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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Scottish Mortgage Investment Trust Plc | SMT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1,006.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,006.50 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 22/05/2025 | Final | GBP | 0.0278 | 12/06/2025 | 13/06/2025 | 10/07/2025 |
| 08/11/2024 | Interim | GBP | 0.016 | 21/11/2024 | 22/11/2024 | 13/12/2024 |
| 23/05/2024 | Final | GBP | 0.0264 | 13/06/2024 | 14/06/2024 | 11/07/2024 |
| 06/11/2023 | Interim | GBP | 0.016 | 23/11/2023 | 24/11/2023 | 15/12/2023 |
| 17/05/2023 | Final | GBP | 0.025 | 01/06/2023 | 02/06/2023 | 04/07/2023 |
| 11/11/2022 | Interim | GBP | 0.016 | 24/11/2022 | 25/11/2022 | 16/12/2022 |
| 19/05/2022 | Final | GBP | 0.0207 | 01/06/2022 | 06/06/2022 | 01/07/2022 |
| 08/11/2021 | Interim | GBP | 0.0152 | 18/11/2021 | 19/11/2021 | 03/12/2021 |
| 13/05/2021 | Final | GBP | 0.0197 | 03/06/2021 | 04/06/2021 | 01/07/2021 |
| 06/11/2020 | Interim | GBP | 0.0145 | 19/11/2020 | 20/11/2020 | 04/12/2020 |
| Top Posts |
|---|
Posted at 13/6/2025 15:58 by kenmitch What to make of this section on buybacks from a recent Citywire article on Scottish Mortgage?Read it to see that they spent (wasted?) £2 BILLION (yes billion and not million) on buybacks to reduce the discount to NAV. Far from working out like that, it ended up with the discount getting even bigger! I invest in SMT assuming they would spend that £2 billion finding quality investments to lift NAV and perhaps lower the discount, and not to see it wasted on buybacks that didn’t work. Here’s that buyback section from their article:- “ Despite stronger gains, the period was marked by a widening discount. The shares ended March 9% below portfolio net asset value (NAV), doubling from 4.5% a year prior. That came despite the board buying back just over 15% of the shares in issue over the year, at a massive total cost of £1.9bn to try to address the lack of demand. Outgoing chair Justin Dowley, who acknowledged ‘recent years have been a rollercoaster ride in share price terms’, said big shareholders are split on the question of whether buybacks should continue, or if the investment trust’s capital would be better spent on long-term investments.” Here’s the link for the full article:- |
Posted at 13/6/2025 14:42 by shano2 Steeplejack - Perhaps the management like to muddy the waters as they may be embarrassed by their faux pas if they were crystal clear.I would prefer an increase in dividend rather than share buybacks or for SMT to cancel a large amount of shares held in treasury. |
Posted at 13/6/2025 11:22 by steeplejack I'm not contradicting myself.A share buyback programme supports the share price.What i'm saying is that dividend hikes are a more effective way of supporting a stock price ie relatively more effective.As for Moderna.I'm reasonably certain ( having followed the percentage of the total SMT portfolio accounted for by Moderna)that the managers have stuck with the original ill-timed purchases made between 150-450 dollars.In fact,i think they might of averaged down when the price subsequently plummeted from the Covid inspired high.You're right though that all this speculation could be made quite unnecessary if we were told the numerical size of the stock holdings.But what would we have to quibble about then! |
Posted at 12/6/2025 12:51 by steeplejack I'm not saying that share buybacks don't support the share price,i'm pointing out that studies- US ones primarily- by various sources have concluded that dividend increases are more effective at supporting stock prices.Whether those studies are correct,well who knows.Analysing the percentage of the portfolio accounted for by Moderna can give you a pretty good (rule of thumb guide admittedly) to SMTs purchase history.The fund started well enough acquiring Moderna at around 150 dollars and well below but pretty clearly added substantially to that holding as the price rocketed to the mid 400 bucks level.Anyway,Moderna has fallen well over 90 percent but the Moderna holding is still over one per cent of the portfolio so it doesn't look to me like SMT bit the bullet and sold stock on the contrary,they vindicated their decision by writing apologias of how the market failed to fully understand Moderna.Anyway,now Moderna is embroiled in geo political risk courtesy of the Trump administration.If you're going to back an investment trust with an ambitious and adventurous portfolio strategy,i think its inevitable that SMT might hit bumps in the road.Pays your money,makes your choice. I like the fact that SMT has an extensive private company portfolio and ultimately i think that'll really pay off. |
