Scottish Mortgage Investment Trust combines a concentrated portfolio of global growth companies with exposure to private businesses and investment-trust gearing. You therefore face two distinct risks: the value of the underlying portfolio can fall, and the trust’s share price can move independently of its net asset value (NAV). Either can reduce your return, and neither the trust’s past performance nor its current portfolio figures predict what happens next.
What you are buying—and where the risks arise
Scottish Mortgage is a listed investment trust. It invests in public and private companies around the world, with an emphasis on businesses expected to deliver substantial long-term growth. Buying a share gives you an interest in that portfolio, but your result is not determined solely by the portfolio’s NAV.
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NAV per share is the value of the trust’s assets, less liabilities, divided by the number of shares. The stock-exchange price is set by supply and demand. It can trade below NAV (a discount) or above it (a premium). Your return can therefore differ from the change in the portfolio’s NAV even when the companies themselves perform as expected.
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Risk indicators at 30 September 2026
The following figures are snapshots from Baillie Gifford’s September 2026 factsheet, not permanent limits or forecasts.
| Indicator | Figure | Why it matters |
|---|---|---|
| Private companies | 24.9% of total assets (53 companies) | Private holdings can be difficult to price and sell. |
| 30 largest holdings | 81.2% of total assets | Company-specific events can have a large effect on NAV. |
| Largest holding: Space Exploration Technologies | 15.0% of total assets | A single company represents a material share of the portfolio. |
| Gross gearing | 6% | Borrowing increases exposure to both gains and losses. |
| Net gearing | 4% | Net borrowing exposure was lower than gross exposure on that date. |
| Total assets | £18.67 billion | The trust operates at substantial scale, but scale does not remove market risk. |
| Total borrowing | £0.98 billion | Debt and its interest costs remain obligations when investments fall. |
| Share price | 1,590.50p | The price investors paid in the market on the factsheet date. |
| NAV per share | 1,726.85p | The calculated value of the underlying assets per share. |
| Share-price discount to NAV | 7.9% | A discount can widen or narrow independently of NAV performance. |
| Ongoing charge | 0.33% | A recurring cost that reduces returns over time. |
| Historical dividend yield | 0.3% | Dividends paid in the previous 12 months divided by share price; it can include special dividends. |
Growth stocks can fall sharply
A growth strategy places more weight on what a company might earn in the future than on today’s profits or assets. That makes valuations sensitive to changes in sales expectations, competition, interest rates, financing conditions and investor sentiment. If expected growth slows, the market can reduce the price it is willing to pay quickly, even if a business remains viable.
These are equity investments: a shareholder is last in line after creditors if a company fails. A portfolio tilted toward ambitious businesses can consequently experience larger swings than a diversified portfolio that includes more mature, income-producing companies. Past gains do not establish future returns, and no official material identifies a probability or expected size for future losses.
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Diversification is limited when a small number of positions dominate assets. The factsheet dated 30 September 2026 shows that the 30 largest holdings accounted for 81.2% of total assets and that Space Exploration Technologies alone accounted for 15.0%. A disappointing product, regulatory action, financing problem or change in valuation at one large holding can therefore move the trust’s NAV materially.
Concentration also applies across industries and investment themes, not only to named companies. When several holdings depend on similar economic conditions or a shared technology trend, they may decline together. The published weights describe exposure on one date; they do not predict which holding or theme will cause a future loss.
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Private-company holdings are harder to value and sell
Private securities do not have a continuously quoted market price. The manager must assign values using available transaction evidence, funding rounds, company information and valuation techniques. That estimate may differ from the cash proceeds ultimately available in a sale, especially when markets are stressed or a buyer is scarce.
Scottish Mortgage held 53 private companies representing 24.9% of total assets on 30 September 2026. A private holding may take longer to sell than a listed share, and a sale can require negotiation or approval. In a period of heavy redemptions or falling markets, the trust may have fewer attractive opportunities to realise a position quickly.
Private valuations can also adjust later than public markets. A holding may appear stable while comparable listed companies fall, then be marked down when new information or a financing event provides fresh evidence. Conversely, a successful private company that grows to a larger percentage of assets increases the impact of any subsequent disappointment.
Gearing magnifies losses as well as gains
An investment trust can borrow money and invest the proceeds. If the investments earn more than the borrowing cost, gearing can enhance shareholders’ returns. If investments fall, the same borrowing magnifies the decline because the debt and interest still have to be paid.
At 30 September 2026, gross gearing was 6% and net gearing was 4%. Gearing changes over time; these numbers are not a permanent cap or a prediction of future borrowing. The trust’s FAQ describes the downside this way: “However, the opposite is also true, so if performance trends downward, the additional borrowing will mean the trust loses more.”
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Gearing can also make the trust’s NAV more sensitive to interest-rate movements and can constrain choices during a stressed market. The existence of borrowing does not tell you the size or timing of a future loss, but it means a fall in the un geared portfolio is not passed through one-for-one to shareholders.
