Scottish Mortgage Share Price: Live SMT.L Quote & Analysis

Scottish Mortgage Investment Trust has surged back toward its 2021 highs, but the recovery masks a brutal five-year stretch: the trust lost more than half its value in 13 months, then spent years clawing back against a global shift away from growth stocks. After gaining over 20% in 2025, the question for investors is whether the rally has further to run or whether the best entry point has already passed.

Current Price: 1,444.50p · Day’s Range: 1,434.50 – 1,453.50p · 52 Week Range: 843.43 – 1,453.50p · Estimated NAV: 1,369.31p · Market Cap: £15.040bn

Trading details for SMT.L

Why has the Scottish Mortgage share price dropped?

Scottish Mortgage’s journey from peak to trough tells a stark story about growth investing risks. The trust reached 1,490p in November 2021, then collapsed to 650p by October 2022 — a 56% decline driven by falling valuations across its technology and healthcare holdings. Growth stocks that had powered years of outperformance suddenly reversed course, and investors who had piled in near the peak faced steep losses.

The pain wasn’t just a UK phenomenon. The same sector rotation that hit Scottish Mortgage hit growth funds worldwide, but the trust’s concentrated portfolio in unprofitable tech names made it particularly vulnerable. Even after partial recovery, the trust still traded approximately 37% below its November 2021 peak as of April 2026.

Key factors behind the decline

• Rising interest rates made future earnings projections less valuable, hitting high-growth portfolios hard
• The trust held significant positions in companies yet to prove sustainable business models
• Global sector rotation moved capital away from speculative growth toward value and defensive sectors

Recent performance metrics

The reversal has been notable. Scottish Mortgage delivered over 20% returns in 2025, with shares climbing more than 10% since December alone. MarketScreener reports the analyst consensus sits at OUTPERFORM, with cautious optimism from two covering analysts. The trust approached a 4-year high in February 2026, reversing years of underperformance against the broader market.

Where could the Scottish Mortgage share price finish 2026?

Forecasting Scottish Mortgage’s price trajectory requires weighing both technical signals and fundamental drivers. StockInvest.us, a technical analysis service, upgraded the trust to Strong Buy candidate status in April 2026 and predicts an 18.82% gain over the next three months. The service issued a buy signal from a pivot bottom point on July 2, 2025, with shares subsequently rising 7.34%.

Analyst projections

The analyst picture splits between short-term caution and long-term optimism. MarketScreener shows two analysts covering the trust with an OUTPERFORM consensus. DirectorsTalk reports one buy rating and two hold ratings, with no sell ratings — a cautiously optimistic stance that suggests potential but not immediate explosive upside.

Growth drivers

The trust’s recovery ties closely to performance in its top holdings. Amazon, Meta, and Nvidia anchor the portfolio, according to Charles Stanley, alongside dozens of smaller growth companies selected for rapid expansion potential. Nvidia in particular has become central to the AI investment narrative, and any sustained strength in artificial intelligence sentiment benefits the trust’s positioning.

Is SMT a buy or sell?

The buy versus sell question hinges on time horizon. The Motley Fool’s analysis suggests long-term investors should consider buying at current levels, particularly given the NAV discount. As of late December 2025, the trust traded at a 9.5% discount to underlying assets — meaning investors bought £1 of assets for roughly 90.5 pence. This discount historically signals opportunity, though it also reflects ongoing uncertainty about the growth thesis.

Current analyst consensus

Analyst sentiment leans cautiously positive rather than enthusiastically bullish. One buy rating against two holds provides limited conviction for aggressive new positions, but the absence of sell ratings matters. No analyst is actively recommending investors exit, which suggests underlying faith in the manager’s approach despite recent struggles.

Pros and cons

Is SMT a good long-term investment?

Scottish Mortgage’s long-term record presents a complicated picture. The trust made extraordinary returns in the decade to 2021 before losing more than half its value in 13 months. That decade of outperformance built its reputation as the UK’s most widely held investment trust, but the 2022 collapse tested investor conviction severely.

Historical returns

The five-year numbers tell a painful story. From April 2021 to April 2026, Scottish Mortgage returned approximately -20% to -25%. Compare that to the MSCI World Index, which delivered +65% to +75% over the same period — and the gap becomes stark. An investor who put £10,000 in Scottish Mortgage five years ago would have roughly £7,750 today; the same investment in a global equity tracker would be worth approximately £16,750.

Portfolio composition

The trust’s concentration in innovation-focused companies drives both its potential and its volatility. Amazon, Meta, and Nvidia anchor the portfolio, but Charles Stanley notes even these blue-chip companies carry risk that growth aspirations won’t be met. The trust contains dozens of underlying businesses selected for rapid growth potential, providing diversification but also complexity for investors trying to assess intrinsic value.

Is SMT undervalued?

The NAV discount question sits at the heart of Scottish Mortgage’s valuation debate. As of April 2026, the trust traded at a 10–15% discount to net asset value, meaning the market priced shares below the value of their underlying holdings. A 9.5% discount existed as of late December 2025, according to The Motley Fool’s analysis.

Intrinsic value estimates

The discount suggests the market values Scottish Mortgage’s holdings conservatively — treating them as worth less than stated book value. This skepticism reflects uncertainty about mark-to-market valuations, particularly for private company holdings that lack daily price discovery.

Comparison to peers

Investment trust NAV discounts vary by sector and manager track record. Scottish Mortgage’s current 10–15% discount falls within normal range for growth-oriented trusts, though some structural discounts have persisted for years. The question is whether the market’s skepticism is warranted given the portfolio’s recovery trajectory.

Key specifications for Scottish Mortgage

Clarity on Scottish Mortgage

Not everything about Scottish Mortgage is certain. Here’s what we know — and what remains unclear.

Confirmed facts

• Current price 1,444.50p with NAV at 1,369.31p
• SpaceX holding confirmed within portfolio
• Portfolio includes Amazon, Meta, and Nvidia
• Ongoing charges of 0.34% annually
• Most widely held investment trust in the UK

What remains unclear

• Whether SpaceX valuation update drove recent rally
• Specific AI holding percentages
• Portfolio turnover and recent trades
• Manager tenure changes at Baillie Gifford
• Geopolitical risk impact on growth valuations

Given all this uncertainty and volatility, long-term investors who can stomach significant ups and downs may find Scottish Mortgage worth a closer look at current levels.

— The Motley Fool investment analyst (The Motley Fool)

The trust soars after a SpaceX upgrade, highlighting continued sensitivity to major holding news.

— Citywire Trust Watch market analyst (Citywire)

The recovery narrative around Scottish Mortgage centers on AI and growth stock exposure, but the trust’s fundamental challenge remains: a five-year track record of significant underperformance against passive alternatives. Investors who bought at the peak face substantial losses regardless of recent momentum.

The analyst consensus leans positive but not enthusiastic, with one buy rating against two holds — a signal that the trust offers potential but lacks conviction for aggressive positioning. The NAV discount provides some cushion, but that discount reflects genuine uncertainty about growth stock valuations in a higher-rate environment.

Related reading: Where could the Scottish Mortgage share price finish 2026? · Should I sell my Scottish Mortgage shares in 2026?

Investors analyzing Scottish Mortgage’s share price often reference its holdings performance and NAV guide for deeper insights into key holdings like SpaceX and long-term NAV trends.

Frequently asked questions