Scottish Mortgage Investment Trust

Scottish Mortgage Investment Trust

Overview
Performance & Portfolio
Meet the Managers
Documents

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Overview

Our purpose is simple. Maximise total returns over the long term. To do that, we aim to own the world’s most exceptional public and private growth companies, and we limit fees so that shareholders keep more of any returns generated.

The value of investments and any income from them may go down as well as up and you or your client may not get back the amount originally invested.

Key Information

AGM and Registrar

AGM

Next held on 2 July 2026 at the National Galleries of Scotland, The Mound, Edinburgh EH2 2EL.

Registrar

Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol, BS99 6ZY.

Benchmark

FTSE All-World Index

AIC Investment Sector

Global

Launch Date

1909

Assets

Total Assets

£15,768.47m (before deduction of borrowings)

Shareholders' Funds

£14,476.61m

Active Share

88%**

ISIN Number

GB00BLDYK618

SEDOL Number

BLDYK61

Past performance is not a guide to future returns.

**Relative to FTSE All-World Index. Source: Baillie Gifford & Co, FTSE.

Regulatory news announcements which are released to the London Stock Exchange can be accessed via their service.

London Stock Exchange - Scottish Mortgage Announcements

Directors

Chair - LJ Dowley

Justin Dowley is a former international investment banker and was appointed a Director in 2015 and became Chair in 2023. He qualified as a chartered accountant at Price Waterhouse in 1980. Subsequently he was a director of Morgan Grenfell & Co. Limited, Head of Investment Banking at Merrill Lynch Europe and a founder partner of Tricorn Partners LLP. Formerly the chairman of Intermediate Capital Group plc and Melrose Industries plc, he is currently a deputy chairman of The Takeover Panel and a non-executive director of a number of private companies.

Director - Professor PH Maxwell

Patrick Maxwell is the Regius Professor of Physic and head of the School of Clinical Medicine at Cambridge University. He was appointed a Director in 2016 and is senior independent Director. Patrick has extensive knowledge and experience of the biotechnology sector and has made important research discoveries concerning how cells sense oxygen. He was elected a Fellow of the Academy of Medical Sciences in 2005. He is currently a member of the boards of Cambridge University Health Partners, Cambridge University Hospitals NHS Foundation Trust, Cambridge Enterprise and the International Biotechnology Trust PLC.

Director - MT FitzPatrick

Mark FitzPatrick was appointed to the Board in 2021 and became Chair of the Audit Committee in 2022. He was appointed Chief Executive Officer for St. James's Place in December 2023, where he is responsible for setting the strategic direction and vision for growth for the UK's largest financial advice firm. Mark was previously Group Chief Executive Officer of Prudential plc until February 2023. Prior to this he was the Group Financial Officer & Chief Operating Officer of Prudential plc from 2017 to 2022. Mark led the Prudential's Group Executive Committee, was a member of its Board, and had overall responsibility for the executive management and leadership of the business. Mark also served as Chair of the Prudential Diversity & Inclusion Council and Chair of the Group ESG Committee. Prior to joining Prudential in 2017, Mark was a Managing Partner at Deloitte and a member of the Executive Committee and the Board of Deloitte, UK. He was Vice Chairman of Deloitte between 2011 and 2015. Mark previously led Deloitte's insurance & investment management audit practice and its insurance industry practice. He worked at Deloitte for 26 years, advising global insurance and investment management clients. He is currently on the Board of the British Heart Foundation, where he chairs their Audit and Risk Committees.

Director - SE Flood

Sharon Flood is a Non-Executive Director of Getlink SE, where she is Chair of Safety and Security, and Cityfibre, where she is Chair of Audit. She is also a Non-Executive Director at Go Ahead Group where she is Chair of Audit and Govia Thameslink Railway. Sharon was appointed to the Board in 2023. Sharon previously served as Chair of Seraphine Group PLC and S T Dupont SA, and as a non-executive director at Pets at Home PLC, Crest Nicholson PLC, and Network Rail Ltd and has chaired Audit, Remuneration and ESG committees. A Fellow of the Chartered Institute of Management Accountants, Sharon has also held leadership roles at Sun European Partners and the John Lewis Partnership. She is currently a Trustee of the University of Cambridge and formerly a Trustee of both the Science Museum Group and Shelter.