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NAV risk and share-price risk are separate. Suppose the underlying NAV rises but investors become less willing to pay for the trust’s shares: a discount can widen and offset some or all of that gain. If sentiment improves, a narrowing discount can add to a shareholder’s return even when NAV growth is modest.
The September 2026 factsheet recorded a share price of 1,590.50p against NAV of 1,726.85p, a 7.9% discount. That is a point-in-time observation, not a normal level or a forecast. The trust says its liquidity policy seeks to keep the share price and NAV within a narrow range in normal market conditions, but discounts and premiums can still change and are identified in the trust’s disclosures as a risk.
This mechanism means two investors buying at different discounts can receive different returns from the same portfolio performance. It also means a shareholder selling during a period of unusually wide discount may suffer a poor share-price result even if the manager’s asset valuations have held up.
Overseas currencies and emerging markets add uncertainty
The portfolio is global, so the sterling value of an overseas asset changes with both the company’s local share price and the exchange rate. A stronger pound can reduce the sterling value of otherwise unchanged foreign holdings; a weaker pound can increase it. Currency movements can also affect overseas income when it is converted into sterling.
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| Region | Portfolio exposure at 30 September 2026 |
|---|---|
| North America | 63.0% |
| Asia | 19.7% |
| Europe | 11.9% |
| South America | 4.1% |
The trust specifically flags China and other emerging markets. Political or economic instability, market volatility, temporary market closures, trading and settlement problems, weaker liquidity, governance concerns, regulatory or legislative change and tax rules can all affect the ability to value or realise investments. Regional percentages are exposures, not a forecast of where losses will occur.
Derivatives and market infrastructure can add losses
The trust identifies derivatives as another source of performance risk. A derivative can change the portfolio’s sensitivity to an underlying share, index, currency or other market variable, and it introduces obligations that differ from owning the asset outright. The outcome depends on the instrument, its terms and market conditions; the available disclosures do not provide a single loss estimate.
For overseas and private investments, operational events also matter. Trading interruptions, settlement failures, restrictions on transferring capital or unreliable market information can delay a transaction or make a stated value less certain. These risks can occur alongside, rather than instead of, a fall in the underlying business.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Costs and a low income profile reduce the margin for error
The factsheet reported an ongoing charge of 0.33% at 30 September 2026. This recurring charge is deducted from assets, so the portfolio must earn more than its costs before an investor receives a positive net return. Dealing costs, taxes and any personal platform or account charges are separate from that figure.
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Performance figures show why the two risks must be separated
Returns to 30 September 2026 illustrate the difference between NAV performance and what shareholders experienced at the market price. They are historical observations, not forecasts.
| Period to 30 September 2026 | Share-price return | NAV return | FTSE All-World Index return in sterling |
|---|---|---|---|
| One year | 40.3% | 36.3% | 18.7% |
| Five years | 13.9% | 27.8% | 79.3% |
In the one-year period, a change in the discount or premium helped make the share-price result different from NAV. Over five years, the gap was much wider in the opposite direction. These figures demonstrate the mechanics of a listed trust; they do not establish that the trust will outperform or underperform in the future.
Who may find these risks difficult to accept?
The manager says an investor should be prepared to bear losses and that the trust may not suit people concerned about short-term volatility, seeking regular income or investing for less than five years. That is a description of the product’s risk profile, not personalised advice.
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- A short time horizon leaves less opportunity to wait through a fall in growth stocks, a private-asset revaluation or a temporary widening of the discount.
- An income-dependent investor may find a 0.3% historical yield insufficient and cannot treat it as guaranteed.
- An investor who needs a readily observable exit price should recognise that private holdings and the share-price discount can make the realised value differ from an apparent NAV.
- An investor using this trust as a core holding should consider whether the 81.2% weight in the 30 largest positions and the overseas concentration fit the rest of their portfolio.
A practical checklist before investing
- Separate the two valuations. Check both the latest NAV and the market price, then calculate whether the shares trade at a discount or premium.
- Read the portfolio weights. Note the private-company percentage, the largest holding and the share of assets in the top 30; these can change after the dated figures above.
- Check gearing. Look for current gross and net gearing and remember that borrowing magnifies a decline while interest remains payable.
- Stress-test currency exposure. Consider how a stronger or weaker pound would affect a portfolio with substantial North American and Asian assets.
- Decide whether you can wait. Use a horizon of at least five years only if that matches your own circumstances, and ensure you can tolerate losses without being forced to sell.
- Assess the income need. Treat the historical yield as a past calculation, not a commitment to future payments.
Bottom line
Scottish Mortgage’s main risks are unusually interconnected: volatile growth equities and concentrated positions can pull down NAV; private holdings can be repriced or difficult to sell; gearing can deepen the fall; overseas currencies, emerging-market conditions and derivatives add uncertainty; and a changing discount or premium can alter the share-price result independently of portfolio performance. The 30 September 2026 figures—24.9% in private companies, 81.2% in the 30 largest holdings, 6% gross gearing and a 7.9% discount—show the scale of those exposures on one date, not what a future investor will experience.
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