Do these 3 things before closing this tab:
1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsResearch Scottish Mortgage Investment Trust (SMT) as a listed, closed-ended share—not as a mortgage product or an open-ended fund. Before buying, verify the security, read the latest dated documents, compare the market price with net asset value (NAV), inspect listed and private-company exposure, check gearing and charges, and compare like-for-like total returns with the FTSE All-World Index. A discount to NAV or strong past performance is evidence to investigate, not a buy signal.
What Scottish Mortgage Investment Trust is
Scottish Mortgage Investment Trust PLC is a public limited company whose shares trade on the London Stock Exchange. Its listed ticker is SMT:LN and its ISIN is GB00BLDYK618. It was incorporated on 17 March 1909 and Companies House records it as active under company number SC007058. The latest accounts shown in the Companies House profile are made up to 31 March 2026. You can verify the corporate record at Companies House.
As an Amazon Associate I earn from qualifying purchases.
As a closed-ended investment trust, it has a fixed pool of shares that investors buy and sell with one another on the exchange. Your dealing price is therefore set by market supply and demand. It is not the same as the value per share of the trust’s underlying investments, and it is not the daily dealing structure used by an open-ended fund. UK individuals commonly access the shares through an investment platform, but you must check whether your chosen provider offers SMT, which account wrappers are eligible, and what dealing and account charges apply. The issuer’s FAQ confirms the listing, ticker, ISIN and platform-based access.
Recommended Free Tools
Why the structure matters to your return
Two prices matter every time you research the trust:
#1 Best Overall
- Compact & Portable Design: This Small Excel, Word, PowerPoint, & Windows Cheat Sheet Mouse Pad measures 11.8" x 9.8", offering a portable mouse pad. Its compact size fits in bags or laptop cases, suitable for professionals, students, or travelers.
- Multi-Software Shortcut Guide: Featuring essential shortcut keys for Excel, Word, PowerPoint, & Windows, this small mouse pad provides a quick reference for frequently used shortcuts, offering a reference designed to support workflow efficiency
- Smooth & Precise Surface: The finely-textured surface ensures precise mouse control, allowing for smooth and accurate movement during work or gaming sessions.
- Durable & Non-Slip Design: This Multi-Software Shortcut Mouse Pad features stitched edges to reduce fraying. The non-slip rubber base helps keep it securely in place, and the water-resistant fabric allows for easier maintenance.
- Clear Print Quality: Displays high-resolution printing intended to remain legible through regular use and cleaning
- Share price: the price at which you can currently buy or sell a share on the market.
- NAV per share: the trust’s assets, less liabilities such as debt, divided by the number of shares.
The share price can stand below NAV (a discount) or above it (a premium). If the discount widens after you buy, your return can be poor even when the underlying portfolio rises. If it narrows, the share price can benefit in addition to portfolio performance. Discounts can persist, widen or reverse, so they should be assessed with the portfolio, valuation quality, gearing and market conditions rather than treated as a simple bargain indicator.
Use a dated primary-source file set
Start at the trust’s official documents catalogue. Save the publication date and the measurement date for every number you record. The latest file is not automatically the best source for every question: audited accounts are strongest for historical financial statements, while a newer factsheet or data pack is more useful for current portfolio context.
| Document | What to extract | How to use it |
|---|---|---|
| Annual Report and Financial Statements to March 2026 | Audited accounts, liabilities, borrowing arrangements, risk disclosures, fee information and the manager’s report | Use for the trust’s financial history and the detailed explanation of risks and governance. |
| October 2026 factsheet | Latest published portfolio summary, NAV information, performance presentation and risk indicators available in that factsheet | Use for a recent snapshot, while checking the exact date printed in the file. |
| Quarterly Data Pack dated August 2026 | Portfolio, exposure and performance data supplied for the quarter | Use to identify changes since the annual report and to date every comparison. |
| Private Companies Top 10 dated August 2026 | The largest disclosed private-company positions and their stated values | Use to understand private exposure and concentration; do not treat stated values as guaranteed sale proceeds. |
| Portfolio Valuation dated 31 August 2026 | Security-level valuation information at the stated measurement date | Cross-check major positions and valuation movements against the factsheet and data pack. |
| Investor Disclosure Document, June 2026 | Product and risk disclosures relevant to investors | Read before deciding whether the trust’s structure and risks suit your circumstances. |
| Key Information Document (UK), June 2026 | Standardised product information and risk presentation | Use alongside, not instead of, the annual report and current factsheet. |
| April 2026 Morningstar and Edison reports | Independent commentary and analysis | Use as secondary opinions to challenge or contextualise, not to replace issuer documents. |
Manager commentary explains how the manager views the portfolio; it is not an independent assessment. For any statement about NAV, holdings, gearing or performance, write down both the document date and the date to which the figure relates. That simple habit prevents an old number being mistaken for a live one.
