Scottish Mortgage’s historical record depends on the measuring window. To 30 September 2026, its 10-year NAV total return was 464.3%, versus 228.4% for the FTSE All-World Index, but its five-year NAV return was 27.8%, versus 79.3% for the index. The March 2026 year-end figures show the same split: a 435.2% 10-year NAV return against 233.9% for the index, but only 12.8% over five years against 68.2% for the index.
A sound assessment therefore uses sterling total returns with dividends reinvested, identifies the end date and horizon, and examines both NAV and the exchange-traded share price. It also considers concentration, private-company valuations, gearing, currency and emerging-market exposure, and the discount or premium at which the shares trade. These are historical observations, not a forecast or a personal investment recommendation.
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What the published return figures actually show
Scottish Mortgage Investment Trust publishes performance as cumulative total return. “Total return” includes dividends reinvested, so it is not the same as a price-only return. The figures below are in sterling and compare the trust with its stated FTSE All-World Index benchmark. Each percentage covers the complete period shown; none is an annualised rate.
Results to 31 March 2026
| Period ending 31 March 2026 | Share-price total return | NAV total return | FTSE All-World Index | Global sector average, share price | Global sector average, NAV |
|---|---|---|---|---|---|
| 1 year | 26.8% | 27.4% | 18.0% | 16.8% | 16.9% |
| 3 years | 78.1% | 57.9% | 50.5% | 53.1% | 48.1% |
| 5 years | 7.1% | 12.8% | 68.2% | 31.1% | 66.0% |
| 10 years | 379.7% | 435.2% | 233.9% | 288.2% | 222.1% |
Source: Scottish Mortgage Investment Trust PLC final results for the year ended 31 March 2026; figures are identified there as sterling total returns and an alternative performance measure, with source data attributed to AIC, LSEG and Baillie Gifford.
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Those four rows support two different conclusions. The 10-year NAV result is substantially ahead of the FTSE All-World Index, and the three-year and one-year results are also ahead on both NAV and share-price measures. The five-year result is the outlier: NAV gained 12.8% and the share price 7.1%, while the index gained 68.2%. A headline saying simply that Scottish Mortgage “beat the market” or “lagged the market” would therefore be incomplete.
Results to 30 September 2026
A later official factsheet extends the measurement date to 30 September 2026. Using that date changes every observation because the start and end points move.
| Period ending 30 September 2026 | Share-price total return | NAV total return | FTSE All-World Index |
|---|---|---|---|
| 1 year | 40.3% | 36.3% | 18.7% |
| 3 years | 140.7% | 113.4% | 67.5% |
| 5 years | 13.9% | 27.8% | 79.3% |
| 10 years | 412.7% | 464.3% | 228.4% |
Source: Baillie Gifford Scottish Mortgage Investment Trust factsheet dated 30 September 2026. The factsheet states that these are sterling total returns with dividends reinvested; NAV performance uses borrowings deducted at fair value.
The September data preserve the same broad pattern. Over 10 years, NAV is well ahead of the benchmark; over five years, it remains far behind. The one-year and three-year figures are much stronger than those measured at March year-end. This is why every comparison should print its end date instead of presenting a return as if it were timeless.
Why the selected period changes the verdict
Long-term returns are path-dependent. A five-year window that begins near a valuation peak can include a severe drawdown and show a weak cumulative result even when the subsequent decade is strong. A 10-year window can include both difficult and favourable cycles and may look very different from the latest five years.
Do not convert the table into an annual performance claim without doing the mathematics. A cumulative 10-year return of 464.3% does not mean 46.43% every year. Compounding means that a sequence of gains and losses produces the final figure; the order and size of interim movements matter. If you calculate an annualised rate for your own analysis, label it as a calculated compound annual growth rate, retain the exact start and end dates, and do not substitute it for the trust’s published cumulative total return.
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The comparison must also remain like-for-like. Match NAV with NAV or share price with share price, use the same currency, include reinvested dividends for both assets, and use the same start and end dates. Comparing Scottish Mortgage’s NAV total return with an index price return would give the index an artificial disadvantage. Mixing a March year-end figure with a September figure creates a different holding period, not a correction to either result.
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What NAV represents
Net asset value is the value attributed to the underlying portfolio and other assets, less liabilities, divided among the trust’s shares. It is an accounting measure of what each share represents in the portfolio. The trust’s factsheet calculates NAV performance with borrowings at fair value, a convention that should be retained whenever its figures are reproduced.
What the share price represents
The share price is the price at which buyers and sellers trade the listed shares on the stock exchange. It can be above NAV (a premium) or below NAV (a discount). A shareholder’s return therefore combines the change in the underlying NAV with the change in the market’s discount or premium, as well as dividends received and reinvested.
A point-in-time illustration
On 30 September 2026, the factsheet reported NAV per share of 1,726.85p and a share price of 1,590.50p. The share price was a 7.9% discount to NAV on that date. That discount is not a permanent property of the trust: it can widen or narrow as investor demand, sentiment, liquidity and expectations change.
