Scottish Mortgage exits Tesla and reduces its stake in SpaceX to 11.1%

The British investment fund Scottish Mortgage Investment Trust, managed by Baillie Gifford, has completely sold its shares in Tesla and reduced its stake in SpaceX to 11.1% of its portfolio. According to the semi-annual report published on November 6, 2026, the fund also reduced its debt load and increased investments in companies related to artificial intelligence (AI), including Anthropic.

Scottish Mortgage completed its investment in electric vehicle manufacturer Tesla in April 2026 after 13 years of holding the shares. Initially, the fund invested about $470 million in the company, and the total realized profit over the entire period amounted to approximately $6.2 billion. According to the managers' estimates, the investments yielded about a 13-fold return relative to the initial capital.

SpaceX Stake Reduced After Company Goes Public

Scottish Mortgage began investing in the American aerospace company SpaceX in 2018, allocating about $200 million. By the time of SpaceX's initial public offering (IPO) in June 2026, the value of these investments had reached approximately $5 billion.

Before the offering, SpaceX shares accounted for more than 25% of the fund's assets. After the IPO, the managers began reducing the position as restrictions on selling the shares were lifted.

By September 30, the SpaceX stake in the portfolio had decreased to 15%, and by November 4, it was down to 11.1%. Despite the sales, the company remains Scottish Mortgage's largest investment.

Fund's Return Reached 31.5% for the Half-Year

For the six months ending September 30, 2026, the total return on Scottish Mortgage's net assets was 31.5%. The fund's stock return, including payouts, reached 33.8%, while the global stock index FTSE All-World rose by 16% over the comparable period.

At the same time, the fund reduced its net debt load from 11% to 4.3%. The reduction was facilitated by the growth in portfolio value and the repayment of part of the borrowings, including proceeds from the sale of SpaceX shares.

Scottish Mortgage also repurchased about 72.9 million of its own shares for £1.06 billion by the end of September. The discount of the market price of the fund's shares to the value of its net assets decreased from 9.5% to 7.9%.

Scottish Mortgage Increases Investments in Anthropic

Amid the reduction of positions in Tesla and SpaceX, the fund expanded its investments in companies related to artificial intelligence. In particular, the managers increased investments in Anthropic, an American developer of AI models Claude.

As of September 30, Anthropic accounted for 4% of Scottish Mortgage's assets. The fund also acquired shares in companies SK hynix, KLA, and DISCO, which operate in the fields of memory production and semiconductor equipment.

However, the high return over the last half-year did not eliminate the fund's underperformance over a longer horizon. Over five years, the return on its net assets was 27.8% compared to 79.3% for the FTSE All-World.

Thus, Scottish Mortgage reduced its portfolio's dependence on SpaceX and the volume of borrowings while simultaneously increasing investments in the technology sector. SpaceX remains the fund's largest single position, and the results of the last six months reflect the period before the November sell-off of tech stocks.