Step 1: confirm the exact security and your route to buy
- Search your platform for Scottish Mortgage Investment Trust PLC, ticker SMT or ISIN GB00BLDYK618.
- Check that the result is the London-listed ordinary share, not a similarly named product, a derivative or a different exchange line.
- Confirm that your intended account—such as a dealing account, ISA or pension wrapper—is supported by your provider.
- Read the provider’s current dealing commission, foreign-exchange charge (if applicable), account fee and bid-offer spread information. These are your costs, separate from the trust’s ongoing charges.
- Record the date and time of the quote before comparing it with any NAV figure; a price that is live or delayed may not align with a NAV published at a different time.
Do not assume that every UK platform offers the shares or that every wrapper has the same tax treatment and charges. The issuer confirms platform access is common, but availability and pricing are provider-specific.
Step 2: calculate what the discount or premium actually means
The basic calculation is:
Discount or premium (%) = (NAV per share − share price) ÷ NAV per share × 100
Rank #2
- [MULTIFUNCTIONAL]You'll get 2 pieces computer monitor memo boards that you can stick on the left and right edges of your monitor, and they're the perfect office desk organizers and accessories. Computer monitor side panels desktop organizer are suitable for home work or office,bringing convenience. Desktop memo is used to organize meeting memos, important messages, business cards, planning notes.Paste on the message board to keep track of important things and to-do items to prevent forgetting.
- [🌟HIGHLY QUALITY] The material of computer screen side note holder is transparent acrylic. Durable, simple, stylish, light weight, easy to use, not easy to fall off or break. This cute office supplies for women desk can be used for a long time. This computer desk accessories is waterproof and dirt resistance, and look simple and stylish. The transparent acrylic sticky note holder as cubicle accessories is easy to notice the context of your sticky notes.
- [📋Easy to use] Office must haves cool office gadgets for desk ready to tear, easy to install and remove, not easy to leave traces. You only need to peel off the protective film on the surface of the computer side board memo, wipe off the dust on the edge of the computer monitor, and then stick the desk essentials for women office on the right or left side of the tape, and you're done. A perfect gift for your colleagues, friends or classmates and family members or relatives
- [🏢MULTI-SCENE USE] This desk supplies computer memo board can be applied to home and office, clear your office decor for women, suitable for most computer monitors, screens and cabinets, you can put it where you think, this cute office decor serve as a reminder. Stick on the computer side. It’s a good office gadgets can remind work improve office productivity. Pasted cabinets, dressers, refrigerators, walls, etc as cubicle accessories. To make life more orderly.
- [💌NOTE] The adhesive force of the computer sticky note holder is very strong. It can not be directly pasted on the computer screen. It should pasted on the black edge of the screen. Narrow edge not recommended!!! If you are not satisfied with your purchase, or if the product is damaged or broken in transit, please let us know immediately. We will promptly solve your problem.
A positive result is a discount; a negative result is a premium. On the issuer’s professional-investor page, the snapshot dated 8 October 2026 showed a share price of 1,623.00p and an estimated fair NAV of 1,766.58p, producing an indicated 8.1% discount. This was a dated market snapshot, and the NAV was an estimate. It is not a current quote or a recommendation; obtain a fresh price and the latest published NAV before acting.
Questions to ask about a discount
- Is the NAV current, or is it calculated from an earlier dealing date?
- How much of the NAV consists of private companies whose marks are estimates?
