Scottish Mortgage (SMT) portfolio tracker: holdings and changes, October 2026

Updated 10 November 2026 with Scottish Mortgage’s month-end holdings to 31 October 2026. We refresh this page each month when the trust publishes new numbers.

Headlines: what Scottish Mortgage is buying and selling

• Selling SpaceX. Cut to 11.2% of total assets from 15.0% in October, and to 11.1% by 4 November, as post-IPO lock-ups expire. It was a quarter of the trust (25.7%) at the end of June.
• Buying chip equipment. Two new holdings, Lasertec and Astera Labs. Disco (0.51% to 0.96%) and KLA (0.50% to 0.82%) nearly doubled in weight in a falling month.
• Topping up private stakes. Added to Revolut at a $115bn valuation and to Anthropic, now the sixth-largest holding at 4.2%.
• Out of Tesla. The last shares were sold in April, a 13-fold return since 2013.
• Paying down debt and buying back shares. Net gearing fell from 11.0% to 4.3% in the half-year, and the trust bought back £1.06bn of its own shares.
• Rising weights to watch. Hermès, Bending Spoons and Spotify all gained more than 0.2 points, which points to buying. Share counts in the next full valuation will confirm it.

October 2026 at a glance

Measure	31 Oct 2026	30 Sep 2026
SpaceX weight	11.2%	15.0%
Top 10 holdings	49.4%	52.2%
Top 30 holdings	79.2%	81.2%
Listed companies	72.9%	73.9%
Private companies	26.5%	24.9%
Net liquid assets	0.6%	1.2%
Lines in portfolio	97	102
NAV per share	c. 1,632p (implied)	1,726.85p
Share price	c. 1,495p (implied)	1,590.50p
Discount to NAV	8.4%	7.9%
Month NAV total return	−5.5%	–
Month share price total return	−6.0%	–
FTSE All-World, month	−2.5%	–

The October NAV and share price are derived from Scottish Mortgage’s month-end performance series applied to the published 30 September figures. The October factsheet had not been published as of 10 November.

What changed in October

Three moves stand out: the continued SpaceX sell-down, a build-out in semiconductor equipment, and two brand-new holdings. No company with a value was sold out completely.

1. SpaceX: 15.0% → 11.2%. The trust is selling shares as post-IPO lock-ups expire in stages, and SpaceX’s share price also moved during the month. At its 25.7% peak on 30 June, SpaceX was a quarter of the trust. It stood at 11.1% on 4 November, according to the half-year results. The trust says its conviction remains high. It used the proceeds partly to repay borrowings and buy back shares (CNBC).

2. New holdings: Lasertec (0.65%) and Astera Labs (0.36%). Neither appeared in the 30 September valuation. Lasertec makes inspection equipment for advanced chipmaking. Astera Labs makes connectivity chips for AI data centres.

3. Chip-equipment holdings bulked up. Disco rose from 0.51% to 0.96% and KLA from 0.50% to 0.82%. Both were bought new during the April–September half, alongside SK hynix (Proactive Investors). Weights that nearly double in a month while the market fell point to further buying.

Holding	30 Sep (%)	31 Oct (%)	Change (pts)	Note
SpaceX	15.00	11.20	−3.80	Sales as lock-ups expire
Lasertec	–	0.65	+0.65	New
Spotify	1.52	1.97	+0.45	Up from #18 to #14
Disco	0.51	0.96	+0.45	Likely added
Bending Spoons	0.96	1.40	+0.44	Up from #27 to #20
Astera Labs	–	0.36	+0.36	New
Moderna	4.31	4.64	+0.33	Still #4
KLA	0.50	0.82	+0.32	Likely added
Cloudflare	2.34	2.00	−0.34	Down from #12 to #13
Tempus AI	1.35	1.04	−0.31	Down from #21 to #25
Sea Ltd	1.38	1.12	−0.26	Down from #20 to #24
Meta	2.12	1.91	−0.22	Down from #14 to #15
NVIDIA	6.18	5.98	−0.20	Still #3
SK hynix	1.03	0.88	−0.15	Down from #25 to #31

Read the weights with care. A weight is a share of total assets, not a trade. Total assets shrank in October as NAV fell and SpaceX proceeds paid down debt and bought back shares. That lifts the weight of anything that simply held its value. Share counts in the 31 October full valuation, published on a delay, will confirm which moves were trades.

