diff --git a/include/pybind11/detail/smart_holder_type_casters.h b/include/pybind11/detail/smart_holder_type_casters.h
index 67d7c4f1..bd9483a0 100644
--- a/include/pybind11/detail/smart_holder_type_casters.h
+++ b/include/pybind11/detail/smart_holder_type_casters.h
@@ -965,6 +965,7 @@ struct smart_holder_type_caster<std::unique_ptr<T, D>> : smart_holder_type_caste
 
     static handle cast(std::unique_ptr<T, D> &&src, return_value_policy policy, handle parent) {
         if (policy != return_value_policy::automatic
+            && policy != return_value_policy::automatic_reference
             && policy != return_value_policy::reference_internal
             && policy != return_value_policy::move
             && policy != return_value_policy::_clif_automatic) {