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There is no meaningful single ranking of Scottish Mortgage against “other investment trusts.” A sound comparison matches each trust’s mandate and benchmark, fixes the same dates and dividend treatment, then places NAV total return, share-price total return, discount or premium, charges and gearing side by side. For the six months to 30 September 2026, Scottish Mortgage reported a 31.5% NAV total return and a 33.8% share-price total return, while the FTSE All-World Index in sterling returned 16.0% (2026 interim report). Those are historical, dated results—not a forecast and not proof that the trust is the best choice.
At a glance
| Name | Best for | Key spec | Free plan / price | Platforms | Checked |
|---|---|---|---|---|---|
| Scottish Mortgage Investment Trust plc | Comparing a global-growth investment trust with mandate-matched peers | 31.5% six-month NAV total return and 33.8% share-price total return to 30 September 2026; 0.33% ongoing charges for year ended 31 March 2026 | Not applicable; listed investment trust. Charges are reported separately below. | London Stock Exchange-listed | Nov 2026 |
This is a comparison guide rather than a “best trust” list. The available evidence supplies Scottish Mortgage’s dated figures, but not a consistent set of peer reports. Adding a trust to the table below without matching its mandate, benchmark, dates and return definitions would create a misleading ranking.
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What is Scottish Mortgage’s mandate and benchmark?
Scottish Mortgage Investment Trust plc is a London Stock Exchange-listed investment trust in the Association of Investment Companies’ Global sector. Its stated benchmark is the FTSE All-World Index in sterling terms, according to the trust’s official FAQ. That makes global investment trusts with similarly broad, growth-oriented objectives the logical starting point for a peer set—not income, property, single-country or narrowly specialised trusts chosen merely because their latest return was higher.
Read the objective and benchmark in each candidate trust’s annual or interim report before collecting performance numbers. A benchmark is not a promise that the portfolio will resemble the index: the trust can have different regional weights, company sizes, unlisted investments, cash levels and borrowing. It is a reference point for judging whether the return is consistent with the mandate and risk taken.
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How should you build a fair peer group?
Begin with the investment problem you are trying to solve. If you want global capital growth, identify trusts that explicitly invest globally and state a comparable growth objective. Record each trust’s objective, benchmark, portfolio structure and dealing currency. Only then decide whether a trust belongs in the direct comparison.
- Screen by mandate. Exclude a trust whose main exposure is UK income, commercial property, one country or a specialist asset class unless you are deliberately comparing different portfolio roles.
- Record the benchmark. Scottish Mortgage uses the FTSE All-World Index in sterling. A peer using a different index may still be useful, but the difference must be disclosed rather than hidden in a league table.
- Check portfolio construction. Compare the number and size of holdings, listed versus private assets, geographic exposure, sector concentration and liquidity. Two “global” labels can conceal very different risks.
- Check gearing policy. Borrowing changes both upside and downside. Capture the gearing percentage and the date and definition used in the report.
- Keep the set stable. Do not add a new peer after seeing which trusts won a particular period. That is selection by outcome, not comparison by mandate.
The AIC Scottish Mortgage company page provides date-stamped company information and links to an investment-company comparison tool. Use it to discover candidates, then verify every material figure in the relevant trust report.
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Compare both. NAV total return measures the change in the trust’s net assets per share, normally including reinvested distributions according to the report’s stated convention. Share-price total return measures what a shareholder experienced through the listed market price, including distributions under the same convention. They diverge when the discount or premium to NAV changes.
Scottish Mortgage’s interim report for the six months to 30 September 2026 records:
| Measure | Scottish Mortgage | Reference | Period and currency |
|---|---|---|---|
| NAV total return | 31.5% | Scottish Mortgage Interim Financial Report 2026 | Six months to 30 September 2026; sterling |
| Share-price total return | 33.8% | Scottish Mortgage Interim Financial Report 2026 | Six months to 30 September 2026; sterling |
| FTSE All-World Index total return | 16.0% | Scottish Mortgage Interim Financial Report 2026 | Six months to 30 September 2026; sterling |
The share-price result exceeded NAV over this particular six-month period, which indicates that the market valuation effect helped shareholders relative to the underlying portfolio. It does not show that the difference will persist.
What do the five-year figures show?
The same interim report gives five-year figures to 30 September 2026 of 27.8% for Scottish Mortgage’s NAV total return, 13.9% for its share-price total return and 79.3% for the FTSE All-World Index in sterling terms. Keep the return basis exactly as the report presents it. Before comparing a peer, establish whether its figure is cumulative or annualised, whether dividends are reinvested and whether the currency is sterling or another base.
