Scot.American Inv. - SAINTS PLC Half Year Results
RNS Announcement
The Scottish American Investment Company P.L.C. (SAINTS)
Legal Entity Identifier: 549300NF03XVC5IFB447
Regulated Information Classification: Interim Financial Report.
The following is the unaudited Interim Financial Report for the six months to 30 June 2026 which was approved by the Board on 29 July 2026.
Results for the six months to 30 June 2026
· SAINTS' assets delivered a positive return over the first six months of 2026. SAINTS' net asset value total return (borrowings at fair value) was 5.6% over the period, whilst the FTSE All-World Index (in sterling terms)*† returned 12.9%. The Company's share price total return was 6.3%.
· The operational performance of SAINTS' holdings remains encouraging. Earnings growth across the equity portfolio has been broad based, supporting continued growth in dividends and the Company's revenue earnings, with the Managers' latest review finding average underlying earnings growth of around 10% across the equity portfolio.
· Underpinned by this robust earnings growth, the Company has declared a second interim dividend of 3.98p. This represents growth of 6.1% over the same period a year ago, more than double the rate of UK CPI inflation, which is currently 2.6%. Together with the previously declared first interim dividend of 3.845p, this also represents an increase of 6.1% on the first two interim dividends paid in 2025. The Company remains on track to continue beating inflation while delivering its 53rd consecutive year of dividend growth.
· During the period, the Company bought back 14.9 million shares, representing 9.1% of the shares in issue at the start of the year, at a cost of £78.7 million.
· Whilst market returns continued to be driven by a narrow group of companies benefiting from enthusiasm for artificial intelligence, the Board and Managers remain confident that SAINTS' emphasis on dependable earnings, resilient dividends and long-term compounding of income and capital provides the best route to delivering inflation-beating income growth and attractive long-term returns.
* The Company's benchmark is the FTSE All-World Index (in sterling terms).
† Source: LSEG/Baillie Gifford and relevant underlying service providers. See disclaimer at end of this announcement.
Interim Chair's statement
SAINTS' objective is to deliver real dividend growth by increasing capital and growing income.
It is a pleasure to write my first statement since becoming Chair of the Company in April of this year. Before turning to the period under review, I would like to express my sincere thanks to my predecessor, Lord Macpherson of Earl's Court, for his dedicated service and valued leadership. I know that his stewardship of the Board and his considered guidance throughout its deliberations have been greatly appreciated.
I feel very privileged to be chair of SAINTS; it is a very special investment company which for over 150 years has provided sustainable long-term returns for savers by investing globally. As investors will know, it was formed to take advantage of exciting investment opportunities in America which then was a nascent economic superpower.
In my experience, companies with long histories generally exhibit two characteristics: the capacity to evolve with systemic change and the discipline to avoid distraction from cyclical excitement. Without the clarity of hindsight, the immediate challenge is usually distinguishing between the two.
The objective of SAINTS is to deliver real dividend growth by increasing capital and growing income. The discipline the manager has adopted in recent years to resolve this conundrum is seeking to invest in companies capable of growing earnings by 10% per annum for a decade. From this they believe should flow rising dividends and increasing capital comfortably ahead of inflation. This has certainly been achieved in the last twelve months.
The managers' target may seem unambitious when compared to recent returns from investment in companies perceived as being critical to the supply chain for delivery of the AI revolution. Longer term historic returns from markets however suggest that it is. However, SAINTS again under-performed its benchmark index over the period under review, reflecting its particular objectives and the managers' investment style.
Performance
Income
The income per share of the Company has continued to grow ahead of UK CPI inflation, which stood at 2.6% as at June 2026. This growth was reflected in the first interim dividend, which increased by 6.1% over the equivalent payment in the previous year, and is reflected again in the second interim dividend announced today, representing an increase of 6.1% over last year's second interim. The increase has been supported by continued natural income growth generated by the investment portfolio.
In June, the Company paid a first interim dividend of 3.845p per ordinary share. Today, the Board is pleased to declare a second interim dividend of 3.98p per ordinary share. Together, these represent an increase of 6.1% over the equivalent interim dividends paid in 2025.
