Scottish Mortgage Half-year Results
Summary by AI BETAClose X
RNS Announcement
Scottish Mortgage Investment Trust PLC
Legal Entity Identifier: 213800G37DCS3Q9IJM38
Results for the six months to 30 September 2026
The following is the unaudited Interim Financial Report for the six months to 30 September 2026 which was approved by the Board on 5 November 2026.
Summary of unaudited results
|
30 September 2026 |
31 March 2026 (audited) |
% change |
Shareholders’ funds* |
£17,687.5m |
£13,822.2m |
|
Gearing† |
4% |
11% |
|
|
|
|
|
Net asset value per ordinary share |
1,726.6p |
1,315.8p |
31.2% |
Net asset value per ordinary share |
1,690.7p |
1,282.0p |
31.9% |
Share price |
1,590.5p |
1,191.0p |
33.5% |
FTSE All-World Index (in sterling terms) |
|
|
15.0% |
|
|
|
|
Discount (after deducting borrowings at fair value)† |
(7.9%) |
(9.5%) |
|
Active share† |
87% |
89% |
|
|
Six months to 30 Sept 2026 |
Six months to 30 Sept 2025 |
% change |
Revenue earnings per ordinary share |
2.25p |
1.55p |
45.2% |
Dividend proposed per ordinary share in respect |
1.80p |
1.60p |
12.5% |
|
Six months to 30 Sept 2026 |
Six months to 30 Sept 2025 |
|
Total returns (%)† |
|
|
|
Net asset value per ordinary share |
31.5 |
22.9 |
|
Net asset value per ordinary share |
32.2 |
23.4 |
|
Share price |
33.8 |
20.9 |
|
FTSE All-World Index (in sterling terms) |
16.0 |
15.4 |
|
|
Six months to 30 Sept 2026 |
Year to 31 March 2026 | ||
Periods high and low |
High |
Low |
High |
Low |
Share price |
1,590.5p |
1,258.5p |
1,267.0p |
815.2p |
Net asset value per ordinary share |
1,741.3p |
1,314.7p |
1,346.7p |
935.4p |
Premium/(discount) |
8.2% |
(11.0%) |
(1.2%) |
(15.9%) |
Average sector discount (AIC Global Sector) |
(0.2%) |
(8.4%) |
(4.7%) |
(9.6%) |
*See Glossary of terms and Alternative Performance Measures below.
†Alternative Performance Measure – see Glossary of terms and Alternative Performance Measures below.
#See note 5 below.
Source: AIC/LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer below.
Chair’s interim update
Introduction
I am pleased to report on a strong six-month period for your Company. Over the six months to 30 September 2026, Scottish Mortgage’s net asset value (‘NAV’) total return was 31.5%, compared with 16.0% for the FTSE All-World Index. The share price total return was 33.8%.
These results are encouraging. Nevertheless, the Board’s assessment of the Company’s investment approach is grounded in its longer-term record, rather than the results of any individual reporting period.
Total return* (%) |
Six months to 30 September 2026 |
NAV (borrowings at fair value) |
31.5% |
Share price |
33.8% |
FTSE All-World Index |
16.0% |
Source: LSEG/Baillie Gifford and relevant underlying index providers. Total returns; NAV calculated with borrowings at fair value.
Alternative Performance Measure.
Performance and private companies
The Company’s long-term record remains strong, although the five-year figures demonstrate that shareholders’ experiences can differ materially according to the period considered. Given the nature of our investment approach, it is particularly important to assess performance over longer periods. The table below provides a broader perspective on the Company’s record.
Total return* (%) |
5 years |
10 years |
15 years |
20 years |
NAV (borrowings at fair value) |
27.8% |
463.6% |
1,394.7% |
1,796.9% |
Share price |
13.9% |
412.7% |
1,349.1% |
1,935.6% |
FTSE All-World Index |
79.3% |
228.4% |
572.2% |
671.5% |
Source: LSEG/Baillie Gifford and relevant underlying index providers. Total returns in sterling; NAV calculated with borrowings at fair value. Alternative Performance Measure.
The Managers’ Report explains the developments behind the period’s returns. The investment in SpaceX is an important example of what makes Scottish Mortgage distinctive. The Managers deserve considerable credit for recognising its potential before it was publicly traded and for sustaining their conviction as the business developed. Equally, the decision to reduce the position following its flotation, while retaining a substantial investment, demonstrates the importance of balancing conviction with disciplined portfolio management. As at 4 November 2026, SpaceX represented 11.1% of the Company’s total assets, compared with 15.0% at 30 September 2026.
Moderna’s progress during the period also demonstrated how patience can be rewarded, reinforcing the importance of giving promising businesses the time they need to realise their potential.
Anthropic again highlights a different strength of Scottish Mortgage’s investment approach: the ability to gain exposure to exceptional businesses before they reach public markets. This access remains a distinctive feature of the Company’s investment approach, expanding the range of opportunities available to shareholders.
I would like to thank shareholders for their support at the General Meeting in April, at which a targeted change to the investment policy was approved. The additional, carefully constrained capacity of up to £250 million for private-company investments enabled the Managers to add to the Company’s investment in Anthropic in May, demonstrating the value of flexibility to respond to exceptional opportunities. Following SpaceX’s flotation, private companies represented 24.9% of the Company’s total assets at 30 September. The additional capacity remains subject to defined limits and Board oversight.
Liquidity and financial position
During the period, the Company continued to manage its capital base actively and with regard to prevailing market conditions. While the shares traded at both a premium and a discount to NAV over the six months, the Company reissued shares from treasury when demand supported issuance at a premium and repurchased shares when they traded at a discount. These actions were undertaken to enhance shareholder value through NAV-accretive balance sheet management, while helping to manage the premium or discount to NAV and reduce share price volatility.
Between April and early June, the Company reissued 40.95 million shares from treasury, raising approximately £602 million net of costs. Following a subsequent return to a discount, the Company repurchased 72.9 million shares by 30 September for approximately £1.06 billion before transaction costs. Since the enhanced buyback programme was announced in March 2024, the Company has repurchased more than £4 billion of its shares.
The discount to NAV at 30 September was 7.9%, compared with 9.5% at 31 March.
The Board and Managers remain focused on disciplined capital allocation, prudent balance sheet management and maintaining the financial flexibility required to pursue the Company’s long-term investment objective. Over the period, net gearing reduced from 11.0% to 4.3%, reflecting portfolio appreciation and the repayment of borrowings, funded in part by proceeds from reductions in the SpaceX holding. Cash balances also increased, providing additional flexibility.
Alongside this, the Company continues to broaden engagement with existing and prospective shareholders, both in the UK and internationally. This includes work to communicate Scottish Mortgage’s distinctive investment proposition more clearly to individual investors, intermediaries and new audiences in selected overseas markets.
Earnings and dividend
The portfolio is managed primarily for capital growth. Many of our largest holdings reinvest the cash they generate to support future opportunities rather than pay dividends, and the Company’s revenue earnings are consequently relatively modest. Nevertheless, the Board recognises the importance to shareholders of a dependable and progressive dividend. Scottish Mortgage has increased its annual dividend for 43 consecutive years.
The Board has declared an interim dividend of 1.80p per share, compared with 1.60p last year. The Board’s intention remains to deliver a modest increase in the dividend for the year as a whole, consistent with the Company’s longstanding progressive dividend policy.
Shareholder engagement
The Board and Managers are determined to ensure that existing and prospective shareholders have a clear understanding of Scottish Mortgage’s long-term investment proposition. An important part of this is providing opportunities to hear directly from the Managers and from people at the forefront of the changes shaping our investment universe.
Our latest Digital Conference, Change Drives Growth, held in September, brought together the Managers and a number of distinguished contributors, including Professor Hannah Fry and Professor Ethan Mollick, to explore the opportunities and challenges arising from technological change. The event provided valuable perspectives on subjects including artificial intelligence and the businesses likely to shape the coming decade. Shareholders can also explore the companies and investment themes discussed in this report through podcasts, interviews and other material available on the Scottish Mortgage website.
I was also particularly pleased by the engagement at our July Annual General Meeting, both from those who attended in person and those who followed proceedings online. The Board also acknowledges the significant vote against Resolution 17 concerning the Company’s new Articles of Association. We recognise that the proposed changes raised concerns about the possibility of future general meetings being held entirely virtually. The Board wishes to reiterate that it has no intention of moving away from physical meetings, which remain an important opportunity for shareholders to engage directly with Directors. The flexibility to hold a wholly virtual meeting is intended only as a contingency for exceptional circumstances. We will continue to use technology to widen shareholder participation alongside our commitment to physical meetings.
