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Portfolio & performance

Securities Trust of Scotland aims to achieve rising income and long-term capital growth

About the portfolio

Securities Trust of Scotland aims to achieve rising income and long-term capital growth through investment in a balanced portfolio constructed from global equities.

Sector allocation

  31 Mar30 Apr
Information technology19.1%18.6%
Communication services12.5%14.0%
Consumer staples13.6%13.2%
Materials  10.6%10.8%
Healthcare   7.9%10.4%
Real Estate   7.8%  7.3%
Utilities   5.7%  5.1%
Consumer discretionary   4.4%  4.6%
Energy   2.0%  2.3%
Cash   3.9%  4.6%

Regional allocation

 31 Mar30 Apr
North America 47.3%46.7%
Europe 45.4%44.5%
Emerging Markets11.8%11.6%
Asia Pacific ex Japan6.7%6.3%

Top 10 holdings

(41.9% of total portfolio)% of holding
Taiwan Semiconductor4.3%
Crown Castle4.2%
Verizon Communications4.2%
Koninklijke DSM4.1%
Samsung Electronics4.0%
Lockheed Martin3.7%
Tencent Holdings3.3%
Number of holdings39
Number of countries13

Key facts

Total net assets£184.6m
Share price (p)179.5
Net asset value per share (p)176.2
Discount (premium)(1.9%)
Historic net yield†3.5%
Active Options Exposure‡-

As at 30 April 2020

‡For further information on Options please refer to Important Information overleaf.
*The risk outlined at the end of this document relating to gearing is particularly relevant to this company but should be read in conjunction with all warnings and comments given.
†Source for historic yield: Martin Currie as at 30 April 2020. The historic yield reflects dividends declared over the past 12 months as a percentage of the mid-market share price, as at the date shown. Investors may be subject to tax on their dividends.

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Securities Trust of Scotland aims to achieve rising income and long-term capital growth through investment in a balanced portfolio constructed from global equities.


12-month performance

 To end Q1 2020 To end Q1 2019 To end Q1 2018 To end Q1 2017 To end Q1 2016
Share price2.7%9.6% 0.2%27.7%-2.2%
NAV -8.3%11.4% -1.1%26.7%-0.8%

Cumulative performance

 One month Three months Six months One year Three years Five years
Share price4.2%-0.2%-6.0%12.0%22.7%60.5%
Peer group^4.5%0.0%-6.7%0.5%7.2%36.9%

As at 31 May 2020
Past performance is not a guide to future returns.

Cumulative performance
^On 1 June 2016 Securities Trust of Scotland changed from benchmarking performance against the MSCI World High Dividend Yield index to an unconstrained strategy measured against the performance of the median of the peer group described below. Performance is shown in the table above against this new peer group across various time periods for illustrative purposes only. Prior to adopting a global mandate on 1 August 2011 the company's benchmark was the FTSE All-Share index.
The peer group consists of the AIC Global Equity Income sector combined with actively managed ICVC, SICAV or OEIC funds from Lipper Global - Global Equity Income sector. Performance is measured against the median of this peer group.

Discrete performance
Source: Martin Currie. The NAV basis used is cum-income in £. Please note prior to July 2017 the NAV basis used was ex-income NAV in £. Ex-income NAVs exclude current-year income, while cum-income NAVs include current-year income. These figures do not include the cost of buying and selling shares in an investment trust. If these were included, performance figures would be reduced.

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Net asset value and dividend history

As at 31 March Share price NAV per share Discount/ (premium) Dividend per share

Dividend history

Past performance is not a guide to future returns.

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Managers' commentary

Crown Castle, the US provider of communications infrastructure, was the biggest absolute contributor after it reaffirmed full-year guidance and limited disruption to its highly visible rental revenues. In a month when the tech sector was strong, US multinational technology conglomerate Cisco Systems was another notable positive. This performance came on the back of solid quarterly results which demonstrated good stability in revenue, gross margin and order momentum. Elsewhere, real estate investment trust Civitas Social Housing and Dutch health multinational DSM also fared well.

Looking at the other side, Leggett & Platt, a US diversified manufacturer that designs and produces various engineered components, was the biggest drag on portfolio performance. Elsewhere, COVID-related and political considerations caused pan-Asian insurer AIA to underperform in May. With regard to the former, lockdowns in Hong Kong and the ASEAN region are having a negative short-term impact on new business volumes (with an increasing likelihood that the value of new business growth in 2020 will now be slightly negative). However, we expect AIA will have a strong recovery next year and markets will, in the coming months, start to discount this. Meanwhile, UK brick manufacturer Ibstock also struggled as returning demand for its products is likely to be gradual.

In terms of portfolio activity, we bought construction equipment manufacturer Caterpillar, which has an attractive organic growth profile and a shareholder friendly approach to dividends. Also added to the portfolio was Broadcom, which supplies semiconductor and infrastructure software products. There were two sales during the month. We exited our position in energy firm Chevron because the impacts of another oil price war combined with the COVID-19 pandemic puts the firm's dividend sustainability at risk. Meanwhile, a drop in conviction due to of sales and margin pressures meant that security services company Securitas was also sold.

As at 31 May 2020

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Latest news & views

  • Securities Trust of Scotland annual results 2020

    Securities Trust of Scotland annual results 2020

    The company has announced positive share price returns over the financial year to 31 March 2020.

    Date published
    1 Jul 2020
  • Securities Trust of Scotland

    Important Announcement: Management Arrangement

    The Board of Securities Trust of Scotland (“STS”) announces that it has served protective notice under its management agreement with Martin Currie Fund Management Limited.

    Date published
    29 Jun 2020
  • Ask The Manager

    Ask the manager

    In what has been a truly exceptional period for markets and wider society, we have been inviting investors to get in touch with their questions. Over the next two months, portfolio manager of the Securities Trust of Scotland, Mark Whitehead, provides his in-depth responses to these issues.

    Date published
    26 Jun 2020