The Board remains committed to delivering long term dividend growth ahead of inflation, supported by sustainable growth in the Company's revenue earnings. SAINTS' investment portfolio and approach are designed with this objective in mind and, while mindful of the broader economic environment, the Board is confident that the Company remains on track to deliver its 53rd consecutive year of dividend growth.
Net Asset Value
Over the six months to 30 June 2026, the Company's net asset value (NAV) total return, with borrowings at fair value, was 5.6% and the Company's share price total return was 6.3%. In comparison, the total return for the FTSE All-World Index, against which performance is measured, was 12.9% in sterling terms. The Company's direct property investments, which are managed by OLIM Property Limited, delivered a total return of 3.3% over the period, slightly ahead of the MSCI quarterly index.
The Managers' Review below covers the performance in more detail, as well as the changes made to the portfolio during the period.
Borrowings
Gearing levels are discussed by the Board and Managers at every Board meeting and monitored between meetings. The Board will not take out additional borrowings if this takes the level of effective gearing beyond 130%.
SAINTS' long-term borrowings of just under £95 million represent gearing of 11% of shareholders' funds when calculating the cost of this debt at book value. When calculated at fair value, the debt is valued at just under £62 million at present and results in gearing of 7% of shareholders' funds. The cost of these borrowings is just under 3% per annum, and they are invested in assets that differ in correlation to investee companies and which can generate additional income and returns.
Share Buybacks
During the six month period, the Company bought back 14,920,065 shares into treasury, representing 9.1% of the shares in issue at the start of the period, at a total cost of £78.7 million.
When calculating the Company's debt at fair value, the Company's shares traded at an average discount to NAV of 8.2%. If the debt is instead valued at book, the average discount reduces to 4.7%. While industry convention is to calculate discounts using debt at fair value, using book arguably provides a better indication of the Company's immediately realisable net asset value, as the benefit reflected in the fair value of the debt is only recognised progressively over the remaining life of the borrowings and would not generally be realised on an immediate liquidation of the portfolio.
Outlook
SAINTS as a vehicle is intended to provide real, post inflation returns. Increasing trade barriers and geopolitical uncertainty are likely to lead to stickier inflation, higher rates and shorter economic cycles than we saw in the pre-pandemic era.
It is possible we have lost some of our fear of inflation, but in my early career the ruinous impact it had on personal wealth over the long term was the spectre that haunted investors. SAINTS' investment objectives are intended to address this and, if it works as intended, shareholders will be grateful for it being part of their portfolio.
The managers and board are increasingly focussed on SAINTS resilience in a sustained higher inflation and interest rate environment so it can deliver its objectives for shareholders: real income and capital appreciation.
Angus Macpherson
Chair
29 July 2026
Interim management report
Our last report began with Rousseau and the bittersweet experience of watching SAINTS' holdings grow their earnings and dividends without receiving much recognition in their share prices. Six months later, the patience that this called for has been, at least a little, rewarded.
Investment returns during the first half of the year were solid. SAINTS' net asset value return with debt at fair value was a positive 5.6 per cent, and the share price return was 6.3 per cent. The earnings of the portfolio continued to grow, which in turn underpinned growth in SAINTS' dividend well ahead of UK inflation. That said, global equities as measured by the FTSE All-World benchmark delivered a return of 12.9 per cent.
Capital performance over the period was dominated by the artificial intelligence thematic. Equity markets were propelled by the vast sums being invested by companies such as Meta, Alphabet and OpenAI to develop more capable AI models and secure the computing power needed to meet growing demand. The clearest beneficiaries, in both revenue and share-price terms, were the companies designing and manufacturing the semiconductor chips that provide this computing power.
SAINTS participated in this strength through holdings such as TSMC, Analog Devices and MediaTek, which were among the portfolio's best performers over the past six months. However, our selective exposure to the semiconductor industry detracted from relative returns. Many chipmakers are poorly suited to SAINTS' objectives because their yields are low and their earnings are volatile, meaning their dividends are rarely resilient.
Elsewhere, holdings in software and data businesses, including Accenture, Experian and Intuit, weighed on relative performance. Following the launch of new AI tools capable of automating tasks across a range of professions, the market was quick to label many of these companies as potential "AI losers". We believe that judgment is premature. Accenture, Experian and Intuit continue to deliver healthy growth in earnings and dividends, while increasingly embedding AI into their own products and services. By improving the value they offer customers, these capabilities should support rather than undermine their long-term growth.
