Scottish Mortgage Investment Trust Share Price: Complete Guide

The Scottish Mortgage Investment Trust share price is closely watched by investors interested in global growth companies, technology, innovation, and investment trusts. Scottish Mortgage Investment Trust plc trades on the London Stock Exchange under the ticker SMT and is managed by Baillie Gifford. Its objective is to seek long term total returns by investing in public and private growth companies around the world.
One important point is that the Scottish Mortgage Investment Trust share price is not the same thing as the underlying value of the investments held by the trust. Because Scottish Mortgage is a closed end investment trust, its shares trade on the stock market and can trade above or below the trust’s net asset value, commonly called NAV.
That difference is essential when evaluating SMT. A falling share price does not automatically mean the underlying portfolio has fallen by the same amount, while a rising share price does not necessarily mean the underlying assets have increased by the same percentage.
This guide explains how the Scottish Mortgage Investment Trust share price works, what influences it, how to understand the NAV discount, what the portfolio contains, and which risks are important to consider.

What Is the Scottish Mortgage Investment Trust Share Price?

The Scottish Mortgage Investment Trust share price is the market price at which shares in Scottish Mortgage Investment Trust plc are bought and sold on the London Stock Exchange.
The trust uses the ticker SMT. Investors therefore commonly search for terms such as SMT share price, Scottish Mortgage share price, SMT stock price, and Scottish Mortgage Investment Trust NAV.
Unlike an open ended fund, an investment trust has a fixed number of shares in issue that trade between investors on a stock exchange. This means supply and demand can influence the market price.
The company itself aims to maximise long term total returns by owning exceptional public and private growth companies globally. Baillie Gifford states that the trust invests across a wide range of industries and seeks to limit fees so shareholders retain more of the returns generated.
As a result, the Scottish Mortgage Investment Trust share price can be influenced by both the performance of the underlying portfolio and investor sentiment toward the trust itself.

Scottish Mortgage Share Price and NAV: What Is the Difference?

One of the most important concepts to understand is the difference between market price and NAV.
NAV represents the value of the trust’s assets after liabilities, expressed on a per share basis. The share price represents what investors are currently willing to pay for the shares in the market.
These two figures can be different.

Measure	What it means	Why it matters
Share price	Market price of an SMT share	Shows what buyers and sellers are currently paying
NAV	Value of underlying assets per share	Indicates the estimated underlying value
Premium	Share price above NAV	Investors are paying more than NAV
Discount	Share price below NAV	Investors are paying less than NAV
Fair NAV	NAV using fair value assumptions	Particularly relevant to private holdings

For example, Baillie Gifford’s Scottish Mortgage website reported a share price of 1,359.00p as at 17 July 2026 and a fair NAV of 1,522.29p, representing a 7.4% discount at that point. These figures change as markets move.
Independent market data also showed that SMT traded below NAV during July 2026. Morningstar reported a 1,329.00p closing price on 27 July against an estimated NAV of 1,457.58p, equivalent to an 8.82% discount.
These figures demonstrate why looking only at the Scottish Mortgage Investment Trust share price can give an incomplete picture.

Why Does the Scottish Mortgage Investment Trust Share Price Move?

Several factors can cause the Scottish Mortgage Investment Trust share price to rise or fall.

1. Performance of portfolio companies

The trust owns shares in companies whose valuations can change significantly. If major holdings perform strongly and their valuations increase, the underlying NAV may rise.
However, a strong NAV does not guarantee an identical rise in the Scottish Mortgage Investment Trust share price because the market can change the discount or premium applied to the shares.

2. Investor sentiment

Investment trusts are affected by investor confidence. When investors become more enthusiastic about growth companies, demand for SMT shares can increase.
When sentiment toward growth stocks weakens, the share price can decline even if the long term investment case remains unchanged.

3. Interest rates

Interest rates can have a major influence on growth company valuations. Higher interest rates can make future earnings less valuable when investors calculate company valuations.
Lower rates can sometimes support valuations for long duration growth businesses, although many other factors also matter.

4. Technology and innovation

Scottish Mortgage has substantial exposure to businesses involved in technology and transformative industries. Developments in areas such as artificial intelligence, software, electric vehicles, financial technology, and other emerging technologies can therefore influence sentiment toward the portfolio.

5. Private company valuations

Scottish Mortgage also invests in private companies. These investments cannot be priced continuously in the same way as listed shares, and their valuations require valuation methodologies and assumptions.
The company’s annual report highlights that private investments can be less liquid and may involve greater valuation uncertainty, especially during periods of market stress.

What Companies Does Scottish Mortgage Invest In?

Scottish Mortgage follows a global growth investment approach rather than focusing exclusively on UK companies.
The portfolio can include both listed and private businesses. Baillie Gifford’s 2026 investor material says Scottish Mortgage had around 35% of its portfolio spread across 41 private companies at the time of publication. It also highlighted companies including SpaceX, ByteDance, Anthropic, Databricks, Stripe and Revolut.
The portfolio is therefore different from a conventional UK equity fund.
Its investment approach is designed to identify companies with the potential to grow substantially over long periods. That approach can create significant upside when successful companies compound their value, but it can also create periods of substantial volatility.