Posted at 12/6/2025 10:59 by lord loads of lolly steeplejack - Moderna has certainly proved costly for SMT in recent years.To determine how big a mistake it's been overall, you'd have to know the value & volume of each purchase & sale. I really wish SMT would change the format of its updates, showing holdings in terms of both percentage of total fund & total number of shares. That way, it would be easy to see whether % drops were primarily down to a company's share price decrease or a reduction in SMT's holding of that company. I'm not sure where you found the evidence that "Historically, surveys show that buying in your own stock hasn’t been patently beneficial to the share price actually,you would of done better hiking the dividend". Take a look at SMT's share price before Elliott started acquiring their stake in summer 2023. It traded somewhere between 640p & 700p. Elliott then lobbied the fund managers really hard to narrow the NAV discount via share buybacks etc. SMT promptly announced a £2bn buyback programme over the following two years and Elliott sold its stake less than a year after first acquiring it for 895p - so around 30% higher. The share price has since put on an additional 11% or so. Sure, many factors will have influenced this rise from the trough of summer 2023. But to argue that buybacks weren't amongst them is simply disingenuous. |
Posted at 11/6/2025 22:31 by steeplejack I guess it was SMTs unfortunate decision to plunge headfirst into purchases of Moderna that confirmed that sometimes you can get it very right (ie Tesla) but equally,even the titans of the investment world ,can get it very seriously wrong.Yet now,Moderna,having been SMTs largest holding accounting for over 10% of the portfolio has fallen to 25th position and the holding is really neither here nor there.Whether investors like it or not,it is fairly clear that it is the rather 'shadowy'world of SMTs private company holdings that are going to ultimately determine whether SMT regains its status as an upper quartile pathfinder in the realm of investment trusts because that perception has been severely tested in recent years.To have unlisted Space Exploration as your number one holding is both exciting and rather bizarre.However,in a world of cryptocurrencies and unbridled speculation,it might just be that SpaceX proves to be SMTs greatest asset and one which will eradicate over a time the discount to NAV that SMT has experienced over the last couple of years.Historically,s |
Posted at 06/6/2025 17:30 by bigwilly1986 I think it is fair to say that no one knows whether the buybacks are a good idea. SMT seem unconvinced themselves as per the risk section of the report (discount higher despite buybacks). I should probably stop worrying about it! |
Posted at 05/6/2025 16:25 by steeplejack If it wasn't for dollar weakness,SMT would be trading near 11 quid.The dollar has depreciated some 8% in 2025 which is a strong headwind given the US centric nature of SMTs portfolio. |
Posted at 05/6/2025 09:37 by lord loads of lolly shano2 - always two sides to the coin.Either you see buybacks as a waste of money & a lack of management conviction in acquiring any new investments. Or a sign the fund managers believe their current holdings are significantly undervalued (hence the NAV discount). And a desire to narrow this discount by reducing the number of shares in issue. Buybacks usually end up narrowing this discount, as witnessed last year when activist investor Elliott put pressure on SMT to do just that. Consequently, the share price re-rated significantly upwards. Personally I don't have a problem with buybacks, as they always tend to boost the share price (fewer shares in issue + holdings unchanged = higher share price). Admittedly, investing the same funds in new ventures might do the same - or indeed even more. But it comes with greater risk. That said, I agree the 14.99% upper limit is high. |
Posted at 05/6/2025 08:45 by shano2 I have only skimmed through but with one exception SMT ticks all of my boxes when looking at an investment trust. The one issue i have is the buy backs which to me are a waste of money which should be invested for the future.In the report the board states:The Directors are further seeking shareholders’ approval at the Annual General Meeting to renew the authority to purchase up to 14.99 per cent. of the Ordinary Shares. recent buybacks from the report: In furtherance of the liquidity policy, during the year the Company bought back a total of 184,816,766 shares into treasury. Between 1 April 2025 and 19 May 2025, 25,865,383 shares were bought back. That's a huge amount of money tied up and they want to expand on that. |
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