In summary, the first half of the year delivered a solid absolute return to shareholders in both income and capital growth, albeit trailing the global stock market.
Which race are we running?
There has been a lot of commentary recently, across the investment community, about the changing structure of stock markets. Where once the "active manager" dominated trading and flow, managing long-term investments for the likes of corporate pension funds, today the "passive" fund accounts for a larger portion of daily trading.
Jack Bogle launched the first passive index tracker fund in 1976, two years after founding Vanguard. His idea was simple but powerful: for most investors, the market's average return would be good enough, and a simple low-cost tracker fund made more sense than paying what were then-exorbitant management fees to active fund managers who tried to beat the market. The fund was mocked at the time as "Bogle's Folly". Half a century later, the folly belongs to the mockers. Tracker ownership has overtaken active management, with active investors now accounting for a much-reduced share of daily trading.
Alongside tracker funds, other types of investments have changed the structure of supply and demand in stock markets. Hedge funds for one. Thematic funds too: the type that invest in a basket of companies exposed to an en vogue theme of the day, such as 3D printing or solar energy. Most recently, exchanged-traded funds which invest in a single stock, with leverage, have attracted huge inflows. Investors allocate capital to these ETFs, and they will borrow to buy multiples of that investment to buy the target stock for a geared return.
These innovations have real consequences for financial markets. One is that popular themes, or stocks, can gather enormous momentum, pushing prices ever higher. This can result in high levels of concentration in the market index, to single themes or a few companies.
Prime Exhibit A is the recent race to profit from Artificial Intelligence (AI). No doubt, companies involved in providing AI are experiencing strong growth in revenues and, in some cases, profits. Investors have stampeded to buy shares, aided by the likes of leveraged ETFs. Remarkably, the FTSE All-World index, which is SAINTS' benchmark, is now heavily concentrated in the technology sector: a full 34% of the index is in these names. Many pay little income relative to their weight in the index. Their share-price performance has nevertheless been exceptional. In the first six months of the year, Micron, Samsung Electronics and SK Hynix - all suppliers of memory chips used in AI data centres - more than doubled. It has been a remarkable reversal from the memory downturn of only three years ago.
SAINTS owns some important beneficiaries of AI, including TSMC and Alphabet, which we expect to do very well. But it will never look like a pure AI portfolio, nor will it ever be as concentrated as the stock market index or a passive tracker fund. With active management, we can (and do) construct SAINTS' portfolio to avoid excessive concentrations of risk in a single theme.
Of course, the current trends could continue for some time but we are wary of chasing returns. Our objective is to provide a high and resilient income, while growing that income and shareholders' capital ahead of inflation. It is not designed to capture every burst of market enthusiasm, or to replicate an index whose largest members offer little current yield. This imposes a discipline on us to deliver a portfolio which is consistent with shareholders' goals, not to mirror the market at a given time.
SAINTS holds a collection of businesses and other assets that can compound earnings, cash flows and dividends steadily over time. A dependable income that grows, together with capital growth, is less spectacular than a volatile share price doubling in six months and is also much closer to what many shareholders need. None of this excuses underperformance. Our job is to make sure that SAINTS' portfolio companies are genuinely compounding their earnings without taking excessive risk - that is the race we are running.
Compounding, inspected
As many shareholders will know, we conduct regular reviews of every investment in SAINTS' equity portfolio. The goal is to ensure that underlying earnings growth remains on track at every company where SAINTS has made an investment. Earnings growth is the bedrock of long-term dividend and capital growth. The target we set is 10% annual growth. Not just for the next year, but for a decade and beyond.
In reality, we know that not every investment will meet this tough hurdle. But by setting the bar at a high level we leave a margin of safety for some holdings to fall short and yet the portfolio still beat UK inflation by a meaningful margin.