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| Measure | Five-year figure to 30 September 2026 | Source |
|---|---|---|
| Scottish Mortgage NAV total return | 27.8% | Interim Financial Report 2026 |
| Scottish Mortgage share-price total return | 13.9% | Interim Financial Report 2026 |
| FTSE All-World Index total return | 79.3% | Interim Financial Report 2026 |
The wide gap between the five-year NAV and share-price figures demonstrates why a shareholder’s experience cannot be inferred from NAV alone. It also shows why a short six-month ranking is weak evidence: the report notes that the period chosen materially affects the result. Past performance is not a guide to future returns.
How do discounts and premiums change the result?
An investment trust’s share price is set by supply and demand on the exchange, while NAV represents the value of its assets per share. A discount means the share price is below NAV; a premium means it is above NAV. As the annual report’s glossary puts it: “As stockmarkets and share prices vary, an investment trust’s share price is rarely the same as its NAV.”
At 30 September 2026, Scottish Mortgage reported a 7.9% discount, calculated against NAV after deducting borrowings at fair value (interim report). The exact calculation matters: another trust may quote a discount using a different NAV definition or a different date.
Separate two questions in your worksheet:
- How did the portfolio perform? Use NAV total return.
- How did the listed share perform? Use share-price total return and explain the change in discount or premium.
A discount can narrow and add to share-price returns even when NAV performance is unchanged. It can also widen and reduce the shareholder return. Do not attribute that valuation movement to stock-picking skill without evidence.
What are Scottish Mortgage’s charges, and what do they include?
Scottish Mortgage’s annual report states ongoing charges of 0.33% for the year ended 31 March 2026, compared with 0.31% for the year ended 31 March 2025. The ratio is total expenses excluding borrowing costs divided by average NAV with debt at fair value (Annual Report and Financial Statements 2026).
| Charge item | Reported figure | Scope and date |
|---|---|---|
| Ongoing charges | 0.33% | Year ended 31 March 2026; excludes borrowing costs |
| Prior-year ongoing charges | 0.31% | Year ended 31 March 2025; same reported measure |
| Management fee | 0.30% on the first £4 billion of the defined asset base; 0.25% thereafter | Fee schedule in the official FAQ |
| Other administrative expenses | 0.03% | Component of the 2026 ongoing-charge figure, according to the FAQ |
Do not call 0.33% an all-in cost: borrowing costs are excluded. When comparing a peer, identify whether its ongoing-charge ratio excludes interest, performance fees, transaction costs or other items. A lower headline percentage is not automatically cheaper if the definitions differ.
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The trust’s official charges and trust details explain the fee schedule. Confirm whether a peer has a performance fee; if the report does not state one clearly, mark the item “not disclosed” rather than assuming it is zero.
Which investor costs sit outside the trust’s ongoing charge?
Your personal cost can exceed the fund-level ratio. Add dealing commissions, bid–offer spread, platform or custody charges, account fees, foreign-exchange costs and any tax relevant to your account. These are investor-level costs and should be shown in a separate line from the trust’s ongoing charges.
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For a fair comparison, calculate two views:
- Vehicle cost: the trust’s reported ongoing charges, borrowing costs and any performance fee under the report’s definitions.
- Investor cost: vehicle cost plus the charges you would pay in the intended dealing account or stocks and shares ISA, using the provider’s current tariff.
Do not mix a trust’s annual ratio with a platform’s monthly fee or a one-off dealing charge without stating the period over which you have spread each cost.
How much gearing does Scottish Mortgage use?
Gearing is borrowing that increases the portfolio’s exposure. It can amplify gains when assets rise and deepen losses when they fall. Scottish Mortgage’s annual report records 11% gearing at 31 March 2026, while its interim report records 4% at 30 September 2026. The dates and report definitions must stay attached to those numbers because gearing can change quickly.
| As-at date | Reported gearing | Source |
|---|---|---|
| 31 March 2026 | 11% | Annual Report and Financial Statements 2026 |
| 30 September 2026 | 4% | Interim Financial Report 2026 |
When comparing peers, capture the borrowing instrument, whether gearing is gross or net, and whether the percentage is based on NAV, assets or another measure. Then examine concentration, private-company exposure, currency, liquidity and the trust’s worst historical drawdowns alongside the return numbers.
What should a transparent peer-comparison table contain?
Use one row per mandate-matched trust and put the source date in every performance, charge, discount and gearing cell. This template prevents the most common apples-to-oranges errors:
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| Field | Scottish Mortgage | Peer trust |
|---|---|---|
| Objective and AIC sector | Global; objective and wording from current report | Copy directly from peer report |
| Benchmark | FTSE All-World Index, sterling | Peer’s stated benchmark and currency |
| NAV total return | 31.5% for six months to 30 Sep 2026; 27.8% for five years to that date | Same dates and horizon, same dividend convention |
| Share-price total return | 33.8% for six months; 13.9% for five years to 30 Sep 2026 | Same dates and horizon |
| Ongoing charges | 0.33% for year ended 31 Mar 2026; borrowing costs excluded | Peer’s ratio and exclusions |
| Performance fee | Only state what the current report discloses | State “none,” or “not disclosed,” with source |
| Gearing | 4% at 30 Sep 2026; 11% at 31 Mar 2026 | As-at date and definition |
| Discount or premium | 7.9% discount at 30 Sep 2026, NAV after borrowings at fair value | Same calculation basis and date |
| Risk note | Concentration, global growth exposure, gearing and liquidity from report | Peer-specific concentration and downside characteristics |
How do you make the dates and return conventions match?