Housekeeping. Seven private positions already valued at £0 dropped off the list: Northvolt, Relativity Space, Blockstream, Capsule, Indigo Agriculture, Brandtech and Intarcia. RigUp now appears as Workrise.

Revolut edged up from 1.16% to 1.23%. Baillie Gifford trusts, Scottish Mortgage included, added to Revolut in a secondary sale valuing it at $115bn (QuotedData). The full effect may only show in November’s numbers.

Top 30 holdings at 31 October 2026

The top 30 make up 79.2% of total assets. Six are private companies: ByteDance, Anthropic, Zipline, Stripe, Databricks and Revolut. Disco made the biggest jump, up 17 places to #27. Sea Ltd and Tempus AI each fell four places.

#	Holding	Type	31 Oct (%)	30 Sep (%)	Change (pts)	Rank move
1	SpaceX	Listed	11.2	15.0	−3.80	–
2	TSMC	Listed	6.4	6.5	−0.07	–
3	NVIDIA	Listed	6.0	6.2	−0.20	–
4	Moderna	Listed	4.6	4.3	+0.33	–
5	ByteDance	Private	4.3	4.0	+0.25	–
6	Anthropic	Private	4.2	4.0	+0.25	–
7	Zipline	Private	3.9	3.7	+0.23	–
8	MercadoLibre	Listed	3.4	3.1	+0.27	–
9	Amazon	Listed	2.7	2.6	+0.06	▲1
10	ASML	Listed	2.6	2.8	−0.11	▼1
11	Stripe	Private	2.6	2.5	+0.15	–
12	Shopify	Listed	2.5	2.2	+0.28	▲1
13	Cloudflare	Listed	2.0	2.3	−0.34	▼1
14	Spotify	Listed	2.0	1.5	+0.45	▲4
15	Meta	Listed	1.9	2.1	−0.21	▼1
16	Ferrari	Listed	1.8	1.7	+0.12	–
17	Databricks	Private	1.7	1.6	+0.10	–
18	CATL	Listed	1.7	1.4	+0.24	▲1
19	Snowflake	Listed	1.7	1.7	−0.08	▼4
20	Bending Spoons	Listed	1.4	1.0	+0.44	▲7
21	Revolut	Private	1.2	1.2	+0.07	▲1
22	PDD Holdings	Listed	1.2	1.1	+0.08	▲1
23	Affirm	Listed	1.2	1.1	+0.13	▲1
24	Sea Ltd	Listed	1.1	1.4	−0.26	▼4
25	Tempus AI	Listed	1.0	1.4	−0.31	▼4
26	Wise	Listed	1.0	1.0	0.00	–
27	Disco	Listed	1.0	0.5	+0.45	▲17
28	DoorDash	Listed	0.9	0.9	+0.03	▲1
29	Nu Holdings	Listed	0.9	0.9	−0.03	▼1
30	Meituan	Listed	0.9	0.8	+0.05	▲1

The change column uses unrounded weights, so it can differ slightly from the rounded columns. The 31 October weights come from Scottish Mortgage’s holdings page. The 30 September weights come from its full portfolio valuation, with share classes of the same company combined. The holdings page’s own top-30 tiles skip some companies, including Revolut, Bending Spoons, Sea, Disco and DoorDash. This table uses the full ranked list in the page data.

Portfolio shape

The trust is less concentrated than at either 30 June or 30 September, but AI hardware is now its biggest theme. Private companies edged back up to 26.5% because the listed SpaceX stake shrank.

Concentration. The top 10 hold 49.4% of total assets, down from 52.2% at 30 September and 58.5% at 30 June. SpaceX alone was 25.7% on 30 June.

Listed vs private. Listed companies make up 72.9% and private companies 26.5%, with 0.6% in net liquid assets. The six largest private holdings are ByteDance (4.3%), Anthropic (4.2%), Zipline (3.9%), Stripe (2.6%), Databricks (1.7%) and Revolut (1.2%). The private share was 41.5% at the start of the half-year (QuotedData).