Board oversight
We have continued to refine the way the Board organises its work to reflect the scale and complexity of the Company. The Remuneration Committee, chaired by Sharon Flood, and dedicated Marketing and Valuations Working Groups, chaired by Heather Manners and Vikram Kumaraswamy respectively, will allow for more focused consideration of these important areas. These arrangements are intended to make effective use of Directors’ specialist experience while retaining the collective responsibility of the full Board.
Outlook
Markets will continue to be affected by geopolitical uncertainty, economic policy and changing investor sentiment. At the same time, technological and scientific advances continue to create opportunities for businesses capable of transforming their industries. The Board recognises that share prices may fluctuate significantly, sometimes without a corresponding change in a company’s underlying prospects. It is important to distinguish such volatility from the more fundamental risk of permanent loss of capital.
Scottish Mortgage is intended for shareholders who are able to take a long-term view and withstand periods of pronounced market volatility. Its global remit, access to both public and private companies and the Managers’ investment discipline underpin the Board’s confidence in the Company’s potential to continue delivering attractive long-term returns, building on its strong record over the past two decades.
Finally, I would like to congratulate the Managers and wider team on Scottish Mortgage being named ‘Best Global Equities Trust’ at the 2026 Citywire Investment Trust Awards.
Christopher Samuel
Chair
5 November 2026
Total return information sourced from LSEG/Baillie Gifford. See disclaimer below. Past performance is not a guide to future performance.
Interim management report
The six months to 30 September 2026 have shown the power of innovation, with several companies in the portfolio achieving important breakthroughs. Scottish Mortgage’s Net Asset Value per share rose by 31.5%, almost twice the FTSE All-World Index’s 16.0%. The share price rose by 33.8% (all figures on a total return basis).
These returns were not made in the last six months. SpaceX listed in June, seven and a half years after the Trust first invested, and in September its Starship rocket reached orbit for the first time, more than three years after its first launch. Moderna’s shares nearly tripled in a single day in August when its personalised cancer vaccine succeeded in a late-stage melanoma trial, a decade after work on it began. Zipline’s valuation more than doubled following its partnership with Uber, a decade after it started honing its drone technology by delivering blood to hospitals in Rwanda. That these developments landed in the same six months was largely chance. The breakthroughs themselves were not; the people at these companies made them happen, through years of dedication and hard work.
Intelligence at Scale
Nowhere has progress been faster than in artificial intelligence (AI). The length of tasks an AI agent can complete on its own has been doubling roughly every four months. Businesses are adopting these tools at a pace with few precedents. Anthropic saw annualised revenue more than triple in three months, from $14 billion in February to $47 billion in May. The companies we speak with across the world are clear that they expect to spend more on AI and tell us that spending is earning a positive return. The path will be bumpy, but the long-term direction is clear.
This appetite for intelligence continued to drive extraordinary demand for computing power and strong returns for TSMC, NVIDIA and ASML. We added to NVIDIA, whose valuation looks increasingly modest against the 106% year-on-year revenue growth it reported in August, and took new holdings in SK hynix, which makes memory for AI chips, and KLA and DISCO, which make the equipment used to inspect and cut chips. With power becoming a binding constraint on the AI build-out, we took holdings in Vistra, a power generator, and EQT, a natural gas producer. At the other end of the stack, Snowflake, Cloudflare and Databricks benefited as companies rebuilt their data and network infrastructure for AI.
We are increasingly finding that companies with founder leadership, innovative cultures and proprietary data are getting the most from AI, because they rebuild how they work around it rather than bolt it on. Tobi Lütke, Shopify’s founder, did exactly this, pivoting early and hard towards AI. Shopify’s AI agents now work through the shops on its platform overnight, looking for things to fix. We took a new holding in Bending Spoons, which buys mature software businesses such as Evernote and WeTransfer and overhauls them. AI helps twice over: fears of disruption have made software businesses cheaper to buy, and AI tools let it run them far more efficiently.
New Frontiers
SpaceX completed the largest initial public offering in history. As launch costs continue to fall, we expect new business applications to follow Starlink, from connecting mobile phones directly to satellites to providing compute in orbit. We reduced the holding as lock-ups allowed, not because our enthusiasm dimmed but because it had grown to more than a quarter of the portfolio, unusually large even by our standards.
We took new holdings in three private companies. Hadrian uses software and robotics to run automated factories that make precision parts for aerospace and defence. ICON uses robotic 3D printers to build homes and other structures, such as barracks for the US military, cutting time, labour and waste. Chai Discovery builds AI models that design new drugs from scratch, aiming to turn the slow, trial-and-error search for medicines into an engineering problem.
We sold our remaining holding in Tesla. Since we first invested in 2013, it has returned 13 times the capital invested, but we felt the share price had come to reflect much of its promise in autonomy and robotics. Elsewhere, we sold Netflix, whose business is maturing, Delivery Hero after Uber agreed to buy it, as well as Kering, Insulet, HeartFlow and Sana Biotechnology.
China
Several of our Chinese holdings delivered a lacklustre share price performance. PDD, which runs e-commerce platforms Pinduoduo in China and Temu abroad, faced cautious consumers and fierce competition at home as growth slowed, and heavier spending to support sellers reduced profits. Abroad, new tariffs made cheap goods costlier to sell. BYD faced intense domestic competition, but vehicle exports rose by two-thirds, with overseas now accounting for over half of revenues. Meituan returned to profit as the price war in food delivery eased, yet its shares fell. CATL, the world’s largest battery manufacturer, continued to win market share and saw revenue growth accelerate to 57% year-on-year, but its shares fell as under-pressure carmakers pushed for lower prices and new taxes on batteries were introduced. We added to the holding given the multi-decade opportunity in the electrification of vehicles, ships and planes, as well as in grid storage. Competition in China can be brutal, but companies that come out the other side are formidable, particularly as they expand overseas.
Patience Remains Essential
When we invested in Moderna nearly six years ago, the holding we took was too large for what was still an early‑stage biotechnology company. That was a mistake, but the melanoma result shows why we held on: companies working at the frontier can spend years out of favour before success and a sharp reappraisal. We have trimmed the holding to keep it appropriately sized, with results from trials for lung, bladder and kidney cancer still to come.
We continue to back companies willing to sacrifice short‑term profits for a larger long-term prize. MercadoLibre is doing exactly that: revenue growth accelerated to 50% in the second quarter, its fastest in four years, even as heavy investment almost halved its operating margin. We want to be the kind of shareholder that backs companies to do the right thing, even when the market punishes them.
Looking Forward
Six months is, as always, too short a period over which to judge performance. Over such periods, share prices can move for reasons that have little to do with the companies themselves. Even when they reflect genuine business progress, that progress often rests on years of work. Across AI, space, medicine, electrification and the digital platforms of emerging economies, our companies are pursuing large opportunities with determination. Much of that work happens with little fanfare, in milestones such as a new batch of satellites reaching orbit, a trial enrolling patients or a new factory opening. We hope it will pay off for years to come. Our task remains the same: to find these companies, invest in them and support them over the long term. We are deeply grateful to our shareholders for entrusting us with the patient capital that makes this possible.
Lawrence Burns
Baillie Gifford & Co Limited
Managers and Secretaries
5 November 2026
Total return information sourced from LSEG/Baillie Gifford. See disclaimer below. Past performance is not a guide to future performance.
The principal risks and uncertainties facing the Company are set out below.
Portfolio executive summary
Performance
|
6 months |
1 year |
3 years |
5 years |
10 years |
Share price |
33.8% |
40.3% |
140.7% |
13.9% |
412.7% |
NAV (after deducting borrowings at fair value) |
31.5% |
36.3% |
113.4% |
27.8% |
463.6% |
FTSE All-World Index (in sterling terms) |
16.0% |
18.7% |
67.5% |
79.3% |
228.4% |
All figures are stated on a total return basis* for period to 30 September 2026.
*Alternative Performance Measure – see Glossary of terms and Alternative Performance Measures below.
Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer below.
Key contributors and detractors to performance – six months to 30 September 2026
Contributors |
Contribution to absolute performance % * |
Absolute performance % † |
SpaceX P |
8.0 |
41.1 |
Moderna |
4.5 |
269.9 |
Anthropic U |
3.4 |
260.2 |
TSMC |
2.9 |
41.2 |
Zipline U |
2.4 |
127.6 |
Detractors |
Contribution to absolute performance % * |
Absolute performance % † |
|
|
|
PDD |
(0.6) |
(24.2) |
BYD |
(0.4) |
(28.8) |
CATL |
(0.4) |
(24.5) |
MiniMax |
(0.4) |
(73.3) |
Insulet |
(0.4) |
(37.4) |
* Contribution to absolute performance (in sterling terms) has been calculated to illustrate how an individual stock has contributed to the overall return. It is influenced by both share price performance and the weighting of the stock in the portfolio, taking account of any purchases or sales over the period.
