- Scottish Mortgage Inv Trust
- 06 November 2026 13:15:49
Source: Sharecast
The FTSE 100-listed investment trust posted a net asset value (NAV) total return of 31.5% for the six months to 30 September, compared with 22.9% in the same period last year and a 16% return from the FTSE All-World Index.
Its share price total return reached 33.8%, up from 20.9% a year earlier, while NAV per share increased by 31.2% to 1,726.6p from 1,315.8p at the end of March.
SpaceX was the biggest contributor to performance, adding eight percentage points to overall returns following its stock market flotation in June. Moderna contributed 4.5 percentage points after positive clinical trial results for its personalised cancer vaccine, while AI developer Anthropic added 3.4 percentage points.
Chair Christopher Samuel said: "These results are encouraging. Nevertheless, the board’s assessment of the company’s investment approach is grounded in its longer-term record, rather than the results of any individual reporting period."
The trust reduced its SpaceX holding following the flotation, with the company accounting for 11.1% of total assets by 4 November, compared with 15% at the half-year end.
Portfolio managers also increased exposure to AI infrastructure, adding to Nvidia and taking new positions in SK Hynix, KLA and DISCO. Meanwhile, Scottish Mortgage exited Tesla, Netflix and several other holdings.
Revenue earnings per share rose 45.2% to 2.25p, while the interim dividend increased 12.5% to 1.80p.
Net gearing fell from 11% to 4.3% over the period, while the discount to NAV narrowed to 7.9% from 9.5% at the end of March.
The board reiterated its confidence in the trust's long-term investment strategy, while warning that geopolitical uncertainty, economic policy and changing investor sentiment could continue to drive market volatility.
SMT shares were 0.9% higher at 1,446.50 by 1315 GMT.
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