Director - S Leung

Stephanie Leung is the Co-founder and CEO of KareHero Group, a social mission driven enterprise that helps working adults balance their careers while caring for elderly relatives. She was appointed a Director in 2023. She has spent approximately 25 years in executive leadership roles in large enterprise and tech-led businesses across the globe, most notably as part of Uber’s EMEA leadership team, overseeing operations across 20 countries, and as DEI Co-Chair and Head of EMEA for Women@Uber. She also formed part of Uber’s NED team in the UK. Earlier in her career, Stephanie was Chief Projects Officer at Monitor Group and CEO of Greater China at HAVI Group, eventually becoming the youngest member to join the global board, overseeing 40 countries as Chief Strategy and Business Development Officer. Stephanie began her career at Goldman Sachs as a Financial Analyst.

Director - V Kumaraswamy

Vikram Kumaraswamy is a Partner and Co-Head of India at L Catterton, and formerly the Head of Strategy and Corporate Development at Unilever. Vikram was appointed to the Board in 2023. He leads portfolio development and capital allocation for the Unilever group, with responsibility for strategy, M&A sourcing and execution, competitor intelligence and corporate venturing. A chartered accountant, Vikram was responsible for significant changes to Unilever’s portfolio, positioning the company for superior long-term growth and involved in other strategic transformation initiatives. Vikram was previously CFO of PT Unilever Indonesia Tbk, based in Jakarta.

Director - CJL Samuel

Christopher Samuel is an experienced Chair and non-executive director with financial services expertise. He was appointed to the Board in January 2025. Formerly the Chief Executive of Ignis Asset Management, Christopher also held board level executive positions at several asset management businesses including Gartmore, Hill Samuel Asset Management and Cambridge Place Investment Management. Prior to that he worked at Prudential-Bache and KPMG, where he qualified as a chartered accountant. Christopher is a non-executive director of Quilter plc, having previously been Chair of Quilter Financial Planning Limited. He was previously the Chair of BlackRock Throgmorton Trust plc, Chair of JP Morgan Japanese Investment Trust plc and a director of Alliance Trust, Sarasin, UIL and UIL Finance Limited.

Contact Us

MARKETING

Professional Investor Enquiries
Email: asia@bailliegifford.com

Baillie Gifford Overseas Limited: Edinburgh Head Office.

Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN

+44 (0)131 275 2000

Overview

For high-growth investors, distinctiveness is non-negotiable. It isn't a style or preference. It's the foundation of long-term success.

Tom Slater, Investment Manager

Performance & Portfolio

Periodic Performance

All figures to 31/10/2025
	1 Year	3 Years	5 Years	10 Years
Share Price	35.7%	63.2%	20.4%	386.6%
NAV	34.6%	58.1%	33.6%	449.4%
Benchmark*	20.6%	59.8%	99.1%	259.7%

Performance figures appear in GBP. NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and par value for 10 years. *FTSE All World Index(GBP) TR. Performance source: Morningstar and relevant underlying index provider, total return.

Discrete Performance

Annual Performance to 30 September each year
	30/09/2020 30/09/2021	30/09/2021 30/09/2022	30/09/2022 30/09/2023	30/09/2023 30/09/2024	30/09/2024 30/09/2025
Share Price	44.5%	-45.0%	-13.9%	25.6%	36.5%
NAV	39.4%	-36.3%	-5.9%	16.8%	34.1%
Benchmark*	22.7%	-3.6%	11.1%	20.2%	17.4%

Shareprice, NAV and Benchmark
Discount/Premium at Fair

Performance - 31/10/2025

Performance figures appear in GBP. Benchmark data is limited to a 5 year period from the current date. The graph has been rebased to 100.

