- UK
Intermediaries
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.
An income that grows ahead of inflation is valuable. Better still if that income is resilient through thick and thin. SAINTS has delivered annual dividend increases for over fifty years and we are wholly focussed on doing so in the future.
Performance & Portfolio
Periodic Performance
All figures to 28/02/2025 1 Year
3 Years
5 Years
10 Years
Share Price 5.2% 17.0% 54.0% 191.9% NAV 7.4% 29.1% 74.3% 206.8% Benchmark* 15.9% 40.2% 88.8% 207.4%
Discrete Performance
Annual Performance to 31 December each year 31/12/2019
31/12/202031/12/2020
31/12/202131/12/2021
31/12/202231/12/2022
31/12/202331/12/2023
31/12/2024Share Price 12.0% 19.5% -3.5% 8.2% -4.1% NAV 14.6% 21.5% -3.6% 11.8% 6.1% Benchmark* 13.0% 20.0% -7.3% 15.7% 19.8% Please bear in mind that past performance is not a guide to future returns. 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.
Performance source: Morningstar and relevant underlying index provider, total return in sterling.
Performance 28/02/2025Performance figures appear in GBP. Benchmark data is limited to a 5 year period from the current date.
The graph has been rebased to 100.
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 - 28/02/2025
Fund % 1 Fastenal 3.4% 2 Microsoft 3.4% 3 Procter & Gamble 3.3% 4 Apple 3.3% 5 Deutsche Börse 3.2% 6 Partners 3.1% 7 TSMC 2.6% 8 Atlas Copco 2.5% 9 Coca-Cola 2.4% 10 Novo Nordisk 2.4% Total 29.6% Active Share 28/02/2025Relative to FTSE All-World Index. Source: Baillie Gifford & Co, FTSE.
Asset allocation of total assets 28/02/2025Fund %
- 1 North American Equities 37.10
- 2 South American Equities 1.25
- 3 European Equities 35.27
- 4 African and Middle Eastern Equities 0.79
- 5 Europe 1.68
- 6 Asian Equities 13.17
- 7 Australasian Equities 1.53
- 8 Fixed Interest 0.76
- 9 Property 8.63
- 10 Net Liquid Assets -0.16
- 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 sum due to rounding.
Insights
View all Insights.Meet the Managers
James Dow
James is head of Global Income Growth and co-manager of the Scottish American Investment Company, as well as a member of the Portfolio Construction Group for the Sustainable Income Strategy. He joined Baillie Gifford in 2004 and became a partner in the firm in 2023. Prior to this he was an investment manager in our US Equities Team. Before joining the firm, he spent three years at The Scotsman, where he was economics editor. James is a CFA Charterholder. He graduated MA (Hons) in Economics and 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.
How to Buy
Further information on the funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.
You can invest in our funds via a number of fund platforms. Information on the range of funds available through platforms can be obtained from platforms@bailliegifford.com
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.
Annual reports
Corporate governance
Fund ratings reports
Interim reports
Investor disclosure document
Philosophy and process documents
Portfolio valuation
Portfolio voting disclosure
RNS announcements
Sustainability-related disclosures and climate reports
PRIIPs key information document
Risks
The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies. 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. The level of income is not guaranteed. The specific risks associated with the Trust include:
Currency
The Trust 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.
Emerging markets
The Trust invests in emerging markets, which includes China, where difficulties with market volatility, political and economic instability including the risk of market shutdown, trading, liquidity, settlement, corporate governance, regulation, legislation and taxation could arise, resulting in a negative impact on the value of your investment.
Gearing
The Trust can borrow money to make further investments (sometimes known as “gearing” or “leverage”). The risk is that when this money is repaid by the Trust, the value of the investments may not be enough to cover the borrowing and interest costs, and the Trust will make a loss. If the Trust's investments fall in value, any invested borrowings will increase the amount of this loss.
Liquidity
Market values for securities which have become difficult to trade may not be readily available and there can be no assurance that any value assigned to such securities will accurately reflect the price the Trust might receive upon their sale.
Derivatives
The Trust can make use of derivatives which may impact on its performance.
Property
The Trust has some direct property investments, which may be difficult to sell. Valuations of property are only estimates based on the valuer's opinion. These estimates may not be achieved when the property is sold.
Corporate bonds
Corporate bonds are generally perceived to carry a greater possibility of capital loss than investment in, for example, higher rated UK government bonds. Bonds issued by companies and governments may be adversely affected by changes in interest rates and expectations of inflation.
Premium risk
Share prices may either be below (at a discount) or above (at a premium) the net asset value (NAV). The Company may issue new shares when the price is at a premium which may reduce the share price. Shares bought at a premium may have a greater risk of loss than those bought at a discount.
Buy-backs
The Trust can buy back its own shares. The risks from borrowing, referred to above, are increased when a trust buys back its own shares.
Regulation
The Trust is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority.
Suitability for retail distribution
Please note that the Company currently conducts its affairs, and intends to continue to conduct its affairs, so that the Company’s ordinary shares can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPI). The Company’s ordinary shares are excluded from the FCA’s restrictions which apply to non-mainstream pooled investment products because they are shares in an investment trust.
Disclaimers
FTSE Disclaimer
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®" and “Russell®” are trade marks of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