†Absolute performance (in sterling terms) has been calculated on a total return basis over the period 1 April 2026 to 30 September 2026. For the definition of total return see Glossary of terms and Alternative Performance Measures below.
P Denotes listed security previously held in the portfolio as an unlisted (private company) security.
U Denotes unlisted (private company) security.
Responsibility statement
We confirm that to the best of our knowledge:
a) the condensed set of Financial Statements has been prepared in accordance with FRS 104 ‘Interim Financial Reporting’;
b) the Interim Management Report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.7R (indication of important events during the first six months, their impact on the condensed set of Financial Statements and a description of the principal risks and uncertainties for the remaining six months of the year); and
c) the Interim Financial Report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).
By order of the Board
Christopher Samuel
Chairman
5 November 2026
Portfolio transactions – six months to 30 September 2026
New buys |
Additions |
Private company follow-on rounds |
Bending Spoons Chai Discovery U DISCO EQT Hadrian U ICON U KLA SK hynix Vistra |
Affirm P CATL Cloudflare Hermès International NVIDIA Shopify |
Anthropic U ARCH Ventures Fund XII U ARCH Ventures Fund XIII U Enveda U Revolut U Sinovation Fund III U |
Complete sales |
Reductions |
Delivery Hero HeartFlow P Insulet Kering Netflix Sana Biotechnology P Tesla Uptake Technologies P |
Amazon.com ASML Atlas Copco Aurora P Coupang Ferrari MercadoLibre Meta Platforms Moderna PDD SpaceX P Stripe U TSMC Tempus AI P Wise P |
U Denotes unlisted (private company) investment.
P Denotes listed security previously held in the portfolio as an unlisted (private company) investment.
Distribution of total assets*
Geographical analysis at 30 September 2026
(31 March 2026)
|
30 September 2026 % |
31 March 2026 % |
Asia |
19.6 |
21.1 |
China |
9.8 |
13.2 |
Taiwan |
6.5 |
5.7 |
Singapore |
1.4 |
1.4 |
Korea |
1.4 |
0.8 |
Japan |
0.5 |
nil |
South America |
4.1 |
5.3 |
Brazil |
4.1 |
5.3 |
North America |
64.4 |
59.7 |
United States |
62.2 |
57.7 |
Canada |
2.2 |
2.0 |
Europe |
11.7 |
13.7 |
Eurozone |
7.0 |
8.1 |
Developed Europe (non-euro) |
2.5 |
2.7 |
United Kingdom |
2.2 |
2.9 |
Africa & Middle East |
0.2 |
0.2 |
Israel |
0.2 |
0.2 |
Nigeria |
<0.1 |
<0.1 |
Sectoral analysis at 30 September 2026
(31 March 2026)
|
30 September 2026 % |
31 March 2026 % |
Technology |
43.7 |
32.1 |
Industrials |
9.9 |
29.2 |
Healthcare |
11.2 |
8.2 |
Financials |
3.5 |
5.6 |
Net Liquid Assets |
1.2 |
0.1 |
Basic Materials |
0.8 |
1.0 |
Consumer Discretionary |
12.0 |
20.6 |
Consumer Staples |
1.1 |
1.4 |
Energy |
1.0 |
1.8 |
Telecommunications |
15.0 |
nil |
Utilities |
0.6 |
nil |
* Total assets represents total net assets before deduction of all borrowings.
Private companies summary
Historical snapshot
Since our first investment in Private Companies in 2012, Scottish Mortgage has deployed £5.2bn of capital in this area.
8 Taken-over
41 Listed†
53 Currently held
1 Liquidated
* Transactions shown for the 12 month periods to 31 March. Financial year 2027 data relates to the 6 month period to 30 September 2026.
† Of the 41 companies that have become listed, six did so through special purpose acquisition company (SPAC) transactions.
Portfolio activity – six months to 30 September 2026
£268.7m of new capital deployed in private companies during the period.
New buys |
|
Follow on funding rounds |
|
VC fund flow |
Chai Discovery |
|
Anthropic |
|
ARCH Ventures Fund XII |
Hadrian |
|
Enveda |
|
ARCH Ventures Fund XIII |
ICON |
|
Revolut |
|
Sinovation Fund III |
SpaceX listed on 12 June 2026.
Concentration
At 30 September 2026, we held 53 private companies which equated to 24.9% of total assets.
● Four companies account for over 50% of our private company exposure
● Eight companies account for over 65% of our private company exposure
Private exposure
|
30 September 2026 % |
ByteDance |
4.0 |
Anthropic |
4.0 |
Zipline |
3.7 |
Stripe |
2.5 |
Databricks |
1.6 |
Others |
9.1 |
|
|
Total private company exposure |
24.9 |
Top 10 |
19.4 |
Top 5 |
15.8 |
All figures stated as percentage of total assets, as at 30 September 2026.
Size
Our private company exposure tends to be weighted to the upper end of the maturity curve, focussed on late-stage private companies who are scaling up and becoming profitable.
Cap |
Total equity value (USD) |
Portfolio % |
Number of holdings |
Micro |
<$300m |
0.2 |
2 |
Small |
$300m–$2bn |
4.0 |
18 |
Medium |
$2bn–$10bn |
2.2 |
7 |
Large |
>$10bn |
18.4 |
9 |
Total |
|
24.8 |
36 |
As at 30 September 2026, the table excludes limited partnership investment funds, nil-valued private company investments and a contingent value rights (CVR) instrument.
Overview
|
Six months to 30 September 2026 £’000 |
Year to 31 March 2026 £’000 |
Opening balance |
6,418,073 |
3,784,787 |
Purchases at cost |
268,740 |
253,843 |
Sales – proceeds received |
(188,753) |
(8,693) |
Realised gains/(losses) |
13,112 |
802 |
Change in listing* |
(151,149) |
(39,214) |
Change in fair value |
(1,706,011) |
2,426,548 |
Closing balance |
4,654,012 |
6,418,073 |
* During the six months to 30 September 2026, SpaceX transferred from Level 3 to Level 1 on becoming listed (book cost – £151,149,000; fair value – £3,785,247,000). In the year to 31 March 2026, HeartFlow transferred from Level 3 to Level 1 on becoming listed (book cost – £39,214,000; fair value – £20,427,000).
Valuation movements – six months to 30 September 2026
Instruments valued |
89 |
|
Valued up to 4 times |
98.9% |
Revaluations performed |
198 |
|
Valued 5 times or more |
1.1% |
Average change of top 10 private company valuations in private company portfolio |
58.3% |
|
Average change at company level in private company portfolio |
21.6% |
Source: Baillie Gifford. Scottish Mortgage private company valuation changes, six months to 30 September 2026.
