The Scottish Mortgage Investment Trust (LSE: SMT) share price currently trades at 1,198.79p as of March 31, 2026, representing a 2.02% daily increase and a significant recovery from its 52-week low of 778.14p. This guide provides a deep dive into the factors driving the SMT valuation, including its heavy weighting in private titans like SpaceX, the impact of its aggressive £3 billion share buyback program, and the current 4.69% discount to its Net Asset Value (NAV). Whether you are tracking the trust’s exposure to the “Golden Age of AI” or evaluating its transition under managers Tom Slater and Lawrence Burns, this comprehensive analysis covers everything from historical performance and top holdings to practical trading details for UK investors.
Current Share Price Performance
As of late March 2026, Scottish Mortgage has demonstrated resilient growth, trading near the upper end of its annual range. The trust’s 52-week high stands at 1,298.50p, reached in early February 2026, marking a period of intense optimism around global technology and private equity valuations.
This upward momentum follows a volatile 2025 where the share price dipped below 800p during periods of interest rate uncertainty. The recovery in 2026 is largely attributed to the robust performance of its top holdings and the narrowing of the discount between the share price and the underlying value of its assets.
Understanding the NAV Discount
A critical metric for Scottish Mortgage investors is the Discount to Net Asset Value (NAV), which currently sits at approximately 4.69%. This means investors are effectively buying the trust’s portfolio of global companies at a price lower than their combined market value.
Historically, this discount widened to over 10% during 2024 and 2025, prompting the board to intervene. The recent narrowing to under 5% suggests increased investor confidence and the success of the trust’s liquidity management strategies, making the shares more “fairly valued” relative to their historical average.
Top Portfolio Holdings 2026
Scottish Mortgage is renowned for its high-conviction, concentrated portfolio, with the top 10 holdings representing over 40% of total assets. As of March 2026, SpaceX remains the crown jewel of the portfolio, accounting for an unprecedented 15.4% of assets following significant upward revaluations.
Other dominant holdings include Taiwan Semiconductor Manufacturing Co (TSMC) at 6.6%, ByteDance (the parent company of TikTok) at 4.1%, and MercadoLibre at 4.0%. The trust also maintains substantial positions in AI infrastructure leaders like NVIDIA and ASML, positioning it as a primary vehicle for exposure to the semiconductor and artificial intelligence sectors.
Private Company Exposure Limits
One of the most significant developments in 2026 is the trust’s move to adjust its private company investment policy. Currently, Scottish Mortgage has a 37.2% exposure to private companies, significantly exceeding its traditional 30% internal limit.
This breach was driven largely by the soaring valuation of SpaceX and the trust’s own share buyback program, which reduced the proportion of public stocks. In April 2026, shareholders will vote on a proposal to allow an additional £250 million of flexibility for follow-on investments in these unlisted giants, ensuring the managers aren’t “locked out” of supporting their most successful private holdings.
The Impact of SpaceX
SpaceX’s dominance in the portfolio has been a double-edged sword, providing massive capital growth while creating concentration risk. A potential SpaceX IPO in late 2026 or 2027 is widely seen as the primary catalyst that would bring private exposure back within historical limits.
Aggressive Share Buyback Program
To combat a persistent discount and return value to shareholders, Scottish Mortgage executed a massive £3 billion buyback program across 2024 and 2025. This initiative involved the trust buying its own shares on the open market and cancelling them, which increases the percentage ownership of the remaining shareholders.
By March 2026, the pace of buybacks has moderated as the discount narrowed, but the board retains the authority to intervene if the share price begins to decouple significantly from the NAV again. This “liquidity buffer” provides a degree of downside protection for long-term investors.
Global Technology and AI Trends
The managers at Baillie Gifford have pivoted the trust to capitalize on what they term the “Golden Age of Change” driven by Artificial Intelligence. This is reflected in the heavy weighting toward the AI hardware stack, including designers like NVIDIA and manufacturers like TSMC.
Beyond hardware, the trust is increasingly focused on “AI-enabled” businesses in the private sector. Companies like Stripe and ByteDance are utilizing proprietary data and machine learning to dominate their respective fields, a trend the trust believes will drive the next decade of capital growth.
