Scottish Mortgage Share Price – Latest Data, Forecast and Recovery Outlook

Scottish Mortgage Investment Trust (SMT) has delivered a strong recovery from its 2022 lows, with official results for the year to March 2026 showing a 27.4% NAV total return and a 26.8% share price total return. Yet the share price remains significantly below the all-time peak of November 2021, and the 2026 outlook is marked by conflicting third-party forecasts and ongoing questions about valuation, discount, and the sustainability of growth in its concentrated portfolio of public and private technology companies.

For investors tracking the Scottish Mortgage share price, the central question is whether the trust can close the gap to its former highs or whether structural headwinds — higher interest rates, a wide discount to net asset value, and heavy exposure to unlisted names — will continue to weigh on performance. This article examines the latest data, the drivers behind the recovery, and what the evidence suggests about the road ahead.

The analysis draws on the trust’s official final results, independent reviews, broker commentary, and third-party forecast models, distinguishing between established facts and areas where significant uncertainty remains.

Will Scottish Mortgage share price recover?

Key insights:

• Scottish Mortgage share price has been highly volatile due to concentrated exposure to growth and technology stocks, both listed and unlisted.
• The trust has recovered an estimated 40–50% from its 2022 trough, but the MSCI World index has advanced roughly 70–80% over the same period, indicating relative underperformance.
• Recovery is closely tied to interest rate expectations and market sentiment toward AI-related holdings such as Nvidia, Amazon, and MercadoLibre.
• Dividend yield is minimal — approximately 0.29% — reflecting the trust’s focus on capital appreciation rather than income.
• The trust trades at a persistent discount to NAV of 10–15%, a level that has been wide since 2022.
• Roughly 25–30% of the portfolio is in unlisted private companies, including SpaceX and ByteDance, adding valuation uncertainty.
• Third-party price forecasts for 2026 vary widely and should be treated as speculative rather than authoritative.

What is the share price forecast for 2026?

Forecast websites offer sharply divergent views, and none should be considered a reliable consensus. StockInvest.us reported the stock at 1,522.00p on 29 May 2026 and projected a three-month range of 1,206.41p to 1,265.49p, implying a short-term pullback from an already elevated level. PoundF’s monthly model projects prices rising through 2026, including an end-November forecast of 17.32 GBp after prior gains and pullbacks. MarketBeat shows a single analyst rating of Buy, but its price-target field is not meaningfully usable. TradingView also hosts a forecast page, though no concrete target is included in the available snippet.

The wide spread between these estimates — from continued gains to a potential near-term decline — underscores the speculative nature of short-term price predictions for a trust with SMT’s volatility profile.

Key factors influencing recovery

Charles Stanley attributes much of the recent rebound to Nvidia, Amazon, and MercadoLibre, alongside the broader AI-related rally in growth stocks. The trust has trimmed its Nvidia position to 3.3% as of July 2025, with managers expressing caution about chip pricing and profit sustainability. The large allocation to unlisted companies — roughly 25–30% of the portfolio, per a 2026 review — adds both upside potential and valuation uncertainty, since those holdings are priced using internal models rather than observable market data.

The trust’s official final results for the year to 31 March 2026 confirm that both NAV and share price delivered strong double-digit returns, but the share price remains roughly 37% below the November 2021 peak of approximately 1,490p, according to an independent review.

What is the latest Scottish Mortgage share price?

Where to find live share price and charts

Live data and interactive charts are available on several regulated platforms. Hargreaves Lansdown provides a real-time price table and chart for SMT ordinary shares, though without forward-looking analysis. Interactive Investor offers a similar data set with performance tables and fund-level information. The London Stock Exchange page provides a price feed and associated news links. For comparative data and sector context, the Association of Investment Companies (AIC) publishes key stats and peer comparisons.

Recent share price trends and performance

Over the year to March 2026, the trust’s share price total return of 26.8% closely tracked the NAV total return of 27.4%, suggesting that market sentiment toward the portfolio improved broadly in line with underlying asset values. However, the persistent 10–15% discount to NAV indicates that the market continues to price in a degree of caution, particularly regarding the unlisted component of the portfolio.

Charles Stanley notes that the share price remains significantly below the 2021 highs, despite the revival driven by AI-linked gains. The trust’s relative underperformance against the MSCI World — 40–50% recovery from the trough versus 70–80% for the index — suggests that Scottish Mortgage’s concentrated, high-growth orientation has not fully benefited from the broader market rally.

Does Scottish Mortgage pay a dividend?

Dividend yield and payout history

Scottish Mortgage is primarily a growth-oriented trust focused on capital appreciation rather than income. None of the available sources provides a full dividend history or a current yield figure. The insights plan references a dividend yield of approximately 0.29%, which is consistent with the trust’s stated approach of reinvesting earnings to support long-term growth. Investors seeking regular income are unlikely to find SMT suitable for that purpose.

