Securities Trust of Scotland

LN: STS

£192.5m market cap

187.25p last close

Securities Trust of Scotland’s investment objective is to provide rising income and long-term capital growth from a portfolio of global equities. Following the adoption of an unconstrained mandate from 1 June 2016, the trust measures its performance versus the rolling three-year median return of open- and closed-ended peers, as well as an absolute target to produce real growth in revenue and cum-income NAV on a rolling five-year basis.

Investment summary

Securities Trust of Scotland (STS) has had an eventful 2020. Following a competitive selection process, the board appointed Troy Asset Management (Troy AM) as investment manager in September, having served protective notice on Martin Currie in June, following the resignation of former manager Mark Whitehead. The trust is retaining its combined income and long-term capital growth investment objective, while adding a sustainability twist. STS’s board has reset the dividend to what it believes to be a resilient level of 5.5p per share. There will no longer be income derived from writing options, and the board aims to steadily grow the dividend from the set level. Troy AM as a house has an absolute return mindset, so capital preservation is equally important within the revised mandate as income and capital growth at a sustainable pace.

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Share price graph
Price performance
%
1m
3m
12m
Actual (4.7) (7.8) (4.0)
Relative* (6.9) (9.9) (3.9)
52-week high/low 207.0p/142.0p
*% relative to local index
Key management
Rachel Beagles Chairman
Christopher Pyrkosz Head of Investment Trust Marketing
Mark Whitehead Fund manager

Content on Securities Trust of Scotland

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