Annual Report
and Financial
Statements
31 March 2026
Contents
01 Financial headlines
02 An introduction to Scottish Mortgage
Strategic report
04 Statement from the Chair
07 Managers’ Review
19
Stewardship and governance engagement
21
One-year summary
22 Five-year summary
23 Ten-year record
25 Portfolio executive summary
27
Distribution of total assets
28 Thirty largest holdings and twelve month performance
29 Private companies summary
35
Long term investment
36
List of investments
44 Business review
Governance report
57 Directors and management
59 Directors’ report
63 Corporate governance report
69 Audit Committee report
71 Directors’ remuneration report
74 Statement of Directors’ responsibilities in respect
of the annual report and financial statements
Financial report
75 Independent auditors’ report
83 Income statement
84 Balance sheet
85 Statement of changes in equity
86 Cash flow statement
87 Notes to the financial statements
Shareholder information
111 Notice of Annual General Meeting
118 Further shareholder information
119 Investing in Scottish Mortgage
120
Communicating with shareholders
123 Glossary of terms and Alternative
Performance Measures
Scottish Mortgage aims to identify, own and support the world’s
most exceptional growth companies. We aim to provide long-term
funding and support for the companies and entrepreneurs building
the future of our economy.
Investor disclosure document
The UK Alternative Investment Fund Managers Regulations requires certain information to be made available to investors prior to
their investment in the Company. The Company’s Investor Disclosure Document is available for viewing at scottishmortgage.com.
Notes
None of the views expressed in this document should be construed as advice to buy or sell a particular investment.
Investment trusts are UK public listed companies and as such comply with the requirements of the Financial Conduct Authority. They are not
authorised or regulated by the Financial Conduct Authority.
Scottish Mortgage Investment Trust PLC currently conducts its affairs, and intends to continue to conduct its affairs, so that the Company’s
ordinary shares can qualify to be considered as a mainstream investment product and can be recommended by Independent Financial Advisers
to ordinary retail investors in accordance with the rules of the Financial Conduct Authority in relation to non-mainstream investment products.
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.
If you are in any doubt as to the action you should take you should consult your stockbroker, bank manager, solicitor, accountant or other
independent financial advisor authorised under the Financial Services and Markets Act 2000 immediately if you are in the United Kingdom
or,ifnot, another appropriately authorised financial adviser.
If you have sold or otherwise transferred all of your holding in Scottish Mortgage Investment Trust PLC, please forward this document, together
with accompanying documents, but not your personalised Form of Proxy, as soon as possible to the purchaser or transferee, or to the stockbroker,
bank or other agent through whom the sale or transfer was or is being effected for delivery to the purchaser or transferee.
01
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
Share Price 26.8% NAV 27.9%
(borrowings at book value)
NAV 27.4%
(borrowings at fair value)
FTSE All-World
Index*
18.0%
Financial headlines
Year to 31 March 2026
fi
Measures on pages 123 to 125521
M
2025
AMJJASONDJ
FM
2026
Source: xxxxxxxxx.
xxxx
xxxx
xxxx
80
110
120
130
140
100
90
Share price, NAV and
FTSE All-World Index
fi
5)
Share price total return
†
NAV total return (after
†
*
total return
†
121
*
†
123 to 125
Premium/(discount)
†
borrowings at fair
value
†
Source: xxxxxxxx.
xxxx
M
2025
AMJJASONDJ
FM
2026
(12%)
(10%)
(14%)
(2%)
(4%)
0%
(6%)
(8%)
1 year 3 years 5 years 10 years
Share price
4 5 1
*
fi
†
2026
Longer term performance (%)
Total returns
02
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
SHAREHOLDER INFORMATION
An introduction to Scottish Mortgage
Our purpose
Our philosophy
What we do
Finding outliers
•
•
fi
•
fi
How we do it
Long-term patient capital
•
•
• Progress is rarely a straight line
Who helps us
External insights – academics, scientists and founders
•
•
•
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When we do it
Public and private companies
• fi
•
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•
Why we do it
Being partners not investors will have a genuine impact
•
•
fl
•
Our mission is to identify
forward-thinking
companies, often still led
by their visionary founders.
Companies that are set to
change the world. Why?
Becausewe believe these
outliers create the most
exceptional growth
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
SHAREHOLDER INFORMATION
03
Invest in progress
As a shareholder you will be a part of...
INNOVATIVE
INTRIGUING
fi
IMPACT
through engaging with
fi
Supporting those
who are IMAGINING
what the future
Our structure
Scottish Mortgage is an investment trust – how does this structure benefit our shareholders?
Company status
Just like other public
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after the interests of our
are responsible for various
Scottish Mortgage has
Democratising access
toprivate companies
fi
fi
Accessibility
fi
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structure
Permanent capital
Underpinning everything is a genuine commitment to low costs. We believe our duty to shareholders is to limit fees.
Putsimply, lower charges directly translate into shareholders keeping more of the returns generated from their investment.
Our scale and commitment to low costs enables us to offer genuine value for money.
Although there are benefits to the investment trust structure, there are also risks involved.
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
04
121
This strategic report, which includes pages 04 to 56 and incorporates the statement
from the Chair, has been prepared in accordance with the Companies Act 2006.
Strategic report
Introduction
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Performance
Total return* (%)
Year to 31 March 2026 1 year 3 years 5 years 10 years
Share price
NAV 5
Share price
NAV
*
fi
Afi
fi
scottishmortgage.com
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Change in Investment Policy
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Value for Money
05
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
Financial Position
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Earnings and Dividend
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2026
Discount Management
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ESG
Shareholder Engagement
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Board Composition
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Outlook
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ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
06
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for
26
07
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
Manager Review – Tom Slater
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SpaceX
The acceleration of artificial
intelligence into a global
infrastructure buildout is, in our
judgment, the most important
structural change in the global
economy since the emergence
of the internet, and we are still
in its early stages.
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ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
08
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in
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09
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
The AI Buildout
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The Fracturing of Global Commerce
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ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
10
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The Cost of Slower Growth
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Beyond AI
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11
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
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businesses is generating the revenues their eventual
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Active Management
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ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
12
in businesses we believe have the potential to be
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Looking Forward
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Tom Slater
13
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
Manager Review – Lawrence Burns
Agentic Dawn
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Software
fi
an
fi
Mar 26Jan 26Nov 25Sep 25Jul 25May 25Mar 25Jan 25
Anthropic Revenue Run Rate since Jan 2025
$0B
$5B
$10B
$15B
$20B
$25B
$30B
$32B
$1B
$3B
$9B
$19B
$30B
YTD 2026 Growth Rate
+233%
FY 2025 Growth Rate
+800%
Anthropic Revenue Run Rate since Jan 2025
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
14
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Far beyond software development
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Agents
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Beyond the Valley
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15
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
Physical supply chain
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training was the original enabler of the conversational
The pattern of revolutions
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Lawrence Burns
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ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
16
Managers’ core beliefs
Overview
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We can categorise our core beliefs into 6 key pillars.
1. Long-term patient capital
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Core
beliefs
patient capital
Learning
sources
Meaningful
relationships
set
Low cost
1 2 3 4 5 6
17
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
2. Finding the few exceptional companies
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fitwo
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selecting stocks on the basis of the past (their current
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3. Learning from external sources
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The investment management
industry is ill-equipped to
dealwith the behavioural
andemotional challenges
inherent in today’s capital
markets. Our time frame and
ownership structure help us
tofight these dangers.
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
18
4. Unconstrained opportunity set
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5. Meaningful relationships
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6. Low cost
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36)
3
19
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
Stewardship and governance engagement
TSMC
Objective
Discussion
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Outcome
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Shopify
Objective
Discussion
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Outcome
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ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
20
Proxy voting to 31 March 2026
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scottishmortgage.com
Company meeting record and
voting distribution
†
732
24
†
21
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
As at 31 March 2026 2025 % change
*
†
11 13
†
1 1
*
1
Share price 1
†‡
Active share
†
Year to 31 March 2026 2025
p
Ongoing charges ratio
†‡
Year to 31 March 2026 2025
Total returns (%)
†
‡
Share price
‡
Year to 31 March 2026 2026 2025 2025
Year’s high and low High Low High Low
Share price 1
†
1
†‡
(
Year to 31 March 2026 2025
Net return per ordinary share
Revenue return
275.31p 94.57p
*
123 to 125
†
123 to 125
‡
121
The following information illustrates how Scottish Mortgage has performed over
the year to 31 March 2026.
