Title: URL Source: https://is.gd/s4ufem Published Time: Fri, 27 Jun 2025 16:35:16 GMT Markdown Content: The Scottish American Investment Company P.L.C. # 31 May 2025 All data as at 31 May 2025 and source Baillie Gifford & Co Limited unless otherwise stated. Past performance is not a guide to future returns . ## Key Information Manager s James Dow Deputy Manager Ross Mathison Total Assets £1,016.58 m Total Borrowings £94.74 m Ongoing Charges 0.58 %* Dividend Yield 3.0 % Gross Gearing 10 % Gearing 10 % Active Share 87 %** Annual Turnover 13 % Net Asset Value per Share (NAV) at Fair 558.28 p Net Asset Value per Share (NAV) at Book 537.89 p Share Price 503.00 p Discount of Share Price to NAV (at Fair) 9.9 % Discount of Share Price to NAV (at Book) 6.5 % *Ongoing charges as disclosed in the latest Annual Report and Financial Statements and c alculated in accordance with AIC recommendations. These charges are incurred by the Trust and are not deducted from the value of your investment as these charges are already accounted for in the Trust’s share price. **Relative to FTSE All -World Index . Source: Baillie Gifford & Co, FTSE . ## Proposition The Trust aims to be a core investment for private investors seeking income. Its objective is to grow the dividend at a faster rate than inflation by increasing capital and growing income. The focus of the portfolio is on global equities but investments are also made in bonds, property and other asset types. The equity portfolio is managed on a global basis and usually consists of between 50 –100 stocks. In constructing the portfolio, little regard is paid to the composition of the equity indices. ## Dividend versus CPI (figures rebased to 100 at 31 December 2014 ) Sou rce: LSEG /Baillie Gifford & Co. The Consumer Price Index (CPI) is a measure of inflation that is used in the Government’s target for inflation. Year to December 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dividend Per Share (p) 10.500 10.70 10.825 11.10 11.50 11.88 12.00 12.675 13.82 14.10 14.88 Year on Year Change (%) > 2.9 1.9 1.2 2.5 3.6 3.3 1.1 5.6 9.0 2.0 5.5 ## Top Ten Equity Holdings Holdings % of Total Assets 1 Microsoft 3.7 2 Fastenal 3.5 3 Deutsche Börse 3.3 4 Procter & Gamble 3.1 5 Partners 2.7 6 Apple 2.5 7 TSMC 2.5 8 CME Group 2.4 9 Admiral Group 2.3 10 Coca -Cola 2.3 Total 28.3 ## Asset Allocation of Total Assets 1 North American Equities 34.9 % 2 South American Equities 1.7 % 3 European Equities 37.4% 4 African and Middle Eastern Equities 0.9 % 5 Asian Equities 12.9 % 6 Australasian Equities 2.1 % 7 Fixed Interest 1.2 % 8 Property 9.0 % 9 Net Liquid Assets -0.1 % ## Performance Periodic Performance (%) 1 Year 3 Years 5 Years 10 Years Share Price 2.6 12.6 41.0 150.2 NAV 3.3 23.1 66.3 190.2 Benchmark* 7.9 34.2 75.5 187.6 ## Discrete Performance (%) 31/03/20 - 31/03/21 31/03/21 - 31/03/22 31/03/22 - 31/03/23 31/03/23 - 31/03/24 31/03/24 - 31/03/25 Share Price 36.7 11.9 3.4 1.8 0.6 NAV 34.4 14.8 8.0 9.4 1.5 Benchmark* 39.6 12.8 -0.9 21.0 5.5 Performance source: Morningstar, FTSE, total return in sterling . *FTSE All -World Index . 100 105 110 115 120 125 130 135 140 145 14 15 16 17 18 19 20 21 22 23 24 SAINTS dividend CPI 1 3 6 80 100 120 140 160 180 200 May 20 May 21 May 22 May 23 May 24 May 25 Indexed Share Price – The Scottish American Investment Company P.L.C. NAV – The Scottish American Investment Company P.L.C. Index* Additional Trust Information Full product details, including a Key Information Document, the possible effect of charges on an investment, are available on request, please see below for contact details. In this document all references to NAV and NAV performance are calculated with borrowings deducted at fair value. Borrowings at fair value is borrowings (if any) at an estimate of their market worth. The total borrowings disclosed in this document are at par value. All performance figures are in sterling terms, total return – that is, with any dividends reinvested. The graph represents five years’ performance, to the date at the top of the document, and has been indexed to start at 100 (this aids comparison and is not a reflection of actual values at any given date). The discrete performance table is updated quarterly. Gearing is calculated according to Association of Investment Companies (AIC) guidelines. The gross gearing figure reflects the amount of borrowings at par drawn expressed as a percentage of shareholders’ funds. The gearing figure reflects the amount of borrowings at par less cash and cash equivalents actively invested, expressed as a percentage of shareholders’ funds. Active share, a measure of how actively a portfolio is managed, is the percentage of the portfolio that differs from its benchmark. It is calculated by deducting from 100 the percentage of the portfolio that overlaps with the benchmark. An active share of 100 indicates no overlap with the benchmark and an active share of zero indicates a portfolio that tracks the benchmark. Annual turnover is a measure of portfolio change or trading activity in a portfolio. Turnover is calculated as the minimum of purchases and sales in a month, divided by the average market value of the portfolio , summed to get rolling 12 month turnover data. A negative cash position may sometimes occur due to obligations awaiting settlement. The ongoing charges figure represents the total operating costs of the Trust divided by the average net assets (with debt at fair value) as disclosed in the most recently published Annual Report. There are no additional one -off, ongoing or incidental costs charged by the Trust when its shares are traded. As such, costs have been shown as nil (0.00%) in the costs table of the Trust’s Key Information Document. This reflects the temporary exemption from the PRIIPs Regulation and other assimilated EU law provided by the FCA to investment companies. The dividend yield quoted is historical. It is based on dividends paid by the Trust in the previous 12 months as a percentage of