Baillie Gifford Scottish Mortgage Investment Trust Factsheet
Scottish Mortgage is Baillie Gifford's flagship investment trust (founded 1909, LSE ticker SMT), known for its maximalist growth style — long-term stakes in Tesla, Amazon and ASML plus bold allocations to private companies like SpaceX and ByteDance. It is the UK retail investor's flagship vehicle for global disruptive growth.
In plain words
This is about the Scottish Mortgage Investment Trust's performance last month. It's a fund that holds tech and growth companies for the long term. Its share price rose 36.4%, beating the global stock market average of 22.3%. The fund doesn't state a clear market view, but its low trading activity (9% turnover) suggests a long-term approach. Key holdings: Space Exploration Technologies (Elon Musk's space company, largest holding), TSMC (chip maker), and NVIDIA (AI chip maker). All performed well last month.
Scottish Mortgage’s report as of August 31, 2026 shows total assets of £17.75 billion, with a core objective of investing in the world’s most exceptional growth companies. The top ten holdings account for 52.1% of total assets, with Space Exploration Technologies ranking first at 17.5%, followed by
This Month's Scorecard
The fund delivered a share price return of 36.4% and an NAV return of 33.5% for the month, both significantly outperforming the FTSE All-World Index's 22.3%.
| Metric | Month | Year-to-Date (1 Year) | 3 Years | 5 Years | 10 Years |
|---|---|---|---|---|---|
| Fund (Share Price) | 36.4% | 36.4% | 120.6% | 11.5% | 407.8% |
| Fund (NAV) | 33.5% | 33.5% | 92.1% | 17.9% | 458.1% |
| Benchmark (FTSE All-World Index) | 22.3% | 22.3% | 65.5% | 74.1% | 230.3% |
Who Contributed, Who Detracted
The report does not provide attribution data for specific holdings' contributions or detractions for the month.
Stock Commentary
The report does not include commentary on specific positions.
How the Manager Views the Market
[Not explicitly stated] The report does not contain the manager's views on markets, sectors, or themes. Clues from the portfolio structure: net leverage of 4%, annual turnover of 9%, reflecting a long-term holding strategy.
Portfolio Moves: Where to Add, Where to Reduce
The report does not disclose position changes for the month. The top ten holdings account for 52.1% of total assets, led by Space Exploration Technologies (17.5%), followed by TSMC (6.5%), NVIDIA (5.7%), ByteDance Ltd. (4.4%), MercadoLibre (3.6%), Moderna (3.2%), Anthropic (2.9%), Amazon.com (2.9%), Stripe (2.8%), and ASML (2.6%). The top 30 holdings account for 81.1% of total assets. Asset distribution: 76.4% in listed companies (47 companies), 22.1% in private companies (54 companies), and 1.4% in net current assets. Geographically, North America accounts for 60.7%, Asia 20.2%, Europe 12.7%, South America 4.7%, and Africa and the Middle East 0.2%.
Fund Matters
- Total Assets: £17.75 billion
- Total Borrowings: £0.98 billion
- Net Leverage: 4% (Gross Leverage 6%)
- Share Price/NAV Discount: 7.5% (Share Price 1492.50p, NAV 1614.07p)
- Ongoing Charges Ratio: 0.33%
- Dividend Yield: 0.3%
- Annual Turnover: 9%
- Active Share: 87% (vs. FTSE All-World Index)
- Ratings: Rated by Rayner Spencer Mills Research, Morningstar Medalist Rating™, Dynamic Planner Risk Profile, and FundCalibre.
Summary
The subsequent content, by detailing data ownership, derivative risks, premium/discount mechanisms, and regulatory exemptions, further reveals the trust's complex legal structure and potential risks. Investors should pay particular attention to:
- Data Dependency Risk: Investment decisions must not rely on LSE Group data.
- Leverage and Derivative Overlay Risk: May amplify losses.
- Regulatory Vacuum: Lacks FCA protection, with high costs for rights enforcement.
- Intellectual Property Restrictions: Data usage requires caution to avoid infringement.
These clauses collectively form a "risk-assumed" legal framework, requiring investors to conduct thorough due diligence before participation.