One-year summary
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
22
The following charts indicate how Scottish Mortgage has performed relative to the
FTSE All-World Index
*
; and the dividend against the retail price index (‘RPI’) over the
five year period to 31 March 2026.
*
† 123 to 125
#
121
‡
fi123 to 125
Five year total return performance
†
fi1)
Relative annual net asset value and share price
totalreturn
†
*
total returns)
Five-year summary
Relative five year active share
†
*
Five year turnover
‡
Sou
rce: LSEG/Baillie Gifford and relevant underlying index providers#.
Dividends ar
e reinvested.
Share price total return†
NAV (after deducting borrowings at fair value) total return†
FTSE All-World Index total return*
20262021 2022 2023 2024 2025
Cumulative years to 31 March
* Benchmark: FTSE All-World Index (in sterling terms)
#
.
0
20
40
80
120
180
140
100
60
160
Dividend and RPI growth
fi1)
Premium/(discount) to net asset value
†
Source: LSEG/Baillie Gifford
#
.
Scottish Mortgage premium/(discount) (after deducting
borrowings at fair value)
†
Scottish Mortgage premium/(discount) (after deducting
borrowings at par)
†
20262021 2022 2023 2024 2025
Years to 31 March
(25%)
5%
0%
(10%)
(5%)
(20%)
(15%)
Source: Baillie Gifford.
Turnover
‡
20262021 2022 2023 2024 2025
0%
100%
60%
40%
80%
20%
202620252020 2021 2022 2023 2024
Sou
rce: Baillie Gifford and relevant underlying index providers
#
.
Active share
†
0%
100%
90%
Source: LSEG/Baillie Gifford and relevant underlying index providers#.
Dividends are reinvested.
Share price total return†
NAV (after deducting borrowings at fair value ) total return†
20262022 2023 2024 2025
Years to 31 March
(4
0%)
20%
0%
(20%
)
10%
(10%)
(30%
)
Sou
rce: LSEG/Baillie Gifford
#
.
RPI
Scottish Mortgage dividend
20262022 2023 2024 2025
Cumulative years to 31 Mar
ch
0
5
10
15
20
25
30
35
23
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
Revenue Gearing ratios
Year to
31 March
Gross
revenue
£’000
Available
for ordinary
shareholders
£’000
Revenue
earnings per
ordinary
share
‡
p
Dividend paid
and proposed
per ordinary
share (net)
p
Ongoing
chargesratio
¶
%
Gearing
§
%
Gross
gearing
^
%
2016 13 14
2017 9 10
7
2019 9 9
2020 10 11
2021 6 7
2022 13 14
2023 14 16
2024 11 13
2025 13 13
2026 33,109 25,639 2.28 4.57 0.33 11 12
‡
92
¶
123 to 125
§
123 to 125
^
Measures on pages 123 to 125
Capital
At
31 March
Total
assets
*
£’000
Borrowings
£’000
Shareholders’
funds
*
£’000
Net asset value
per share
(book)
†
p
Net
asset value
pershare
†
(fair)
p
Net
asset value
pershare
†
(par)
p
Share
price
p
Premium/
(discount)
#
(fair)
%
Premium/
(discount)
#
(par)
%
2016
2017
2019
2020
2021
2022
2023
2024
2025
2026 15,428,373 1,606,198 13,822,175 1,282.0 1,315.8 1,281.9 1,191.0 (9.5) (7.1)
121
* 123 to 125
†
110
123 to 125
#
123 to 125
Ten-year record
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
24
Cumulative performance (taking 2016 as 100)
At
31 March
Net asset
value per
share
*
(fair)
Net asset
value total
return
*
(fair)
FTSE
All-World
Index
†
FTSE
All-World
Index
†
total
return
Share
price
Share
price total
return
Revenue
earnings per
ordinary
share
Dividend paid
and proposed
per ordinary
share (net)
Retail
price
index
2016 100 100 100 100 100 100 100 100 100
2017 137 130 133 139 141 64 101 103
170 173 130 137 171 72 104 107
2019 192 197 141 152 195 200 99 106 109
2020 225 129 142 225 93 110 112
2021 454 470 176 433 37 116 114
2022 413 195 224 391 405 70 121 124
2023 326 340 222 259 269 174 139 141
2024 361 223 341 357 140 143 147
2025 400 421 231
359 151
2026 508 536 267 334 454 480 137 154 156
Compound annual returns (%)
121
*
123 to 125
†
fi
202620252016 2017 2018 2019 2020 2021 2022 2023 2024
0
200
100
400
300
500
600
Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer on page 121.
Share price total return
#
NAV (after deducting borrowings at fair value) total return
#
FTSE All-World Index
‡
total return
Ten-year total return performance
#
fiMarch 2016)
#
123 to 125
‡
25
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
Portfolio executive summary
1 year 3 years 5 years 10 years
Share price
4 5
†
fi*6
*123 to 125
†
121
Performance
Investment changes
Valuation at
31 March
2025
£’000
Net
acquisitions/
(disposals)
£’000
Appreciation/
(depreciation)
£’000
Valuation at
31 March
2026
£’000
*
‡
¶
97
Asia
Rest of Asia
Total investments 13,665,731
(342)
Total assets 13,706,333
fi
* fi
†
fi
#
fi
‡
fi
¶
of
§
fi
^
fi
Contributors
Contribution
to absolute
performance% *
Absolute
performance%
†
ASML
Stripe
Key contributors and detractors to performance – year to 31 March 2026
Detractors
Contribution
to absolute
performance% *
Absolute
performance%
†
Meituan
Sea
*
fl
†
5 to 31 March 2026fi
123 to 125
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
26
Portfolio transactions – year to 31 March 2026
Complete sales Reductions
fi
ASML
fl
Ferrari
fl
fl
New buys Additions Private company follow-on rounds
Applovin
Sea
27
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
Distribution of total assets
*
Portfolio themes
Geographical 2026 (2025) Sectoral 2026 (2025)
*
●
North America 59.7% (54.5%)
United States 57.7% (52.2%)
Canada 2.0% (2.3%)
●
Europe 13.7% (17.3%)
United Kingdom 2.9% (3.0%)
Eurozone 8.1% (9.7%)
Developed Europe (non euro)
2.7% (4.6%)
●
Asia 13.2% (14.5%)
China 13.2% (14.5%)
●
South America 5.3% (6.5%)
Brazil 5.3% (6.5%)
●
Rest of Asia 7.9% (6.5%)
Korea 0.8% (1.0%)
Singapore 1.4% (2.0%)
Taiwan 5.7% (3.5%)
●
Africa and the Middle East 0.2% (0.7%)
Nigeria <0.1% (<0.1%)
Israel 0.2% (0.7%)
●
Technology 32.1% (30.0%)
●
Industrials 29.2% (16.9%)
●
Healthcare 8.2% (7.9%)
●
Financials 5.6% (5.9%)
●
Net Liquid Assets 0.1% (0.3%)
●
Basic Materials 1.0% (1.2%)
●
Consumer Discretionary
20.6% (33.5%)
●
Consumer Staples 1.4% (1.9%)
●
Energy 1.8% (2.4%)
Evolution
of Transport
Healthcare
Innovation
Luxury Brands
Digitalisation
of Commerce
Digitalisation
of Finance
Cloud & AI
Infrastructure
Enablers of AI
& Compute
Digitalisation
of Finance
The Future of
Advertising &
Entertainment
Emerging
Technologies
o
l
ut
io
n
nspor
t
Healthca
re
nnovation
xury Brand
s
s
Digitalisation
of Commerce
italisation
of Finance
Cloud & AI
Infrastructu
Enab
le
& Co
mp
ti
on
ti
on
sati
on
sati
on
sa
sa
li
s
tal
ta
l
Digita
ta
Digit
Digita
in
nan
ce
n
na
n
n
n
i
F
i
Fin
F
i
Fin
of F
i
Fin
f F
i
of Fin
T
Th
e Fu
A
Ad
vert
E
ntert
a
erging
ologies
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
28
Thirty largest holdings and twelve month performance at 31 March 2026
Name
Business
Fair value
31 March
2026
£’000
%
of total
assets
Absolute
performance *
%
Fair value
31 March
2025
£’000
ASML
Ferrari
fl
Sea
Local services aggregator
Anthropic
fl
12,484,193 80.7
* 5 to 31 March 2026fi
123 to 125
†
121
Zipline
International
Inc
29
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
Private companies summary
Transaction value
Concentration
At 31 March 20263
•
•
New buys Follow on funding rounds VC fund flow
Anthropic
Note
Historical snapshot
fi9
Portfolio activity – year to 31 March 2026
2545132
8 Takeover
40 Listed
53 Currently held
*
1 Liquidated
0
1,400
1,000
1,200
800
600
200
400
Buy
Follow on Listed
Sale
Takeover
2011 2012 2013 2014 2015 2016 2017 2018 2019202020212022202320242025 2026
*
93
Private exposure
(31 March 2026)
Space Exploration
Technologies Corp
19.3
ByteDance Ltd
7
Stripe Inc
Zipline
International
Inc
Databricks Inc
Others
1
fi
6
Total private company exposure
Top 10 – 35.7%
Top 5 – 31.4%
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
30
6,000
24,000
12,000
21,000
3,000
15,000
18,000
9,000
Mar
2026
Mar
2025
Mar
2011
Mar
2022
Mar
2023
Mar
2024
Jun
2010
Mar
2012
Mar
2013
Mar
2014
Mar
2015
Mar
2016
Mar
2017
Mar
2018
Mar
2019
Mar
2020
Mar
2021
£ million
80
0
20
50
40
%
70
60
30
10
0
Source: Baillie Gifford.