the share price. It includes any non -recurring special dividends paid by the Trust in the prior year. Baillie Gifford & Co Limited’s annual management fee is calculated quarterly as 0.45% on the first £500m of total assets and 0.35% on the remaining total assets, where 'total assets' is defined as the total value of the assets held, excluding the value of the property portfolio, less all liabilities (other than any liability in the form of debt intended for investment purposes). OLIM Limited receives an annual fee from SAINTS of 0.5% of the value of the property portfolio subject to a minimum quarterly fee of £6,250. All figures are rounded, so any totals may not sum . ## Further Information This factsheet is issued by Baillie Gifford & Co Limited , Calton Square, 1 Greenside Row, Edinburgh EH1 3AN. Baillie Gifford group provides the following services to the Trust. Baillie Gifford & Co Limited is the manager and secretary of the Trust, and it delegates portfolio management to Baillie Gifford & Co. Both firms are authorised and regulated by the Financial Conduct Authority . ## Target Market The Trust is suitable for all investors seeking a fund that aims to deliver capital growth and income over a long -term investment horizon. The investor should be prepared to bear losses. The Trust is compatible for mass market distribution. The Trust may not be suitable for investors who are concerned about short -term volatility and performance or who may be investing for less than five years. The Trust does not offer capital protection. ## Risk Warnings > The investment trusts managed by Baillie Gifford & Co Limited are listed UK > companies. The value of their shares, and any income from them, can fall as > well as rise and investors may not get back the amount invested. The level > of income is not guaranteed. > The specific risks associated with the Trust include: > —The Trust invests in overseas securities. Changes in the rates of > exchange may also cause the value of your investment (and any > income it may pay) to go down or up. > —The Trust invests in emerging markets, which includes China, where > difficulties with market volatility, political and economic instability > including the risk of market shutdown, trading, liquidity, settlement, > corporate governance, regulation, legislation and taxation could arise, > resulting in a negative impact on the value of your investment. > —The Trust can borrow money to make further investments (sometimes > known as “gearing” or “leverage”). The risk is that when this money is > repaid by the Trust, the value of the investments may not be enough > to cover the borrowing and interest costs, and the Trust will make a > loss. If the Trust's investments fall in value, any invested borrowings > will increase the amount of this loss. > —The Trust can buy back its own shares. The risks from borrowing, > referred to above, are increased when a trust buys back its own > shares. > —Share prices may either be below (at a discount) or above (at a > premium) the net asset value (NAV). The Trust may issue new shares > when the price is at a premium which will reduce the share price. > Shares bought at a premium can therefore quickly lose value. > —Market values for securities which have become difficult to trade may > not be readily available and there can be no assurance that any value > assigned to such securities will accurately reflect the price the Trust > might receive upon their sale. > —The Trust can make use of derivatives which may impact on its > performance. > —The Trust has some direct property investments, which may be > difficult to sell. Valuations of property are only estimates based on the > valuer's opinion. These estimates may not be achieved when the > property is sold. > —Corporate bonds are generally perceived to carry a greater possibility > of capital loss than investment in, for example, higher rated UK > government bonds. Bonds issued by companies and governments > may be adversely affected by changes in interest rates and > expectations of inflation. > —The Trust is listed on the London Stock Exchange and is not > authorised or regulated by the Financial Conduct Authority. > The information and opinions expressed within this factsheet are subject to > change without notice. > This information has been issued and approved by Baillie Gifford & Co > Limited and does not in any way constitute investment advice. This > factsheet does not constitute an offer or invitation to deal in securities. > Further details of the risks associated with investing in the Trust, > including how charges are applied, can be found by calling the number > below or visiting the website. ## Legal Notices Source: London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). © LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE®" "Russell®", is/are a trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. ## Contact Us > For further information about the Trust or Baillie Gifford’s range of > Investment Trusts, please contact us at the below address, call our Client > Relations Team on 0800 917 211 3(your call may be recorded for training or > monitoring purposes), visit our website at bailliegifford.com, or email > enquiries@bailliegifford.com . Baillie Gifford & Co Limited Calton Square, 1 Greenside Row, Edinburgh EH1 3AN Telephone 0800 917 211 3 bailliegifford.com > Ref: 161604 > Copyright © Baillie Gifford & Co 2025. All rights reserved. Ratings – As at 30 April 2025 > Morningstar Medalist Rating ™ > Morningstar Medalist > Rating ™as at 30 April > 2025 > Analyst -Driven % > 100 > Data Coverage % > 100 Overall Morningstar Rating ™ This Fund is rated by © Morningstar, for more information, please go to morningstar.co.uk. © 2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor i ts content providers are responsible for any damages or losses arising from any use of this information. This Fund is rated by Dynamic Planner, for more information go to: dynamicplanner.com