		Fund %
1	Space Exploration Technologies	7.6%
2	MercadoLibre	5.4%
3	TSMC	5.3%
4	Amazon.com	4.6%
5	ByteDance Ltd.	3.8%
6	NVIDIA	3.6%
7	Meta Platforms	3.6%
8	ASML	3.0%
9	Shopify	2.8%
10	PDD Holdings	2.7%
Total		42.5%

Active Share - 31/10/2025

Source: Baillie Gifford & Co, FTSE. Relative to FTSE All-World Index.

Meet the Managers

Tom Slater

Tom has been the Manager of Scottish Mortgage since 2015, having been appointed as Deputy Manager in 2009. He joined Baillie Gifford in 2000 and became a Partner of the firm in 2012. Besides Scottish Mortgage, he is the Head of the US Equities Team and a member of another long-term growth equity strategy. During his time at Baillie Gifford, Tom has also worked in the Developed Asia and UK Equity teams. His investment interest is focused on high-growth companies both in listed equity markets and as an investor in private companies. He graduated with a BSc in Computer Science with Mathematics from the University of Edinburgh in 2000.

Lawrence Burns

Lawrence is the Deputy Manager of Scottish Mortgage, a position he was appointed to in 2021. He joined Baillie Gifford in 2009 and became a Partner in 2020. Lawrence is also a manager of Vanguard’s International Growth Fund and co-manager of the International Concentrated Growth and Global Outliers strategies. He has been a member of the International Growth Portfolio Construction Group since October 2012. Prior to these roles, he worked in both the Emerging Markets and UK Equity teams. Lawrence graduated with a BA in Geography from the University of Cambridge in 2009.

Documents

You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).

To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.

Annual reports

Scottish Mortgage Annual Report - including the Notice of AGM - March 2025

Download Order

Scottish Mortgage Annual Report - including the Notice of AGM - March 2024

		Fund %
1	Space Exploration Technologies	7.6%
2	MercadoLibre	5.4%
3	TSMC	5.3%
4	Amazon.com	4.6%
5	ByteDance Ltd.	3.8%
6	NVIDIA	3.6%
7	Meta Platforms	3.6%
8	ASML	3.0%
9	Shopify	2.8%
10	PDD Holdings	2.7%
11	Sea Limited	2.7%
12	Cloudflare	2.6%
13	Stripe	2.5%
14	Spotify	2.5%
15	Ferrari	2.2%
16	Tempus AI Inc	2.0%
17	Wise	1.9%
18	Adyen	1.9%
19	Zipline	1.8%
20	Snowflake	1.7%
21	DoorDash	1.6%
22	Meituan	1.5%
23	CATL	1.5%
24	Roblox	1.4%
25	Netflix	1.3%
26	Coupang	1.3%
27	BYD Company	1.2%
28	Insulet Corporation	1.2%
29	Aurora	1.2%
30	Nu Holdings	1.2%
31	Databricks	1.1%
32	Moderna	1.1%
33	Kering	1.1%
34	Affirm	1.0%
35	Atlas Copco	0.9%
36	Hermès International	0.9%
37	Epic Games	0.9%
38	Blockchain.com	0.8%
39	The Production Board	0.8%
40	AppLovin	0.7%

Overview

Tom Slater: Manager Review

Lawrence Burns: Manager Review

Back to Blue Sky and Base Rates: 10 Years On

Performance & Portfolio

Periodic Performance

Discrete Performance

Holdings - 31/10/2025

Meet the Managers

Tom Slater

Lawrence Burns

Documents

Annual reports

Factsheets

Interim reports

Other fund literature

Portfolio valuation

PRIIPs key information document

PRIIPs performance disclosures

Further Information

Risks

Disclaimers

Important Information