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Securities Trust of Scotland moves to Troy

Closed-end funds and OEICs
senanque
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Securities Trust of Scotland moves to Troy

#341123

Postby senanque » September 18th, 2020, 8:00 am

https://citywire.co.uk/investment-trust-insider/news/securities-trust-cuts-dividend-in-switch-to-troy-from-martin-currie/a1402094?re=77972&ea=319125&utm_source=BulkEmail_Investment+Trust+Insider+Daily

I hold a small amount. The dividend cut is a little annoying.

It surprises me that there are so few trusts in the AIC's Global Equity Income sector, a place that is of interest to those looking to diversify their income sources.

Dod101
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Re: Securities Trust of Scotland moves to Troy

#341130

Postby Dod101 » September 18th, 2020, 8:17 am

I know nothing of Securities Trust. It has never been on my radar but there are ITs which will give you a dividend yield from outside of the UK and I never look at the sectors assigned to various trusts by the AIC.

For instance Henderson Far East and Murray International to name but two. I hold both.

Interesting that there is a much greater tendency for IT Boards to change managers these days. I welcome that because it shows that they are acting with greater independence of mind than used to be case which should benefit shareholders. It reminds me though a it like the argument of LTBH against 'tinkering' on another Board; sometimes it works sometimes not. Troy though is I think a good outfit.

Dod

baldchap
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Re: Securities Trust of Scotland moves to Troy

#341133

Postby baldchap » September 18th, 2020, 8:31 am

I expected them to follow the old manager Whitehead.
Not concerned by the small dividend reduction, but am unsure if Troy are a good fit, and was thinking of selling and bundling it into another Global IT.

Inaction probably the best policy, if any Troy cheerleaders would like to convince me before I do something stupid... :)

Dod101
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Re: Securities Trust of Scotland moves to Troy

#341152

Postby Dod101 » September 18th, 2020, 9:36 am

baldchap wrote:I expected them to follow the old manager Whitehead.
Not concerned by the small dividend reduction, but am unsure if Troy are a good fit, and was thinking of selling and bundling it into another Global IT.

Inaction probably the best policy, if any Troy cheerleaders would like to convince me before I do something stupid... :)


Troy have a good record as stockpickers. They manage Personal Assets (down the road from S T of S) but I do not think they will run Securities Trust in the same way. They also intend to have a no discount no premium policy. I am no cheerleader for Troy but I do think they are competent and sound. I always think that a change of manager is a time to hang on because the new manager will want to create a good impression.

Dod

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Re: Securities Trust of Scotland moves to Troy

#341172

Postby richfool » September 18th, 2020, 11:04 am

I did hold STS earlier this year, but sold when I read of the manager leaving. I moved the funds to SAIN (formerly SCAM) (Scottish American IT).

Isn't the new manager the same as TIGT (Troy Income & Growth) (UK sector) trust? I looked at that previously, but deferred to MUT (Murray Inc trust).

In the Global G&I sector, I hold JGGI, SAIN & HINT. Of those HINT seems to be the weakest link, for capital performance, but is still better then MYI which I earlier this year.

https://citywire.co.uk/wealth_manager/i ... ePeriod=12

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Re: Securities Trust of Scotland moves to Troy

#341297

Postby shawsdale » September 19th, 2020, 8:00 am

The new managers of STS have been managing the Trojan Global Income OEIC which has performed reasonably well since inception in autumn 2016:
https://www.taml.co.uk/Funds/UK-UCITS/Trojan-Global-Income-Fund.

More generally, this board doesn't pay too much attention to OEICs. Looking at the IA Global Equity Income sector I found and subsequently invested in the Chawton Global Equity Income fund which has done very well relative to both IT and OEIC global income peers since launch in spring 2019:
https://www.chawtoninvestors.co.uk/fund/global-equity-income/.

Liontrust Global Dividend, Evenlode Global Income and the OEIC version of SAIN - Baillie Gifford Global Income and Growth - were also worthy of investigation. I like Scottish American's equity holdings but have some reservations about its UK-only property portfolio.

Of course in the current difficult climate for dividends investment trusts with reserves may find it easier to sustain their distributions, so it's interesting to note STS's 'rebasing'.

Dod101
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Re: Securities Trust of Scotland moves to Troy

#341302

Postby Dod101 » September 19th, 2020, 8:22 am

shawsdale wrote:The new managers of STS have been managing the Trojan Global Income OEIC which has performed reasonably well since inception in autumn 2016:
https://www.taml.co.uk/Funds/UK-UCITS/Trojan-Global-Income-Fund.

More generally, this board doesn't pay too much attention to OEICs. Looking at the IA Global Equity Income sector I found and subsequently invested in the Chawton Global Equity Income fund which has done very well relative to both IT and OEIC global income peers since launch in spring 2019:
https://www.chawtoninvestors.co.uk/fund/global-equity-income/.

Liontrust Global Dividend, Evenlode Global Income and the OEIC version of SAIN - Baillie Gifford Global Income and Growth - were also worthy of investigation. I like Scottish American's equity holdings but have some reservations about its UK-only property portfolio.

Of course in the current difficult climate for dividends investment trusts with reserves may find it easier to sustain their distributions, so it's interesting to note STS's 'rebasing'.


Not sure that the rebasing has got so much to do with Covid as the different style of Troy campared to the current manager.

Dod

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Re: Securities Trust of Scotland moves to Troy

#366724

Postby jonesa1 » December 16th, 2020, 1:02 pm

The latest fact sheet shows the re-worked portfolio: https://www.stsplc.co.uk/Portals/0/Lite ... 2020v2.pdf

The top 10 consists of the same companies as the Trojan Global Income Fund, including a good slug of tobacco stocks. I had wondered whether Troy would use the opportunity to put more of an ESG slant on the portfolio, apparently not.

Andrew


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