14th Oct 2014 11:17
LONDON (Alliance News) - The Scottish American Investment Company PLC Tuesday said it underperformed its benchmark in the three-months to the end of September.
In a statement, the trust, known as SAINTS, said its net asset value total return with debt at fair value was down 0.3%. This compares against a total return on the benchmark of 3.2%.
SAINTS' share price total return was down 5.3%, reflecting a move from a premium of 3.8% to a discount of 1.4%.
On January 1, the trust changed its benchmark to the FTSE All-World Index (in sterling terms) from 50% FTSE All-Share Index and 50% FTSE All-World Ex UK Index (in sterling terms). In giving its figures on Tuesday, the trust said the returns on both benchmarks for their respective periods were linked to form a single benchmark.
SAINTS' objective is to increase capital and grow income in order to deliver real dividend growth. Its policy is to invest mainly in equity markets, but other investments may be held from time to time including bonds, property and other asset classes.
The trust's shares were Tuesday quoted down 0.8% at 226.38 pence.
By Samuel Agini; [email protected]; @samuelagini
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