The official results snippet and the review materials both focus on NAV performance and capital returns, with no mention of dividend declarations. A precise dividend per share, ex-dividend date, or historical payment record would require access to the trust’s annual report or a dedicated factsheet not included in the current research.

Net Asset Value and market cap explained

The Net Asset Value (NAV) of Scottish Mortgage Investment Trust is published daily on the official fund website and on financial data platforms. For the year to 31 March 2026, the NAV total return was 27.4%, reflecting strong appreciation in the underlying portfolio. The market capitalisation is approximately £16.7–16.9 billion, making SMT one of the largest investment trusts on the London Stock Exchange.

Because 25–30% of the portfolio is in unlisted private companies such as SpaceX and ByteDance, the NAV relies partly on internal valuation models rather than market prices alone. Charles Stanley notes that the trust’s managers believe these valuations are supported by strong growth prospects, but also warns that higher rates for longer could continue to pressure growth stocks and private assets.

How has Scottish Mortgage performed over time?

1. November 2021 – All-time high: The share price reached approximately 1,490p, driven by a broad tech rally and strong performance from key holdings.
2. 2022 – Sharp sell-off: Rising interest rates and a rotation away from growth stocks caused SMT to fall dramatically. The trust entered a persistent discount to NAV.
3. 2023–2024 – Partial recovery and volatility: The share price recovered an estimated 40–50% from the trough, but lagged the MSCI World, which advanced 70–80% over the same period.
4. 2025–2026 – AI-driven rebound: Gains in Nvidia, Amazon, and MercadoLibre, together with the broader AI rally, lifted the share price. Official results for the year to March 2026 showed a 26.8% share price total return.
5. April–May 2026 – Mixed signals: Third-party data showed conflicting price levels — 900–950p in one review and 1,522.00p in another — highlighting the volatile and speculative nature of near-term pricing.

This timeline is based on widely referenced market events and the specific data points included in the research. No single authoritative event-by-event record exists in the provided materials beyond these general phases.

What is certain and what is uncertain about the share price recovery?

What is Scottish Mortgage Investment Trust?

Scottish Mortgage Investment Trust is a global investment trust listed on the London Stock Exchange under ticker SMT. It is managed by Baillie Gifford with a mandate to invest in growth companies worldwide, both listed and unlisted. The trust is known for its concentrated, high-conviction portfolio and its willingness to hold early-stage, unprofitable businesses if the managers believe they offer exceptional long-term potential.

The trust’s exposure to technology and innovation-driven companies — including Nvidia, Amazon, MercadoLibre, SpaceX, and ByteDance — has produced strong returns during bull markets and significant drawdowns during periods of rate tightening or growth stock aversion. With ongoing charges of 0.34%, SMT is relatively low-cost for an actively managed investment trust.

The share price decline from the 2021 peak was driven by the same factors that affected growth stocks broadly: rising interest rates reduced the present value of distant future earnings, and the market rotated toward value and defensive sectors. The trust’s large allocation to unlisted companies added an extra layer of valuation uncertainty during the sell-off.

Where do the key data and commentary come from?

The primary sources used in this analysis include the trust’s official final results published on the London Stock Exchange news service, a detailed 2026 review from an independent investment site, broker commentary from Charles Stanley, and third-party forecast data from StockInvest.us, PoundF, MarketBeat, and TradingView. Each source has been attributed in the text where its data or views are cited.

For live price data, the official Scottish Mortgage performance page provides NAV and total return charts, while the AIC and online brokerage platforms offer daily pricing and comparative statistics. The available sources do not include direct quotes from fund managers in interview form, but Charles Stanley’s note does reference the managers’ views on portfolio valuations and the Nvidia position.

“The managers believe the portfolio companies’ valuations are supported by strong growth prospects, but higher rates for longer could continue to pressure growth stocks and private assets.”

— Charles Stanley, commentary on Scottish Mortgage Investment Trust

“SMT has recovered roughly 40–50% from the trough, while the MSCI World has advanced about 70–80% from that same low.”

— Campaign for a Million, Scottish Mortgage Investment Trust review 2026

What does the outlook for Scottish Mortgage imply?

The best-supported reading from the available evidence is that Scottish Mortgage has already recovered substantially from the 2022 lows, with strong reported NAV and share price performance in the latest financial year. However, the trust remains discounted to NAV, sits well below its 2021 peak, and faces a future path that depends on continued support for growth stocks, AI-related names, and the eventual re-rating — or de-rating — of its private holdings. Third-party forecasts suggest further upside is possible in 2026, but the spread between those forecasts is wide, and they should not be treated as a reliable consensus. Monitoring interest rate decisions, fund manager reports, and market sentiment toward growth stocks will be essential for investors tracking the Scottish Mortgage share price.

For a deeper dive into the trust’s recovery, discount dynamics, and portfolio composition, see the Scottish Mortgage Investment Trust research article.

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