comparable on investment-trust structure, low turnover, and UK wealth-platform distribution.
• JPMorgan American Investment Trust: London-listed US-focused investment trust with concentrated growth exposure. Comparable as a UK-listed investment trust providing retail investors with access to US growth equities, distributed via UK platforms.
• F&C Investment Trust: One of the longest-established London-listed global investment trusts. Comparable on structure, long-term global equity mandate, and UK retail distribution footprint.

Broad incumbents

• Berkshire Hathaway: US-listed conglomerate holding a diversified portfolio of public equities and wholly-owned private operating businesses. Comparable thematically on the long-duration, public-plus-private, low-turnover investment philosophy, though with a much broader industrial mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Scottish Mortgage Investment Trust