When we conduct one of our portfolio reviews, we clean up the reported financial results of every holding. We strip out accounting noise, temporary tax benefits and any other form of financial flattery (or engineering) that can falsely inflate the reported rate of growth in earnings per share. We then stack the figures with those of the preceding year's and compare the resulting one-, five-, and ten-year growth rates with the assumptions in our investment cases. The purpose is not to admire our work. It is to find out which investments are delivering robust growth for SAINTS' shareholders, and which ones are falling short.
The latest results are encouraging. The average rate of clean earnings-per-share growth across SAINTS' equity holdings, over the past year, was 10 per cent - meeting the high bar we set. Importantly, the growth was broad-based. TSMC and Alphabet delivered strongly, but so did Coca-Cola in beverages and Admiral in insurance. The portfolio's progress has not depended on a single theme.
These growing earnings are also finding their way into rising dividends. Free cash flow generation remains healthy and the companies continue to raise their distributions at a good rate. SAINTS is therefore on course for another year of dividend growth ahead of inflation, consistent with its long-term objective.
In a small number of cases, the latest review found that earnings growth was not meeting our expectations. Where delivery has disappointed, we ask a simple question: has compounding merely been interrupted, or has it been broken? This isn't an exercise in defending an old decision. Rather, it is about a fresh decision: would we buy the shares today, knowing what we now know?
Following the latest review, we decided to divest from T. Rowe Price. Fee pressure in its core business has dragged down the rate of earnings growth, despite the company's strong efforts to offset this headwind with new growth ventures. We find it hard to see the drag reversing and for earnings growth to meet our hurdle. Hence, the decision to divest.
At other names where recent growth has fallen short, such as US retailer Home Depot, the answer is not yet clear. Our analysis is that the company is facing a cyclical headwind, which we expect to pass over time. So we are remaining patient despite dull earnings growth. In the case of a few other holdings, we have set explicit milestones for earnings to accelerate.
The good news is that, at the vast majority of companies across the portfolio, earnings growth continues to be strong. To give a flavour, via an assortment of names randomly picked from the portfolio, earnings per share in the past full year rose 46% at semiconductor maker TSMC, 43% at Hong Kong Exchanges, 15% at index provider MSCI, 13% at pharma company Roche, 12% at bank software provider Jack Henry, 12% at aircon manufacturer Midea, 11% at Apple and 10% at airline IT provider Amadeus.
This is the robust growth that SAINTS invests for, and it is growth in earnings power which over the long-term should drive capital appreciation and real dividend growth.
Resilience
Besides growth, we know that dividend resilience is also important to shareholders. SAINTS aims to provide a dividend that not only beats inflation but is resilient through thick and thin. We cannot tell when there will be another lurch downwards in the stock market or a shock to the global economy. We only know that it is certain to happen. The goal is to ensure SAINTS' dividend remains rock solid, whenever it occurs.
With this in mind, we continually examine the resilience of every individual dividend in the equity portfolio through our so-called "Dividend Hall of Shame" exercise. We review each individual dividend cut, looking for warning signs elsewhere in the portfolio and refining the way we assess both a company's willingness and its ability to pay.
In the past year, only three of the approximately sixty equity holdings cut their dividends. We knew this was a risk at UOB, the Singaporean bank, and MediaTek, the Taiwanese chip company, because they follow payout ratio based policies for dividends. The unexpected cut was Diageo and therefore the more useful case study.
With further analysis, we can see that we placed too much weight on Diageo's 25-year record of progressive dividends and the company's historical commitment to maintaining this in the future. The appointment of a new chair, and new executive team, has seen Diageo take a very different approach. They are broadcasting a need to cut the prices of many of Diageo's products to be more competitive and this will inevitably pressure cash flow.
This is a helpful learning for the future: to re-examine the dividend resilience of any holding where we see a change in leadership which might call into question the level of dividend. We have baked this into our analysis for the future. This is part of ensuring that, from the bottom-up, SAINTS' dividend remains dependable.
Taken together, the "Quality Growth" and "Dividend Hall of Shame" reviews support our confidence in the portfolio. That is not the same as saying everything is working - capital performance has been lacklustre relative to a strongly rising market. But the underlying businesses are delivering much better results than their recent share prices imply: earnings are growing, cash is being generated and dividends are rising. The engine remains intact, even if the market has recently preferred faster and more volatile vehicles.
