STS GLOBAL INCOME & GROWTH TRUST PLC 
By
SECURITIES T RUS T OF SC OTLAND PLC
INTERIM MANAGEMENT STATEMENT
COVERING THE PERIOD FROM 1 OCTOBER 2013 TO 31 DECEMBER 2013
Manager's commentary
Alan P ort er
PROFILE
Objectiv eT o achie v e rising inc ome and long- t erm c apit al gr o wth b y in v es tmen t in global equities
BenchmarkMSC I W orl d Hig h Dividen d Y iel d ind e x
Sect orGlobal equity inc ome
Launch28 June 2005
PORTFOLIO
Asse t class
30 Sep 31 Dec
Equities104.3%104.4%
Cash1.9%1.4%
Gearing(6.2%)(5.8%)
E quity alloc a tion
30 Sep31 Dec
Healthcare20.3%19.5%
Financials14.5%14.2%
Oil & gas14.3%13.9%
Consumer Goods13.4%13.1%
Telecommunications 9.9%11.7%
Consumer services11.8%11.7%
Industrials7.6%7.9%
Basic materials5.2%5.0%
Utilities1.7%1.7%
Technology1.3%1.3%
Regional allocation
30 Sep31 Dec
Europe52.8%55.0%
North America37.7%36.9%
Asia Pacific ex Japan5.4%4.4%
Japan2.8%2.4%
Emerging markets 1.3%1.3%
Top 10 equity holdings (40.8% of total portfolio)
Roche | 5.6% |
Pfizer | 5.3% |
Chevron | 4.7% |
AT&T | 4.2% |
Total | 4.0% |
Nestlé | 3.7% |
Sanofi | 3.7% |
Abbvie | 3.4% |
Royal Dutch Shell | 3.2% |
Philip Morris International | 3.0% |
Number of holdings | 44 |
Number of countries | 13 |
K e y f acts
T ot al ne t asse ts £173.7m
Shar e price (p) 145.3
Ne t asse t v alue per shar e (p) 142.5
Disc oun t (pr emium) (2.0%)
Hist oric ne t yield 3.3%
Source for historic yield: State Street as at 31 December 2013.
The historic yield reflects dividends declared over the past 12 months as a percentage of the mid-market share price, as at the date shown. Investors may be subject to tax on their dividends.
PERFORMANCE
Discr e t e perf ormance o v er 12 mon ths t o 31 December
2013 2012 2011 2010 2009
Share price 19.4% 14.8% 10.4% 21.3% 19.6%
NAV 20.8% 8.1% 5.0% 18.4% 29.9%
Benchmark 20.6% 8.3% 3.5% 14.5% 30.1%
Cumula tiv e perf ormance o v er periods t o 31 December 2013
One month | Three months | Six months | One year | Three years | Five years |
Share Price (1.1%) 3.1% (0.4%) 19.4% 51.2% 119.3%
NAV 0.0% 2.9% 3.6% 20.8% 37.2% 110.9%
Benchmark 0.5% 4.0% 4.6% 20.6% 35.3% 101.6%
Sour ce: Martin Currie and Mornings t ar . Bid t o bid basis with net inc ome r ein v est ed ov er the periods shown in st erling t erms. These figur es do not include the c os ts of buying and selling shar es in an in v es tmen t trus t. If these w er e included, perf ormance figur es w ould be r educed.
Prior t o 1 Augus t 2011, the T rus t ' s benchmark w as the FT SE All-Shar e inde x and the MSCI W orld High Dividend Y ield inde x ther ea ft er .
P as t perf ormance is not a guide t o futur e r e turns.
Capital structure
Or dinar y shar es 121,899,148*
*Sour ce: Martin Currie as a t 31 December 2013.
Board of Directors
Neil Donaldson (chairman)
Andr e w Ir vine
E dw ar d Murra y
Rachel Beagles
Angus Gor don Lenno x
Material events
The sec ond in t erim dividend f or the y ear t o 31 Mar ch 2014 of 1.15p per shar e w as paid on 13 December 2013 t o shar eholder s on the r egist er on 22 No v ember 2013. The T rus t issued 6,600,000 ne w shar es during the period.
Angus Gordon Lennox was appointed as a non-executive director of the company with effect from 1 November 2013.
Website
The trust has its own website at www.securitiestrust.com. There you will find further details about the trust, information on Martin Currie, daily share prices (and associated risks), and you can access regular webcasts by the manager.
Key information
Year end 31 March
Annual general meeting July
Interim dividends paid March, June, September, December
Annual management fee as at 31 March 2013† 0.6%
Ongoing charges ratio 31 March 2013* 1.0%
TIDM code STS
Reuters code STS.L
†Percentage of net assets.
*Percentage of shareholders' funds. Includes annual management fee.
Net asset value and dividend history
As a t | Shar e | NA V | Disc oun t/ | Dividend |
31 March | price | per shar e | (pr emium) | per shar e |
2006 125.5p 135.6p 7.4% 2.85p
2007 141.3p 148.4p 4.8% 5.05p
2008 116.0p 121.5p 3.8% 5.45p
2009 66.3p 75.4p 12.2% 5.45p
2010 99.0p 109.4p 9.5% 4.65p
2011 108.0p 117.4p 8.0% 4.65p
2012 122.0p 119.8p (1.9%) 4.70p
2013 146.3p 141.8p (3.2%) 4.75
P as t perf ormance is not a guide t o futur e r e turns.
Risk factors
Please note that, as the shares in investment trusts are traded on a stockmarket, the share price will fluctuate in accordance with supply and demand and may not reflect the underlying net asset value of the shares. Depending on market conditions and market sentiment, the spread between the purchase and sale price can be wide. As with all stock exchange investments the value of investment trust shares purchases will immediately fall by the difference between the buying and selling prices, the bid-offer spread.
The value of investments and the income from them may go down as well as up and is not guaranteed. An investor may not get back the amount originally invested.
Investment trusts may also borrow money in order to make further investments. This is known as 'gearing' and can enhance shareholder returns in rising markets but, conversely, can reduce them in falling markets.
The majority of charges will be deducted from the capital of the trust. This will constrain the capital growth of the trust in order to maintain the income streams.
High exposure to a single country market increases potential volatility. Changes in the rates of exchange may cause the value of investments to go up or down.
The trust invests in emerging markets which tend to be more volatile than mature markets and the value of your investment could move sharply up or down. In some circumstances the underlying investments may become illiquid which may constrain the investment manager's ability to realise some or the entire portfolio. The registration and settlement arrangements in emerging markets may be less developed than in more mature markets so the operational risks of investing are higher. Political risks and adverse economic circumstances are more likely to arise putting your investment at risk.
Funds which invest in smaller and/or medium sized companies are specialist funds and as such are likely to carry higher risks than a more widely invested fund.
This information is provided by RNS
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