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.
Scottish Mortgage is a large investment fund that holds both publicly traded tech stocks and private companies. This report lists its holdings as of 31 May 2026. The fund is almost fully invested, with only 1.6% in cash. About 39% is in private firms like SpaceX, ByteDance and Stripe, which don't have daily prices and are harder to value. Among listed holdings, chip makers TSMC, Nvidia and ASML make up roughly 15% of the fund. A few holdings are valued at zero, meaning those bets have failed. For a normal investor, this is a useful snapshot of how a concentrated, tech-heavy fund is positioned, not a recommendation to buy or sell.
The report lists the portfolio valuations of Scottish Mortgage Investment Trust as of May 31, 2026. Listed equities account for 59.0% of total assets, with the top five holdings being TSMC (6.9%), NVIDIA (5.7%), Amazon (3.9%), MercadoLibre (3.3%), and ASML (2.8%). Among unlisted investments, ByteDan
This report provides only the valuation breakdown of holdings as of May 31, 2026. It contains no manager commentary, performance data, or comparison with the previous month, and the direction of position increases or decreases is not indicated. What can be confirmed is that the portfolio is operating nearly fully invested, with unlisted positions totaling approximately 39.4%.
| Asset Class | Market Value (GBP) | % of Total Assets |
|---|---|---|
| Listed equities | 10,051,606,717 | 59.0% |
| Private investments (excluding fixed income) | 6,690,667,669 | 39.3% |
| Private investments – fixed income | 19,689,013 | 0.1% |
| Net current assets | 274,964,741 | 1.6% |
| Total assets | 17,036,928,140 | 100.0% |
Among listed equities, semiconductor and internet platform leaders carry very high weightings, with TSMC at the top. The top five listed holdings collectively account for 22.6% of total assets.
| Listed Equities (Top Five) | Market Value (GBP) | % of Total Assets |
|---|---|---|
| TSMC | 1,177,303,859 | 6.9% |
| NVIDIA | 968,028,426 | 5.7% |
| Amazon | 660,526,212 | 3.9% |
| MercadoLibre | 560,767,899 | 3.3% |
| ASML | 484,248,054 | 2.8% |
Among them, the three semiconductor companies TSMC, NVIDIA, and ASML together account for approximately 15.4%, highlighting concentrated exposure to a single supply chain.
On a consolidated group basis, SpaceX is the largest position in the entire portfolio, far exceeding any single listed stock.
| Private (Consolidated by Group) | Rounds Comprising Position | Market Value (GBP) | % of Total Assets |
|---|---|---|---|
| SpaceX | Class A Common + Series J Pref. | 2,273,015,509 | 13.3% |
| ByteDance | Series E + E-1 | 781,905,470 | 4.6% |
| Stripe | Class B + Series G/H/I | 596,162,652 | 3.5% |
| Anthropic | Series F-1 + H-1 | 459,571,172 | 2.7% |
The four companies SpaceX, ByteDance, Stripe, and Anthropic together account for approximately 24.1%, roughly 60% of the private side. Multiple concurrent rounds are held in SpaceX (Class A + Series J), Zipline (five rounds: C/D/E/G/H), and Databricks (three rounds: H/I/J), indicating the portfolio employs a long-term, continuous-commitment private strategy. The line for SpaceX Series N Pref. has no market value listed.
Net current assets account for only 1.6% (£274,964,741), an extremely thin cash buffer, and the fund is operating near full investment. Nearly 40% of assets are unlisted equity, lacking daily public market prices.
Several positions in the report are valued at 0: Northvolt AB (common shares and D1/E1/E2 preferred shares), Relativity Space, Indigo Agriculture, Blockstream, Uptake Technologies, Intarcia Therapeutics, Capsule Corp, and others are all shown as zero, providing direct evidence of total-loss risk in private investments.
As of May 31, 2026, the fund's total assets amounted to GBP 17,036,928,140 (approximately £17.04 billion). This report does not disclose changes in fund shares, subscriptions/redemptions, performance, or leverage data. The report notes that for effective exposure of derivative positions to asset allocation, please refer to the company's monthly factsheet.