Themes. These groupings are ours, not the trust’s:

• Chips and chip-making equipment, 18.7%: TSMC, NVIDIA, ASML, Disco, SK hynix, KLA, Lasertec, Astera Labs
• AI models and data software, 9.6%: Anthropic, Cloudflare, Databricks, Snowflake
• Space, drones and autonomy, 16.4%: SpaceX, Zipline, Aurora, Nuro, Joby
• Healthcare and biotech: Moderna (4.6%), Tempus AI (1.0%), plus smaller positions in Denali, Recursion and others
• Digital finance: Stripe, Revolut, Affirm, Wise, Nu, Adyen, Ant International, Blockchain.com
• E-commerce and consumer platforms: MercadoLibre, Amazon, Shopify, PDD, Sea, Meituan, DoorDash, Spotify, Bending Spoons
• AI power: Vistra (0.6%) and EQT (0.7%), both bought in the latest half-year

Geography (30 September, the latest published). North America 63.0%, Asia 19.7%, Europe 11.9%, South America 4.1%, Africa and the Middle East 0.2%.

Performance, discount and capital

October reversed part of September’s gain, but the trust is still well ahead of its benchmark over one and three years. Over five years it still lags, a legacy of the 2022 growth crash.

Total return to 31 Oct 2026	1 year	3 years	5 years	10 years
Share price	28.1%	135.9%	1.8%	365.8%
NAV	25.0%	113.2%	16.3%	424.3%
FTSE All-World	10.5%	67.3%	69.2%	205.7%

Source: Scottish Mortgage performance page, sterling total return. Past performance is not a guide to future returns.

Discount. The discount was 7.5% at 31 August, 7.9% at 30 September and 8.4% at 31 October. Its 12-month average is about 6.2%. On 9 November the shares traded at 1,502p, an 8.5% discount to estimated NAV (Morningstar).

Buybacks. In the six months to 30 September, the trust reissued 40.95m treasury shares at a premium, raising about £602m. It then bought back 72.9m shares for about £1.06bn once they slipped to a discount (Proactive Investors).

Gearing. Net gearing fell from 11.0% at 31 March to 4.3% at 30 September as SpaceX proceeds repaid debt. Gross gearing was 6% on £0.98bn of borrowings (September factsheet).

Half-year results (6 November).

• NAV total return was +31.5% for the six months to 30 September, against +16.0% for the FTSE All-World.
• SpaceX added about 8 points of that return. Moderna and Anthropic were the next-biggest contributors.
• The trust sold its last Tesla shares in April, after a 13-fold return since 2013.
• The interim dividend rose 12.5% to 1.80p, extending 43 straight years of annual increases.

Costs. The ongoing charge is 0.33%. The management fee is 0.30% on the first £4bn of total assets and 0.25% above that.

What to watch next month

• Were October’s moves real trades? The full 31 October valuation, with share counts, is published on a delay. It will show whether Disco, KLA, Hermès, Bending Spoons and Spotify were bought, or simply rose in value.
• How far SpaceX falls. SpaceX was 11.1% of total assets on 4 November. More lock-up releases point to further sales, and how much of that money goes into buybacks will affect the discount.
• Revolut’s new valuation. The trust added to its stake at a $115bn valuation, which should show up as a higher weight.
• Anthropic. Now the sixth-largest holding at 4.2% after the trust added during the half, and the biggest private holding after ByteDance.
• The discount. It was 8.5% on 9 November. Continued buybacks would help keep it below 10%.
• The new chip positions. Lasertec and Astera Labs are both under 1% for now. Disco and KLA started small too before nearly doubling in October.

Full portfolio at 31 October 2026

There are 97 lines: 50 listed, including a small fund and one written-down line, and 47 private, including venture funds. Weights are % of total assets. “New” marks a holding not in the 30 September valuation.

