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Scottish Investment Trust

Closed-end funds and OEICs
OllyDrod
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Re: Scottish Investment Trust

#418229

Postby OllyDrod » June 8th, 2021, 9:16 pm

Dod101 wrote:Having had an exchange re a misunderstanding of my shorthand earlier in this thread, I do not want to be accused of being pedantic but just as a matter of fact, Stanhope did not recommend the 'continuation with RWC' as managers of Temple Bar, they recommended the replacement of Ninety One Fund Managers with RWC.

Dod


My mistake - thank you for the correction!
- OllyDrod

monabri
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Re: Scottish Investment Trust

#418248

Postby monabri » June 8th, 2021, 10:27 pm

Review of ITs....(it has been posted before but gives a view over a longer timeframe).

https://www.itinvestor.co.uk/2020/06/20 ... -compared/

shawsdale
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Re: Scottish Investment Trust

#418293

Postby shawsdale » June 9th, 2021, 8:27 am

If the Scottish Investment Trust (SCIN) review leads to a significant change in investment mandate it raises the question of whether there would be any global IT following an explicit 'value investing' style.

AVI Global Trust (AGT) might be mentioned, and I hold a small position, but that has a significant element in family holding companies, and does not define itself as a pure value investing strategy. I'm thinking of a deep value portfolio invested in individual companies.

It would be a striking absence were there to be no global IT comparable to (say) the Schroder or River and Mercantile Global Recovery funds, or to cite an example which does not seem to be readily available to UK retail investors, the Kopernik Global All-Cap Fund. Here's a link to the latter with some presentation materials available on its site:
https://www.heptagon-capital.com/funds/heptagon-fund-plc-kopernik-global-all-cap-equity-fund-c-usd-acc.

Is there an 'old school' value investing pure equity global IT that I've missed? (apart from SCIN, of course).

jonesa1
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Re: Scottish Investment Trust

#418401

Postby jonesa1 » June 9th, 2021, 2:55 pm

shawsdale wrote:Is there an 'old school' value investing pure equity global IT that I've missed? (apart from SCIN, of course).


Is Murray International close enough? The manager thinks that value is mostly to be found in developing economies, so the trust has that bias.

shawsdale
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Re: Scottish Investment Trust

#418433

Postby shawsdale » June 9th, 2021, 5:08 pm

Thanks for the thought about Murray International (MYI), in which I hold a small position.
MYI is certainly more value-leaning than some of the other global income trusts, at least rhetorically.

I know these are crude measures, and wouldn't base an investment on metrics like these alone, but a quick look at Morningstar data for 30th April 2021 puts MYI's portfolio on a Price/Earnings ratio of 14.57 and Price to Book ratio of 2.24, whereas the Kopernik fund I mentioned earlier in this thread is shown with a P/E of 8.51 and Price to Book of 0.79.

Dod101
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Re: Scottish Investment Trust

#418438

Postby Dod101 » June 9th, 2021, 5:20 pm

shawsdale wrote:If the Scottish Investment Trust (SCIN) review leads to a significant change in investment mandate it raises the question of whether there would be any global IT following an explicit 'value investing' style.

AVI Global Trust (AGT) might be mentioned, and I hold a small position, but that has a significant element in family holding companies, and does not define itself as a pure value investing strategy. I'm thinking of a deep value portfolio invested in individual companies.

It would be a striking absence were there to be no global IT comparable to (say) the Schroder or River and Mercantile Global Recovery funds, or to cite an example which does not seem to be readily available to UK retail investors, the Kopernik Global All-Cap Fund. Here's a link to the latter with some presentation materials available on its site:
https://www.heptagon-capital.com/funds/heptagon-fund-plc-kopernik-global-all-cap-equity-fund-c-usd-acc.

Is there an 'old school' value investing pure equity global IT that I've missed? (apart from SCIN, of course).


Does Temple Bar no longer fit what you are looking for as a value investor?

I doubt that AVI Global (presumably that is what was British Empire Trust) is really a value investor if it still follows its original mandate.

Dod

shawsdale
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Re: Scottish Investment Trust

#418462

Postby shawsdale » June 9th, 2021, 7:27 pm

Temple Bar is of course notable for having been retained in the value style at the change of manager last autumn.