Holding period of investments as at 30 September 2026
More than 10 years
Name |
|
% of total assets |
NVIDIA |
|
6.2 |
ASML |
|
2.8 |
Amazon.com |
|
2.7 |
Ferrari |
|
1.7 |
Spotify |
P |
1.5 |
Wise |
P |
1.0 |
Meituan |
P |
0.8 |
Atlas Copco |
|
0.8 |
Denali Therapeutics |
P |
0.6 |
Thumbtack |
U |
0.3 |
Zocdoc |
U |
0.1 |
Ginkgo Bioworks |
P |
0.1 |
Lumeris |
U |
0.1 |
WI Harper Fund VIII |
U |
<0.1 |
Global AI Opportunities Fund |
|
<0.1 |
Sinovation Fund III |
U |
<0.1 |
ARCH Ventures Fund IX |
U |
<0.1 |
WI Harper Fund VII |
U |
<0.1 |
Innovation Works Development Fund |
U |
<0.1 |
Illumina CVR* |
|
<0.1 |
The Brandtech Group |
U |
– |
Total |
|
18.7 |
More than 5 years
Name |
|
% of total assets |
SpaceX |
P |
15.0 |
Moderna |
|
4.3 |
ByteDance |
U |
4.0 |
Zipline |
U |
3.7 |
MercadoLibre |
|
3.1 |
Stripe |
U |
2.5 |
Shopify |
|
2.2 |
Snowflake |
P |
1.7 |
Databricks |
U |
1.6 |
Tempus AI |
P |
1.3 |
PDD |
|
1.1 |
Affirm |
P |
1.1 |
DoorDash |
|
0.9 |
Adyen |
|
0.9 |
Aurora |
P |
0.8 |
Blockchain.com |
U |
0.7 |
The Production Board |
U |
0.7 |
Ant International |
U |
0.6 |
Redwood Materials |
U |
0.5 |
Epic Games |
U |
0.4 |
Nuro |
U |
0.3 |
Recursion Pharmaceuticals |
P |
0.3 |
Solugen |
U |
0.3 |
Horizon Robotics |
P |
0.3 |
Rappi |
U |
0.3 |
Tanium |
U |
0.3 |
Honor Technology |
U |
0.2 |
Joby Aviation |
P |
0.2 |
Ocado |
|
0.2 |
Bottle Planet |
U |
0.2 |
Carbon |
U |
0.2 |
Away (JRSK) |
U |
0.2 |
Workrise |
U |
0.2 |
PsiQuantum |
U |
0.2 |
KSQ Therapeutics |
U |
0.1 |
Teya |
U |
<0.1 |
GoPuff |
U |
<0.1 |
ARCH Ventures Fund XI |
U |
<0.1 |
ARCH Ventures Fund X |
U |
<0.1 |
ARCH Ventures Fund X Overage |
U |
<0.1 |
Blockstream |
U |
– |
Bolt Projects |
P |
– |
Capsule |
U |
– |
Indigo Agriculture |
U |
– |
Northvolt |
U |
– |
Relativity Space |
U |
– |
Total |
|
50.6 |
2–5 years
Name |
|
% of total assets |
TSMC |
|
6.5 |
Cloudflare |
|
2.3 |
Meta Platforms |
|
2.1 |
Sea |
|
1.4 |
Nu Holdings |
|
1.0 |
BYD |
|
0.8 |
Hermès International |
|
0.6 |
Roblox |
|
0.5 |
Coupang |
|
0.4 |
Oddity |
P |
0.2 |
Climeworks |
U |
0.2 |
ARCH Ventures Fund XIII |
U |
0.1 |
ARCH Ventures Fund XII |
U |
<0.1 |
Upside Foods |
U |
<0.1 |
Antler East Africa Fund |
U |
<0.1 |
Total |
|
16.1 |
Less than 2 years
Name |
|
% of total assets |
Anthropic |
U |
4.0 |
CATL |
|
1.4 |
Revolut |
U |
1.1 |
SK hynix |
|
1.0 |
Bending Spoons |
|
1.0 |
Vistra |
|
0.6 |
EQT |
|
0.6 |
RedNote |
U |
0.5 |
DISCO |
|
0.5 |
KLA |
|
0.5 |
Hadrian |
U |
0.5 |
MongoDB |
|
0.4 |
Enveda |
U |
0.4 |
AppLovin |
|
0.3 |
ICON |
U |
0.2 |
Figma |
|
0.1 |
Loyal Animal Health |
U |
0.1 |
MiniMax |
|
0.1 |
Chai Discovery |
U |
0.1 |
Total |
|
13.4 |
U Denotes unlisted (private company) security.
P Denotes listed security previously held as unlisted.
*The Company’s holding in listed Illumina ordinary shares was sold in 2023. The Company retains an unlisted, non-tradable contingent value right (CVR).
List of investments at 30 September 2026
Name |
Business |
Fair value 30 September 2026 £’000 |
% of total assets |
Notes* |
Fair value 31 March 2026 £’000 |
SpaceX P |
Designs, manufactures and launches rockets and spacecraft |
2,801,332 |
15.0 |
Significant reduction |
2,984,236 |
TSMC |
Semiconductor manufacturing and design |
1,212,202 |
6.5 |
|
883,114 |
NVIDIA |
Semiconductor company that designs and sells advanced chips |
1,154,121 |
6.2 |
Significant purchase |
489,632 |
Moderna |
Clinical stage biotechnology company |
805,284 |
4.3 |
Significant reduction |
303,020 |
ByteDance U |
Social media |
754,325 |
4.0 |
|
732,984 |
Anthropic U |
Next-generation AI model developer |
744,362 |
4.0 |
Significant purchase |
171,462 |
Zipline U |
Logistics company that designs, manufactures and operates drones to deliver medical supplies |
691,775 |
3.7 |
|
303,930 |
MercadoLibre |
Latin American ecommerce platform |
580,457 |
3.1 |
|
615,868 |
ASML |
Lithography |
515,781 |
2.8 |
Significant reduction |
497,213 |
Amazon.com |
Online retailer and cloud computing |
495,083 |
2.7 |
Significant reduction |
550,310 |
Stripe U |
Platform that provides payment processing solutions globally |
458,926 |
2.5 |
Significant reduction |
609,386 |
Cloudflare |
Application software developer |
436,926 |
2.3 |
|
247,810 |
Shopify |
Cloud-based commerce platform provider |
417,752 |
2.2 |
|
305,555 |
Meta Platforms |
Social media |
395,591 |
2.1 |
Significant reduction |
414,686 |
Snowflake P |
Developer of a SaaS-based cloud data warehousing platform |
323,283 |
1.7 |
|
144,482 |
Ferrari |
Luxury automobiles |
321,869 |
1.7 |
|
291,080 |
Databricks U |
Data software solutions |
298,106 |
1.6 |
|
225,530 |
Spotify P |
Online music streaming service |
284,688 |
1.5 |
|
285,116 |
CATL |
Chinese EV battery manufacturer |
267,013 |
1.4 |
Significant purchase |
254,055 |
Sea |
Consumer internet company |
258,272 |
1.4 |
|
221,184 |
Tempus AI P |
Offers molecular diagnostics tests for cancer and aggregates clinical oncology records |
251,182 |
1.3 |
|
158,474 |
Revolut U |
Neobank |
216,843 |
1.1 |
Significant purchase |
121,009 |
PDD |
Chinese ecommerce |
212,094 |
1.1 |
|
315,211 |
Affirm P |
Online platform which provides lending and consumer credit services |
197,651 |
1.1 |
Significant purchase |
100,527 |
SK hynix |
Manufacturer of memory semiconductors, including high-bandwidth memory chips |
192,832 |
1.0 |
New purchase |
– |
Wise P |
Online platform to send and receive money |
184,590 |
1.0 |
Significant reduction |
285,450 |
Bending Spoons |
Acquirer and developer of consumer software applications |
179,317 |
1.0 |
New purchase |
– |
Nu Holdings |
Latin American digital bank |
178,047 |
1.0 |
|
203,590 |
DoorDash |
Operates an online food ordering and food delivery platform |
170,427 |
0.9 |
|
140,405 |
Adyen |
Platform that provides payment processing solutions globally |
159,469 |
0.9 |
|
158,127 |
Meituan P |
Local services aggregator |
157,314 |
0.8 |
|
183,513 |
Aurora P |
Developer of driverless vehicle technology |
156,713 |
0.8 |
Significant reduction |
146,259 |
Atlas Copco |
Engineering |
153,549 |
0.8 |
|
142,905 |
BYD |
Electric vehicle manufacturer |
144,276 |
0.8 |
|
203,515 |
Blockchain.com U |
Software platform for digital assets |
132,585 |
0.7 |
|
129,066 |
The Production Board U |
Holding company for food technology companies |
123,778 |
0.7 |
|
119,536 |
Vistra |
Electricity generation and retail energy provider |
111,238 |
0.6 |
New purchase |
– |
Hermès International |
Luxury goods |
109,916 |
0.6 |
Significant purchase |
102,869 |
Denali Therapeutics P |
Biotechnology |
109,506 |
0.6 |
|
102,359 |
Ant International U |
Online financial services platform |
103,195 |
0.6 |
|
101,969 |
EQT |
Natural gas producer and operator of related infrastructure |
102,798 |
0.6 |
New purchase |
– |
RedNote U |
Chinese lifestyle content and commerce platform |
100,932 |
0.5 |
|
69,516 |
Redwood Materials U |
Environmental battery recycling |
96,869 |
0.5 |
|
101,576 |
DISCO |
Manufacturer of precision semiconductor processing equipment |
95,417 |
0.5 |
New purchase |
– |
KLA |
Developer of semiconductor inspection and process-control equipment |
93,897 |
0.5 |
New purchase |
– |
Roblox |
Online game platform and game creation system |
83,039 |
0.5 |
|
111,754 |
Hadrian U |
Developer of automated manufacturing systems for aerospace and defence components |
75,276 |
0.5 |
New purchase |
– |
MongoDB |
Developer of database software for modern applications |
70,102 |
0.4 |
|
49,541 |
Coupang |
Ecommerce company |
65,322 |
0.4 |
Significant reduction |
120,828 |
Enveda U |
Biotechnology company |
65,001 |
0.4 |
Significant purchase |
36,539 |
