Mitsubishi UFJ Crosses 3% Threshold as Scottish Mortgage Rides Anthropic IPO Wave to Record High

Scottish Mortgage Investment Trust hits all-time high as Anthropic files confidential IPO; Mitsubishi UFJ crosses 3% voting rights, signaling institutional confidence.

The Scottish Mortgage Investment Trust has notched a fresh all-time high, propelled by mounting speculation that one of its key private holdings could soon list publicly. Just days later, a disclosure from Japan’s largest financial group added another layer of institutional endorsement to the story.

On 2 June, the trust’s London-listed shares touched 15.63 pounds, surpassing the previous record of 15.29 pounds set in November 2021. The catalyst was Anthropic’s confidential filing of a draft registration statement with the U.S. Securities and Exchange Commission for a potential initial public offering. While the filing does not guarantee an IPO, it has sharpened market focus on the value of Scottish Mortgage’s early-stage bet on the artificial-intelligence company.

That institutional interest is already showing in the share register. Mitsubishi UFJ Financial Group notified the market on 3 June that it had lifted its voting rights in the trust to 3.02%, up from 2.99%. The transaction took place on 28 May, just before the Anthropic news broke. Although the increase amounts to only 0.03 percentage points — representing roughly 33.6 million voting rights — crossing the 3% threshold triggers mandatory disclosure under UK rules and signals that a major Japanese asset manager sees reason to keep building its position.

The twin developments come against a strong performance backdrop. Scottish Mortgage generated a net asset value total return of 27.4% for the financial year ended 31 March 2026, comfortably beating the FTSE All-World Index’s 18.0% gain. The trust’s share price has followed suit: in euro terms the stock recently changed hands at 18.18 euros, up 30.85% since the start of the year, though still 6.79% below its 52-week high of 19.50 euros reached on 25 May. The relative strength index stands at around 60, suggesting the rally has not become overextended, while the annualised 30-day volatility of roughly 33% reminds investors that sharp swings are part of the trust’s DNA.

Anthropic has emerged as a material driver of that performance. The company completed a Series H financing round that raised $65 billion, valuing it at $965 billion. Scottish Mortgage’s stake is estimated at approximately £400 million, making Anthropic the trust’s tenth-largest holding at 2.6% of total assets. Investment managers Tom Slater and Lawrence Burns first bought into Anthropic in 2021 and have since added to the position, betting on the transition from narrow AI tools to more powerful systems. An IPO would provide an external valuation benchmark for what has largely been a hard-to-price private asset.

The trust’s appetite for private-market exposure has only grown. In April, shareholders approved a change in investment policy allowing Scottish Mortgage to deploy up to an additional £250 million into unlisted companies, provided the private-market share already exceeds 30% and the measure receives annual renewal. The move underscores the board’s conviction that long-term growth lies in backing transformative businesses before they go public.

Beyond the IPO narrative, the trust continues to offer a steady income stream — it has raised its dividend for 43 consecutive years. And while Anthropic dominates the near-term conversation, other private holdings such as SpaceX also contribute to the portfolio’s distinctive risk profile. For now, the market is watching whether Anthropic’s listing process gathers pace or stalls. If it advances, the hidden reserve in Scottish Mortgage’s books may become more visible. If it falters, the focus will shift back to how conservatively investors should value private AI stakes in an otherwise liquid trust. Meanwhile, Mitsubishi UFJ’s incremental stake build suggests that at least one seasoned institution is comfortable with the odds.