The net asset value (NAV) of Scottish Mortgage Investment Trust surged 22.9% in the six months to September 30, significantly outperforming the global average, driven by strong gains from technology and artificial intelligence-related stocks.
Scottish Mortgage Investment Trust (SMT), managed by Baillie Gifford, announced its interim results showing robust NAV growth of 22.9%, well ahead of the FTSE All-World Index, which rose 15.4% during the same period.
According to the report, the company’s share price also delivered a total return of 20.9%, reflecting investor confidence in its portfolio focused on long-term, innovative growth companies.
Strong Performance Fueled by Global Tech Stocks
Chairman Christopher Samuel described the period as “strong,” but cautioned that six months is “too short a timeframe to judge the performance of a long-term investment strategy.”
The trust’s performance was driven by companies involved in AI infrastructure and advanced technology, including ASML, TSMC, and NVIDIA. Digital platforms such as Meta, Spotify, and Roblox also made notable contributions to returns.
Portfolio Expansion and Adjustments
During the period, Scottish Mortgage expanded its portfolio with new investments in Figma, AppLovin, Xiaohongshu (Little Red Book), CATL, and Anthropic—firms recognized as leaders in software innovation and clean energy.
To fund these additions, the trust trimmed positions in major holdings such as Amazon, Meta, Netflix, Spotify, Roblox, MercadoLibre, and Shopify.
Share Buyback and Interim Dividend Maintained
In the first half of the year, the trust repurchased 75.2 million shares for approximately £765.4 million, as part of a broader £2.6 billion buyback program launched in March 2024.
The board also proposed to maintain the interim dividend at 1.60 pence per share, payable on December 12.
As one of the UK’s most prominent and long-established investment trusts, Scottish Mortgage continues to emphasize global companies with scalable business models, benefiting from long-term structural shifts in innovation and technology.
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