Epic Games U |
Gaming platform |
63,758 |
0.4 |
|
87,480 |
Nuro U |
Delivery business, using self-driving purpose-built electric vehicles |
61,234 |
0.3 |
|
61,867 |
Thumbtack U |
Online directory service for local businesses |
59,901 |
0.3 |
|
53,441 |
Recursion Pharmaceuticals P |
Uses image recognition/machine learning and automation to improve drug discovery |
56,365 |
0.3 |
|
42,173 |
Solugen U |
Sustainable chemical manufacturer |
53,474 |
0.3 |
|
22,728 |
Horizon Robotics P |
Designer and developer of AI chips and algorithms principally for advanced driving assistance systems and autonomous vehicles |
52,681 |
0.3 |
|
84,096 |
Rappi U |
Provider of an on-demand delivery platform designed to connect consumers with local stores |
52,452 |
0.3 |
|
52,440 |
AppLovin |
Mobile gaming advertising technology leader |
51,522 |
0.3 |
|
71,125 |
Tanium U |
Provides security and systems management solutions |
49,104 |
0.3 |
|
42,116 |
Honor Technology U |
Provider of home-care services |
44,575 |
0.2 |
|
41,450 |
Oddity P |
Cosmetic and skincare platform |
42,633 |
0.2 |
|
30,885 |
Climeworks U |
Direct air carbon capture |
40,064 |
0.2 |
|
47,262 |
ICON U |
Developer of robotic 3D-printing systems for construction |
37,638 |
0.2 |
New purchase |
– |
Joby Aviation P |
Electric aircraft |
36,975 |
0.2 |
|
50,938 |
Ocado |
Online grocery retailer and technology provider |
35,531 |
0.2 |
|
25,076 |
Bottle Planet U |
Producer of alcoholic beverages |
35,395 |
0.2 |
|
34,541 |
Carbon U |
Manufactures and develops 3D printers |
34,249 |
0.2 |
|
23,859 |
Away (JRSK) U |
Manufactures luggage |
29,917 |
0.2 |
|
29,663 |
Workrise U |
Online platform connecting contractors with work |
27,810 |
0.2 |
|
17,125 |
PsiQuantum U |
Developer of commercial quantum computing |
25,894 |
0.2 |
|
35,171 |
KSQ Therapeutics U |
Biotechnology company |
25,348 |
0.1 |
|
27,154 |
Zocdoc U |
Online platform for searching for doctors and booking appointments |
23,953 |
0.1 |
|
22,224 |
Figma |
Leading collaborative design platform software |
23,734 |
0.1 |
|
24,058 |
Ginkgo Bioworks P |
Bio-engineering company |
23,062 |
0.1 |
|
11,081 |
Loyal Animal Health U |
Developer of veterinary medicines for dogs |
20,042 |
0.1 |
|
18,958 |
MiniMax |
Developer of AI foundation models and applications |
19,476 |
0.1 |
|
72,970 |
Chai Discovery U |
Developer of AI models for drug discovery |
18,811 |
0.1 |
New purchase |
– |
ARCH Ventures |
Venture capital fund to invest in biotech start-ups |
17,255 |
0.1 |
Follow-on purchase |
4,858 |
Lumeris U |
Healthcare business services |
14,995 |
0.1 |
|
17,384 |
Teya U |
Payment and management solutions |
7,801 |
<0.1 |
|
7,825 |
GoPuff U |
On demand retail delivery service |
7,652 |
<0.1 |
|
8,725 |
WI Harper Fund VIII U |
Venture capital fund |
6,591 |
<0.1 |
|
6,840 |
Global AI Opportunities Fund |
Artificial intelligence based algorithmic trading |
6,065 |
<0.1 |
|
5,963 |
ARCH Ventures |
Venture capital fund to invest in biotech start-ups |
5,691 |
<0.1 |
Follow-on purchase |
5,322 |
Sinovation Fund III U |
Venture capital fund |
5,539 |
<0.1 |
Follow-on purchase |
4,900 |
ARCH Ventures Fund XI U |
Venture capital fund to invest in biotech start-ups |
5,156 |
<0.1 |
|
5,385 |
ARCH Ventures Fund IX U |
Venture capital fund to invest in biotech start-ups |
5,031 |
<0.1 |
|
5,055 |
Upside Foods U |
Cultivated meat producer |
3,183 |
<0.1 |
|
3,231 |
ARCH Ventures Fund X U |
Venture capital fund to invest in biotech start-ups |
2,568 |
<0.1 |
|
2,401 |
ARCH Ventures Fund X Overage U |
Venture capital fund to invest in biotech start-ups |
2,531 |
<0.1 |
|
2,590 |
WI Harper Fund VII U |
Venture capital fund |
2,344 |
<0.1 |
|
2,351 |
Antler East Africa Fund U |
Venture capital fund helping entrepreneurs establish their businesses in East Africa |
968 |
<0.1 |
|
1,025 |
Innovation Works Development Fund U |
Venture capital fund |
607 |
<0.1 |
|
621 |
Illumina CVR |
Biotechnology equipment |
508 |
<0.1 |
|
512 |
Bolt Projects P |
Natural fibres and fabrics manufacturer |
– |
– |
|
9 |
The Brandtech Group U |
Digital advertising |
– |
– |
|
13,888 |
Capsule U |
Digital platform providing home delivery of prescription medication |
– |
– |
|
– |
Indigo Agriculture U |
Analyses plant microbiomes to increase crop yields |
– |
– |
|
– |
Blockstream U |
Financial software developer |
– |
– |
|
– |
Northvolt U |
Battery developer and manufacturer, specialised in lithium-ion technology for electric vehicles |
– |
– |
|
– |
Relativity Space U |
Aerospace company, designs and builds rockets using 3D printers |
– |
– |
|
– |
Total Investments |
|
18,450,406 |
98.8 |
|
|
Net Liquid Assets # |
|
221,417 |
1.2 |
|
|
Total Assets # |
|
18,671,823 |
100.0 |
|
|
|
Listed equities % |
Unlisted (private company) securities ‡ % |
Unlisted (private company) bonds % |
Net liquid assets # % |
Total % |
30 September 2026 |
73.9 |
24.8 |
0.1 |
1.2 |
100.0 |
31 March 2026 |
58.4 |
41.4 |
0.1 |
0.1 |
100.0 |
* Significant additions and reductions to investments have been noted where the transaction value is at least a 20% movement from the value of the holding at 31 March 2026. Follow-on investments in limited partnership funds are identified separately. The change in value over the period also reflects the share price performance and the movement in exchange rates.
† The Bolt Projects, The Brandtech Group, Capsule, Indigo Agriculture, Blockstream, Northvolt and Relativity Space holdings are valued at nil at 30 September 2026.
# See Glossary of terms and Alternative Performance Measures below.
‡Includes holdings in preference shares and ordinary shares.
P Denotes listed security previously held in the portfolio as an unlisted (private company) security.
U Denotes unlisted (private company) security.
The following investments were completely sold during the period: Delivery Hero, HeartFlow, Insulet, Kering, Netflix, Sana Biotechnology, Tesla and Uptake Technologies.
Past performance is not a guide to future performance.
Income statement (unaudited)
For the six months ended 30 September
|
Notes |
2026 Revenue £’000 |
2026 Capital £’000 |
2026 Total £’000 |
2025 Revenue £’000 |
2025 Capital £’000 |
2025 Total £’000 |
Gains on investments |
|
– |
4,360,770 |
4,360,770 |
– |
2,653,905 |
2,653,905 |
Currency gains |
|
– |
25,781 |
25,781 |
– |
33,938 |
33,938 |
Income |
|
29,034 |
– |
29,034 |
21,956 |
– |
21,956 |
Investment management fee |
3 |
– |
(24,398) |
(24,398) |
– |
(19,866) |
(19,866) |
Other administrative expenses |
|
(3,679) |
– |
(3,679) |
(2,299) |
– |
(2,299) |
Net return before finance costs and taxation |
|
25,355 |
4,362,153 |
4,387,508 |
19,657 |
2,667,977 |
2,687,634 |
Finance costs of borrowings |
|
– |
(25,121) |
(25,121) |
– |
(26,251) |
(26,251) |
Net return before taxation |
|
25,355 |
4,337,032 |
4,362,387 |
19,657 |
2,641,726 |
2,661,383 |
Tax |
|
(1,018) |
– |
(1,018) |
(1,622) |
– |
(1,622) |
Net return after taxation |
|
24,337 |
4,337,032 |
4,361,369 |
18,035 |
2,641,726 |
2,659,761 |
Net return per ordinary share |
4 |
2.25p |
401.11p |
403.36p |
1.55p |
227.58p |
229.13p |
Dividends proposed per ordinary share |
5 |
1.80p |
|
|
1.60p |
|
|
The accompanying notes below are an integral part of the Financial Statements.
The total column of this statement is the profit and loss account of the Company. The supplementary revenue and capital return columns are prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in this statement derive from continuing operations.
A Statement of Comprehensive Income is not required as all gains and losses of the Company have been reflected in the above statement.
