Highlights:

  • Net Asset Value per share rose by 22.9%, surpassing the FTSE All-World Index’s 15.4% rise.
  • Share price increased 20.9% on a total return basis.
  • Interim dividend maintained at 1.60 pence per share, marking the 43rd consecutive year of dividend growth.

Scottish Mortgage Investment Trust PLC (LSE:SMT) has reported a notable performance for the six months to 30 September 2025, with its Net Asset Value (NAV) per share increasing by 22.9%. The figure outpaced the 15.4% gain posted by the FTSE All-World Index, while the company’s share price rose 20.9% on a total return basis.

Chairman Justin Dowley commented that while the six-month results are encouraging, the company continues to emphasise a long-term investment approach. He reminded shareholders that the company’s strategy focuses on businesses driving structural change, where performance can fluctuate in the short term.

Broad Portfolio Contribution

Performance during the period was supported by a range of holdings across multiple regions, from Asia to the Americas and Europe. The trust’s managers attributed the gains to renewed market recognition of companies advancing technological and economic transformation.

According to the report, these contributors shared common traits: scalable business models, the ability to benefit from compounding growth, and a long-term orientation. The trust’s portfolio holdings include companies that are shaping developments in areas such as artificial intelligence, electrification, digital services, and healthcare innovation.

Over longer periods, Scottish Mortgage continues to outperform global benchmarks. Over the five years to 30 September 2025, NAV total return reached 30.3%, while over ten years, it stood at 472.4%. By comparison, the FTSE All-World Index returned 85.4% and 263.3% over the same respective periods.

Dividend Maintained Amid Higher Earnings

Revenue earnings for the half-year were higher than the previous comparable period, aided by the recovery from the earlier write-off of Northvolt’s accrued bond income. Despite slightly lower income from the portfolio, the Board has proposed an unchanged interim dividend of 1.60 pence per share.

As an AIC Dividend Hero, Scottish Mortgage has raised its dividend for 43 consecutive years. The Board has reaffirmed its intention to continue this record with an increased final dividend later in the financial year.

Focus on Long-Term Opportunities

Looking ahead, the company highlighted a period of significant technological transformation. Artificial intelligence, next-generation infrastructure, and advances in healthcare and digital content are driving new investment opportunities.

The trust’s management stated that it aims to identify businesses that are “creating the future” and to support them with patient, long-term capital.

SMT shares were trading at GBX 1,101.50 during trading session on 7 November 2025.