From Discount to Premium: Scottish Mortgage Taps Market Demand as SpaceX IPO Looms
28.05.2026 - 01:01:07 | boerse-global.de
The Scottish Mortgage Investment Trust has crossed a notable inflection point. After years of trading at a discount to its net asset value, the trust now commands a 6.3 percent premium — and is issuing shares directly from its own treasury at that higher price, a strong signal of renewed investor appetite.
On May 26, the trust placed 1.25 million shares from its treasury stock at 1,520 pence apiece, capitalizing on the premium. The transaction left 378.3 million treasury shares on hand and 1.1 billion shares outstanding. The London-listed shares responded in kind, climbing 0.6 percent on Wednesday to 1,528 pence, taking the one-year gain to roughly 54.5 percent. In Germany, the certificate trades at €17.66, up 27 percent since the start of the year.
That shift from discount to premium rests squarely on a stellar financial year. For the period through March 2026, the trust delivered a net asset value total return of 27.4 percent, well ahead of the FTSE All-World Index’s 18.0 percent. Net returns after tax reached £3.1 billion — more than double the prior year — and NAV per share climbed to 1,315.8 pence from 1,037.0 pence.
The engine room was artificial intelligence infrastructure. TSMC surged 99.1 percent in the portfolio, ASML 94.2 percent, and Nvidia 57.5 percent. Manager Tom Slater has leaned hard into AI-related plays, adding CATL, RedNote, AppLovin, and MongoDB during the year, while boosting the trust’s position in Anthropic. Chinese holdings proved a drag: Meituan generated losses, and the team trimmed PDD and Wayfair.
Should investors sell immediately? Or is it worth buying Scottish Mortgage Investment?
SpaceX remains the dominant bet. At 19.3 percent of total assets, worth roughly £3 billion, it dwarfs every other holding. Slater first bought in for £151 million back in 2018. The company plans to list on public markets in June 2026 at a targeted valuation of $1.75 trillion. An unusual lock-up arrangement would allow Scottish Mortgage to sell between 20 and 30 percent of its stake after the second-quarter earnings are released. Winterflood analysts estimate the IPO alone could lift the trust’s NAV by another 7 percent.
To keep funding private-market giants such as Anthropic, Databricks, and Stripe, the board approved an additional ÂŁ250 million capacity for unquoted investments in April. Gearing stands at a conservative 11 percent, down from 13 percent a year earlier, with average debt costs of roughly 3.6 percent. Ongoing charges remain static at 0.33 percent and no performance fees are levied.
Dividends play a supporting role but reinforce the trust’s long-term profile. The board proposes a final dividend of 2.97 pence per share, bringing the full-year total to 4.57 pence — a 4.3 percent increase and the 43rd consecutive annual rise. The payment is due on July 10, with the AGM in Edinburgh on July 2.
Slater describes SpaceX as a “dual monopoly” — dominant in launch services while Starlink builds a parallel global connectivity business. With the IPO now just weeks away, the market is already pricing in that dominance. Scottish Mortgage, still holding the vast majority of its stake, stands to benefit further once the lock-up clock starts ticking.
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