Scottish Mortgage Investment Trust (SMT) H2 2026 earnings summary

Executive summary

• NAV total return for the year to 31 March 2026 was 27.4%, with share price total return at 26.8%, both outperforming the FTSE All-World Index's 18.0% return.

• SpaceX was the largest single contributor to returns, now representing over 19% of assets, and filed for IPO post year-end.

• The portfolio is concentrated in companies driving AI infrastructure, digital finance, and healthcare innovation, with significant exposure to both public and private markets.

• Ongoing charges remain low at 0.33%, with no performance fees, and gearing reduced to 11%.

• Dividend increased for the 43rd consecutive year, up 4.3% to 4.57p per share.

Financial highlights

• Net return after taxation was £3,101.6m (2025: £1,217.8m), with capital gains of £3,076.0m.

• Net asset value per share (book value) rose to 1,282.0p (2025: 1,006.0p); at fair value, 1,315.8p (2025: 1,037.0p).

• Shareholders' funds increased to £13,822.2m (2025: £12,082.5m).

• Ongoing charges ratio was 0.33% (2025: 0.31%).

• Gearing at year-end was 11% (2025: 13%).

Outlook and guidance

• The environment remains uncertain due to geopolitical tensions, evolving economic policy, and structural market shifts.

• AI is expected to drive profound technological and economic change, with the portfolio positioned to benefit from this transition.

• Continued focus on long-term, unconstrained global investing, including selective exposure to China and private companies.