- Has the discount been unusually wide or narrow compared with the trust’s own history, and what market conditions existed at those points?
- Could gearing, interest costs, currency moves or a fall in growth-stock valuations push the discount wider?
- Would you still want the portfolio if the discount stayed at today’s level for years?
The issuer describes a liquidity policy intended to keep price and NAV within a narrow range in normal conditions. That is a policy objective, not a guaranteed trading band. The company may issue shares at a premium, and the FAQ warns that shares bought at a premium can carry greater risk of loss than shares bought at a discount. Neither statement turns a particular discount or premium into a forecast.
Step 3: find out what the trust owns
Open the current factsheet, quarterly data pack, portfolio valuation and private-companies top-ten document before naming holdings or quoting weights. Those files are dated and can change materially between issues. Build a worksheet with each position, its listed or private status, country or region, sector, portfolio weight, valuation date and change from the prior file.
Listed versus private holdings
Listed securities can generally be priced and sold in an organised market, although liquidity can still deteriorate in stressed conditions. Private-company investments are harder to sell and are valued using estimates. The issuer’s risk disclosures state that an assigned value may not accurately reflect the price achieved in a sale. A private mark can therefore remain stable for a period and then be adjusted when a funding round, transaction or new information changes the valuation.
When you review a private position, ask:
- What valuation method and date are disclosed?
- How large is the position relative to NAV?
- Is there a recent funding round or transaction that provides an observable price, or is the value model-based?
- How long might a sale take, and could the trust need to sell at a discount to the stated mark?
Concentration and exposure
A diversified list can still conceal concentration if a few companies account for a large share of NAV. Examine the largest positions, the combined weight of the top 10, geographic exposure, sector exposure and the balance between mature listed companies and earlier-stage private businesses. Also look for material changes between the August 2026 data pack and the October 2026 factsheet. Do not infer a current percentage from a headline or an older report.
Rank #3
- Stay Organized with Ease: Our To Do List Notepad provides multiple sections with plenty of space to jot down all of your important tasks.A versatile office supply perfect for daily task management, helping you keep track of everything that needs to be done and prioritize effectively.
- Achieve Your Productivity Goals: Begin each day on a positive note, reminding you of your potential, strength, and the significance of staying focused on your goals. Our Daily Checklist Notepad is the ultimate tool to streamline your daily planning and elevate your productivity. With a clear and concise overview of your tasks, you can effortlessly prioritize what truly matters and make consistent strides towards achieving your goals.
- Reliable and Stylish: Our to do list planner combines functionality with durability. With a transparent PP cover, the inner pages are well-protected from dirt and wear. Additionally, the back cover is crafted with thick paperboard, offering a stable surface for your writing needs. Each notepad includes 52 pages of high-quality, 100gsm paper, which is thick and non-bleeding, resulting in a smooth and enjoyable writing experience.
- Versatile Use: This daily checklist notepad, suitable for teacher supplies and a wide range of applications, proves invaluable in various settings including work, school, and home. Whether you need to organize your daily tasks, plan a project, or create a grocery list, this notepad serves as the ideal tool. Its compact size ensures easy portability, allowing you to conveniently carry it with you throughout your day.
- Perfect Present for Anyone: Our Daily To-Do List Notepad is the perfect present for those who value organization and productivity. With its stylish design and versatility, this office desk accessory is also a practical addition to school supplies. Suitable for students, professionals, and homemakers alike, it helps keep tasks and priorities in check effortlessly.
Step 4: understand gearing before you interpret returns
Gearing means borrowing to make additional investments. It can increase gains when the portfolio rises, but it also increases losses when investments fall and leaves the trust with borrowing and interest costs. The Scottish Mortgage FAQ puts the downside plainly: "However, the opposite is also true, so if performance trends downward, the additional borrowing will mean the trust loses more."
Do not use an undated gearing percentage. Retrieve the latest annual report and factsheet and record:
- the actual level of gearing at the stated date;
- the amount and type of borrowing;
- interest rates, maturity dates and any security or covenant terms disclosed;
- whether gearing is measured against total assets, NAV or another denominator; and
- how much headroom exists under the trust’s borrowing arrangements.