Broadening for growth
Indeed we find ourselves, in these volatile times, broadening SAINTS' portfolio rather than narrowing it. As we have divested from holdings where the evidence has weakened, we have been replacing them with high-conviction ideas that widen the portfolio's sources of growth. Diversification is not simply about owning more companies. It comes from owning businesses whose fortunes are driven by different customers, industries and economic variables.
Banks have not been prominent in SAINTS' portfolio in recent years. Most are highly leveraged, cyclical, sensitive to interest rates and regulation, and vulnerable to crises of confidence. In other words, they are often not in control of their own destiny. Occasionally, however, a company's culture, strategy and competitive position give it an unusual degree of self-determination. Cullen/Frost is one such bank and we have recently made an investment.
Founded in 1868 and managed by only its seventh chief executive to date, Cullen/Frost operates a relationship-led model in Texas - a state that would rank as the world's eighth-largest economy if it stood alone. It is renowned for its outstanding service - its Net Promoter Score is joint highest among the 50 largest US banks.
In the years ahead, we foresee strong expansion in the Texan economy, presenting attractive opportunities for Cullen/Frost to grow its loan book. The population of Texas is growing robustly for many reasons, not least because it is a welcoming centre for business. The bank has been investing to capture this growth, rolling out its branch network as others are retrenching. Its service-led model is valued by its borrowers, mostly local companies that value a bank that can support them in an increasingly complex financial environment. The company has an unusually strong dividend commitment, being one of the few US banks which has maintained its dividend through prior cycles - currently 33 years of growth and counting. We expect it to compound its book value and dividends at an attractive rate for many years to come.
The same logic led us to EOG Resources. Challenging ourselves to look for diverse sources of growth, we revisited the energy sector. The oil and gas industry often requires princely sums of capital merely to keep production flat. That is not an obvious recipe for dividend growth. Nor is the industry's cyclicality helpful for dividend resilience. EOG is an exception. It is a low-cost, conservatively financed cash-flow compounder in an industry where cost advantage and capital discipline matter enormously. It has a deep inventory of barrels, a strong balance sheet, an entrepreneurial culture that emphasises technical excellence, and a strong commitment to a progressive dividend to shareholders.
What attracts us to EOG is the potential to benefit from the reshaping of oil and gas flows, following the conflict in Iran. We know from experience that when a commodity source suffers a supply shock - think Russia after the invasion of Ukraine - demand pivots to find new sources of supply. We expect one of the prime beneficiaries to be US oil and gas. Barrels exported by US producers will present growth opportunities for EOG, and likely tighten the domestic gas market, leading to increased revenue and profit.
Cullen/Frost and EOG broaden the portfolio without lowering the bar. They are not sector bets, they are investments in specific companies whose economics are better than the stereotypes attached to their industries. We believe such exceptions exist in every sector and we intend to keep looking for them.
Funding these new purchases, we exited Zoetis and CME Group. Both decisions illustrate an important part of the investment process: changing one's mind when the facts change.
We had invested in Zoetis only recently. After meeting management last year and conducting our usual due diligence, we believed the shares were mispriced due to concerns about consumer downtrading to cheaper pet medicines and rising competition from other pharmaceutical firms. Recent results have seriously challenged our view about both factors. Indeed, the company's management team has revised down its own growth expectations, citing just these factors. Growth looks weaker than we expected. We divested.
An important part of our investment case for CME Group, the derivatives-exchange operator, was its constructive relationship with the Commodity Futures Trading Commission. Regulation can reinforce a moat and a deterioration in regulatory alignment can weaken it. Recent decisions by the CFTC, including the approval of a crypto perpetual-futures product from the prediction-market operator Kalshi, strongly suggest that the relationship has soured. CME has since announced it is suing its regulator. This is not a good position to be in.
We continue to admire the company, but the probability of further competitive damage has risen. When a material pillar of the investment case weakens, admiration is not enough. We divested from the holding and will watch from the sidelines.
Looking ahead
Forecasting is hazardous during periods of rapid technological and geopolitical change. Nobody can know with high conviction what governments will do over the balance of the year, how quickly market sentiment will turn, or which new AI capability will command attention next.