Total assets in sterling (left hand axis)
Private company securities as a % of total assets (right hand axis)
Private company securities and listed securities previously held in the portfolio as private company securities as a % of total assets
(right hand axis)
*
See Glossary of terms and Alternative Performance Measures on pages 123 to 125.
Wise Plc
Tempus AI Inc
Spotify Technology SA
Snowflake Inc
Sana Biotechnology Inc
Recursion Pharmaceuticals Inc
Oddity
Meituan
Joby Aviation Inc
Horizon Robotics Inc
HeartFlow
Ginkgo Bioworks Inc
Denali Therapeutics
Bolt Projects Holdings Inc
Aurora Innovation Inc
Affirm Holdings Inc
1900900 29000 100 200-100 600 800500700300 400
Absolute performance from initial investment to initial public offering
Absolute performance from initial public offering to 31 March 2026
Total absolute performance from initial investment to 31 March 2026
Note: Absolute performance returns cannot be added together as they are geometric.
Source: StatPro/Baillie Gifford.
Performance of listed holdings at 31 March 2026 held previously as private company investments
fromdate of initial investment of each holding to 31 March 2026
Private company securities and listed securities previously held as private company securities
asa percentage of total assets
*
31
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
As at 31 March 2026
Cap Total equity value (USD) Portfolio % Number of holdings
Micro 11
15
6
Large 9
41.5 41
2026
£’000
2025
£’000
Opening balance 1 April
*
†
Closing balance 31 March 6,418,073 3,784,787
*
6
†
fl
Overview
Size
fi
525
Valuation movements – year to 31 March 2026
Valuation changes
(100%)
(50%)
0%
50%
100%
200%
150%
300%
250%
8%
Average change at company level in
Scottish Mortgage private company portfolio
Year to 31 March 2026
86%
Average change of top 10 private
company valuation in Scottish Mortgage
private company portfolio
Year to 31 March 2026
Private companies - the dark blue bars in chart above represent individual company valuations
#
2026
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
32
Top 10 Private Company Progress Report – year to 31 March 2026
Space Exploration Technologies Corp
• Valuation Step-Up
fi
fi
scottishmortgage.com
• Launch Dominance
fl
• Starlink Expansion
fi
fl
• Starship Progress
fi
fl
ByteDance
• Revenue Milestone
sales
• Valuation Discount
fl
• TikTok Resolution
• AI Expansion
Stripe Inc
• Scale of Processing
fi
fi
• Valuation Step Up
fl
• Powering the Digital Economy
• Stablecoin Expansion
Zipline International Inc
• Unmatched Safety Record
fl
33
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
• Fresh Funding
• US Consumer Traction
• State Department Partnership
fi
fi
Databricks Inc
• Record Revenue Growth
fl
• $134 Billion Valuation
• Enterprise Dominance
• Enterprise Depth and Partnerships
Anthropic
• Revenue Growth
• Historic Capital Raise
fi
• Coding Market Leadership
fi
• Enterprise adoption
Blockchain.com
• Regulatory Progress
• Crypto Market Milestone
fl
fl
• Institutional Adoption
• US Regulatory Engagement
fi
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
34
Revolut
• Record Growth and Profitability
fi
fi
• $75 Billion Valuation
fi
• Full UK Banking Approval
• Global Expansion
fi
fi
The Production Board (TPB)
• Supergut Series B
• National science policy recognition
fi
fi
• Almond Commercialisation
fi
fi
• Platform Expansion
Ant International
• Cross-Border Transaction Growth
fl
• Consumer Reach
• Business Payments
• Merchant Adoption
fi
35
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
Long–term investment
Portfolio holding periods as at 31 March 2026
More than 5 years
2–5 years Less than 2 years
1123 to 125
Name
% of
total
assets
*
Revolut
Applovin
*
*
Total 9.2
Name
% of
total
assets
fl
Sea
Nuro
Rappi
Name
% of
total
assets
Stripe
Aurora
fl
Name
% of
total
assets
Overage
Uptake
#
Northvolt
Total 51.0
Name
% of
total
assets
Solugen
Total 22.2
Name
% of
total
assets
fi
Name
% of
total
assets
ASML
Ferrari
Meituan
fl
More than 10 years
Name
% of
total
assets
Name
% of
total
assets
Total 17.5
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
36
List of investments as at 31 March 2026
*
fi
5fl
†
fi
#
fi
Name
Business
Fair value
31 March
2026
£’000
%
of total
assets Notes
*
Fair value
31 March
2025
£’000
fifi
ASMLASML fifi
fifi
fifi
fifi
37
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
*
fi
5fl
†
fi
#
fi
Name
Business
Fair value
31 March
2026
£’000
%
of total
assets Notes
*
Fair value
31 March
2025
£’000
FerrariFerrari
fifi
New purchaseNew purchase
flfl fifi
SeaSea fifi
fifi
Local services aggregatorLocal services aggregator
New purchaseNew purchase
fifi
flfl
fifi
flfl
fifi
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
38
Name
Business
Fair value
31 March
2026
£’000
%
of total
assets Notes
*
Fair value
31 March
2025
£’000
RevolutRevolut NeobankNeobank
fifi
fifi
fifi
fifi
fifi
servicesservices
fifi
servicesservices
fifi
fifi
*
fi
5fl
†
fi
#
fi
39
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
Name
Business
Fair value
31 March
2026
£’000
%
of total
assets Notes
*
Fair value
31 March
2025
£’000
New purchase New purchase
ApplovinApplovin
New purchase New purchase
New purchase New purchase
New purchase New purchase
New purchase New purchase
New purchase New purchase
New purchase New purchase
businessesbusinesses
businessesbusinesses
businessesbusinesses
businessesbusinesses
businessesbusinesses
businessesbusinesses
437 437 603 603
businessesbusinesses
101 101 140 140
New purchase New purchase
*
fi
5fl
†
fi
#
fi
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
40
Name
Business
Fair value
31 March
2026
£’000
%
of total
assets Notes
*
Fair value
31 March
2025
£’000
Voting SharesVoting Shares
246 246 243 243
Recursion Recursion
66
55
00
fifi
fifi
Manufactures luggageManufactures luggage
Note 2021Note 2021
Manufactures luggageManufactures luggage
NoteNote
Manufactures luggageManufactures luggage
Manufactures luggageManufactures luggage
*
fi
5fl
†
fi
#
fi
41
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
Name
Business
Fair value
31 March
2026
£’000
%
of total
assets Notes
*
Fair value
31 March
2025
£’000
Significant purchaseSignificant purchase
New purchase New purchase
printersprinters
Follow-on purchase Follow-on purchase
printersprinters
printersprinters
flfl
fifi
New purchase New purchase
contractors with workcontractors with work
fifi
NoteNote
*
fi
5fl
†
fi
#
fi
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
42
Name
Business
Fair value
31 March
2026
£’000
%
of total
assets Notes
*
Fair value
31 March
2025
£’000
SharesShares
solutionssolutions
solutionssolutions
fifi
fifi
refref
OverageOverage
entrepreneurs establish their entrepreneurs establish their
softwaresoftware
940 940
621 621
512 512 555 555
fifi
9 9
455 455
*
fi
5fl
†
fi
#
fi
43
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
Name
Business
Fair value
31 March
2026
£’000
%
of total
assets Notes
*
Fair value
31 March
2025
£’000
vehiclesvehicles
vehiclesvehicles
vehiclesvehicles
vehiclesvehicles
vehiclesvehicles
Total Investments 15,409,435 99.9
¶
Total Assets
¶
15,428,373 100.0
*
fi
5fl
#
fi
†
fi
‡
¶
123 to 125
§
Listed
equities
%
Unlisted
(private company)
securities
‡
%
Unlisted
(private company)
bonds
%
Net liquid
assets
¶
%
Total
%
31 March 2026 58.4 41.4 0.1 0.1 100.0
31 March 2025
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
44
Business model
Business and status
fi
Change to Investment Policy
fl
fl
fi
fl
Investment objective
Business review
Investment policy
fi
fi
fi
fi
(1)
fi
fi
fi
(1)
45
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
16 to 1
4 to 6
7 to 1
on pages 25 to 43
Liquidity policy
fi
fi
fi
fi
21
21
fi
7
Dividend policy
Gearing policy
borrowings in the belief that gearing the portfolio into
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
46
Performance
Key Performance Indicators
•
•
•
•
•
•
on pages 123 to 125
fi
on pages 21 to 24
page 1
Borrowings
104110
place which are shown on pages 9697
fi
fi
Principal and emerging risks
66
fi
fi
fi
fl
fi
fi
fi
47
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
What is the risk? How is it managed?