However, I'm interested in exploring what global value investing vehicles might remain (i.e. where the majority of the portfolio is not constrained to the UK market) should the Scottish Investment Trust go the way of Keystone.

monabri
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Re: Scottish Investment Trust

#418463

Postby monabri » June 9th, 2021, 7:34 pm

Aberdeen Diversified Income & Growth ( ADIG)

https://www.hl.co.uk/shares/shares-sear ... growth-ord

"The Company seeks to provide income and capital appreciation over the long term through investment in a globally diversified multi-asset portfolio."

shawsdale
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Re: Scottish Investment Trust

#418472

Postby shawsdale » June 9th, 2021, 8:25 pm

Again, thank you for the suggestion of Aberdeen Diversified, but it's a multi-asset offering, and as per my previous posts I'm struck by the potential absence of a value investing option in the global IT sector should the Scottish Investment Trust change its investment approach.

Maybe the likes of OEICs Schroder Global Recovery, Jupiter Global Value, River and Mercantile Global Recovery are not to be found among current investment trusts, and there'd be insufficient demand were such an IT launched now?

LittleDorrit
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Re: Scottish Investment Trust

#418564

Postby LittleDorrit » June 10th, 2021, 10:53 am

Todays Questor column in the Telegrapth runs his comb through the topics covered above (n.b. behind a paywall).
https://www.telegraph.co.uk/investing/f ... -patience/

Conclusion: Hold for possible better days ahead.

Itsallaguess
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Re: Scottish Investment Trust

#421058

Postby Itsallaguess » June 21st, 2021, 7:11 am

Scottish Investment Trust (SCIN) Half Yearly Report has been released this morning -

Outlook -

We have arguably entered a period of sustained economic recovery. Key to this view is the fact that politicians around the world remain focused on boosting their economies.

We remain mindful that the world is in the midst of a pandemic and, accordingly, there remains the potential for further health concerns which would disrupt this recovery.

The investment team believes that the combination of an economic upswing, constrained supply and abundant monetary and fiscal easing may produce a period of above-average inflation. This could create an environment more favourable to the areas of the market that have been unloved in recent years. Despite the recent narrowing of the dispersion of valuations within the market, the gap between the most and least expensive stocks remains high.


https://www.investegate.co.uk/scot.inv.trust-plc--scin-/rns/half-year-report/202106210700084590C/

Cheers,

Itsallaguess

richfool
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Re: Scottish Investment Trust

#519811

Postby richfool » August 4th, 2022, 2:23 pm

SCIN up some 6.4% today. I am thinking it may have something to do with final preparations prior to SCIN being transferred into JGGI at the end of the month. I could find no RNS about anything.

richfool
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Re: Scottish Investment Trust

#520191

Postby richfool » August 5th, 2022, 6:55 pm

For holders of SCIN, awaiting the transfer to JGGI:
Scot.Inv.Trust PLC
Pre-liquidation Interim Dividend Declaration

RNS Number : 1467V
Scottish Investment Trust PLC
05 August 2022

The Directors of The Scottish Investment Trust PLC have today announced a pre-liquidation interim dividend of 9.4 pence per share. Subject to the Resolution to be proposed at the forthcoming First General Meeting on 22 August 2022 being passed, the dividend will be paid on 30 August 2022 to shareholders on the register on 19 August 2022. The ex-dividend date is 18 August 2022.

This dividend will be in addition to the first interim dividend for the year to 31 October 2022 of 6.1 pence per share (paid on 13 May 2022) and the second interim dividend for the year to 31 October 2022 of 6.1 pence per share (paid on 15 July 2022).

https://www.investegate.co.uk/scot.inv. ... 52571467V/

A healthy final dividend!

Also, publication of Circular regarding the combination of the assets of SCIN with JGGI:

Further to the announcement of 29 March 2022 by the Board of The Scottish Investment Trust PLC ("SIT" or the "Company") with regard to the proposed combination of the assets of the Company with JPMorgan Global Growth & Income plc ("JGGI") by means of a scheme of reconstruction (the "Scheme") and voluntary winding up of the Company pursuant to section 110 of the Insolvency Act 1986 (the "Proposals"), the Board is pleased to announced that the Company has today published a circular to the Company's shareholders ("Shareholders") in connection with the Proposals (the "Circular").

Full Details:
https://www.investegate.co.uk/scot.inv. ... 25371440V/


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