What we can control is the quality of our research, the honesty with which we assess mistakes and the discipline with which we allocate shareholders' capital. We will not confuse excitement with value, nor defensiveness with virtue. We will continue to look for companies capable of delivering a high and dependable income while compounding that income and capital over time, delivering a resilient dividend to shareholders.
Recent volatility in stock markets and the changing structure of supply and demand, can feel very unnerving to savers. Different active managers will respond in different ways. Our response is to stay true to SAINTS' objective, focusing on investments in companies with strong prospects of compounding their earnings at an attractive rate of growth for many years to come, while paying resilient dividends along the way.
We don't intend to chase short-term share price momentum. We would rather turn it to SAINTS' advantage, avoiding areas of excessive concentration and exuberance and taking advantage of opportunities to invest in companies like EOG and Cullen/Frost. Keeping to this discipline has led to a sharp improvement in relative performance since the end of June. The market has grown nervous about the sustainability of AI-related spending and expectations in the pockets of greatest enthusiasm appear to have run too far for some, causing share prices to plummet. Simultaneously, the consistent, steadily growing companies across a range of industries that SAINTS holds now looks more attractive, leading to a rise in their own share prices and highlighting just how quickly a market narrative can turn.
The portfolio continues to deliver solid growth in earnings and dividends, beating inflation without taking excessive risk. We will continue to manage the investments with that goal in mind.
Baillie Gifford & Co
29 July 2026
Performance attribution for the six months to 30 June 2026
For the six months to 30 June 2026
Portfolio breakdown
Average
allocation
SAINTS
%
Average
allocation
benchmark *
%
Total return †
SAINTS
%
Total return *†
benchmark
%
Global equities
95.8
99.9
5.0
Infrastructure equities#
2.6
0.1
8.1
Bonds
2.0
3.1
Direct property
10.2
3.3
Deposits
0.3
-
Borrowings at book value
(10.9)
1.5
Portfolio total return (borrowings at book value)
5.1
Other items‡
0.2
Fund total return (borrowings at book value)
5.3
Adjustment for change in fair value of borrowings
0.3
Fund total return (borrowings at fair value)
5.6
12.9
* The Company's benchmark is the FTSE All-World Index (in sterling terms).
† Alternative performance measure - see Glossary of terms and Alternative Performance Measures at the end of this announcement.
# The allocation reflects the five infrastructure equity holdings set out in the list of investments below.
‡ Includes Baillie Gifford and OLIM Property Limited management fees.
Source: Baillie Gifford / LSEG and relevant underlying index providers. See disclaimer at the end of this announcement.
Past performance is not a guide to future performance.
List of investments
as at 30 June 2026 (unaudited)
Name
Business
30 June 2026
Value
£'000
30 June 2026
% of total
assets
Global equities
Taiwan Semiconductor Manufacturing
Semiconductor manufacturer
43,376
4.7
Apple
Consumer technology
32,243
3.5
Atlas Copco
Engineering
26,001
2.8
Coca-Cola
Beverage company
24,627
2.7
Alphabet
Search platform, software, cloud services and more
24,591
2.7
Procter & Gamble
Household product manufacturer
23,614
2.6
Microsoft
Computer software
22,579
2.4
Analog Devices
Integrated circuits
22,530
2.4
Roche
Pharmaceuticals and diagnostics
21,713
2.4
Watsco
Distributes air conditioning, heating and refrigeration equipment
20,755
2.2
Schneider Electric
Electrical power products
20,422
2.2
Cisco Systems
Data networking equipment
19,985
2.2
Fastenal
Distribution and sales of industrial supplies
17,171
1.9
Midea Group
Appliance manufacturer
17,169
1.9
L'Oréal
Cosmetics
16,766
1.8
Admiral
Car insurance
16,706
1.8
NetEase
Online gaming company
16,412
1.8
USS
Second-hand car auctioneer
16,401
1.8
Epiroc
Mining and infrastructure equipment provider
15,962
1.7
Deutsche Boerse
Securities exchange owner/operator
15,783
1.7
Novo Nordisk
Pharmaceutical company
15,711
1.7
PepsiCo
Snack and beverage company
15,326
1.7
Texas Instruments
Semiconductor supplier
15,284
1.6
United Overseas Bank
Commercial banking
15,002
1.6
Amadeus IT Group
Technology provider for the travel industry
14,450
1.6
Edenred
Voucher programme outsourcer
14,069
1.5
Nestlé
Food producer
14,032
1.5
Anta Sports
Sportswear manufacturer and retailer
13,985
1.5
McDonald's
Fast food restaurants
13,818
1.5
MediaTek
Taiwanese electronic component manufacturer
13,353
1.4
Partners Group
Asset management
13,054
1.4
Cullen/Frost Bankers
Regional banking and financial services
12,851
1.4
Jack Henry & Associates
Provider of software and IT services for banks
12,749
1.4
Carsales.com
Online marketplace for classified car advertisements
11,634
1.3
Starbucks
Coffee retailer
11,250
1.2
B3 S.A.