Balance sheet (unaudited)
|
Notes |
At 30 September 2026 £’000 |
At 30 September 2026 £’000 |
At 31 March 2026 (audited) £’000 |
At 31 March 2026 (audited) £’000 |
Fixed assets |
|
|
|
|
|
Investments held at fair value through profit or loss |
6 |
|
18,450,406 |
|
15,409,435 |
Current assets |
|
|
|
|
|
Debtors |
|
29,769 |
|
43,979 |
|
Cash and cash equivalents |
|
241,594 |
|
11,028 |
|
|
|
271,363 |
|
55,007 |
|
Creditors |
|
|
|
|
|
Amounts falling due within one year: |
7 |
|
|
|
|
Bank loans |
|
– |
|
(568,742) |
|
Debenture stock |
|
– |
|
(50,139) |
|
Other creditors and accruals |
|
(49,946) |
|
(36,069) |
|
|
|
(49,946) |
|
(654,950) |
|
Net current assets/(liabilities) |
|
|
221,417 |
|
(599,943) |
Total assets less current liabilities |
|
|
18,671,823 |
|
14,809,492 |
Creditors |
|
|
|
|
|
Amounts falling due after more than one year: |
7 |
|
|
|
|
Loan notes |
|
(983,603) |
|
(986,642) |
|
Debenture stocks |
|
(675) |
|
(675) |
|
|
|
|
(984,278) |
|
(987,317) |
Net assets |
|
|
17,687,545 |
|
13,822,175 |
Capital and reserves |
|
|
|
|
|
Called up share capital |
|
|
74,239 |
|
74,239 |
Share premium account |
|
|
1,137,445 |
|
928,400 |
Capital redemption reserve |
|
|
19,094 |
|
19,094 |
Capital reserve |
|
|
16,432,430 |
|
12,792,344 |
Revenue reserve |
|
|
24,337 |
|
8,098 |
Total shareholders’ funds |
|
|
17,687,545 |
|
13,822,175 |
Net asset value per ordinary share |
|
|
|
|
|
(after deducting borrowings at book)* |
|
|
1,690.7p |
|
1,282.0p |
Ordinary shares in issue |
9 |
|
1,046,191,858 |
|
1,078,166,806 |
*See Glossary of terms and Alternative Performance Measures below. The accompanying notes below are an integral part of the Financial Statements.
Statement of changes in equity (unaudited)
For the six months ended 30 September 2026
|
Notes |
Called up share capital £’000 |
Share premium account £’000 |
Capital redemption reserve £’000 |
Capital reserve * £’000 |
Revenue reserve £’000 |
Shareholders’ funds £’000 |
Shareholders’ funds at 1 April 2026 |
|
74,239 |
928,400 |
19,094 |
12,792,344 |
8,098 |
13,822,175 |
Net return after taxation |
|
– |
– |
– |
4,337,032 |
24,337 |
4,361,369 |
Ordinary shares bought back into treasury |
9 |
– |
– |
– |
(1,065,233) |
– |
(1,065,233) |
Ordinary shares sold from treasury |
|
– |
209,045 |
– |
393,351 |
– |
602,396 |
Dividends paid during the period |
5 |
– |
– |
– |
(25,064) |
(8,098) |
(33,162) |
Shareholders’ funds at 30 September 2026 |
|
74,239 |
1,137,445 |
19,094 |
16,432,430 |
24,337 |
17,687,545 |
For the six months ended 30 September 2025
|
Notes |
Called up share capital £’000 |
Share premium account £’000 |
Capital redemption reserve £’000 |
Capital reserve * £’000 |
Revenue reserve £’000 |
Shareholders’ funds £’000 |
Shareholders’ funds at 1 April 2025 |
|
74,239 |
928,400 |
19,094 |
11,057,697 |
3,035 |
12,082,465 |
Net return after taxation |
|
– |
– |
– |
2,641,726 |
18,035 |
2,659,761 |
Ordinary shares bought back into treasury |
9 |
– |
– |
– |
(765,440) |
– |
(765,440) |
Ordinary shares sold from treasury |
|
– |
– |
– |
– |
– |
– |
Dividends paid during the period |
5 |
– |
– |
– |
(29,575) |
(3,035) |
(32,610) |
Shareholders’ funds at 30 September 2025 |
|
74,239 |
928,400 |
19,094 |
12,904,408 |
18,035 |
13,944,176 |
* The capital reserve balance at 30 September 2026 includes investment holding gains on fixed asset investments of £7,821,221,000 (30 September 2025 – gains of £5,171,216,000).
The accompanying notes below are an integral part of the Financial Statements.
Cash flow statement (unaudited)
For the six months ended 30 September
|
Notes |
2026 £’000 |
2025 £’000 |
Cash flows from operating activities |
|
|
|
Net return before taxation |
|
4,362,387 |
2,661,383 |
Adjustments to reconcile company net return before |
|
|
|
Gains on investments |
|
(4,360,770) |
(2,653,905) |
Currency gains |
|
(25,781) |
(33,938) |
Finance costs of borrowings |
|
25,121 |
26,251 |
Taxation |
|
|
|
Overseas withholding tax incurred |
|
(2,339) |
(1,759) |
Overseas withholding tax reclaimed |
|
1,613 |
– |
Other capital movements |
|
|
|
Changes in debtors and creditors |
|
1,654 |
1,361 |
Cash from operations |
|
1,885 |
(607) |
Interest paid |
|
(29,184) |
(26,603) |
Net cash outflow from operating activities |
|
(27,299) |
(27,210) |
Cash flows from investing activities |
|
|
|
Acquisitions of investments |
|
(1,731,092) |
(668,627) |
Disposals of investments |
|
3,063,273 |
1,560,174 |
Net cash inflow from investing activities |
|
1,332,181 |
891,547 |
Cash flows from financing activities |
|
|
|
Equity dividends paid |
5 |
(33,162) |
(32,610) |
Ordinary shares bought back into treasury and stamp duty thereon |
|
(1,047,467) |
(771,404) |
Ordinary shares sold from treasury |
|
602,396 |
– |
Debenture repaid |
|
(50,000) |
– |
Bank loans repaid |
|
(1,877,412) |
(418,458) |
Bank loans drawn down |
7 |
1,327,029 |
418,458 |
Net cash outflow from financing activities |
|
(1,078,616) |
(804,014) |
Increase in cash and cash equivalents |
|
226,266 |
60,323 |
Exchange movements |
|
4,300 |
(1,157) |
Cash and cash equivalents at start of period |
|
11,028 |
9,013 |
Cash and cash equivalents at end of period* |
|
241,594 |
68,179 |
* Cash and cash equivalents represent cash at bank and short term money market deposits repayable on demand.
The accompanying notes below are an integral part of the Financial Statements.
Notes to the financial statements (unaudited)
1 Basis of accounting
The condensed Financial Statements for the six months to 30 September 2026 comprise the statements set out above together with the related notes below. They have been prepared in accordance with FRS 104 ‘Interim Financial Reporting’ and the AIC’s Statement of Recommended Practice issued in December 2025. They have not been audited or reviewed by the Auditor pursuant to the Auditing Practices Board Guidance on ‘Review of Interim Financial Information’. The Financial Statements for the six months to 30 September 2026 have been prepared on the basis of the same accounting policies as set out in the Company’s Annual Report and Financial Statements at 31 March 2026.
Going concern
In accordance with the Financial Reporting Council’s guidance on going concern and liquidity risk, the Directors have undertaken a rigorous review of the Company’s ability to continue as a going concern. They have considered the nature of the Company’s assets and liabilities, the investment objective and policy, the dividend policy, the principal risks and uncertainties and the effects of market and geopolitical uncertainty. The Board has reviewed the results of specific leverage and liquidity stress testing and does not believe the Company’s going concern status is affected.
The Company’s assets exceed its liabilities significantly. The majority of the Company’s assets are quoted securities which are readily realisable. Bank borrowings were fully repaid during the period and the remaining borrowings principally comprise long-dated loan notes. The Company also holds cash and has access to undrawn revolving credit facilities. All borrowings require the prior approval of the Board, which reviews gearing levels and compliance with borrowing covenants on a regular basis.
The Company has continued to comply with the investment trust status requirements of section 1158 of the Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing these Financial Statements and confirm that they are not aware of any material uncertainties which may affect the Company’s ability to continue in operational existence for a period of at least twelve months from the date of approval of these Financial Statements.
2 Financial information
The financial information contained within this Interim Financial Report does not constitute statutory accounts as defined in sections 434 to 436 of the Companies Act 2006. The financial information for the year ended 31 March 2026 has been extracted from the statutory accounts which have been filed with the Registrar of Companies. The Auditors’ Report on those accounts was not qualified, did not include a reference to any matters to which the Auditors drew attention by way of emphasis without qualifying their report and did not contain statements under sections 498(2) or (3) of the Companies Act 2006.
3 Investment manager
Baillie Gifford & Co Limited, a wholly owned subsidiary of Baillie Gifford & Co, has been appointed by the Company as its Alternative Investment Fund Manager (‘AIFM’) and Company Secretary. The investment management function has been delegated to Baillie Gifford & Co. The management agreement can be terminated on six months’ notice. The annual management fee is 0.30% on the first £4 billion of total assets less current liabilities (excluding short term borrowings for investment purposes) and 0.25% thereafter, calculated and payable quarterly.
