28th Jul 2014 09:09
LONDON (Alliance News) - Scottish American Investment Co PLC Monday said it underperformed its benchmark in the first half of the year, mainly because of its lower allocation to the US market, which the company said has performed strongly relative to other markets in the year to date.
In a statement, SAINTS said its net asset value total return for the first six months of 2014 was 1.6%, while the total return of its benchmark, the FTSE All-World Index in sterling terms, was 3.2%.
SAINTS said earnings per share rose to 6.62p from 6.26p in the same period last year, and that it expects that income for the full-year will show growth from the 10.21p earned in 2013.
The trust said that it has increased its allocation to property, funded by sales in the equity and bond portfolios.
In addition, Chairman Brian Ivory said its board, and investment manager Baillie Gifford & Co, are aware of the the issues which may arise should the Scotland vote for independence on September 18.
The company is registered as a Scottish company, and Baillie Gifford is a Scottish partnership.
"The directors are fully aware of their responsibilities to shareholders and have had detailed discussions with the investment manager regarding appropriate action should there be a 'Yes' vote: the board believes it would have sufficient time to assess the evolving situation and to take action as appropriate," Ivory said in a statement.
SAINTS shares were Monday quoted up 0.2% at 250.62 pence.
By Samuel Agini; [email protected]; @samuelagini
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