Securities exchange owner/operator
10,680
1.2
Home Depot
Home improvement retailer
10,069
1.1
Albemarle
Producer of speciality and fine chemicals
9,584
1.0
AVI
Staple foods manufacturer
9,431
1.0
EOG Resources
Oil and gas exploration and production
9,425
1.0
Hong Kong Exchanges and Clearing
Securities exchange owner/operator
9,294
1.0
Experian
Credit scoring and marketing services
9,101
1.0
Accenture
Global professional services
8,190
0.9
Valmet
Manufacturer of pulp and paper machinery
7,694
0.8
MSCI
Global provider of investment decision support tools
7,435
0.8
Diageo
International drinks company
7,061
0.8
Paychex
HR, payroll and benefits outsourcer
6,952
0.7
Intuit
Software
6,068
0.7
Arthur J. Gallagher
Insurance broker
5,800
0.6
Wolters Kluwer
Information services and solutions provider
5,530
0.6
Coloplast
Manufacturer of medical products
4,877
0.5
Fevertree Drinks
Producer of premium mixer drinks
4,014
0.4
Medtronic
Medical devices company
3,711
0.4
SAP
Business software developer
3,345
0.4
Total global equities
779,635
84.4
Infrastructure equities
Greencoat UK Wind
UK wind farms
9,204
1.00
Terna
Electricity grid operator
8,595
0.90
Transurban Group
Tollroad operator
6,999
0.80
Jiangsu Expressway
Tollroad operator
3,892
0.40
Primary Health Properties REIT
Primary healthcare property group
3,811
0.40
Total Infrastructure equities
32,501
3.5
Direct Property
See table below
88,250
9.6
Issue
Currency
30 June 2026
Value
£'000
30 June 2026
% of total
assets
Bonds
Brazil CPI Linked 15/05/2045
Brazilian real denominated
2,525
0.3
Tesco Corp Treasury Services 5.5% 2035
Sterling denominated
2,041
0.3
Mexico 7.75% 13/11/2042
Mexican peso denominated
2,019
0.2
Nestlé Finance Intl 5.125% 2038
Sterling denominated
2,003
0.2
United Utilities 5.875% 2039
Sterling denominated
1,980
0.2
Brazil 10% 01/01/2035
Brazilian real denominated
1,972
0.2
Severn Trent 2% 2040
Sterling denominated
1,957
0.2
Haleon UK Capital 3.375% 2038
Sterling denominated
1,955
0.2
Heathrow Funding 5.875% 2041
Sterling denominated
1,939
0.2
Ivory Coast 6.625% 2048
Euro denominated
1,716
0.2
Total Bonds
20,107
2.2
Total Investments
920,493
99.7
Net liquid assets
2,650
0.3
Total assets (before deduction of borrowings)
923,143
100.0
Property portfolio
Location
Type
Tenant
30 June
2026
EPC †
Rating
30 June
2026
Value
£'000
30 June
2026
% of total
assets
31 December
2025
Value
£'000
Cardiff
Garden Centre
Blue Diamond UK Limited
B
9,900
1.1
9,600
5-yearly 2.5% per annum
Crawley
Motorway Services
Moto Hospitality Limited
B
20,500
2.2
20,500
RPI-linked annual increase (uncapped till May 2025, then collar 2% cap 4%)
Denbigh
Supermarket
Aldi Stores Limited
B
4,800
0.5
4,800
Fixed-increases 5-yearly (2.5% compounded)
Earley*
Public House
Spirit Pub Company (Managed) Limited (Greene King plc)
C
-
-
2,150
5-yearly open market review
Gosport
Supermarket
Aldi Stores Limited
A
5,800
0.6
5,550
RPI-linked collar 1% cap 2.75%
Holyhead
Hotel
Premier Inn Hotels Limited
A
6,000
0.7
6,000
CPI-linked with 4% cap
New Romney
Holiday Village
Park Resorts Limited
C
16,850
1.8
17,200
RPI-linked collar 3% cap 7% p.a. + turnover-related top up 5-yearly
Otford
Public House
Spirit Pub Company (Managed) Limited (Greene King plc)
C
1,500
0.2
1,650
5-yearly open market review
Ringwood
Hotel
Premier Inn Hotels Limited
B
7,700
0.8
7,700
CPI-linked with 4% cap
Witney
Industrial
James Donaldson Group Limited
A
15,200
1.7
15,200
RPI-linked collar 2% cap 4%
88,250
9.6
90,350
* Sold during the period.