Write an “as at” line before collecting data. For example: “Returns to 30 September 2026, sterling, total return, dividends reinvested where the report’s methodology permits.” Then reject any figure that does not meet the rule or label it separately.
- Use the same end date. Do not compare Scottish Mortgage’s 30 September 2026 interim result with a peer’s 31 March 2026 year-end as if markets were unchanged.
- Match horizons. Use one, three and five years only when every trust supplies the same periods. Show a six-month figure as six months, not as an annualised result unless you explicitly calculate and label it.
- Match distributions. Confirm whether dividends are reinvested and whether the return is total or capital-only.
- Match currency. A sterling investor needs sterling returns or a clearly stated translation method. Currency movements can dominate a difference between otherwise similar portfolios.
- Label cumulative versus annualised. Never infer one from the other. Copy the report’s wording and methodology.
How should you read the annual and interim reports?
Start with the performance table, then read the notes that define NAV, share price, benchmark and gearing. The headline percentage is incomplete without those definitions.
- Find the “as at” date and reporting period.
- Locate the total-return table and record NAV and share-price figures separately.
- Check the benchmark name, currency and whether the index return is total return.
- Read the charges note for the denominator and exclusions.
- Find gearing, borrowings and the valuation basis used for NAV.
- Record the discount or premium and its calculation basis.
- Review the portfolio and risk sections for concentration, unlisted assets, geography and liquidity.
- Save the report URL beside every spreadsheet cell so the comparison can be refreshed later.
Why can a recent winner still be the wrong peer?
Recent performance can reflect a different mandate, a temporary discount change, unusual currency conditions or a short-lived concentration in a particular sector. Selecting peers after seeing the returns rewards the outcome rather than measuring the investment approach.
A better decision sequence is: define the role the trust would play in your portfolio; select mandate-matched candidates; compare risk and cost definitions; then examine returns over several common periods. If a trust has a higher return but materially higher gearing or concentration, show that trade-off instead of declaring it superior.
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What is a practical worksheet for comparing Scottish Mortgage?
Create one row per trust and these columns: objective, AIC sector, benchmark, benchmark currency, one-, three- and five-year NAV total return, matching share-price total return, return basis, ongoing charges, borrowing-cost treatment, performance fee, gearing and date, discount or premium and date, holdings concentration, private-asset exposure, liquidity, and source URL. Add a final column called “What changed the result?” for discount movement, currency, gearing or portfolio allocation.
Refresh the sheet whenever a new annual or interim report is published. Keep historical observations rather than overwriting them, so you can distinguish a change in the trust from a change in the reporting date or methodology.
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What conclusion can the available Scottish Mortgage figures support?
The evidence supports a method, not a recommendation. Scottish Mortgage’s six-month NAV and share-price returns to 30 September 2026 were strong relative to its FTSE All-World benchmark for that period, while the five-year figures show a much lower shareholder return than NAV and a materially different result from the index. Its reported 0.33% ongoing charge excludes borrowing costs, and gearing moved from 11% at 31 March 2026 to 4% at 30 September 2026.
Therefore, ask whether a candidate peer has the same mandate, whether its returns use the same dates and conventions, how much of the shareholder result came from discount movement, and whether the charges and gearing definitions are comparable. Only after those checks does a return or fee difference become decision-useful.
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Where can I find an investment trust’s latest discount or premium?
Start with the trust’s latest factsheet or interim report, then cross-check a date-stamped AIC company page. Intraday discounts can move, so note whether the figure is a closing price, a reported period-end value or a live estimate.
Should I annualise a six-month investment-trust return?
Usually keep it as a six-month result. Annualising a short period assumes the same pace continued and can exaggerate the apparent difference; if you calculate an annualised number for a specific analysis, label the formula and keep the original six-month figure beside it.
How can a trust’s NAV rise while my holding falls?
The market price may move from a small discount to a larger discount, offsetting the portfolio gain. Trading spreads, dealing costs and currency conversion can also reduce your personal result even when the reported NAV return is positive.
What does a high gearing percentage imply for a peer comparison?
It indicates greater exposure to market movements, but the effect depends on the borrowing terms, asset liquidity and portfolio concentration. Compare gearing alongside downside periods and the report’s definition; percentages from different bases are not automatically comparable.
