Scottish Mortgage Positions for SpaceX IPO as £250m Private Markets Drive and AI Rally Fuel 27% NAV Gain
28.05.2026 - 01:01:07 | boerse-global.de
Scottish Mortgage Investment Trust has emerged from a period of deep discount to command a premium of roughly 6.3% on its net asset value, a striking reversal from the near-10% discount registered at the end of its financial year. The shift reflects a blistering 12-month performance that has propelled the shares back to levels last seen in late 2021, before the growth-stock rout. In Europe, the trust’s certificate trades at €17.66, up 27% since the start of the year, though it eased 1.5% on Wednesday in a modest pullback.
For the year through March 2026, Scottish Mortgage delivered a NAV total return of 27.4%, comfortably outstripping the FTSE All-World Index’s 18.0%. The share price total return came in at 26.8%, while net profit after tax surged to £3.1bn, more than double the prior year’s £1.27bn. Net asset value per share climbed to 1,315.8p from 1,037.0p.
The engine room of that performance was artificial intelligence infrastructure. Portfolio heavyweights in the semiconductor supply chain posted spectacular gains: TSMC soared 99.1%, ASML advanced 94.2% and Nvidia added 57.5%. Manager Tom Slater has kept the fund squarely focused on companies providing the building blocks for AI data centres, a bet that has paid off handsomely.
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No single holding, however, has reshaped the trust’s profile as dramatically as SpaceX. The space exploration company now accounts for more than 19% of the portfolio, up from just 7.8% a year earlier. An initial investment of £151m, made in 2018, has ballooned to an estimated £3bn. SpaceX has filed for an initial public offering in mid-June 2026, targeting a valuation of $1.75tn. The trust’s closed-end structure allows it to retain the stake post-listing, though an unusual lock-up arrangement reportedly permits selling 20% to 30% of the holding after the second-quarter results are published.
Slater is also ramping up exposure to unlisted companies. The board has secured shareholder approval to allocate an additional £250m to private equity, having already poured £254m into such assets last year, nearly double the previous year’s £132m. New additions include Anthropic, AppLovin, MongoDB, CATL, MiniMax and RedNote. On the flip side, the trust trimmed positions in Wayfair, PDD and Meituan after those names underperformed.
Scottish Mortgage has not neglected its dividend tradition despite the growth tilt. The board proposes a final dividend of 2.97p per share, bringing the full-year payout to 4.57p — a 4.3% increase marking the 43rd consecutive year of rising distributions. The payment is scheduled for 10 July 2026, following the annual general meeting in Edinburgh on 2 July.
Financially, the trust remains conservative. The leverage ratio has fallen to roughly 11% from 13% a year ago, with average borrowing costs steady at around 3.6%. Ongoing charges held at 0.33%. The combination of a premium rating, a red-hot SpaceX IPO on the horizon, and a fresh mandate to invest in private markets underscores how far Scottish Mortgage has travelled from the discount depths of early 2026.
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