Current assessment
of risk
Financial
Risk
fi
• fi
•
•
•
fi
fl
•
•
• fl
•
weightings
•
•
• levels of portfolio concentration
•
•
•
ensuring:
•
•
• reviews the balance between
fi
•
the interaction between portfolio
borrowings
•
fi
but stable given
continues to be
fl
together with greater
contribute to
technological
fi
creating both
fi
fl
concentration of the
a result of valuation
uplifts in certain
fi
Decreasing RiskIncreasing Risk Stable Risk
Moderate RiskHigh Risk Low Risk
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
48
What is the risk? How is it managed?
Current assessment
of risk
Discount
Risk
•
• fi
•
fl
allocation
fl
the scale of share
capital allocation
Regulatory
Risk
in:
• fi
•
•
•
fi
fl
review processes to ensure
representations in respect of
continues to operate
Decreasing RiskIncreasing Risk Stable Risk
Moderate RiskHigh Risk Low Risk
49
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
What is the risk? How is it managed?
Current assessment
of risk
Third Party
Service
Provider Risk
result in:
•
•
•
•
•
internal controls to the Managers but
fi
fi
fi
•
• fi
• fi
fi
are operating
increasing
greater reliance on
appropriate controls
Decreasing RiskIncreasing Risk Stable Risk
Moderate RiskHigh Risk Low Risk
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
50
What is the risk? How is it managed?
Current assessment
of risk
Cyber
Security Risk
fi
•
• fi
•
fi
function also reviews internal controls
fi
fi
evolving threat
geopolitical tensions
sophistication of
Leverage
Risk
in Notes 1112 to the Financial
fi
fl
fi
fl
fl
leverage continues to
the current level of
successful
fi
fl
Decreasing RiskIncreasing Risk Stable Risk
Moderate RiskHigh Risk Low Risk
51
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
Viability statement
fi
fi
Assumption 1
fi
Assumption 2
page 56
fi
fi
fi
fi
fi
fl
fl
fl
uncontrollable plausible
fi
fi
fi
Promoting the success of the Company
(Section 172 Statement)
fi
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
52
Stakeholder Why we engage How we engage and what we do
fi
fi
brokers
fi
Manager
fi
fl
19
Registrar
53
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
Stakeholder Why we engage How we engage and what we do
fi
75
fi
page 67
fi
fi
fi
fi
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
54
• the discount to NAV per share.
fi
• performance of the Company.
fi
• private company exposure and investment policy
limits.
fl
fi
64
fi
Stakeholder Why we engage How we engage and what we do
fl
fl
fi
55
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
STRATEGIC REPORT
• Management of the share price discount and capital
allocation
fi
fi
fi
• Refinancing of borrowing facilities
fi
fl
fi
• Board composition and succession planning
fi
fi
• nvestment policy flexibility for private companies
fl
Employees, human rights and community issues
64
Gender representation
As at 31 March 2026
fourthree
is set out on page 64
Environmental, social and governance policy
fi
fl
fi
fl
scottishmortgage.com
Climate change
fi
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
STRATEGIC REPORT
56
ESG reporting and signatories
on page 20
scottishmortgage.com
fi
website at bailliegifford.com
Modern Slavery Act 2015
fi
bailliegifford.com
Future developments of the Company
4 to 6
Reviews on pages 7 to 1
4 to 56 was
behalf on 266
57
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
GOVERNANCE REPORT
Directors
The members of the board come from a broad variety of backgrounds. The board
can draw on an extensive pool of knowledge and experience.
Directors and management
Vikram Kumaraswamy
fi
fi
fi
Mark FitzPatrick
fi
fi
fi
fi
Professor Patrick H Maxwell
Stephanie Leung
fi
fi
Christopher Samuel
fi
2025
fi
Finance
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
GOVERNANCE REPORT
58
Managers and secretaries
fi
fi
fi
Sharon Flood
Heather Manners
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
GOVERNANCE REPORT
59
6
Corporate governance
63
Manager and company secretaries
6
fi
fl
fi
Depositary
fi
Directors
57
Directors’ indemnification and insurance
fi
fi
6
fi
Conflicts of interest
fl
fl
fl
fl
Dividends
fip per
fi
6 to
261 June 2026
fi
19 June 2026
Directors’ report
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
GOVERNANCE REPORT
60
Share capital
Capital structure
6
consists of
6
Dividends
fi
Capital entitlement
Voting
Major interests in the company’s shares
fi
Name
Ordinary 5p
shares held
at 31 March
2026 % of issue
Analysis of shareholders at 31 March
2026
Number of
shares held
2026
%
2025
Number of
shares held
2025
%
*
1,078,166,806 100.0 1,201,051,727 100.0
*
Share issuances and share buy-backs
6shares
21
6
6
21
Annual general meeting
111 to 117
Resolution 13 – authority to allot shares
3 seeks to renew the
216
fi
As at 21
2
2027
7
Resolution 14 – disapplication of pre-emption rights
Resolution 14
216
4
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
GOVERNANCE REPORT
61
Resolution 15
fi
fl
Resolution 15 – authority to issue shares at a discount
to net asset value
asset value per share of those shares without such shares
fi
fi
5 seeks to renew the
5 Annual
cash at a price below the net asset value per share on
Resolution 16 – market purchase of own shares by
theCompany
216
7
Resolution 15
fi
Resolution 17 – adoption of new Articles
ofAssociation
Adoption of new Articles of Association
New Articles
(theExisting Articles
or
fl
116 to
117
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
GOVERNANCE REPORT
62
Recommendation
fi
as at 21
Financial instruments
fi
fi
fi
Articles of association
Disclosure of information to auditors
fi
Independent auditors
fi
Post balance sheet events
fl
fi
fi
fi
fi
fi
Stakeholder engagement
fi
4 to 56
Greenhouse Gas Emissions and Streamlined
Energy& Carbon Reporting (‘SECR’)
Criminal Finances Act 2017
Bribery act
262026
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
GOVERNANCE REPORT
63
Corporate governance report
theaic.co.uk
fi
frc.org.uk
Compliance
fi
The Board
fi
on
16
fi
57
Board Committees
fi
fi
fi
Appointments
Independence of Directors
fi
fl
the appropriate balance between the retention of the
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
GOVERNANCE REPORT
64
fl
will retire
26
2026his
hiswas
fi
Policy on tenure of the Chair
Meetings
fi
Directors’ attendance at meetings
Board
Audit
Committee
Nomination
Committee
Number of meetings 6 4 1
6 4 1
6 4 1
6 4 1
6 4 1
6 4 1
Stephanie Leung 6 4 1
* 2 1
*6
Nomination Committee
fl
fl
scottishmortgage.com
Diversity and inclusion
52
fi
bailliegifford.com/en/uk/about-us/diversity-inclusion
Board diversity policy
fi
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
GOVERNANCE REPORT
65
fi
fi
Board composition
fi
6
fi
reviewing her she will be able to
fi
will
fi
fi
fi
fl
fl
sevenfour
three
set out in their biographies on pages
fi
Board as at 31 March 2026
Gender
Number
of Board
Members
% of the
Board
Number of
senior
positions on
theBoard *
Men 4 2
3
7 100 2
Ethnic background
Number
of Board
Members
% of the
Board
Number of
senior
positions on
theBoard *
groups)
5 2
2
7 100 2
*
to be
senior positionsfl
Performance evaluation
fi
fi
other issues:
•
•
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
GOVERNANCE REPORT
66
•
•
•
fi
fi
Induction and training
fi
as
