UPDATE: Scottish Mortgage has continued to bounce back since June 2024, with SpaceX becoming its largest holding, and its share price touching the level it hit in late 2021. The NAV total return for the year to March 2025 was 11%, followed by 27% for the year to March 2026. In early 2026, it asked shareholders to give it more flexibility regarding the level of its private investments, but this concern has since lessened due to the IPO of SpaceX.

Scottish Mortgage (ticker: SMT) was founded in 1909 and has been managed by Baillie Gifford throughout its existence. For the last several decades, i...