Scottish Mortgage Investment Trust (SMT) H2 2026 earnings summary

Executive summary

• Achieved a 27.4% NAV total return and 26.8% share price total return for the year to 31 March 2026, outperforming the FTSE All-World Index's 18.0% return.

• SpaceX was the largest contributor to performance, now representing over 19% of assets, with a significant valuation uplift following its acquisition of xAI and IPO filing.

• Private company exposure increased to 41.5% of total assets, with five companies accounting for 75.7% of this exposure.

• Shareholders approved a targeted change to investment policy, allowing up to £250 million additional investment in private companies above the 30% limit.

• Ongoing charges ratio remains low at 0.33%, with no performance fees.

Financial highlights

• Shareholders' funds rose 14% to £13.8bn; NAV per share increased 27.4% to 1,282.0p.

• Dividend increased by 4.3% to 4.57p per share, marking 43 consecutive years of growth.

• Revenue earnings per share rose 64% to 2.28p.

• Gearing reduced from 13% to 11% due to portfolio growth.

• Key contributors: SpaceX (+178.6%), TSMC (+99.1%), ASML (+94.2%), Stripe (+72.2%), NVIDIA (+57.5%).

• Key detractors: Meituan (-48.3%), Sea (-37.9%), Brandtech (-89.1%), Pinduoduo (-15.4%).

Outlook and guidance

• Board remains confident in the long-term, unconstrained approach, emphasizing patient ownership of exceptional companies.

• Geopolitical tensions, AI-driven technological shifts, and evolving global trade are expected to drive both risks and opportunities.

• Artificial intelligence buildout seen as a generational opportunity, with portfolio positioned at critical nodes of this transition.