Remuneration
fl
fl
71
Audit Committee
69
Internal controls and risk management
fi
fi
fi
fi
fi
fi
fi
fi
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
GOVERNANCE REPORT
67
fi
fi
fi
fi
fi
leverage (see page 119
Going concern
47 to 50
fl
fi
fi
fi
fi
fi
fi
fi
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
GOVERNANCE REPORT
68
fi
fi
on page 51
Relations with shareholders
fi
scottishmortgage.com
scottishmortgage.com
Authorities to issue and buy back shares
6 to
note 13 on page 99
Corporate governance and stewardship
fi
64
56
scottishmortgage.com
bailliegifford.com
Climate change
page 56
scottishmortgage.com
262026
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
GOVERNANCE REPORT
69
Audit Committee report
fi
fi
scottishmortgage.com
process (see page 66
Main activities of the Committee
•
Reports;
•
•
•
•
•
•
•
•
•
•
•
fi
fi
FRC Review
fi
fi
fi
Internal audit
fi
fi
Financial reporting
fi
9
• Private company (unlisted) investments
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
GOVERNANCE REPORT
70
fi
fi
fi
fi
• Listed investments
6
fi
fi
Internal controls and risk management
67fi
fi
Audit Tender
External auditors
fi
•
•
fl
•
65fi
fi
• fi
•
•
•
fi
•
•
•
•
fi
fi
fi
Accountability and audit
262026
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
GOVERNANCE REPORT
71
Directors’ remuneration report
Statement by the Chair
Annual
the Marketing
Directors’ remuneration policy
fl
fl
fi
fi
fi
Limits on Directors’ remuneration
6
7 are set out in the table
fi
Expected
fees for
year ending
31 Mar 2027
£
Fees for
year ending
31 Mar 2026
£
Additional fees payable for the
following positions:
in
ofAssociation
Annual report on remuneration
75 to
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
GOVERNANCE REPORT
72
Directors’ remuneration for the year (audited)
fi
Name
2026
Fees
£
2026
Taxable
benefits
*
£
2026
Total
£
2025
Fees
£
2025
Taxable
benefits
*
£
2025
Total
£
†
76,128 14,327
¶
22,385 84,003
54,678 51,911
‡
917 13,792 –
65,650 64,238
54,252
69,541
Stephanie Leung 54,935
377,309 34,052 411,361 350,000 27,932 377,932
*
fi
†
¶
‡
Annual change in Directors’ fees (role-based)
fi
Fee rates:
Year to
31 March
2026
Year to
31 March
2025
Year to
31 March
2024
Year to
31 March
2023
Year to
31 March
2022
Notes:
fi
fi
fi
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
GOVERNANCE REPORT
73
Directors’ interests (audited)
Name
Ordinary 5p
shares held at
31 March 2026
Ordinary 5p
shares held at
31 March 2025
*
Stephanie Leung
fi
fl
Statement of voting at Annual General Meeting
Relative importance of spend on pay
2026
£’000
2025
£’000
Change
%
411
Company performance
*
fi6)
Sou
rce: LSEG
#
.
Scottish Mortgage share price
FTSE All-World Index
†
FTSE All-Share Index
*
All figures are total return (assuming all dividends are reinvested).
See Glossary of terms and Alternative Performance Measures on
pages 123 to 125.
†
In sterling terms.
#
See disclaimer on page 121.
0
300
500
600
20
0
400
100
Cumulative years to 31 March
2016 2019 2020 202320252017 2018 2021 202
22026
2024
Approval
71 to 73 was
on 266
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
GOVERNANCE REPORT
74
Statement of directors’ responsibilities in respect
of the annual report and financial statements
fi
fi
fi
fi
fi
fi
fi
•
•
fi
•
• fi
fi
fi
fi
fi
Responsibility Statement of the Directors in
respect of the Annual Financial Report
fi
• fi
fi
•
fi
•
•
262026
Notes
fi
•
fi
• fi
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
75
Independent auditors’ report to the members
of Scottish Mortgage Investment Trust PLC
Report on the audit of the financial statements
Opinion
fi
•
fl
•
•
fi
•
•
•
• fl
• fi
Basis for opinion
fi
fi
Independence
fi
fi
fi
Our audit approach
Overview
Audit scope
•
• fi
•
•
Key audit
matters
•
•
•
Materiality
•
•
• fi2025
fi
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
76
The scope of our audit
fi
Key audit matters
fi
fi
fi
fi
fi
Key Audit Matter How our audit addressed the Key Audit Matter
Income from investments
fi
fi
fi
fi
fi
fi
fi
fi
fi
fi
fi
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
77
Key Audit Matter How our audit addressed the Key Audit Matter
Valuation and existence of listed
investments
R
fi
4
fi
Valuation and existence of unlisted
investments
fi
fi
fi
fi
•
fi
•
fi
•
fi
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
78
How we tailored the audit scope
fi
fi
fi
The impact of climate risk on our audit
fi
fi
fi
Materiality
fl
fi
fi
fi
follows:
Rationale for
fi
fi
fi92025:
fi
fi
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
79
Conclusions relating to going concern
•
fl
•
fi
•
fi
their review of the operational resilience of the
•
•
fi
fi
fi
fi
fi
fi
Reporting on other information
fi
fi
fi
fi
fi
Strategic report and Directors’ Report
fi
Directors’ remuneration report
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
80
Corporate governance statement
fi
fi
• fi
risks;
•
• fi
fi
fi
•
•
fi
fi
fi
•
•
•
fi
Responsibilities for the financial statements
and the audit
Responsibilities of the directors for the financial
statements
fi
fi
fi
fi
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
81
Auditors’ responsibilities for the audit of the
FinancialStatements
fi
fl
fi
fi
fi
fi
fi
•
•
•
•
fi
•
fi
•
fl
fi
website at: www.frc.org.uk/auditorsresponsibilities
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
82
Use of this report
Other required reporting
Companies Act 2006 exception reporting
•
•
•
fi
• fi
Appointment
fi
fi
26
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
83
Income statement
For the year ended 31 March
Notes
2026
Revenue
£’000
2026
Capital
£’000
2026
Total
£’000
2025
Revenue
£’000
2025
Capital
£’000
2025
Total
£’000
9 3,151,918 1,273,082
16,876 22,682
2 33,109 32,906
3 (40,121) (37,022)
4 (4,770) (12,653)
Net return before finance costs
and taxation
3,157,012 1,278,995
Finance costs of borrowings 5 (52,695) (55,682)
Net return before taxation 3,104,317 1,223,313
6 2 (2,698) (5,554)
Net return after taxation 25,639 3,075,980 3,101,619 17,876 1,199,883 1,217,759
Net return per ordinary share 7 2.28p 273.03p 275.31p 1.39p 93.18p 94.57p
fi
fl
to 110
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
84
Balance sheet
* pages 123 to 125
As at 31 March
Notes
2026
£’000
2026
£’000
2025
£’000
2025
£’000
Fixed assets
fi 9
Current assets
10
19
Creditors
11
()
()
Net current liabilities ()
Total assets less current liabilities
Creditors
12
Loan notes
(675)
()
Net assets 13,822,175 12,082,465
Capital and reserves
13
14
14
14
Revenue reserve 14
Total shareholders’ funds 15 13,822,175 12,082,465
Net asset value per ordinary share
* 15 1,282.0p 1,006.0p
pages266
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
85
Statement of changes in equity
For the year ended 31 March 2026
Notes
Called up
share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Capital
reserve *
£’000
Revenue
reserve *
£’000
Total
shareholders’
funds
£’000
2025 12,082,465
14 3,101,619
13 (1,311,758)
(50,151)
Shareholders’ funds at 31 March 2026 74,239 928,400 19,094 12,792,344 8,098 13,822,175
* fi
For the year ended 31 March 2025
Notes
Called up
share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Capital
reserve *
£’000
Revenue
reserve *
£’000
Total
shareholders’
funds
£’000
12,629,814
