1. The Scottish American Investment Company

    The Scottish American Investment Company

  2. Overview

    Aims to be a core investment for private investors seeking income. Its objective is to grow the dividend at a faster rate than inflation by increasing capital and growing income. The focus of the portfolio is on global equities but investments are also made in bonds, property and other asset types.

    Baillie Gifford's culture of sharing information and encouraging debate is central to the SAINTS' investment process.

    Performance & Portfolio

    Periodic Performance

    All figures to 29/02/2024

    1 Year

    3 Years

    5 Years

    10 Years

    Share Price 0.1%21.2%56.4%182.4%
    NAV 10.5%38.2%78.7%219.1%
    Benchmark* 18.3%36.5%77.3%211.6%

    Performance figures appear in GBP. The value of your investment may go down as well as up, and you may not get back the amount you invested.

    NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and book value for 10 years.

    *FTSE All World Index (GBP) TR.

    Performance source: Morningstar and relevant underlying index provider, total return.

    Past performance is not a guide to future performance.


    Discrete Performance

    Annual Performance to 31 December each year

    31/12/2018
    31/12/2019

    31/12/2019
    31/12/2020

    31/12/2020
    31/12/2021

    31/12/2021
    31/12/2022

    31/12/2022
    31/12/2023

    Share Price 25.1%12.0%19.5%-3.5%8.2%
    NAV 23.0%14.6%21.5%-3.6%11.8%
    Benchmark* 22.3%13.0%20.0%-7.3%15.7%

    Performance figures appear in GBP. The value of your investment may go down as well as up, and you may not get back the amount you invested.

    NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and book value for 10 years.

    *FTSE All World Index (GBP) TR.

    Performance source: Morningstar and relevant underlying index provider, total return.

    Past performance is not a guide to future performance.

    Performance - 29/02/2024

    Performance figures appear in GBP. The value of your investment may go down as well as up, and you may not get back the amount you invested.
    If the graph shows negative figures this means that the share price is lower than the NAV at fair – this is known as trading at a Discount.
    If the graph shows positive figures this means that the share price is higher than the NAV at fair - this is known as trading at a Premium.
    Please bear in mind that past performance is not a guide to future performance.

    Long-term Dividend Record

    No dividend reductions in the past eighty years.

    Past performance is not a guide to future performance. We have chosen to use a logarithmic scale for the dividend price to more clearly display the consistent level of dividend increase over the years.

    The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised or regulated by the Financial Conduct Authority. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested. 

    Source: Scottish American Investment Trust Annual Reports, Baillie Gifford. Dividends are shown net of withholding taxes since 1973, when Advanced Corporation Tax was first introduced in the UK. Dividends from 1965-1973 are shown net of the 45% Corporation Tax introduced in the Finance Act of 1965. Dividends prior to 1965 are shown as if the Corporation Tax had existed before 1965, on a comparable basis.

    Holdings - 29/02/2024

    Fund %
    1 Novo Nordisk 4.0%
    2 Microsoft 4.0%
    3 Fastenal 3.4%
    4 Watsco 3.3%
    5 TSMC 3.0%
    6 Partners 2.7%
    7 Procter & Gamble 2.7%
    8 Atlas Copco 2.5%
    9 Schneider Electric 2.5%
    10 CAR Group 2.3%
    Total 30.5%
    Active Share - 29/02/2024

    Relative to FTSE All-World Index. Source: Baillie Gifford & Co, FTSE.

    Asset allocation of total assets - 29/02/2024

    Fund %

    • 1 North American Equities 36.28
    • 2 South American Equities 1.29
    • 3 European Equities 35.05
    • 4 African and Middle Eastern Equities 0.69
    • 5 Europe 1.64
    • 6 Asian Equities 10.61
    • 7 Australasian Equities 4.04
    • 8 Fixed Interest 2.44
    • 9 Property 8.09
    • 10 Net Liquid Assets -0.13
    • Total 100.00

    As the Fund invests in overseas securities, changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.
    The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co.
    Please note that totals may not add due to rounding.

    Meet the Managers

    James Dow

    James was appointed Co-Head of the Global Income Growth Team and Co-Manager of The Scottish American Investment Company PLC (SAINTS) in 2017. He became Manager of SAINTS when Toby Ross stepped back as Co-Manager in February 2024. He became a Partner in the firm from 1 May 2023. He joined Baillie Gifford in 2004 on the Graduate Scheme and became an Investment Manager in our US Equities Team. Previously, James spent three years working at The Scotsman newspaper, where he was the Economics Editor. He is a CFA Charterholder, graduated MA (Hons) in Economics-Philosophy from the University of St Andrews in 2000 and MSc in Development Studies from the London School of Economics in 2001.

    Ross Mathison

    Ross joined Baillie Gifford in 2019 as an investment manager in the Global Income Growth Team and became Deputy Manager of The Scottish American Investment Company PLC (SAINTS) in August 2023. Previously, he spent a year at Aviva Investors and prior to that nine years at Standard Life Investments as an investment manager, first in the European Equity Team and latterly in the Global Equity Team. Ross is a CFA Charterholder and graduated MA (Hons) in Business and Finance from Heriot-Watt University in 2008. He also sits on the board of directors at Aberlour, a Scottish children’s charity.

    Documents

    You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).

    To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.

    Disclaimers

    FTSE Disclaimer

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