Strong performances from investments including Gucci owner Kering and the Brazilian stock exchange helped one of Baillie Gifford’s flagship funds outperform its benchmark in the first six months of the year.
The Scottish American Investment Company – known as SAINTS – delivered a net asset value total return for the first six months of 2019 of 17.3% compared to a total return on global equities of 16.4% as markets rebounded from the sell-off seen at the end of 2018.
Although it said trade barriers and Brexit “could present challenges in the future”, the solid growth prospects it sees for the assets held across the portfolio underpins confidence in continued progress.
“We continue to believe that one of SAINTS’ great advantages is its global investment universe, which allows us to invest in the broadest possible set of growth businesses, rather than being restricted to the narrower set of opportunities available in the UK market,” said the Edinburgh-based fund manager.
Shareholders will receive a total of 5.875p in interim dividends, 3.5% higher than the same period in 2018.