Practical Information for Investors
Trading Details and Costs
Investors can trade Scottish Mortgage (Ticker: SMT) on the London Stock Exchange through most major UK brokerage platforms and ISAs. The trust has an Ongoing Charge Figure (OCF) of 0.32%, making it one of the most cost-effective ways to access a professionally managed portfolio of global growth and private equity.
Dividend Policy
While Scottish Mortgage is primarily a capital growth vehicle, it does pay a modest dividend semi-annually. The current dividend yield is 0.37%, with the last ex-dividend date occurring in November 2025. Investors should view this as a secondary benefit rather than a primary source of income.
What the Scottish Mortgage share price is
The Scottish Mortgage Investment Trust ticker symbol is SMT on the London Stock Exchange, with ordinary shares quoted in pence per share. Recent mid‑2026 prices cluster roughly in the 1,170–1,190 pence band, down from a 52‑week high close to 1,300 pence in early 2026, reflecting volatility in global growth and technology stocks. Because it is an investment trust, its share price is determined by supply and demand on the exchange, not by the daily net asset value of its underlying portfolio, which can create periods of premium or discount.
Scottish Mortgage aims to maximize long‑term total returns by investing in a concentrated portfolio of global growth companies, many of which are listed on major exchanges such as Nasdaq and NYSE. The trust’s structure as a UK‑listed investment vehicle means that investors buying the “Scottish Mortgage share price” are indirectly gaining exposure to a diversified basket of equity stakes, rather than placing a single‑stock bet. This dual influence of global equity markets and trust‑specific supply‑demand dynamics is why the share price can swing wider than the underlying net asset value over shorter timeframes.
Recent Scottish Mortgage share price moves
Over the past year the Scottish Mortgage share price has delivered a total return of roughly the low 20s percent in price terms, trailing but still outpacing many broad global‑equity benchmarks. That 12‑month gain follows a sharp drawdown in 2022, when the share price dropped by just over 30 percent, mirroring the sell‑off in growth and tech‑oriented assets. Since then, recovery in later 2023 and 2024 has helped push the share price back into the 1,100–1,300 pence range by early 2026, before a pullback from the February peak.
Quarterly performance data show that recent quarters have been mixed, with the share price down low‑single‑digit percentages in one period and then up in the mid‑single‑digit to low‑teens range in the following quarters. These swings largely track the same global‑equity benchmarks the trust uses, but with somewhat amplified moves because of its concentrated portfolio and investor sentiment toward “growth” style funds. For investors watching the “Scottish Mortgage share price,” this pattern means that the vehicle can feel more volatile than the broader market, even though it meets or exceeds benchmark returns over multi‑year horizons.
Long‑term share price performance
Over a 10‑year horizon, the Scottish Mortgage share price total return sits in the near‑400 percent range, significantly outstripping the mid‑200s‑percent return of its global‑equity benchmark. On a five‑year view, the share price gain is closer to 10 percent, which is modest compared with the benchmark’s low‑twenties‑percent return, reflecting the sharp 2022 correction. That contrast highlights how the trust’s performance is driven by a few very strong years around 2020–2021 and 2023, offset by a deep 2022 downturn.
Over the three‑year period ending 2026, the Scottish Mortgage share price has delivered a total return in the high‑80s percent, again ahead of the global‑equity benchmark in the high‑50s percent range. Data from the trust’s own performance pages show that £10,000 invested at the start of that three‑year period would have grown to more than £18,000 on a share‑price‑total‑return basis, versus around £16,000 tracking the benchmark. For long‑term investors, this underscores that the Scottish Mortgage share price has historically rewarded patience through cycles, even if drawdowns feel painful at the time.
Net asset value versus share price
The Scottish Mortgage share price is distinct from the trust’s net asset value (NAV) per share, which represents the underlying value of the portfolio after fees and liabilities. Recent data indicate that the NAV per share sits around the 1,230 pence mark, a few dozen pence above the current quoted share price, implying the trust is trading at a modest discount to NAV. Historically, Scottish Mortgage has spent many years trading at a premium, so this discount reflects a shift in investor sentiment and expectations for growth‑oriented strategies.