How Private Investments Affect the Share Price

Private investments are an important part of understanding the Scottish Mortgage Investment Trust share price.
A listed company has a quoted market price that can change throughout the trading day. A private company does not have the same continuous market quotation.
Instead, the investment trust must use valuation processes to estimate the value of its private holdings. Scottish Mortgage’s annual report explains that private investments can be harder to sell and require subjective valuation methodologies.
This can create an important distinction between the trust’s reported NAV and what investors believe those private companies are actually worth.
During periods of strong markets, private company valuations can support NAV. During difficult markets, investors may become more cautious about the assumptions used to value less liquid assets.
This is one reason the Scottish Mortgage Investment Trust share price can behave differently from broad stock market indexes.

Understanding the Discount to NAV

The discount is one of the most frequently discussed features of Scottish Mortgage.
The basic calculation is:

Discount = (NAV Share Price) ÷ NAV × 100

Suppose a trust has a NAV of 1,500p and a market price of 1,350p. The shares would trade at a 10% discount to NAV.
A discount does not automatically mean a share is cheap or that the market has made a mistake. Investors may demand a discount because of concerns about portfolio volatility, private investments, market conditions, fees, liquidity, or future performance.
Scottish Mortgage actively manages its share price discount and premium. Its 2026 final results stated that the discount had been around 9.5% at March 2026, while the board continued to use buybacks as part of its approach to managing the discount.

Recent Scottish Mortgage Share Price Context

The Scottish Mortgage Investment Trust share price has experienced significant movements over the past year.
Morningstar data available in late July 2026 showed a 52 week range of approximately 1,015.74p to 1,563.00p. Its 27 July closing price was 1,329.00p, compared with an estimated NAV of 1,457.58p.
Fidelity reported a similar picture around the end of July, with a buy price of 1,329p, an estimated NAV of 1,453.43p and a discount of approximately 8.56%.
These figures should be treated as historical market snapshots rather than a live quote. Share prices and NAVs change during market sessions and from one trading day to another.
For the latest Scottish Mortgage Investment Trust share price, investors should check a current London Stock Exchange or other reputable market-data source before making decisions.

Scottish Mortgage Investment Trust Share Price Performance

Historical performance shows why SMT should not be viewed as a low volatility investment.
Baillie Gifford’s published performance data has shown significant year to year variation. For example, its manager review reported Scottish Mortgage total returns of 97.8% in 2020, 44.5% in 2021, 45.0% in 2022, 13.9% in 2023 and 25.6% in 2024, measured to 30 September and compared with the FTSE All World Index.
This history illustrates a key characteristic of the strategy: strong long term growth potential can come with substantial short term declines.
Past performance should not be treated as a prediction of future returns.

What Can Make SMT Attractive?

There are several characteristics that may make Scottish Mortgage interesting from a research perspective.

Global exposure

The trust can invest internationally rather than limiting itself to UK companies. This provides access to businesses operating in different economies and industries.

Long term investment approach

Scottish Mortgage is designed around long term investment in growth companies. Its stated objective is to maximise total returns over the long term.

Access to private companies

The investment trust structure allows the portfolio to include private companies that ordinary investors may not be able to access directly.

Focus on transformative businesses

The portfolio has historically included businesses associated with major technological and economic changes. This gives the trust exposure to potentially significant long term growth themes.

Share buybacks

The board has used share buybacks as part of its approach to managing the discount to NAV. This can be relevant when analysing the relationship between the Scottish Mortgage Investment Trust share price and NAV.

Key Risks to Consider

A detailed analysis of the Scottish Mortgage Investment Trust share price should also consider the risks.
The trust itself identifies market risk, liquidity risk and credit risk among its principal financial risks. It also highlights the possibility of increased volatility from its long term growth strategy and portfolio concentration.
Important risks include:

• High exposure to growth companies
• Significant movements in global equity markets
• Currency fluctuations
• Exposure to emerging markets
• Private company valuation uncertainty
• Portfolio concentration
• Changes in interest rates
• Geopolitical and regulatory developments
• Changes in investor sentiment
• The possibility of the share price trading at a discount to NAV
  Baillie Gifford specifically notes that overseas investments expose the trust to currency movements and that emerging market investments can involve political, economic, regulatory, liquidity and taxation risks.

Share Price vs NAV: Which One Should You Watch?

Both are important, but they answer different questions.
The Scottish Mortgage Investment Trust share price tells you what the market is currently paying for a share.
NAV tells you the estimated underlying value of the assets attributable to shareholders.
Looking at both can help explain whether changes in the market price are being driven mainly by portfolio performance, changes in the discount or premium, or a combination of factors.
For example, if NAV remains relatively stable but the share price falls, the discount may have widened. If NAV rises and the discount narrows simultaneously, the share price could increase more than the underlying NAV.
This relationship is one of the most important concepts for anyone researching SMT.