14 1,217,759
13 (1,709,766)
(55,342)
Shareholders’ funds at 31 March 2025 74,239 928,400 19,094 11,057,697 3,035 12,082,465
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
86
*
Cash flow statement
For the year ended 31 March
Notes
2026
£’000
2026
£’000
2025
£’000
2025
£’000
Cash flows from operating activities
Adjustments to reconcile company net return before
tax to net cash flow from operating activities
Finance costs of borrowings
Taxation
Other capital movements
Cash from operations
6)
Net cash outflow from operating activities 1)
Cash flows from investing activities
19)
Net cash inflow from investing activities 2
Cash flows from financing activities
thereon
Net cash outflow from financing activities
(342)
Cash at bank and in hand at end of period
* 11,028 9,013
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
87
Notes to the financial statements
1 Significant accounting policies
6 have
(a) Basis of accounting
fi
fl
fi
fi
fi
fi
fi
fi
51
principal risk as set out on page 56
fl
fl
fi
fi
(b) Significant accounting estimates and judgements
fi
Judgements
following areas:
5
fi
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
88
Estimates
fi
fi
increase in the
in the selection of the valuation process inputs are:
growth patterns;
fl
105 to illustrate the effect on the
(c) Investments
Purchases and sales
fi
Listed investments
Private company investments
5
portfolio:
• Multiples;
•
•
fl
fl
•
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
89
•
fi
Significant holdings
fi
fi
fi
Gains and Losses
(d) Cash at bank and in hand
(e) Income
fi
fi
(f) Expenses
fl
(g) Long term borrowings and finance costs
fi
fi
(h) Taxation
fi
fi
(i) Foreign currencies
(j) Capital reserve
fi
fi
fi
fi
fi
(k) Share premium account
fi
•
•
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
90
2 Income
2026
£’000
2025
£’000
Income from investments
*
Overseas interest
32,392 29,638
Other income
696
21
Total income 33,109 32,906
Total income comprises:
fi
fi
fi 717
33,109 32,906
*
(non5
3 Investment management fee
2026
Revenue
£’000
2026
Capital
£’000
2026
Total
£’000
2025
Revenue
£’000
2025
Capital
£’000
2025
Total
£’000
– 40,121 40,121 – 37,022 37,022
59
fi
65
4 Other administrative expenses
2026
£’000
2025
£’000
†
71) 377 350
Marketing
*
Registrar fees 100 102
169 163
fi
5 4
4,770 12,653
*
†
in 2025
fi
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
91
5 Finance costs of borrowings
2026
Revenue
£’000
2026
Capital
£’000
2026
Total
£’000
2025
Revenue
£’000
2025
Capital
£’000
2025
Total
£’000
fi
20,629 23,012
fi
5,486 5,537
fi
30 30 30 30
fi
26,550 27,103
– 52,695 52,695 – 55,682 55,682
fi65
6 was 5 1
6 Tax
2026
Revenue
£’000
2026
Capital
£’000
2026
Total
£’000
2025
Revenue
£’000
2025
Capital
£’000
2025
Total
£’000
2,700 2,377
(2) (2) 3,177
2,700 (2) 2,698 2,377 3,177 5,554
2026
£’000
2025
£’000
(2025
fi
Revenue tax charge for the year 2,700 2,377
(2)
Capital tax charge for the year (2) 3,177
2,698 5,554
At 31 March 2026
5
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
92
7 Net return per ordinary share
2026
Revenue
2026
Capital
2026
Total
2025
Revenue
2025
Capital
2025
Total
2.28p 273.03p 275.31p 1.39p 93.18p 94.57p
fi
8 Ordinary dividends
2026 2025 2026
£’000
2025
£’000
Amounts recognised as distributions in the year:
fi
4.38p 4.24p 50,151 55,342
fi
2026 2025 2026
£’000
2025
£’000
Dividends paid and payable in respect of the year:
fi) p
4.57p 4.38p 49,563 52,777
9 Investments held at fair value through profit or loss
As at 31 March 2026
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
8,991,362
1,199,887
†
5,156,079
20,246
41,349
512 512
fi 8,991,362 – 6,418,073 15,409,435
As at 31 March 2025
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
9,880,944
835,363
†
2,875,069
18,872
54,928
– – 555 555
fi 9,880,944 – 3,784,787 13,665,731
†
fi
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
93
9 Investments held at fair value through profit or loss (continued)
fi
fl
Fair value hierarchy
fi
fi
Level 1
Level 2
Level 3
105
fl
Listed
securities *
£’000
Private
company
securities
†
£’000
Private
company
bonds
£’000
Total
£’000
2025 2 9 10,462,739
2025 302 7 7) 3,202,992
4 13,665,731
6 927,919
(2,336,133)
# 1,136,381
100 2,015,537
–
2026 8,991,362 6,397,827 20,246 15,409,435
2026 1 2 3 10,190,906
2026 91 5 7) 5,218,529
2026 8,991,362 6,397,827 20,246 15,409,435
*
†
#
fi
2026
£’000
2025
£’000
Net gains on investments designated at fair value through profit or loss on initial recognition
#
3,151,918 1,273,082
#
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
94
9 Investments held at fair value through profit or loss (continued)
Significant holdings disclosure requirements – Companies Act 2006
fi
fi
fi
36 to 43
As at 31 March 2026 Share class
with
significant
holding
Proportion
of shares
held %
Latest
Financial
Statements
Capital and
reserves
(’000)
Name Business
Country of
incorporation
Profit/(loss)
(’000)
Opportunities
fi
Not
applicable*
†
Not
applicable
*
Not
applicable
255
As at 31 March 2025 Share class
with
significant
holding
Proportion
of shares
held %
Latest
Financial
Statements
Capital and
reserves
(’000)
Profit/(loss)
(’000)
Name Business
Country of
incorporation
Opportunities
fi
Not
applicable*
†
Not
applicable
*
Not
applicable
*
†
Significant holdings disclosure requirements – AIC SORP
fi
fi
fi
As at 31 March 2026
Proportion
of capital
owned
%
Income
recognised
from
holding in
the period
£’000
Net assets
attributable
to
shareholders
(’000)Name
Latest
Financial
Statements
Book
cost
£’000
Market
value
£’000
Turnover
(’000)
Pre-tax
profit/(loss)
(’000)
*
Nil 00 00)
Nil
Nil available
As at 31 March 2025
Proportion
of capital
owned
%
Income
recognised
from
holding in
the period
£’000
Net assets
attributable
to
shareholders
(’000)
Name
Latest
Financial
Statements
Book
cost
£’000
Market
value
£’000
Turnover
(’000)
Pre-tax
profit/(loss)
(’000)
*
Nil 1 25
Nil
fi
fi
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
95
9 Investments held at fair value through profit or loss (continued)
Material movements in unlisted investment valuations – AIC SORP
fi
Investment
Fair value at
31 March
2026
£’000
Fair value at
31 March
2025
£’000
Movement
£’000
Nature of
movement Commentary
fi
fl
10 Debtors
2026
£’000
2025
£’000
Amounts falling due within one year:
Sales
43,979 69,511
fi
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
96
11 Creditors – amounts falling due within one year
2026
£’000
2025
£’000
The Royal Bank of Scotland International Limited 3 year revolving loan 128,915 131,706
Banco Bilbao Vizcaya Argentaria 3 year revolving loan 113,748 –
Industrial and Commercial Bank of China 1 year revolving loan 90,999 –
The Bank of New York Mellon 1 year revolving loan 22,750 –
Scotiabank US$300 million 2.23% fixed rate loan – 232,412
The Royal Bank of Scotland International Limited US$180 million 2.60% fixed rate loan
* 136,498 –
National Australia Bank Limited 2 year revolving loan 75,832 77,474
£50 million 6–12% stepped interest debenture stock 2026
†
50,139 –
Currency purchases for subsequent settlement 13,915 –
Other creditors and accruals 22,154 37,923
654,950 479,515
*
†
Borrowing facilities at 31 March 2026
16
fi
120
17 March 2027
fibecause of
table on page 104fl