Over the past five years, the NAV total return has been slightly lower than the share‑price total return, indicating that the trust has often traded at a premium that amplified investor gains. However, over the last year NAV gain has been in the mid‑teens percent, while the share‑price gain has been in the low‑20s percent, suggesting that the discount has begun to narrow as sentiment improves. This gap between NAV and share price is a key metric for investors: a widening discount can signal caution, while a narrowing discount or return to a premium may indicate renewed market confidence.
How the Scottish Mortgage portfolio is built
Scottish Mortgage runs a relatively concentrated portfolio, typically holding a few hundred positions but with a core of high‑conviction names that dominate the asset mix. The trust focuses on global growth companies, including large‑cap technology, consumer‑internet platforms, life‑sciences, and select emerging‑market champions, often investing at early‑growth stages and holding them for many years. This approach contrasts with diversified index trackers and underpins both the higher returns and the higher volatility seen in the “Scottish Mortgage share price” line on a chart.
Sector‑wise, technology and related software and internet‑related businesses have historically made up the largest weightings, followed by consumer discretionary and healthcare or life‑sciences exposures. The trust’s managers stress a long‑holding period, which means that once the Scottish Mortgage share price benefits from a breakout in one of its core holdings, that contribution can persist for years rather than quarters. This “buy early, hold long” philosophy is central to why the share price can compress or extend its lead over benchmarks over medium‑ to long‑term horizons.
Key drivers of the share price
The Scottish Mortgage share price is driven by three main factors: global equity markets, sentiment toward growth stocks, and supply‑demand for the trust’s own shares on the London Stock Exchange. When technology and high‑growth equities rally, the underlying portfolio value rises quickly, pushing up NAV and often the share price too, sometimes at an amplified rate because of investor enthusiasm. Conversely, when interest‑rate‑sensitive or value‑oriented sectors outperform, the trust can lag, even if its long‑term air‑pocket companies continue to grow.
Changes in monetary policy, inflation expectations, and bond yields also influence the Scottish Mortgage share price by altering the discount rate applied to future cash flows of growth companies. When long‑term rates rise, the valuation of distant earnings falls, which can pressure the share price more than for more traditional dividend‑paying trusts. At the same time, the trust’s own capital structure, including any discount‑to‑NAV buying or share‑buyback activity, can temporarily support the share price by tightening supply.
Scottish Mortgage share price versus benchmarks
Over discrete one‑, three‑, five‑ and ten‑year periods, the Scottish Mortgage share price has generally outperformed broad global‑equity benchmarks, although with greater volatility. For example, the 12‑month share‑price total return in the low‑20s percent versus benchmark returns in the low‑teens percent shows that the trust has still managed to add value in a more normalized market environment. That gap is smaller than the 3‑year and 10‑year differentials, underlining that long‑term tilts to growth have historically been more rewarding than short‑term swings.
Breaking this down further, the trust’s 10‑year share‑price‑total‑return performance of roughly 400 percent compared with the benchmark’s mid‑low‑200s percent means that an investor in the Scottish Mortgage share price would have more than doubled their relative gain over the decade. However, the 5‑year gap is much narrower, with the trust only slightly ahead or sometimes behind, reflecting the difficulty of maintaining extreme outperformance in changing macro and sector environments. For investors, the message is that the Scottish Mortgage share price is a longer‑horizon, volatility‑tolerant option rather than a steady‑is‑better instrument.
Risks that affect the share price
The most prominent risk for the Scottish Mortgage share price is concentration in growth‑oriented sectors, particularly technology and internet‑related businesses, which can amplify drawdowns during risk‑off episodes. When markets recalibrate growth expectations—as in 2022—the share price can fall by 30–40 percent in a calendar year, testing investor discipline even though the underlying NAV decline may be somewhat less severe. Regulatory and geopolitical risks around Big Tech, data‑privacy rules, or US‑China tensions can also unsettle holdings, indirectly denting the share price.
Another risk is valuation sensitivity: because many of Scottish Mortgage’s holdings are priced on optimistic future earnings, relatively small changes in growth assumptions or discount rates can ripple through the portfolio and into the share price. If the trust begins to trade at a persistent discount to NAV, the share price may lag NAV growth, even if the underlying businesses continue to perform well. Finally, shifts in the UK investment‑trust landscape—such as competition from other global‑growth funds or changes in dividend‑seeking behavior—can influence demand for SMT shares and thus the observed share price.
