Scottish Investment Trust | Winterflood Research

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Review of investment management arrangements

This morning the Board of Scottish Investment Trust announced a review of the fund’s future investment management arrangements. The announcement noted that in 2015 the fund had adopted a high conviction, global contrarian investment approach and that a period of at least five years was required to evaluate its returns under this mandate. In the five years to 30 April 2021, the fund’s NAV total return has underperformed the MSCI All Country World Index.

As a consequence, Stanhope Consulting has been appointed to assist the Board in its review and established fund management groups, with experience of managing listed closed-ended funds, have been invited to submit proposals that are designed to deliver, over the longer term, “above index returns through a diversified global portfolio of attractively valued companies with good earnings prospects and sustainable dividend growth". These proposals will be considered alongside the current management arrangements. The fund is self-managed and its investment team has delivered strong recent short-term performance. There is no certainty that any changes will result from the review and the Board will make a further announcement in due course.

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