4 Net return
|
|
Six months to 30 September 2026 £’000 |
Six months to 30 September 2025 £’000 |
|
Revenue return on ordinary activities after taxation |
24,337 |
18,035 |
|
Capital return on ordinary activities after taxation |
4,337,032 |
2,641,726 |
|
Total net return |
4,361,369 |
2,659,761 |
|
Weighted average number of ordinary shares in issue |
1,081,255,573 |
1,160,802,949 |
The net return per ordinary share figures are based on the above totals of revenue and capital and the weighted average number of ordinary shares in issue during each period.
There are no dilutive or potentially dilutive shares in issue.
5 Dividends
|
|
Six months to 30 September 2026 £’000 |
Six months to 30 September 2025 £’000 |
|
Amounts recognised as distributions in the period: |
|
|
|
Previous year’s final dividend of 2.97p (2025 – 2.78p), paid 10 July 2026 |
33,162 |
32,610 |
|
|
33,162 |
32,610 |
|
Dividends proposed in the period: |
|
|
|
Interim dividend for the year ending 31 March 2027 of 1.80p (2026 – 1.60p) |
18,831 |
17,541 |
|
|
18,831 |
17,541 |
The interim dividend was declared after the period end date and has therefore not been included as a liability in the Balance Sheet. It is payable on 11 December 2026 to shareholders on the register at the close of business on 20 November 2026. The ex-dividend date is 19 November 2026. The Company’s Registrars offer a Dividend Reinvestment Plan and the final date for elections for this dividend is 24 November 2026.
6 Fair value hierarchy
The fair value hierarchy used to analyse the basis on which the fair values of financial instruments held at fair value through the profit and loss account are measured is described below. The levels are determined by the lowest (that is the least reliable or least independently observable) level of input that is significant to the fair value measurement for the individual investment in its entirety as follows:
Level 1 – using unadjusted quoted prices for identical instruments in an active market;
Level 2 – using inputs, other than quoted prices included within Level 1, that are directly or indirectly observable (based on market data); and
Level 3 – using inputs that are unobservable (for which market data is unavailable).
The Company’s investments are financial assets designated at fair value through profit or loss. An analysis of the Company’s financial asset investments based on the fair value hierarchy described above is shown below.
Investments held at fair value through profit or loss
|
As at 30 September 2026 |
Level 1 £’000 |
Level 2 £’000 |
Level 3 £’000 |
Total £’000 |
|
Equities/funds |
13,796,394 |
– |
– |
13,796,394 |
|
Unlisted company ordinary shares |
– |
– |
621,144 |
621,144 |
|
Unlisted company preference shares* |
– |
– |
3,958,214 |
3,958,214 |
|
Unlisted company convertible note |
– |
– |
19,866 |
19,866 |
|
Limited partnership investments |
– |
– |
54,280 |
54,280 |
|
Contingent value rights |
– |
– |
508 |
508 |
|
Total financial asset investments |
13,796,394 |
– |
4,654,012 |
18,450,406 |
|
As at 31 March 2026 (audited) |
Level 1 £’000 |
Level 2 £’000 |
Level 3 £’000 |
Total £’000 |
|
Equities/funds |
8,991,362 |
– |
– |
8,991,362 |
|
Unlisted company ordinary shares |
– |
– |
1,199,887 |
1,199,887 |
|
Unlisted company preference shares* |
– |
– |
5,156,079 |
5,156,079 |
|
Unlisted company convertible note |
– |
– |
20,246 |
20,246 |
|
Limited partnership investments |
– |
– |
41,349 |
41,349 |
|
Contingent value rights |
– |
– |
512 |
512 |
|
Total financial asset investments |
8,991,362 |
– |
6,418,073 |
15,409,435 |
During the six months to 30 September 2026, SpaceX was transferred from Level 3 to Level 1 on becoming listed on 12 June 2026 (book cost – £151,149,000; fair value – £3,785,247,000). During the year to 31 March 2026, HeartFlow was transferred from Level 3 to Level 1 on becoming listed (book cost – £39,214,000; fair value – £20,427,000). The fair value of listed investments is bid value or, in the case of holdings on certain recognised overseas exchanges, last traded price. Listed Investments are categorised as Level 1 if they are valued using unadjusted quoted prices for identical instruments in an active market and as Level 2 if they do not meet all these criteria but are, nonetheless, valued using market data.
* The investments in preference shares are not classified as equity holdings as they include liquidation preference rights that determine the repayment (or multiple thereof) of the original investment in the event of a liquidation event such as a take‑over.
Private company investments
The Company’s holdings in unlisted (private company) investments are categorised as Level 3. Private company investments are valued at fair value by the Directors following a detailed review and appropriate challenge of the valuations proposed by the Managers. The Managers’ private company investment policy applies techniques consistent with the International Private Equity and Venture Capital Valuation Guidelines 2025 (‘IPEV’). The techniques applied are predominantly market-based approaches. The market-based approaches available under IPEV are set out below and are followed by an explanation of how they are applied to the Company’s private company portfolio:
Multiples;
Industry Valuation Benchmarks; and
Available Market Prices.
The nature of the private company portfolio will influence the valuation technique applied. The valuation approach recognises that, as stated in the IPEV Guidelines, the price of a recent investment, if resulting from an orderly transaction, generally represents fair value as at the transaction date and may be an appropriate starting point for estimating fair value at subsequent measurement dates. However, consideration is given to the facts and circumstances as at the subsequent measurement date, including changes in the market or performance of the investee company. Milestone analysis is used where appropriate to incorporate the operational progress of the investee company into the valuation. Additionally, the background to the transaction must be considered. As a result, various multiples-based techniques are employed to assess the valuations particularly in those companies with established revenues. Discounted cashflows are used where appropriate. An absence of relevant industry peers may preclude the application of the Industry Valuation Benchmarks technique and an absence of observable prices may preclude the Available Market Prices approach. All valuations are cross-checked for reasonableness by employing relevant alternative techniques.
The private company investments are valued according to a three monthly cycle of measurement dates. The fair value of the private company investments will be reviewed before the next scheduled three monthly measurement date on the following occasions:
At the year end and half year end of the Company; and
Where there is an indication of a change in fair value as defined in the IPEV guidelines (commonly referred to as ‘trigger’ events).
7 Financial liabilities
The total value of the borrowings (at book value) at 30 September 2026 was £984,278,000 (31 March 2026 – £1,606,198,000).
During the six months to 30 September 2026, the Company repaid all outstanding drawings under its revolving credit facilities and redeemed its £50 million debenture. There were no bank loans outstanding at 30 September 2026 (31 March 2026 – £568,742,000 falling due within one year).
Loan notes are unsecured with redemptions from 2036 to 2062.
The weighted average cost of the borrowings at 30 September 2026 was 2.7% (31 March 2026 – 3.6%).
8 Fair value of financial liabilities
The fair value of the borrowings at 30 September 2026 was £608,664,000 (31 March 2026 – £1,241,583,000).
9 Share capital: ordinary shares of 5p each
|
|
At 30 September 2026 No. of shares |
At 31 March 2026 (audited) No. of shares |
|
Allotted, called up and fully paid ordinary shares of 5p each |
1,046,191,858 |
1,078,166,806 |
|
Treasury shares of 5p each |
438,589,022 |
406,614,074 |
|
Total |
1,484,780,880 |
1,484,780,880 |
In the six months to 30 September 2026, the Company sold 40,950,000 ordinary shares from treasury with a nominal value of £2,047,500 at a premium to net asset value raising net proceeds of £602,396,000 (year to 31 March 2026 – nil).
In the six months to 30 September 2026, 72,924,948 ordinary shares with a nominal value of £3,646,247 were bought back at a total cost of £1,065,233,000 and held in treasury (year to 31 March 2026 – 122,884,921 ordinary shares were bought back at a total cost of £1,311,758,000 and held in treasury).
At 30 September 2026 the Company had authority remaining to buy back 116,789,637 ordinary shares.
10 Related party transactions
There have been no transactions with related parties during the first six months of the current financial year that have materially affected the financial position or the performance of the Company during that period and there have been no changes in the related party transactions described in the last Annual Report and Financial Statements that could have had such an effect on the Company during that period.
None of the views expressed in this document should be construed as advice to buy or sell a particular investment.
Glossary of terms and Alternative Performance Measures (‘APM’)
An alternative performance measure (‘APM’) is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. The APMs noted below are commonly used measures within the investment trust industry and serve to improve comparability between investment trusts.
Total assets
This is the Company’s definition of adjusted total assets, being the total value of all assets held less all liabilities (other than liabilities in the form of borrowings).
