Edison reviews The Scottish Investment Trust

London, UK, 23 April 2020

Edison reviews The Scottish Investment Trust (SCIN)

The Scottish Investment Trust (SCIN) employs a high-conviction, global contrarian approach, aiming to deliver long-term, above-average returns via capital growth and rising income. It seeks to do this by ignoring the crowd, anticipating change and identifying a diversified portfolio of undervalued international stocks that will benefit when change comes. Manager Alasdair McKinnon views minimising losses during turbulent episodes as a key part of maximising long-term returns. Current positioning, implemented ahead of the severe market weakness triggered by the COVID-19 crisis, is thus intended to preserve capital and ride out the volatility. This pre-emptive approach has paid off, as the trust has outperformed during the downturn.

Dividends are paid quarterly and the total dividend for FY19 was 20% higher than in the previous year. The shares currently have a yield of 3.2%. As at 21 April 2020, SCIN's shares traded at an 11.7% discount to NAV on a cum-fair basis. The trust has an active buyback policy, aiming to limit the discount to 9% under normal market conditions. The average discount stood at 9.0% during the three-year period to end March 2020.

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