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
97
11 Creditors – amounts falling due within one year (continued)
At 31 March 2026 drawings were as follows:
interest rate (at 31 March 2026
interest rate (at 31 March 2026) of
9) at an interest
At 31 March 2025 drawings were as follows:
fi
fi
fi
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
98
12 Creditors – amounts falling due after more than one year
Nominal
rate %
Effective
rate %
2026
£’000
2025
£’000
Debenture stocks:
675 675
2026 12
Unsecured loan notes:
Long term bank loans:
fi
987,317 1,182,275
Unsecured loan notes
Long term bank loans
Borrowing limits
Debenture stocks
fi
fl
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
99
13 Called up share capital
2026
Number
2026
£’000
2025
Number
2025
£’000
1,484,780,880 74,239 1,484,780,880 74,239
14 Capital and reserves
Called up
share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Capital
reserve
£’000
Revenue
reserve
£’000
Total
shareholders’
funds
£’000
At 1 April 2025 12,082,465
1,136,381
2,015,537
(342) (342)
17,218
(1,311,758)
(40,121)
(52,695)
2 2
(50,151)
25,639
At 31 March 2026 74,239 928,400 19,094 12,792,344 8,098 13,822,175
fi
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
100
15 Shareholders’ funds
2026
£’000
2025
£’000
13,822,175 12,082,465
2026 2025
*
1,282.0p 1,006.0p
*
16 Analysis of change in net debt
At 1 April
2025
£’000
Cash flows
£’000
Other
non-cash
changes*
£’000
Exchange
movement
£’000
At 31 March
2026
£’000
(675)
Loan Notes (52)
(1,614,854) 2,015 451 17,218 (1,595,170)
17 Related parties and transaction with the managers
71 to 73
5990
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
101
18 Contingencies, guarantees and financial commitments
(2025) in respect of
Subscription agreement capital commitments
As at 31 March 2026 Expiry Total commitment
Drawn down as at
31 March 2026
Remaining commitment
at 31 March 2026
17
7
15 October 2034 47 53
4 April 2033
19 April 2034
As at 31 March 2025 Expiry Total commitment
Drawn down as at
31 March 2025
Remaining commitment
at 31 March 2025
6
5
9
2 55 4
15 October 2034 33 6
4 April 2033
19 April 2034
19 Financial instruments
fi
Market risk
fl
36 to 43
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
102
19 Financial instruments (continued)
Currency risk
fi
As at 31 March 2026
Investments
£’000
Cash at
bank and
in hand
£’000
Loans, loan
notes and
debentures
£’000
Other
debtors and
creditors
£’000
Net
exposure
£’000
11,182,595
1,162,110
885,824
544,093
254,055
142,905
Swiss franc 47,262
Total exposure to currency risk 15,092,946 10,115 (911,010) 26,793 14,218,844
Sterling 913 (396,669)
15,409,435 11,028 (1,606,198) 7,910 13,822,175
As at 31 March 2025
Investments
£’000
Cash at
bank and
in hand
£’000
Loans, loan
notes and
debentures
£’000
Other
debtors and
creditors
£’000
Net
exposure
£’000
9,734,411
544 1,268,319
475,447
704,379
–
158,105
Swiss franc 31,947
Total exposure to currency risk 13,288,845 8,071 (928,204) 3,896 12,372,608
Sterling 942 (290,143)
13,665,731 9,013 (1,623,867) 31,588 12,082,465
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
103
19 Financial instruments (continued)
Currency risk sensitivity
At 31 March 2026
5
2026
£’000
2025
£’000
Swiss franc
1,421,885 1,237,260
Interest rate risk
• fi
•
• fi
•
fi
fi
105
fl
fi
fl
fi
fi
fi
Financial assets
2026
Fair value
£’000
2026
Weighted
average
interest rate
2026
Weighted
average period
untilmaturity *
2025
Fair value
£’000
2025
Weighted
average
interest rate
2025
Weighted
average period
untilmaturity *
Cash and short term deposits:
Other overseas currencies
Sterling 913 942
*
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
104
19 Financial instruments (continued)
Financial liabilities
fi
fi
Interest rate risk profile
fi
2026
£’000
2025
£’000
1,606,198 1,623,867
fi
Maturity profile
fi
2026
Within
1 year
£’000
2026
Between 1
and 5 years
£’000
2026
More than
5 years
£’000
2025
Within
1 year
£’000
2025
Between 1
and 5 years
£’000
2025
More than
5 years
£’000
loan notes
* *
555,926 231,218 1,436,065 363,103 946,215 1,472,424
*
fl
fl
fi
Interest rate risk sensitivity
6fi
fi5
fi
Other price risk
fl
36 to 43
5
65
5
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
105
19 Financial instruments (continued)
Other price risk sensitivity
5
fl
process (see 1(b) on page
fi
fl
fi
As at 31 March 2026 Significant unobservable inputs*
Valuation
approach
Fair value of
investments
£’000
Key
unobservable
inputs
Other
unobservable
inputs
†
Range
Weighted
average
range #
Sensitivity
%
Sensitivity to changes
in significant
unobservable inputs
Market approach
revenue
revenue
e
9
Selection of
7
Selection of
relevant
Net Asset Value 9
a
transaction
6
h
Recent transaction
price
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
106
As at 31 March 2025 Significant unobservable inputs*
Valuation
approach
Fair value of
investments
£’000
Key
unobservable
inputs
Other
unobservable
inputs
†
Range
Weighted
average
range #
Sensitivity
%
Sensitivity to changes
in significant
unobservable inputs
Market approach
revenue
‡
^^
revenue
¶
^^
transaction
e
g
Selection of
relevant
§
^
Selection of
relevant
§
Net Asset Value**
a
transaction
h
Recent transaction
price
††
†
#
‡
¶
19 Financial instruments (continued)
Other price risk sensitivity (continued)
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
107
§
^
fi
**
††
^^
fi
*Significant unobservable inputs
(a) Application of valuation basis
fi
fl
(b) Probability estimation of liquidation events
fl
19 Financial instruments (continued)
Other price risk sensitivity (continued)
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
108
(c) Selection of comparable companies
fi
(d) Estimated sustainable earnings
fi
(e) Application of illiquidity discount
fi
fl
(f) Selection of appropriate benchmarks
(g) Transaction implied premium and discount
(h) Execution risk
fi
19 Financial instruments (continued)
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
FINANCIAL REPORT
109
19 Financial instruments (continued)
Liquidity risk
fi
fi
fi104
Credit risk
•
•
• fi
fi
•
•
•
fi
fi
Credit risk exposure
2026
£’000
2025
£’000
75,253 97,395
fi
Fair value of financial assets and financial liabilities
fi
fi
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
FINANCIAL REPORT
110
19 Financial instruments (continued)
2026
Par/nominal
£’000
2026
Book
£’000
2026
Fair
£’000
2025
Par/nominal
£’000
2025
Book
£’000
2025
Fair
£’000
stock 2026
675 675 476 675 675 503
Total debentures 50,675 50,814 51,286 50,675 51,328 54,721
Total unsecured loan notes 987,647 986,642 621,625 992,557 991,493 625,588
Fixed rate bank loans 136,498 136,498 136,428 371,888 371,866 361,503
Floating rate loans 432,244 432,244 209,180 209,180
Total borrowings 1,606,198 1,241,583 1,623,867 1,250,992
fl
to 1
to 1
the net asset value per share at 1
Capital management
is set out on page 44
47 to
506645
20 Subsequent events
fl
fi
fi
fi
fi
fi
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
SHAREHOLDER INFORMATION
111
fl
30 June 2026
website at scottishmortgage.com
enquiries@bailliegifford.com or
theaic.co.uk/how-to-
vote-your-shares
please get in touch with the Managers at enquiries@
bailliegifford.com
enquiries@bailliegifford.com
fi
35
17
Resolutions
1.
fi
6
Notice of Annual General Meeting
2.
