Review: Growth and income from a concentrated portfolio
Securities Trust of Scotland (STS) seeks a combination of rising income and long-term capital growth from a concentrated (currently 46 stocks) global portfolio of mainly larger companies. Stocks are chosen for attributes including yield and dividend growth, financial strength and valuation. A new policy to enhance the yield, together with the potential for better underlying performance, could see the shares re-rate to a level closer to peers. The shares had moved to a discount to NAV following a spell of lacklustre performance versus the MSCI World High Dividend Yield Index benchmark in 2014, driven by a combination of geopolitical factors and lack of exposure to some large constituents that performed well.Securities Trust of Scotland is an investment trust company. Co. invests in a diversified portfolio of assets particularly in a balanced portfolio constructed from global equities. Co.'s portfolio is invested in listed equities, with majority of its investment portfolio is invested in overseas securities. As of Mar 31 2017, Co.'s total investment portfolio was valued at £219.8 million.
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