Saints gains held back by economic troubles

The Scottish American Investment Company, known as Saints and managed by Baillie Gifford in Edinburgh, has seen its first-half performance held back by “political and macroeconomic concerns”.

Unveiling results for the six months to the end of June, the trust – one of the world’s oldest – said net asset value total return was 0.5 per cent while the share price total return was also 0.5 per cent.

During the period, the total return on global equities, as measured by the FTSE All World Index in sterling, was 2.1 per cent.

“Political and macro-economic concerns have had an impact on emerging market valuations during the period, and this held back the portfolio’s total return,” Saints noted.

Despite the volatility, earnings per share for the six months rose to 6.55p compared with 6.22p in the same period last year.

Two interim dividends amount to 5.675p, up 3.7 per cent on a year earlier.