The SpaceX Effect: Scottish Mortgage Draws Institutional Support as AGM Tests Private Holding Limits
06.06.2026 - 07:04:51 | boerse-global.de
In a vote of confidence for Scottish Mortgage Investment Trust’s controversial pivot toward unlisted technology giants, Mitsubishi UFJ Asset Management has raised its stake to 3.02% of voting rights. The Japanese asset manager crossed the threshold on 28 May, with the regulatory filing arriving on 3 June. The move signals that even as retail investors fret over concentration risk, institutional money is betting on the trust’s private-market strategy.
That strategy now hinges overwhelmingly on a single name. SpaceX has been revalued to represent 21% of total portfolio assets — up sharply from its previous weighting and by far the trust’s largest position. The space exploration company is expected to list on 12 June at an issue price of $135 per share, a milestone that has turbocharged Scottish Mortgage’s internal valuations. Yet the trust will not be able to cash in immediately: standard lock-up agreements of 90 to 180 days prevent early sales, leaving near-term performance tethered to SpaceX’s aftermarket trajectory.
A second IPO catalyst is also in the pipeline. Scottish Mortgage holds a 2.6% stake in Anthropic, the artificial intelligence firm that has filed its own listing application. The trust now has positions in two of the most anticipated public offerings of the year, and overall holds stakes in more than half of the world’s ten most valuable private companies.
But the excitement around these listings has been accompanied by a sharp pullback in the trust’s own shares. Having traded at a premium to net asset value for the first time in years, the stock has given back ground. On Friday it closed at €17.10, down nearly 4% on the day and roughly 5% lower over the week. That leaves the shares some 12% below the all-time high of €19.50 reached on 25 May.
Should investors sell immediately? Or is it worth buying Scottish Mortgage Investment?
The premium issuance that fuelled the rally has itself become a source of pressure. Management sold shares from its treasury on two consecutive trading days — 2.35 million on 1 June and 3.85 million on 2 June — both at prices above the fund’s net asset value. The historic discount of roughly 20% had recently flipped to an 8% premium, but the subsequent selling has eroded that cushion. Year to date, the stock still sports a gain of around 23%.
Investor sentiment remains split. Retail demand has been robust: Scottish Mortgage was the most bought investment trust on Interactive Investor for the third consecutive month in May. Private companies now account for more than 41% of the portfolio — a share that could grow further depending on the outcome of the annual general meeting scheduled for 2 July.
At that AGM, shareholders will be asked to approve a final dividend of 2.97 pence per share, marking the 43rd consecutive year of increased payouts. More critically, they must vote on whether to raise the current cap on unlisted holdings from 30% of assets — a threshold that has already been breached. Management is also seeking authorization for additional share buybacks.
The months ahead will test the credibility of Scottish Mortgage’s internal valuations. Anthropic’s eventual listing will provide a market check on the trust’s pricing discipline. For now, the shares are finding technical support near the 50-day moving average of €16.57, just under 3% below Friday’s close. Whether that floor holds may depend on how quickly the IPO pipeline delivers — and whether the institutional vote of confidence from Mitsubishi UFJ proves to be the start of a broader trend.
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