#	Holding	Type	31 Oct (%)	30 Sep (%)
1	SpaceX	Listed	11.20	15.00
2	TSMC	Listed	6.42	6.49
3	NVIDIA	Listed	5.98	6.18
4	Moderna	Listed	4.64	4.31
5	ByteDance	Private	4.29	4.04
6	Anthropic	Private	4.23	3.99
7	Zipline	Private	3.93	3.70
8	MercadoLibre	Listed	3.38	3.11
9	Amazon	Listed	2.72	2.65
10	ASML	Listed	2.65	2.76
11	Stripe	Private	2.61	2.46
12	Shopify	Listed	2.52	2.24
13	Cloudflare	Listed	2.00	2.34
14	Spotify	Listed	1.97	1.52
15	Meta	Listed	1.91	2.12
16	Ferrari	Listed	1.84	1.72
17	Databricks	Private	1.69	1.60
18	CATL	Listed	1.67	1.43
19	Snowflake	Listed	1.66	1.73
20	Bending Spoons	Listed	1.40	0.96
21	Revolut	Private	1.23	1.16
22	PDD Holdings	Listed	1.22	1.14
23	Affirm	Listed	1.19	1.06
24	Sea Ltd	Listed	1.12	1.38
25	Tempus AI	Listed	1.04	1.35
26	Wise	Listed	0.99	0.99
27	Disco	Listed	0.96	0.51
28	DoorDash	Listed	0.94	0.91
29	Nu Holdings	Listed	0.93	0.95
30	Meituan	Listed	0.89	0.84
31	SK hynix	Listed	0.88	1.03
32	Adyen	Listed	0.84	0.85
33	KLA	Listed	0.82	0.50
34	Hermès	Listed	0.82	0.59
35	Atlas Copco	Listed	0.79	0.82
36	Blockchain.com	Private	0.75	0.71
37	BYD	Listed	0.74	0.77
38	The Production Board	Private	0.70	0.66
39	Aurora	Listed	0.70	0.84
40	EQT	Listed	0.67	0.55
41	Lasertec	Listed	0.65	new
42	Vistra	Listed	0.63	0.60
43	Ant International	Private	0.59	0.55
44	Inspire (RedNote)	Private	0.57	0.54
45	Denali Therapeutics	Listed	0.57	0.59
46	Redwood Materials	Private	0.55	0.52
47	Roblox	Listed	0.48	0.44
48	Hadrian Automation	Private	0.43	0.40
49	MongoDB	Listed	0.40	0.38
50	Coupang	Listed	0.38	0.35
51	Enveda Therapeutics	Private	0.37	0.35
52	Astera Labs	Listed	0.36	new
53	Epic Games	Private	0.36	0.34
54	Nuro	Private	0.35	0.33
55	Thumbtack	Private	0.34	0.32
56	Recursion Pharmaceuticals	Listed	0.31	0.30
57	Solugen	Private	0.30	0.29
58	Rappi	Private	0.30	0.28
59	Oddity	Listed	0.28	0.23
60	Tanium	Private	0.28	0.26
61	Joby Aviation	Listed	0.26	0.20
62	Ocado	Listed	0.26	0.19
63	Honor	Private	0.25	0.24
64	Horizon Robotics	Listed	0.24	0.28
65	Climeworks	Private	0.23	0.21
66	AppLovin	Listed	0.23	0.28
67	ICON Technology	Private	0.21	0.20
68	Bottle Planet Holdings	Private	0.20	0.19
69	Carbon	Private	0.19	0.18
70	Away	Private	0.17	0.16
71	Workrise (formerly RigUp)	Private	0.16	0.15
72	PsiQuantum	Private	0.15	0.14
73	KSQ Therapeutics	Private	0.14	0.14
74	Figma	Listed	0.14	0.13
75	ZocDoc	Private	0.14	0.13
76	Ginkgo Bioworks	Listed	0.11	0.12
77	Loyal Animal Health	Private	0.11	0.11
78	Chai Discovery	Private	0.11	0.10
79	ARCH Ventures Fund XIII	Private	0.10	0.09
80	Lumeris	Private	0.09	0.08
81	MiniMax	Listed	0.07	0.10
82	Teya Holdings	Private	0.04	0.04
83	GoPuff	Private	0.04	0.04
84	WI Harper Fund VIII	Private	0.04	0.04
85	Global AI Opportunities Fund	Listed	0.04	0.03
86	ARCH Venture Fund XII	Private	0.03	0.03
87	Sinovation Fund III	Private	0.03	0.03
88	ARCH Ventures Fund XI	Private	0.03	0.03
89	ARCH Ventures	Private	0.03	0.03
90	Upside Foods	Private	0.02	0.02
91	ARCH Ventures Fund X	Private	0.01	0.01
92	Arch Venture Partners Overage	Private	0.01	0.01
93	WI Harper Fund	Private	0.01	0.01
94	Antler East Africa Fund	Private	0.01	0.01
95	Innovation Works Development Fund	Private	0.00	0.00
96	Illumina (CVR)	Private	0.00	0.00
97	Bolt Threads	Listed	0.00	0.00

How we put this page together

Scottish Mortgage publishes month-end weights for its holdings in the first days of each month on its holdings page. Its full valuation, with share counts, follows about a month later on its documents page. We compare each holding’s weight with the previous month, combine share classes of the same company, and flag new names, departures and moves of more than 0.25 points.

This page is research, not investment advice. Scottish Mortgage invests heavily in private companies, which are hard to value and to sell, and its borrowing magnifies both gains and losses. The value of investments can fall as well as rise.