Scottish Mortgage Investment Trust PLC (LSE:SMT) reported a net asset value (NAV) total return of 31.5% for the six months ended September 30, 2026, outperforming the FTSE All-World Index, which returned 16.0% over the same period.
The investment trust’s share price delivered a total return of 33.8%, while NAV per ordinary share, calculated using borrowings at fair value, increased 31.2% to 1,726.6p from 1,315.8p at March 31, 2026.
Shareholders’ funds rose to £17.69 billion from £13.82 billion, reflecting gains across several major portfolio investments.
SpaceX, Moderna and Anthropic Drive Performance
SpaceX was the largest contributor to performance, adding 8.0 percentage points to the trust’s absolute return following its stock market flotation in June 2026.
Moderna contributed 4.5 percentage points, supported by developments in its personalised cancer vaccine programme, while artificial intelligence company Anthropic added 3.4 percentage points.
Other significant contributors included semiconductor manufacturer TSMC and drone delivery company Zipline.
Scottish Mortgage reduced its SpaceX holding following the flotation, bringing its portfolio weighting down from 15.0% at September 30 to 11.1% by November 4.
The trust also increased its exposure to artificial intelligence infrastructure, adding to NVIDIA and establishing positions in SK hynix, KLA and DISCO.
Share Buybacks and Lower Gearing
Scottish Mortgage repurchased 72.9 million shares for approximately £1.06 billion during the reporting period, while reissuing 40.95 million treasury shares at a premium to NAV, raising around £602 million.
The discount to NAV narrowed to 7.9% at September 30, compared with 9.5% at the end of March.
Net gearing declined from 11.0% to 4.3%, supported by portfolio appreciation and debt repayments.
The trust also reduced its exposure to several investments, including the complete disposal of Tesla, Netflix and Delivery Hero.
Private companies accounted for 24.9% of total assets at the period end, following SpaceX’s transition to a publicly traded company.
Interim Dividend Increased 12.5%
Revenue earnings per ordinary share increased 45.2% to 2.25p, compared with 1.55p in the corresponding period last year.
The board declared an interim dividend of 1.80p per share, representing a 12.5% increase from 1.60p a year earlier.
The dividend is payable on December 11, 2026, to shareholders on the register on November 20.
Chair Christopher Samuel said the board remained focused on long-term investment performance rather than short-term market movements.
The trust continues to target opportunities across artificial intelligence, biotechnology, space technology and other innovation-led sectors, while maintaining its long-term capital growth strategy.
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