Skip to main content

In order to access the website of Winterflood Securities Limited you must first read and accept the following terms:

This website is not directed at, or intended for distribution to or use by, any U.S. citizen, person, or entity that resides in or is located in the United States of America or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation which would subject Winterflood to any registration or licensing requirements with such jurisdiction. Services are not available to U.S. persons except where such services are permitted under SEC rule 15a6 or other relevant exemptions from SEC Broker/Dealer registration requirements.

Please note that Winterflood Securities Limited is not registered as a broker-dealer with the Securities and Exchange Commission and is not a member of Financial Industry Regulatory Authority Inc. (“FINRA”). All research reports provided on this website are being distributed directly by Winterflood Securities Limited to persons in the U.S. that qualify as “major U.S. institutional investors” in compliance with Rule 15a-6(a)(2) of the Securities Exchange Act of 1934. Accordingly, these research reports have not been prepared in compliance with FINRA requirements. Please refer to our Full Disclaimer here.

Research on this Website

Research on this website has been issued for the information of Professional Clients and Eligible Counterparties (as defined in the FCA handbook) of Winterflood Securities Ltd (“Winterflood”). The terminology used within the research reports is intended for professional investors. Research reports are not intended to provide the sole basis for any evaluation of an investment decision.

Each research report on this website must be read in conjunction with any disclaimer which forms part of it. Your attention is drawn to the date of issue of the information provided and of the opinions expressed therein. Any opinions are those of the Winterflood Investment Trust research team and are subject to change without notice and Winterflood is not under any obligation to update or keep current the information contained herein. The material on this website is based on information obtained from sources believed to be reliable but which have not been independently verified and are not guaranteed as being accurate.

Use of Cookies

For information on the cookies used on our websites, please refer to our Cookies Policy which can be accessed here.


For information on how we treat your personal data, please refer to our Privacy Notice which can be accessed here.

More information can be found in our Legal Disclaimer

If you have read and accepted the terms and conditions for use of this website please click continue
26 Nov 2021

Scottish American Investment Company (SAINTS)

Company Notes

Emphasis on sustainable, real growth in income and capital

The Scottish American Investment Company*, or SAINTS, looks to deliver real dividend growth by increasing capital and growing income. The fund’s policy is to invest mainly in global equities, but investment can be made in other asset classes including bonds and property. As at 31 October, SAINTS’ equity portfolio accounted for 96% of its net assets, while directly held property and bonds accounted for 8% and 6% respectively. The fund has been managed by James Dow and Toby Ross, the co-heads of Baillie Gifford’s Global Income Growth team, since August 2017, while the property portfolio is managed by OLIM Property.

Since the managers’ appointment, the fund’s NAV total return is +66%, just slightly behind the rise of +68% for the FTSE All World Index (in Sterling terms). However, SAINTS has significantly outperformed its Global Equity Income peer group over the period, which is up +33%. Over recent years SAINTS’ shares have tended to trade at above NAV, with an average premium of 3.3% over the last three years. In the first ten months of this year, the fund issued 12.2m shares worth £59m.

*Denotes a corporate broking client of Winterflood Securities