Scottish Mortgage's Historic Pivot: Premium Share Issues and a 43-Year Dividend Streak Coincide
02.06.2026 - 01:05:34 | boerse-global.de
Scottish Mortgage Investment Trust has executed a dramatic reversal of fortune. After spending £1.3bn on share buybacks to shore up a discount that hit 9.5% at the end of its fiscal year, the trust now finds itself issuing new shares at a 7% premium to net asset value. The catalyst: a soaring SpaceX valuation ahead of its planned June 12 IPO, which has sent investors scrambling for exposure to the private space company that makes up nearly 18% of the trust's portfolio.
The premium issuance is the most visible sign of how demand for Scottish Mortgage has rebounded. On Monday, the trust placed 2.35 million treasury shares at 1,516.50p each, following a similar 1.55 million share sale on May 6 at 1,445.45p. The latest offering came after a wave of inflows: since December, an estimated $14bn has poured into SpaceX-exposed funds, and Scottish Mortgage was the most bought trust on Interactive Investor in May. Its twelve-month share price return through May stood at 55.2%, though the shares have pulled back from their 52-week high of €18.85 to close Monday at €17.84, down 1.3%. Year to date, the stock still carries a gain of 28.4%.
Behind the demand lies the impending SpaceX listing, with Elon Musk targeting a valuation of at least $1.8tn. Scottish Mortgage holds 17.9% of its portfolio in the rocket and satellite company, making it one of the largest listed proxies for the space giant. The trust has already allocated £250m this year to private market opportunities, and shareholders in April approved governance changes giving managers more latitude to hold unlisted stakes without forced sales.
Should investors sell immediately? Or is it worth buying Scottish Mortgage Investment?
The annual results, covering the year to March 2026, underline the trust's broader health. Net asset value rose 27.4%, outpacing the FTSE All-World Index by nine percentage points. Total shareholder assets climbed to £13.82bn from £12.08bn, and gearing eased to 11% from 13%, driven primarily by organic portfolio growth rather than debt repayment. The cost of debt remained stable at 3.6%.
Scottish Mortgage also cemented its status as a dividend hero, raising its payout for the 43rd consecutive year. The total dividend came in at 4.57p per share, up 4.3%, with a final distribution of 2.97p payable on July 10, 2026. That commitment to regular increases contrasts with the more volatile performance profile of the trust's tech-heavy holdings.
Looking ahead, the board has reassessed risks. The discount risk was downgraded to "moderate and declining," while cyber security risk was upgraded to "moderate and rising." Management continues to position the trust for structural shifts in AI infrastructure and digital finance. Meanwhile, analysts caution that the SpaceX-related premium may overheat. Smaller pure-play funds like Seraphim Space have posted even steeper annual gains of 240%. The FTSE 100 closed Monday at 10,247.60, offering little direction from the broader market.
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