If NAV rises while the discount widens, the share price can deliver a smaller gain than NAV, or even fall. If NAV is flat while the discount narrows, the share price can rise without equivalent portfolio growth. This explains why the September 2026 one-year share-price return (40.3%) differs from the NAV return (36.3%), and why the March 2026 share-price and NAV figures also diverge. The difference is not evidence that either series is erroneous; they measure different exposures.
Closed-end structure and its implications
Scottish Mortgage is a closed-end investment trust with a permanent pool of capital. Unlike an open-ended fund, it does not normally have to sell portfolio holdings simply because investors want their money back. It can use borrowing and may buy back or issue shares to help manage the relationship between market price and NAV. Those mechanisms may influence the discount or premium but cannot eliminate it, and they do not remove valuation, liquidity or gearing risk.
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What the annual falls say about volatility
Volatility is the variability of returns, not just the size of the eventual gain. The September 2026 factsheet provides useful examples of difficult years:
| Period | Scottish Mortgage share price | Scottish Mortgage NAV | FTSE All-World Index |
|---|---|---|---|
| 30 September 2021–30 September 2022 | -45.0% | -36.3% | -3.6% |
| 30 September 2022–30 September 2023 | -13.9% | -5.9% | +11.1% |
These observations show that the trust can fall much more than a broad global index and that the listed share price can fall more than NAV during the same period. They are examples of realised past performance, not a statistical estimate of future volatility. A fuller risk review would examine monthly or daily returns, drawdowns, recovery times and the effect of discount movements rather than relying on two annual observations.
When reviewing a chart, distinguish a fall in portfolio value from a fall caused by a widening discount. NAV is the better measure for judging the investment manager’s underlying portfolio outcome; share-price return is the better measure of what a buyer or seller of the listed shares actually experienced. Both matter to a shareholder.
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The portfolio is not a diversified slice of every listed market. The 30 largest holdings represented 81.2% of total assets at 30 September 2026. A small number of company-specific outcomes can therefore dominate the trust’s result.
| Portfolio measure at 30 September 2026 | Published figure | Why it matters |
|---|---|---|
| Public companies | 73.9% of total assets, across 48 companies | Listed holdings can normally be priced and sold more readily, but remain exposed to market and company risk. |
| Private companies | 24.9% of total assets, across 53 companies | Valuations are less frequent and selling may be difficult, especially when funding markets are weak. |
| Net liquid assets | 1.2% of total assets | A relatively small liquid reserve may limit flexibility during stressed markets. |
| Top 30 holdings | 81.2% of total assets | Portfolio-level results can be materially affected by a limited number of positions. |
| Largest reported holding | Space Exploration Technologies (SpaceX), 15.0% | A single holding of this size can have a noticeable effect on NAV. |
| Other large reported holdings | TSMC 6.5%; NVIDIA 6.2% | Semiconductor and technology cycles can influence several large positions at once. |
Source: Baillie Gifford Scottish Mortgage Investment Trust factsheet dated 30 September 2026.
Private-company marks are not the same as a continuously quoted market price. The annual report says unlisted investments rely on subjective valuation methodologies and that values can be less certain, particularly during market stress or when funding is constrained. A valuation may remain unchanged for a period even while the economic outlook is moving; a later financing round, transaction or valuation review can then produce a larger adjustment.
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Private holdings also create liquidity risk. A quoted share can generally be sold during market hours, although not always at a desirable price. An unlisted investment may require a negotiated transaction, may have transfer restrictions, and may attract few buyers in a downturn. The trust’s closed-end structure reduces forced selling pressure at the fund level, but it does not make an individual private company liquid.
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How gearing can magnify outcomes
At 30 September 2026, total assets were £18.67 billion, total borrowing was £0.98 billion, gross gearing was 6% and net gearing was 4%. The factsheet defines net gearing as borrowings at par less cash and cash equivalents actively invested, expressed as a percentage of shareholders’ funds.
Borrowing increases the portfolio exposure supporting each pound of shareholders’ capital. If investments rise, gearing can enhance the gain after financing costs; if they fall, it magnifies the loss. Interest still has to be paid, and the investment portfolio may be worth less than the borrowing and associated costs. Gearing therefore adds both market sensitivity and financing risk.
When comparing dates, check whether a source reports gross or net gearing and whether borrowings are measured at par or fair value. Those conventions can produce different percentages without any underlying change in the economic position.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Currency, geography and macroeconomic risks
Foreign-exchange movements
The portfolio invests internationally, so returns in sterling depend on both local-asset performance and exchange rates. A foreign holding can rise in its local currency but contribute less in pounds if that currency weakens against sterling. The reverse can also occur. Currency exposure can therefore increase or reduce the shareholder’s sterling return independently of the company’s operating progress.