3.
fi
6
4.
fi
5.
6.
7.
8
.
9.
10.
11.
fi
12.
13.
26
NORTH BRIDGE
Princes Street
Gardens
EDINBURGH
WAVERLEY
PRINCES STREET
YORK PLACE
QUEEN STREET
St James
Quarter
NATIONAL
GALLERIES OF
SCOTLAND
GEORGE STREET
ST ANDREW SQUARE
ST ANDREW SQUARE
John
Lewis
HANOVER STREET
THE MOUND
TRAM
STOP
BUS
STATION
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
SHAREHOLDER INFORMATION
112
2 October 2027
7 save
14. 3
;
15.
a price below the net asset value per share of those
fi
16.
value of that share;
fi
7
17.
fi
1 June 2026
General notes
1.
2.
fi
eproxyappointment.com no later than
3.
euroclear.com/CREST
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
SHAREHOLDER INFORMATION
113
who will be able to take the appropriate action on
4.
fi
5.
6.
fi
7.
8.
fi
fi
9.
10.
11.
12.
scottishmortgage.com
13.
14.
15. As at 216
the total voting
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
SHAREHOLDER INFORMATION
114
16.
17.
18.
http://scottishmortgage.com/
fi
Explanatory notes
Resolutions 5 to 9 – Directors standing for re-election
fi
64
Resolution 10 – appointment of new Director –
Heather Manners
fi
2026s
fi
fiher other
sfi
Christopher Samuel
fi
fi
Mark FitzPatrick
fi
fi
fi
fi
fi
Sharon Flood
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
SHAREHOLDER INFORMATION
115
Vikram Kumaraswamy
fi
fi
fi
Stephanie Leung
fi
fi
Heather Manners
was
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
SHAREHOLDER INFORMATION
116
Appendix to Notice of Meeting describing the
principal amendments to the Articles of Association
Summary of the principal amendments to the
Company’s articles of association
17 to
This summary is intended only to highlight the principal
amendments to the Existing Articles. It is not intended to
be comprehensive and cannot be relied upon to identify
amendments or issues which may be of interest to all
shareholders. This summary is not a substitute for
reviewing the full terms of the New Articles which will be
available for inspection on the Company’s website,
http://scottishmortgage.com/, and at the offices of
BaillieGifford & Co Limited at Calton Square, 1Greenside
Row, Edinburgh EH1 3AN between the hours of 9.00a.m.
and 5.00 p.m. (Saturdays, Sundays and public holidays
excepted), from the date of the AGM Notice until the close
of the AGM, and will also be available for inspection at the
venue of the AGM from 15 minutes before and during
theAGM.
Virtual and hybrid shareholder meetings
The Alternative Investment Fund Managers Directive
(2011/61/EU) (“AIFMD”) as incorporated into UK law
fl
International tax regimes requiring the exchange
ofinformation
Tax Reporting
Requirements
Minor amendments
bearer warrants as such warrants are no longer
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
SHAREHOLDER INFORMATION
117
fi
fl
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
SHAREHOLDER INFORMATION
118
Further shareholder information
How to invest
fiscottishmortgage.com
Sources of further information on the company
Financial Times
scottishmortgage.com
trustnet.co.ukfi
Scottish Mortgage share identifiers
fi
Financial TimesDaily TelegraphThe Scotsman
AIC
theaic.co.uk
Key dates
fi
fi
Capital gains tax
Share register enquiries
please contact the Registrars on 0370 707 1300
• hear the latest share price;
• fi
• fi
•
fi
website at investorcentre.co.uk
•
•
•
•
•
•
•
investorcentre.co.uk
fi
Dividend reinvestment plan
investorcentre.co.uk
0370 707 1694
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
SHAREHOLDER INFORMATION
119
Electronic communications and proxy voting
• Electronic Communications
website at investorcentre.co.uk
fi
• Electronic Proxy Voting
eproxyappointment.com
fi
fi
Automatic exchange of information
fi
gov.uk/government/publications/
exchange-of-information-account-holders
bailliegifford.com or
bailliegifford.com
UK Alternative Investment Fund Managers (AIFM) regulations
Leverage
123 to 125) at 31 March 2026 are shown below:
Gross method Commitment method
250:1 200:1
Actual 112:1 112:1
Investing in Scottish Mortgage
scottishmortgage.com
0370 707 1300
Scottish Mortgage is an investment trust.
Investment trusts offer investors the following:
• fi
•
•
fi
fi
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
SHAREHOLDER INFORMATION
120
Promoting Scottish Mortgage
fi
Scottish Mortgage website
www.scottishmortgage.com
A Scottish Mortgage web page at scottishmortgage.com
Communicating with Shareholders
Trust
Social media
Invest in progress – podcast
Four
Trust magazine
Trust
Trust
Trust
bailliegifford.com/trust
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
SHAREHOLDER INFORMATION
121
FTSE Index data
2026
Third party data provider disclaimer
Suggestions and questions
Client relations team contact details
Telephone:
Email: enquiries@bailliegifford.com
Website: bailliegifford.com
Client Relations Team
Scottish Mortgage specific queries
Website: scottishmortgage.com
Email: scottishmortgage@bailliegifford.com
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
SHAREHOLDER INFORMATION
122
Sustainable Finance Disclosure Regulation (‘SFDR’)
fi
fi
fi
fl
fi
bailliegifford.com
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
SHAREHOLDER INFORMATION
123
Glossary of terms and Alternative Performance Measures (‘APM’)
fi
fi
Total assets
fi
Net asset value ('NAV')
Net asset value (borrowings at book)/shareholders’ funds
110
Net asset value (borrowings at fair value) (APM)
110
31 March 2026 31 March 2025
1 1
Less: fair value of borrowings
Net asset value (borrowings at fair value)
1
Net asset value (borrowings at par) (APM)
110
31 March 2026 31 March 2025
1 1
Net asset value (borrowings at par value)
1 1
ANNUAL REPORT AND FINANCIAL STATEMENTS 2026
SHAREHOLDER INFORMATION
124
Net Liquid Assets
Discount/premium (APM)
2026
NAV (book)
2026
NAV (fair)
2025
NAV (book)
2025
NAV (fair)
(a) 1p 1 1
(b) 1 1
(Discount)/premium ((b) – (a)) ÷ (a) (7.1%) (9.5%) (6.2%) (9.0%)
Ongoing charges ratio (APM)
2026
£’000
2025
£’000
*
(a)
(b) 30
Ongoing charges ((a) ÷ (b) expressed as a percentage) 0.33% 0.31%
* Ongoing charges for 2025
fithat
Gearing (APM)
31 March 2026
£’000
31 March 2025
£’000
(a)
(b)
Gearing: (a) as a percentage of (b) 11% 13%
SCOTTISH MORTGAGE INVESTMENT TRUST PLC
SHAREHOLDER INFORMATION
125
31 March 2026
£’000
31 March 2025
£’000
(a)
(b)
Gross gearing: (a) as a percentage of (b) 12% 13%
Leverage (APM)
Turnover
Active share (APM)
Total return (APM)
2026
NAV
(book)
2026
NAV
(fair)
2026
Share
price
2025
NAV
(book)
2025
NAV
(fair)
2025
Share
price
(a) p p p 1
* (b)
p p p 1 1
p p p
Total return 27.9% 27.4% 26.8% 10.9% 11.2% 6.0%
*
Compound annual return (APM)
Private (unlisted) company
93
Directors
S Leung
Alternative Investment
Fund Managers, Secretaries
and Registered Office
bailliegifford.com
Registrar
Company Brokers
Independent Auditors
Depositary
Company Details
scottishmortgage.com
fi
Further Information
enquiries@bailliegifford.com
scottishmortgage.com