Net asset value
Also described as shareholders’ funds. Net asset value (‘NAV’) is the value of total assets less liabilities (including borrowings). Net asset value is calculated on the basis of borrowings stated at book value or fair value. An explanation of each basis is provided below. The NAV per share is calculated by dividing this amount by the number of ordinary shares in issue (excluding treasury shares).
Net asset value (borrowings at book)
Borrowings are valued at adjusted net issue proceeds. The value of the borrowings at book is set out in note 7 above.
Net asset value (borrowings at fair value) (APM)
Borrowings are valued at an estimate of their market worth. The value of the borrowings at fair is set out in note 8 above and a reconciliation to net asset value with borrowings at book value is provided below.
|
30 September 2026 |
31 March 2026 |
Net asset value per ordinary share (borrowings at book value) |
1,690.7p |
1,282.0p |
Shareholders’ funds (borrowings at book value) |
£17,687,545,000 |
£13,822,175,000 |
Add: book value of borrowings |
£984,278,000 |
£1,606,198,000 |
Less: fair value of borrowings |
(£608,664,000) |
(£1,241,583,000) |
Net asset value (borrowings at fair value) |
£18,063,159,000 |
£14,186,790,000 |
Shares in issue at period end (excluding treasury shares) |
1,046,191,858 |
1,078,166,806 |
Net asset value per ordinary share (borrowings at fair value) |
1,726.6p |
1,315.8p |
Net liquid assets
Net liquid assets comprise current assets less current liabilities, excluding borrowings.
Discount/premium (APM)
As stock markets and share prices vary, an investment trust’s share price is rarely the same as its NAV. When the share price is lower than the NAV per share it is said to be trading at a discount. The size of the discount is calculated by subtracting the share price from the NAV per share and is usually expressed as a percentage of the NAV per share. If the share price is higher than the NAV per share, it is said to be trading at a premium.
|
|
30 September 2026 |
31 March 2026 | ||
|
|
NAV (book) |
NAV (fair) |
NAV (book) |
NAV (fair) |
Net asset value per share |
(a) |
1,690.7p |
1,726.6p |
1,282.0p |
1,315.8p |
Share price |
(b) |
1,590.5p |
1,590.5p |
1,191.0p |
1,191.0p |
Discount |
((b)-(a)) ÷ (a) |
(5.9%) |
(7.9%) |
(7.1%) |
(9.5%) |
Active share (APM)
Active share, a measure of how actively a portfolio is managed, is the percentage of the listed portfolio that differs from its comparative index. It is calculated by deducting from 100 the percentage of the listed portfolio that overlaps with the comparative index. An active share of 100 indicates no overlap with the index and an active share of zero indicates a portfolio that tracks the index.
Gearing (APM)
At its simplest, gearing is borrowing. Just like any other public company, an investment trust can borrow money to invest in additional investments for its portfolio. The effect of the borrowing on the shareholders’ assets is called ‘gearing’. If the Company’s assets grow, the shareholders’ assets grow proportionately more because the debt remains the same, but if the value of the Company’s assets falls, the situation is reversed. Gearing can therefore enhance performance in rising markets but can adversely impact performance in falling markets. Gearing represents borrowings at book value less cash and cash equivalents (including any outstanding trade settlements) expressed as a percentage of shareholders’ funds.
|
|
30 September 2026 £’000 |
31 March 2026 £’000 |
Borrowings (at book value) |
|
984,278 |
1,606,198 |
Less: cash at bank and in hand |
|
(241,594) |
(11,028) |
Less: sales for subsequent settlement |
|
(8,522) |
(20,905) |
Less: currency sales for subsequent settlement |
|
(9,979) |
(13,917) |
Add: currency purchases for subsequent settlements |
|
9,969 |
13,915 |
Adjusted borrowings |
(a) |
734,152 |
1,574,263 |
Shareholders’ funds |
(b) |
17,687,545 |
13,822,175 |
Gearing: (a) as a percentage of (b) |
|
4% |
11% |
Gross gearing is the Company’s borrowings expressed as a percentage of shareholders’ funds.
|
|
30 September 2026 £’000 |
31 March 2026 £’000 |
Borrowings (at book value) |
(a) |
984,278 |
1,606,198 |
Shareholders’ funds |
(b) |
17,687,545 |
13,822,175 |
Gross gearing: (a) as a percentage of (b) |
|
6% |
12% |
Turnover (APM)
Turnover is calculated as the minimum of purchases and sales in a month, divided by the average market values of the portfolio, summed to get rolling 12 months turnover data.
Total return (APM)
The total return is the return to shareholders after reinvesting the net dividend on the date that the share price goes ex-dividend.
|
|
30 September 2026 |
30 September 2025 | ||||
|
|
NAV (book) |
NAV (fair) |
Share price |
NAV (book) |
NAV (fair) |
Share price |
Closing NAV per share/share price |
(a) |
1,690.7p |
1,726.6p |
1,590.5p |
1,238.6p |
1,271.3p |
1,137.5p |
Dividend adjustment factor* |
(b) |
1.0021 |
1.0020 |
1.0021 |
1.0025 |
1.0025 |
1.0028 |
Adjusted closing NAV per share/share price |
(c = a x b) |
1,694.3p |
1,730.1p |
1,593.8p |
1,241.7p |
1,274.5p |
1,140.7p |
Opening NAV per share/ |
(d) |
1,282.0p |
1,315.8p |
1,191.0p |
1,006.0p |
1,037.0p |
943.4p |
Total return |
(c ÷ d)-1 |
32.2% |
31.5% |
33.8% |
23.4% |
22.9% |
20.9% |
* The dividend adjustment factor is calculated on the assumption that the final dividend of 2.97p (2025 – 2.78p) paid by the Company during the period was reinvested into shares of the Company at the cum income NAV per share/share price, as appropriate, at the ex-dividend date.
Unlisted (private) company
An unlisted or private company means a company whose shares are not available to the general public for trading and are not listed on a stock exchange.
Principal risks and uncertainties
The principal risks facing the Company are financial risk, discount risk, regulatory risk, third party service provider risk, cyber security risk and leverage risk. An explanation of these risks and how they are managed is set out on pages 47 to 50 of the Company’s Annual Report and Financial Statements for the year ended 31 March 2026, which is available on the Company’s website: scottishmortgage.com.
The principal risks and uncertainties have not changed since the date of that report.
The Interim Financial Report will be available on the Company’s website at scottishmortgage.com‡ from 6 November 2026 and will be mailed to shareholders on 17 November 2026.
None of the views expressed in this document should be construed as advice to buy or sell a particular investment.
Scottish Mortgage Investment Trust PLC is an actively managed, low cost investment trust, investing in a concentrated global portfolio of companies with the aim of maximising its total return over the long term. It looks for strong businesses with above-average returns and aims to achieve a greater return than the FTSE All-World Index (in sterling terms) over a five year rolling period.
You can find up-to-date performance information about Scottish Mortgage at scottishmortgage.com‡
‡ Neither the contents of the Company’s website nor the contents of any website accessible from hyperlinks on that website (or any other website) is incorporated into, or forms part of, this announcement.
Scottish Mortgage is managed by Baillie Gifford & Co, the Edinburgh based fund management group with £189.5 billion under management and advice in active equity and bond portfolios for clients in the UK and throughout the world (as at 30 September 2026).
Investment Trusts are UK public limited companies and are not authorised or regulated by the Financial Conduct Authority.
Past performance is not a guide to future performance. The value of an investment and any income from it is not guaranteed and may go down as well as up and investors may not get back the amount invested. This is because the share price is determined by the changing conditions in the relevant stock markets in which the Company invests and by the supply and demand for the Company’s shares.
5 November 2026
For further information please contact:
Alex Blake, Baillie Gifford & Co
Tel: 0131 275 2000
Jonathan Atkins, Four Communications
Tel: 0203 920 0555 or 07872 495396
Automatic Exchange of Information
In order to fulfil its obligations under UK tax legislation relating to the automatic exchange of information, Scottish Mortgage Investment Trust PLC is required to collect and report certain information about certain shareholders.
The legislation requires investment trust companies to provide personal information to HMRC on certain investors who purchase shares in investment trusts. Accordingly, Scottish Mortgage Investment Trust PLC will have to provide information annually to the local tax authority on the tax residencies of a number of non-UK based certificated shareholders and corporate entities. New shareholders, excluding those whose shares are held in CREST, who come on to the share register will be sent a certification form for the purposes of collecting this information.
For further information, please see HMRC’s Quick Guide: Automatic Exchange of Information – information for account holders gov.uk/guidance/automatic-exchange-of-information-account-holders.
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No Provider has any obligation to update, modify or amend the data or to otherwise notify a recipient thereof in the event that any matter stated herein changes or subsequently becomes inaccurate.
Without limiting the foregoing, no Provider shall have any liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgements, or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the content, information or materials contained herein.
FTSE Index Data
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