Scottish Mortgage: 2.325 Million Shares at 1,486 Pence
The trust is increasingly buying back its own shares below NAV. The AGM on July 2 will decide on a higher private market quota and a new buyback authority.
Felix Baarz | Today, 02:09
Scottish Mortgage bought back 2.325 million of its own shares in a single trading session on June 16, 2026 — at a price of 1,486.19 pence each. That is more than double the previous day, when the trust purchased one million shares at 1,445.21 pence. The message is clear: management is actively defending the gap between the share price and net asset value.
Strategy: Buy Below NAV, Sell Above
The buyback represents a deliberate reversal. Scottish Mortgage has tightened its buyback policy: shares will only be purchased in the future if the price is below NAV. The previous, more generous support strategy is history.
What this means in practice is particularly evident in June. At the beginning of the month, the trust was still placing new shares — on June 1 at 1,516.50 pence and on June 2 at 1,545.42 pence, both prices above NAV. A few weeks later, it is buying back. The pendulum swings quickly.
In the fiscal year through March 2026, Scottish Mortgage acquired approximately 122.9 million of its own shares for a total of £1.31 billion. Over the past two fiscal years, that adds up to 307.7 million shares — about 22% of the then free float.
AGM on July 2: Three Critical Votes
The buyback activity comes at a sensitive time. Shareholders will meet in Edinburgh on July 2, 2026 for the Annual General Meeting. Three items are up for a vote.
- Private Market Cap: The board wants to raise the maximum quota for unlisted holdings above the previous 30% of total assets. Private market positions already exceed 40% — SpaceX alone accounts for about 21% of the portfolio.
- New Buyback Authorization: Approval is planned to buy back up to 14.99% of shares — exclusively below NAV.
- Final Dividend: The total dividend increases by 4.3% to 4.57 pence per share. The final dividend of 2.97 pence is to be paid on July 10, 2026. Scottish Mortgage is an AIC "Dividend Hero" with 43 consecutive dividend increases.
Private Market Stress as Headwind
The buyback comes at a difficult time for unlisted holdings. According to an analysis by Bain & Company, the deal-making environment is tense: software valuations are under pressure, the private credit market is showing cracks, and geopolitically driven rising oil prices are weighing on sentiment. Technology deal volume collapsed by 70% between Q4 2025 and early 2026.
Nevertheless, the trust has a strong long-term track record: NAV has increased by more than 435% over the past ten years. The share price is trading at €17.09 with a year-to-date gain of 23% — about 12% below its all-time high from May 2026.
The voting result on July 2 will decide whether management can continue to invest aggressively in private market bets — or whether shareholders will tighten the reins.
Scottish Mortgage Investment Share: Buy or Sell?! New Scottish Mortgage Investment Analysis from June 17 Provides the Answer:
The latest Scottish Mortgage Investment figures speak a clear language: urgent action needed for Scottish Mortgage Investment shareholders. Is now a good time to buy or should you sell? In the current free analysis from June 17, find out what to do now.
**Scottish Mortgage Investment: Buy or Sell? Read more...
