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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