Opportunities behind the share price
Despite the risks, the Scottish Mortgage share price still sits on a long‑term track record of above‑benchmark returns, which appeals to investors seeking compound growth over many years. The trust’s focus on “long‑term compounding” businesses—firms that can reinvest profits at high rates for extended periods—underpins the potential for the share price to deliver multi‑year outperformance when these companies execute their growth plans. Examples include large‑scale technology platforms, next‑generation healthcare innovators, and emerging‑market digital‑economy leaders, all of which have historically driven the majority of the trust’s NAV growth.
From a valuation perspective, the current discount to NAV creates a potential opportunity for investors who believe the underlying portfolio is still attractively positioned for future growth. If sentiment toward growth stocks improves or if the trust narrows its discount by repurchasing shares, the share price could rise faster than NAV, capturing some of the “catch‑up” value. For investors comfortable with volatility, the Scottish Mortgage share price thus combines a proven long‑term strategy with a cyclical mispricing window that may enhance returns over time.
Historical highs and lows
The Scottish Mortgage share price has moved from the hundreds of pence in the mid‑2010s to the mid‑1,000s by the early 2020s, with a 12‑month peak tested near 1,300 pence in early 2026. Prior to the 2022 correction, the share price had reached a high of around 1,000–1,100 pence in early 2021, reflecting the heady global growth‑equity rally of that period. The 2022 drawdown then pulled the share price back toward the 700–800 pence range, the lowest point in several years, before a multi‑year recovery back toward the 1,100–1,200 pence band.
Within that trajectory, specific years stand out: the 2020–2021 period saw several double‑digit percentage quarterly gains, while 2022 delivered double‑digit percentage declines across several quarters. The sharp 2022 move accounts for much of the divergence between longer‑term share‑price gains and NAV gains, as the share price often moved more than NAV on both the way up and the way down. For investors researching the Scottish Mortgage share price history, these peaks and troughs illustrate how emotional cycles around growth investing can magnify short‑term price swings.
How often the share price changes
During normal London trading hours, the Scottish Mortgage share price updates in real time as buyers and sellers place orders on the London Stock Exchange, with the ticker symbol SMT. Prices are reported in pence per share, and typical intraday ranges in recent months have been on the order of a few dozen pence, reflecting both index‑level movements and fund‑specific flows. The official closing price is fixed at the end of the trading day, but many retail platforms show delayed or end‑of‑day quotes with a lag of around 15–30 minutes.
For longer‑term investors, the most meaningful changes tend to be daily, weekly, and monthly rather than by the minute, because the underlying portfolio is marked only once per day and sentiment shifts gradually. Weekly or monthly charts of the Scottish Mortgage share price show clearer trends—such as the 2020–2021 run‑up and 2022 slide—than tick‑by‑tick data, which are dominated by short‑term noise. Understanding this cadence helps investors avoid overreacting to intraday wiggles and instead focus on the multi‑quarter to multi‑year performance that the trust is designed to deliver.
How to buy the Scottish Mortgage share price
Investors can buy the Scottish Mortgage share price through any UK‑regulated brokerage or online trading platform that offers access to the London Stock Exchange. Common platforms in the UK include major banks’ trading arms and specialist online brokers, all of which allow orders in SMT ordinary shares quoted in pence, with settlement typically occurring on a T+2 basis. Investors can place market orders (to buy at the current price) or limit orders (to buy only if the Scottish Mortgage share price reaches a chosen level or lower).
Before trading, investors should review fees and minimums, which can vary by platform and may include per‑trade commissions or percentage‑based costs. Some platforms also offer tax‑efficient wrappers such as ISAs or SIPPs, which can hold SMT shares and allow investors to benefit from the Scottish Mortgage share price moves in a more tax‑advantaged environment. For non‑UK residents, access may depend on local regulations and whether the broker supports trading in London‑listed securities, but the underlying mechanics of buying and selling the share price remain broadly similar.
Frequently Asked Questions
What is the current Scottish Mortgage share price?
As of March 31, 2026, the Scottish Mortgage (LSE: SMT) share price is 1,198.79p. This reflects a steady recovery from previous lows, though it remains subject to daily market volatility in the global technology sector.