A higher gearing level is not automatically wrong, but it changes the range of outcomes you must be able to tolerate. Model a portfolio fall and consider how the same percentage move could affect NAV after borrowing costs. Remember that a falling share price can also reflect a widening discount, so shareholders may experience a larger decline than the change in underlying assets alone.
Step 5: separate trust charges from your account costs
The issuer reports ongoing charges of 0.33% as at 31 March 2026. That comprises a 0.30% management fee and 0.03% other administrative expenses. The management-fee schedule is 0.30% on the first £4 billion of total assets less specified liabilities and 0.25% thereafter. Ongoing charges are calculated annually and can change; they are not a complete statement of what an individual shareholder pays.
| Cost layer | What it covers | Where to verify it |
|---|---|---|
| Trust ongoing charges | Management and administrative expenses incurred by the investment trust | Annual report, latest Key Information Document and current issuer disclosures |
| Dealing cost | Commission or a platform’s trading fee when you buy or sell | Your platform’s current tariff |
| Bid-offer spread | The difference between the market buy and sell prices | The live quote at the time you trade |
| Account or wrapper fee | Charges for an ISA, pension or general investment account | Your provider’s terms |
| Other applicable charges | For example, foreign-exchange or transfer fees where your provider applies them | Your provider’s tariff and account documentation |
For a fair comparison with another fund or trust, use the same treatment of ongoing charges and include the investor-level costs that would differ between the two choices. A low trust charge cannot compensate for an expensive dealing arrangement or a wide spread if you trade frequently.
The Tool Desk
Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Rank #4
- 【Adjustable & Ergonomic】：This laptop stand can be adjusted to a comfortable height and angle according to your actual needs, letting you fix posture and reduce your neck fatigue, back pain and eye strain. Very comfortable for working in home, office and outdoor.
- 【Sturdy & Protective】 ：Made of sturdy metal, it can support up to 17.6 lbs (8kg) weight on top; With 2 rubber mats on the hook and anti-skid silicone pads on top & bottom, it can secure your laptop in place and maximum protect your device from scratches and sliding. Moreover, smooth edges will never hurt your hands.
- 【Heat Dissipation】 ：The top of the laptop stand is designed with multiple ventilation holes. The open design offers greater ventilation and more airflow to cool your laptop during operation other than it just lays flat on the table.
- 【Portable & Foldable】：The foldable design allows you to easily slip it in your backpack. Ideal for people who travel for business a lot.
- 【Broad Compatibility】：Our desktop book stand is compatible with all laptops from 10-15.6 inches, such as MacBook Air/ Pro, Google Pixelbook, Dell XPS, HP, ASUS, Lenovo ThinkPad, Acer, Chromebook and Microsoft Surface, etc.Be your ideal companion in Home, Office & Outdoor.
Step 6: compare performance on a like-for-like basis
The trust identifies the FTSE All-World Index in sterling terms as its benchmark. Compare total returns over identical start and end dates, in the same currency and with dividends treated consistently. Use the trust’s published performance table, then check how much of the difference came from the portfolio, gearing, and changes in the share-price discount or premium.
| Comparison question | Why it matters |
|---|---|
| Are both figures total returns? | A price-only index return and a dividend-inclusive trust return are not comparable. |
| Are the dates and currency identical? | Different measurement windows or currencies can create a misleading advantage. |
| Are you comparing NAV return or shareholder return? | NAV return reflects the portfolio; shareholder return also includes discount or premium movement. |
| What were the maximum drawdowns and volatility? | A higher return may have required losses you cannot tolerate. |
| What are the charges, gearing and exposures? | Private assets, borrowing and concentration make a simple index ranking incomplete. |
Past performance is not a guide to future performance. Do not select the trust because it won a particular period, and do not call it superior or inferior to another global fund without matching the return basis and accounting for these structural differences.
Step 7: assess the risks that are specific to this portfolio
Global currency and market exposure
Investments outside sterling expose NAV and shareholder returns to currency movements. A rise or fall in an overseas currency can affect the sterling value of an asset even when its local-market price is unchanged. Review the geographic breakdown rather than assuming that a global label means balanced exposure.