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Emerging markets
Emerging-market investments may face wider bid–offer spreads, lower liquidity, capital controls, political changes, regulatory uncertainty and less predictable settlement or disclosure standards. Economic or political instability can affect several holdings at once, and market closures or restrictions may delay the ability to trade.
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Interest rates, inflation and growth valuations
A strategy focused on companies expected to grow for many years can be sensitive to interest-rate changes. Higher discount rates can reduce the present value investors assign to distant cash flows, even when a company’s current revenue is growing. Inflation can raise costs, alter consumer demand and change the level of rates used to value assets. These effects can be amplified when many holdings share similar growth characteristics.
Geopolitical, regulatory and derivative risks
Geopolitical events, trade restrictions, competition policy, data or technology regulation and changes in tax rules can affect individual companies or whole sectors. The trust’s official materials also identify derivative use as a risk. Derivatives can change market exposure, introduce counterparty risk and increase losses when positions move adversely. The trust does not provide capital protection.
Charges and what they mean for a shareholder
The official FAQ reports an ongoing charge of 0.33% at 31 March 2026, made up of a 0.30% management fee and 0.03% of other administrative expenses. The factsheet also gives 0.33%.
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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteThese costs are incurred by the trust and are already reflected in its share price and NAV performance. They should not be described as a separate 0.33% invoice debited from each shareholder’s dealing account. When comparing trusts, use the same charge definition and date, and check whether any performance fee, transaction cost or financing cost is presented separately.
A repeatable method for assessing Scottish Mortgage
- Set the measurement date. Write down the exact end date, such as 31 March 2026 or 30 September 2026. Do not combine figures from different dates into one return.
- Choose the horizon. Review at least one short period and one long period. The published five-year and 10-year results demonstrate why a single horizon can mislead.
- Use total returns. Confirm that dividends are reinvested and that the benchmark is measured on the same basis. Label cumulative figures as cumulative rather than annualised.
- Separate NAV from share price. Use NAV to assess the portfolio’s underlying outcome and share price to assess the return available to a listed-share investor. Record the discount or premium at the start and end of the period if available.
- Inspect drawdowns. Note the magnitude and duration of falls, not only the ending percentage. The two negative annual periods in the September factsheet provide a minimum stress reference.
- Map concentration. Record the share of assets in the largest holdings and identify whether several positions depend on the same sector, technology or economic assumption.
- Check private assets. Note the percentage in unlisted companies, how valuations are determined and what liquidity limitations apply in stressed markets.
- Check leverage. Record gross and net gearing, the treatment of borrowings and the potential effect of financing costs on both gains and losses.
- Identify non-sterling exposures. Consider how currencies, emerging-market conditions, political events and regulation could affect the sterling result.
- Account for costs and structure. Include the ongoing charge, borrowing costs where disclosed, the closed-end structure and the possibility that discounts or premiums change.
- State what the evidence cannot establish. Historical returns and volatility describe what happened over selected periods; they do not establish a future return, a guaranteed recovery or suitability for a particular investor.
How to compare Scottish Mortgage with another trust or fund
A fair comparison requires more than placing two headline percentages side by side. Use this checklist before drawing a conclusion:
| Comparison axis | Question to answer |
|---|---|
| Dates and horizons | Are both returns measured over exactly the same start and end dates? |
| Return measure | Are both figures NAV total returns or both share-price total returns? |
| Currency and dividends | Are the returns in the same currency and calculated with dividends reinvested? |
| Benchmark | Is the benchmark the same broad index, and is its return also a total return? |
| Sector context | How did each vehicle compare with its relevant sector average? |
| Charges | Are ongoing charges calculated on a consistent basis and date? |
| Portfolio composition | What proportions are public, private, concentrated or exposed to one industry? |
| Leverage | What are gross and net gearing, and how are borrowings valued? |
| Market-price effect | What discount or premium to NAV did each closed-end vehicle show, and how did it move? |
This framework prevents a 10-year NAV comparison from hiding a weak five-year period, and prevents a share-price result from being mistaken for the manager’s NAV performance.
What the record can—and cannot—tell you
The 10-year figures show that Scottish Mortgage’s NAV has substantially outperformed the FTSE All-World Index over the periods ending 31 March and 30 September 2026. The five-year figures show that this advantage was not persistent across every window. The annual falls show that the route to the long-term result included severe drawdowns, and the portfolio data explain why concentration, private assets and leverage can make outcomes uneven.
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They do not show what the next five or 10 years will deliver. The official factsheet states, “Past performance is not a guide to future returns.” Christopher Samuel, chair of Scottish Mortgage Investment Trust PLC, made the related point in the 2026 final results: “While encouraging, it is important to reiterate that our investment approach is long term in nature, and performance should not be judged over a single year.”
A responsible assessment therefore ends with a range of outcomes and the risks that could produce them, rather than with a prediction based on the strongest historical period.
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