Scottish Mortgage Share Price (SMT)

Anyway, they seem to have increased NAV in line with expected market price: https://quoteddata.com/2026/06/baillie-gifford-lifts-spacex-valuation-to-1-6trn-raising-scottish-mortgage-trusts-stake-to-21-or-3-5bn/

Fela96 - I’m not saying the managers are going to do this, but highlight that the NAV needs to realistically reflect then realistic realisable value, not just the headline holding x headline share price.

To distil my last point: it's the managers' job to accurately report what the fund's holdings are worth - not what they think they are worth. It is the market's job to judge whether that value is accurate or not (in the form of a premium or discount). Agree?

Makes sense. Presumably if they were dead set on the idea it's overvalued, they could short the float. Or maybe that's against the rules too...

I just don't really see what would be in it for the managers here to pretend that the holding is worth less than what the actual market values it at. You can argue the valuation is artificial, but you could do that for a lot of stock valuations; people did it for Tesla IIRC ("it's only that high because it entered the S&P 500" etc...). Retaining the previous valuation in NAV would just say to me that the managers don't have confidence in the IPO market or stock market in general, which wouldn't inspire much confidence in being invested in said market. In any case, it's investors on LSE which value what they consider SMT to actually be worth, so like I've said already I think it would just be seen as an attempt to massage the premium / discount for reasons other than increasing shareholder value.

This is the lock up schedule (from Claude):

After Q2 earnings (the first results as a public company), up to 20% of eligible shares unlock. If the stock is also trading 30%+ above the IPO price at that point, an additional 10% can be sold.

Five time-based tranches at 70, 90, 105, 120, and 135 days post-IPO each release another 7% of eligible shares.

A further 28% unlocks after Q3 earnings, and the full remainder at the standard 180-day mark.

Musk can’t sell anything for 366 days.

There is no secondary offering.