How to Research the Scottish Mortgage Investment Trust Share Price

A sensible research process should look beyond one day’s price.

Step 1: Check the latest market price

Look up the latest SMT price on a reliable market data provider or the London Stock Exchange.

Step 2: Check the latest NAV

Compare the market price with the latest published or estimated NAV.

Step 3: Calculate the discount or premium

Determine whether the shares are trading below or above NAV.

Step 4: Review portfolio updates

Look at official Scottish Mortgage and Baillie Gifford reports for information about portfolio positioning.

Step 5: Review financial results

Annual and interim reports provide information about performance, costs, gearing, portfolio composition and risks.

Step 6: Consider the investment horizon

A long term growth strategy should not be judged solely by a single day’s movement.
This process provides a more complete picture than simply searching for the latest Scottish Mortgage Investment Trust share price.

Common Mistakes When Reading SMT Price Data

One common mistake is assuming that the market price equals the value of the portfolio. It does not.
Another mistake is focusing entirely on the discount. A 10% discount does not automatically mean the shares will rise because the discount could become wider.
Investors can also overlook private company exposure. Because private assets require valuation estimates and can be less liquid, their reported values require careful interpretation.
Another mistake is using old price data as if it were current. Market prices change continuously, so historical figures should always be dated.
Finally, past performance should not be treated as a guarantee. Scottish Mortgage’s own materials state that the value of shares and income can fall as well as rise.

Expert Considerations for Understanding SMT

The most useful way to analyse Scottish Mortgage is to consider several measurements together.
First, examine NAV growth rather than only the share price. Then look at the discount or premium and how it compares with historical levels.
Next, consider portfolio concentration and the contribution of major holdings. A small number of large investments can have a material effect on total returns.
Private assets also deserve attention because they can affect both NAV and risk. Scottish Mortgage’s annual report specifically notes that a limited number of investments can have a material impact on overall portfolio returns.
Finally, consider the broader environment for growth companies. Interest rates, economic conditions, technology trends, regulation and investor sentiment can all affect the valuation of businesses held by the trust.

Is the Scottish Mortgage Investment Trust Share Price Volatile?

Yes. Historical data demonstrates that SMT can experience substantial price movements.
Its portfolio focuses on long term growth companies, which can be more sensitive to changes in valuation expectations and market sentiment. The company’s annual report explicitly recognises that its unconstrained approach and focus on long term growth companies may result in increased volatility and periods of underperformance relative to its comparative index.
That makes the trust different from investments designed primarily for capital preservation or stable income.
Anyone researching the Scottish Mortgage Investment Trust share price should therefore consider volatility as a central feature rather than an unusual event.

Frequently Asked Questions

What is the Scottish Mortgage Investment Trust share price?

It is the market price at which shares of Scottish Mortgage Investment Trust plc trade on the London Stock Exchange. The trust trades under the ticker SMT.

Is Scottish Mortgage the same as a normal mutual fund?

No. Scottish Mortgage is a UK investment trust, which is a closed end investment company whose shares trade on a stock exchange. Its shares can therefore trade at a premium or discount to NAV.

Why is the SMT share price different from NAV?

The market price is determined by supply and demand for the shares, while NAV represents the estimated underlying value of the trust’s assets per share. The two figures can therefore differ.

What does a discount to NAV mean?

A discount means the market price is below the stated NAV. For example, if NAV is 1,500p and the share price is 1,350p, the shares trade at a 10% discount.

Does Scottish Mortgage invest in private companies?

Yes. Scottish Mortgage invests in both public and private growth companies. Baillie Gifford reported that around 35% of the portfolio was spread across 41 private companies in material published in 2026.

Is the Scottish Mortgage Investment Trust share price updated throughout the day?

The market price can change during London Stock Exchange trading hours. Published prices from data providers may also be delayed, so readers should check the timestamp before relying on a quote.

What are the main risks of Scottish Mortgage?

Major risks include equity market volatility, concentration, currency movements, emerging markets, private company valuation uncertainty, liquidity risks, interest rate changes and changes in investor sentiment.

Should I buy Scottish Mortgage because it trades at a discount?

A discount by itself is not enough to establish that an investment is attractive. The underlying portfolio, NAV, valuation, risks, discount history, investment objectives and personal circumstances all need to be considered. This article is general information, not personalised financial advice.

Conclusion

The Scottish Mortgage Investment Trust share price is best understood alongside NAV, portfolio performance and the discount or premium at which the shares trade.
SMT provides exposure to a global portfolio of public and private growth companies and is managed with a long term total return objective. Its investment approach can provide access to businesses with significant growth potential, but it can also result in substantial volatility and periods of underperformance.
Recent market data illustrates why the share price and NAV should be considered together. For example, July 2026 data showed SMT trading below estimated NAV, with the exact discount changing as the market moved.

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