Greater conviction for global contrarian
The Scottish Investment Trust (SCIN) invests globally, with the aim of achieving capital appreciation and above-inflation dividend growth. A self-managed trust with a 130-year history, SCIN follows a contrarian investment style, with a high conviction portfolio of 50-100 stocks drawn from three categories: ‘ugly ducklings’, ‘change is afoot’ and ‘more to come’. The four-strong management team, led by Alasdair McKinnon, uses behavioural finance techniques to exploit the tendency of investors to ‘follow the crowd’. By focusing on stocks that are very unloved, those with operational improvements that have been overlooked, and more popular stocks that can continue to do better, they build in a margin of safety. There is an active discount management programme and the trust has recently announced a move to quarterly dividends from FY18.Scottish Investment Trust is a self-managed investment trust and is an investment company. Co. invests in an integrated global portfolio constructed through an investment process whereby assets are primarily allocated on the basis of the investment merits of individual stocks rather than those of regions, sectors or themes. Co.'s wholly owned subsidiary, S.I.T. Savings Limited, is its alternative investment fund manager. As of Oct 31, 2017, Co.'s investments were values at £801.3 million.
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