Why does Scottish Mortgage trade at a discount to its NAV?
A discount occurs when the market price of the shares is lower than the value of the underlying assets. This often happens due to investor caution regarding unlisted private companies or general negative sentiment toward high-growth, “long-duration” stocks during periods of high interest rates.
What is the largest holding in the Scottish Mortgage portfolio?
SpaceX is currently the largest position, accounting for approximately 15.4% of the total assets. The trust has held a stake in Elon Musk’s aerospace company since 2017, benefiting from multiple upward revaluations in the private markets.
How much of Scottish Mortgage is invested in private companies?
As of early 2026, the trust has a 37.2% exposure to private (unlisted) companies. While the internal limit is traditionally 30%, the board has allowed flexibility due to the exceptional growth in the valuation of existing private holdings like SpaceX and ByteDance.
Does Scottish Mortgage pay a dividend?
Yes, Scottish Mortgage pays a modest dividend twice a year, typically in July and December. The current dividend yield is 0.37%, as the trust’s primary objective is long-term capital growth rather than income generation.
Who are the current managers of SMT?
The trust is managed by Tom Slater and Lawrence Burns of Baillie Gifford. Tom Slater took over as lead manager following the retirement of James Anderson in 2022, maintaining the firm’s philosophy of high-conviction, long-term growth investing.
What was the impact of the £3 billion share buyback?
The aggressive buyback program launched in 2024 was designed to narrow the discount and provide liquidity to shareholders. By March 2026, it successfully reduced the discount from double digits to under 5%, effectively “buying in” assets for remaining shareholders at a bargain price.
Is Scottish Mortgage a risky investment?
Scottish Mortgage is considered a high-risk, high-reward investment. Because it focuses on a small number of volatile growth companies and has significant exposure to private equity, its share price can experience much larger swings than a standard FTSE 100 index fund.
What is the Ongoing Charge Figure (OCF) for SMT?
The OCF is 0.32% per annum. This is notably low for an actively managed fund with private equity access, as the trust benefits from its massive scale (over £13 billion in assets) to keep costs down for retail investors.
How can I buy shares in Scottish Mortgage?
You can purchase SMT shares through any major UK stockbroking platform, including Hargreaves Lansdown, AJ Bell, or Interactive Investor. It is also a popular holding within Stocks and Shares ISAs and Self-Invested Personal Pensions (SIPPs).
Does the trust invest in NVIDIA?
Yes, NVIDIA remains a top 10 holding in 2026. However, the managers have trimmed the position at various points to manage concentration risk following the stock’s massive rallies in 2024 and 2025.
What are the main “AI” stocks in the portfolio?
Beyond NVIDIA, the trust gains AI exposure through TSMC (the world’s leading chip foundry), ASML (lithography machines), and private companies like Stripe and ByteDance, which utilize advanced AI for financial processing and content algorithms.
When is the next Scottish Mortgage AGM?
The next Annual General Meeting is scheduled for July 2, 2026, in Edinburgh. Shareholders will vote on key issues, including the proposed increase in flexibility for private company investment limits.
Final Thoughts
The Scottish Mortgage Investment Trust enters the second quarter of 2026 as a significantly more streamlined and focused vehicle than in previous years. By aggressively addressing the NAV discount through its multi-billion pound buyback program and refining its exposure to the “Golden Age of AI,” the trust has regained its position as a primary gateway for UK investors seeking high-conviction global growth. While the heavy concentration in SpaceX and other private titans introduces a specific set of liquidity risks, it also offers a unique value proposition that few other FTSE 100-sized entities can match.
For long-term investors, the SMT share price remains a barometer for global innovation and risk appetite. The narrowing of the discount to under 5% as of March 2026 suggests that the market is finally beginning to price in the true value of the underlying unlisted portfolio. As the trust moves toward its May 2026 earnings release and July AGM, the focus will remain on whether the managers can continue to outpace the FTSE All-World index by identifying the next generation of outlier companies. Despite the inevitable “rollercoaster ride” of high-growth investing, Scottish Mortgage remains a cornerstone for those betting on the long-term structural transformation of the global economy.
To Read More: Manchester Independent