Scottish Mortgage Balances SpaceX Setback with Buyback Flurry Ahead of Pivotal AGM Vote
Veröffentlicht: 30.06.2026 um 03:25 Uhr, Redaktion boerse-global.de
Scottish Mortgage Investment Trust heads into its annual general meeting on 2 July with its private-market strategy in the spotlight — and a fresh reminder of the volatility those bets can bring. The trust’s shares edged up 3% on Monday to €16.70, even as one of its cornerstone holdings, SpaceX, suffered a sharp pullback from its post-IPO peak.
SpaceX listed on 12 June 2026 at $135 per share and quickly surged to $225.64. The stock has since retreated to around $155, a decline of roughly 32% from the high, though still above the IPO price. That cushion matters for Scottish Mortgage: the trust has held SpaceX as a core private investment for years, and swings in the stock directly affect its net asset value (NAV). With the shares down, the discount to NAV has widened, prompting management to lean on buybacks as a stabiliser.
Between 22 and 26 June, Scottish Mortgage repurchased 8.09 million of its own shares, leaving approximately 296.6 million in circulation. These purchases were the last under the trust’s existing buyback policy, which had seen it spend roughly £3bn over two years — including £1.31bn in the most recent financial year — to prop up the share price. That aggressive support programme is now ending.
Should investors sell immediately? Or is it worth buying Scottish Mortgage Investment?
At the AGM, the board is asking shareholders to approve a new buyback authority covering nearly 15% of outstanding shares, but with a stricter trigger: repurchases will only take place when the stock trades below NAV. For a trust with 40.5% of its assets parked in 53 unlisted companies as of April, ending the old price-support regime sends a sensitive signal to the market.
The vote also centres on the trust’s private-market exposure. Management wants to scrap the previous 30% cap on unlisted holdings at the time of purchase — a limit that has already been breached. Seeking shareholder approval to raise the ceiling effectively legitimises the current overweight position and opens the door for more private bets. The timing is awkward: a Bain & Company study cited in the proxy materials warns that technology-deal volumes collapsed 70% between late 2025 and early 2026, with buyers and sellers unable to agree on valuations.
Financially, Scottish Mortgage remains in strong shape. Net profit more than doubled to ÂŁ3.1bn in the past financial year, and the trust has lifted its dividend for the 43rd consecutive time, bringing total payout to 4.57 pence per share. Yet the macro backdrop adds headwinds. Bank of England chief economist Huw Pill recently warned of sticky inflation after UK CPI came in at 2.8% in May, while rising oil prices and delayed rate-cut expectations weigh on growth-oriented portfolios. The FTSE 100 started the week on the back foot.
On the stock, the shares now trade around €16.59, up roughly 19% year-to-date and nearly 43% above the 52-week low of €11.68 hit in November 2025. The RSI of 48.8 points to neutral momentum, neither overbought nor oversold. If SpaceX can stabilise and recover further, the pressure on NAV should ease, allowing the revamped buyback strategy to work more effectively. But the real reckoning comes on 2 July, when shareholders decide whether to lock in a riskier private-market future or force a rebalancing of the portfolio.
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