Emerging markets and China
The issuer identifies emerging markets, including China, as a risk category. Regulation, political developments, market access, currency controls and liquidity can affect both valuations and the ability to trade. Treat any country or region weight as date-specific.
Free tools Windows power users keep installed
One-click scans. No signup required.
Private-company liquidity and valuation
Private investments may take longer to sell, and their assigned values may not equal sale proceeds. A valuation reduction can arrive in steps rather than through a continuous quoted price. This risk is different from ordinary share-price volatility and should be considered when deciding how much of your portfolio can be held in the trust.
Best Value
- Twin-Ball Design : Hiacry gel pen features a double ball conical tip that reduces writing resistance and provides a stable and smooth writing experience. 0.7mm quick drying black ink ensures no jumping, leakage or seepage.
- Quick-Dry Long Lasting Ink：0.7mm black ink can slide effortlessly, dry immediately, & is not easily dirty. It has a high-capacity reservoir (up to 1300 meters), which is very suitable for left-handed & right-handed users.
- Sleek Design for Journaling & Planning: Engineered with a low center of gravity and precision tip for steady ink flow, these journaling pens excel at note-taking, sketching, planning, and more. They combine stylish pens with top-tier performance.
- Rolling Ball Design：The pocket clip with roll ball design can be easily attached to notebook pockets and binders, in addition, the fidget on the pen clip is also a small toy for your daily thinking to relieve stress.
- Comfortable Non-Slip Grip：The ergonomic pen barrel has a soft rubberized coating for a comfortable, non-slip grip, so you won't get fatigued even after long hours of writing.
Derivatives, concentration and discount movement
Derivatives can introduce additional market, counterparty and liquidity risks. Concentrated positions make a single company’s decline more consequential. Separately, a change in the discount or premium can move the share price even if NAV is stable.
Capital and income are at risk
The issuer warns that the value of shares and income can fall as well as rise and that investors may not get back the amount invested. Consider whether you can withstand a prolonged fall, a wider discount and reduced or irregular income without selling at an unsuitable time.
A practical research worksheet
Record the following before making an investment decision:
Crashes, No Sound, or Screen Glitches?
Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minutePC Slower Than It Used to Be?
A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11- Identity: SMT:LN, ISIN GB00BLDYK618, listing venue and the account through which you would buy.
- Document dates: publication and measurement dates for the annual report, latest factsheet, data pack, portfolio valuation and private-company report.
- Price and NAV: the same-day share price, published or estimated NAV, and your calculated discount or premium.
- Portfolio: largest positions, listed/private split, country and sector exposure, and notable changes since the previous report.
- Private marks: valuation dates, methods and any disclosure that values may differ from sale proceeds.
- Gearing: current percentage, borrowing terms, interest cost and maturity information from the latest dated source.
- Costs: 0.33% ongoing charges reported at 31 March 2026, the applicable management-fee tier, and all charges quoted by your platform.
- Performance: matched sterling total returns against the FTSE All-World Index, plus volatility, drawdowns and discount movement.
- Decision rule: the portfolio role, maximum acceptable loss and conditions under which you would review or sell.
How to keep the research current after buying
Set a calendar reminder for each annual report, factsheet and quarterly data pack rather than relying on an old screenshot. At every review, replace the previous price, NAV, gearing and holdings figures with dated values and note what changed. Recheck the issuer’s documents catalogue for a newer report and read the latest risk disclosures. Also review your platform’s charges when its tariff changes or when you move money between account types.
Use the professional-investor page and the individual-investor FAQ as issuer sources, but distinguish factual disclosures from manager opinion. A disciplined review asks whether the portfolio, private-asset marks, borrowing and discount still fit your plan; it does not try to predict the next share-price move from one discount reading.
When the research is sufficient to decide
You have enough information for a considered decision when you can explain, in your own words, what you would own, how the share price differs from NAV, how private valuations and gearing could affect a bad outcome, what the trust and your platform charge, and how you will compare its results with the FTSE All-World Index. If any of those answers depends on an old or undated number, return to the latest official file before investing. This is a research framework, not personalised investment advice; your time horizon, tax position, risk capacity and wider portfolio determine whether the shares are appropriate for you.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
