Scottish Mortgage Splits Its Cash: A £3bn Buyback Blitz Meets a Modest Dividend
12.06.2026 - 17:26:33 | boerse-global.de
Scottish Mortgage Investment Trust is pursuing a two-pronged capital-allocation strategy that sees it funnel billions into share repurchases while still keeping its half-century dividend streak alive. The trust has spent nearly £3.02bn buying back its own stock over the past two financial years, a programme that has already retired roughly 22% of the shares outstanding as of March 2024. At the same time, it will go ex-dividend on 12 June, paying out 2.96 pence per share to holders of record.
The buyback machine shows no signs of slowing. On 10 June the trust snapped up 1 million shares at 1,413.91 pence each, following that the next day with another 435,000 shares at 1,413.94 pence. Both tranches were placed into treasury, bringing the total held there to around 368.6 million shares. The free float now stands at just over 1.116 billion shares — the figure used for FCA disclosure thresholds.
Management’s stated goal is to narrow the persistent discount to net asset value. In its last full fiscal year through March 2026, the trust bought back 122.9 million shares for £1.31bn. Over the two-year stretch ending at the same date, cumulative repurchases hit 307.7 million shares at a cost of almost £3.02bn. The trust argues that these buybacks have already dampened discount volatility and lifted NAV per share.
Should investors sell immediately? Or is it worth buying Scottish Mortgage Investment?
Investors have taken note on the price chart. The shares closed at €17.26 on 11 June, up about 1.74% on the day. That brings the year-to-date gain to roughly 24%, although the stock still sits about 11% below the 52-week high of €19.50 touched in late May. A separate reading from the secondary article puts the close at €16.96 — the slight discrepancy likely reflects different timing or data sources — but both agree on the strong run since January.
The dividend, while small in yield terms — only 0.32% — carries symbolic weight. Scottish Mortgage has paid a growing dividend for 43 consecutive years, distributing it semi-annually. The next payment date is 10 July. The trust’s primary focus remains capital appreciation through long-term holdings in public and private companies, but the payout signals continuity.
Technically, the stock is in neutral territory. The relative strength index stands at 46.4, and the price sits just above its 50-day moving average of €16.81. With the buyback mandate still active as long as the shares trade at a discount to NAV, the trust has both ammunition and authorization to keep purchasing — and it has shown no hesitation in using it.
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