† See Glossary of terms and Alternative Performance Measures at the end of this announcement.
Income statement (unaudited)
For the six months ended
30 June 2026For the six months ended
30 June 2025For the year ended
31 December 2025 (audited)
Notes
Revenue
£'000
Capital
£'000
Total
£'000
Revenue
£'000
Capital
£'000
Total
£'000
Revenue
£'000
Capital
£'000
Total
£'000
Gains/(losses) on investments - securities
-
27,779
27,779
-
(6,084)
(6,084)
-
(2,552)
(2,552)
(Losses)/gains on investments - property
-
(157)
(157)
-
638
638
-
(1,976)
(1,976)
Currency gains
-
280
280
-
151
151
-
258
258
Income
19,418
-
19,418
18,571
-
18,571
32,714
-
32,714
Management fees
3
(485)
(1,455)
(1,940)
(523)
(1,568)
(2,091)
(1,035)
(3,105)
(4,140)
Other administrative expenses
(658)
-
(658)
(737)
-
(737)
(1,424)
-
(1,424)
Net return before finance costs and taxation
18,275
26,447
44,722
17,311
(6,863)
10,448
30,255
(7,375)
22,880
Finance costs of borrowings
(354)
(1,061)
(1,415)
(354)
(1,061)
(1,415)
(711)
(2,133)
(2,844)
Net return before taxation
17,921
25,386
43,307
16,957
(7,924)
9,033
29,544
(9,508)
20,036
Tax on ordinary activities
(2,048)
536
(1,512)
(1,814)
363
(1,451)
(3,222)
885
(2,337)
Net return after taxation
15,873
25,922
41,795
15,143
(7,561)
7,582
26,322
(8,623)
17,699
Net return per ordinary share
4
10.01p
16.36p
26.37p
8.79p
(4.39p)
4.40p
15.65p
(5.13p)
10.52p
Note:
Dividends paid and payable per share5
7.825p
7.375p
15.920p
The total column of this statement is the profit and loss account of the Company. The supplementary revenue and capital columns are prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in this statement derive from continuing operations.
A Statement of Comprehensive Income is not required as all gains and losses of the Company have been reflected in the above statement.
The accompanying notes below are an integral part of the Financial Statements.
Balance sheet (unaudited)
Notes
At 30 June
2026
£'000
At 31 December
2025
(audited)
£'000
Non-current assets
Investments - securities
6
832,243
879,868
Investments - property
6
88,250
90,350
920,493
970,218
Current assets
Debtors
6,475
4,584
Cash and cash equivalents
2,309
3,521
8,784
8,105
Creditors
Amounts falling due within one year
(6,134)
(4,941)
Net current assets
2,650
3,164
Total assets less current liabilities
923,143
973,382
Creditors
Amounts falling due after more than one year
7
(94,764)
(94,756)
Net assets
828,379
878,626
Capital and reserves
Share capital
8
44,579
44,579
Share premium account
186,100
186,100
Capital redemption reserve
22,781
22,781
Capital reserve
555,671
608,421
Revenue reserve
19,248
16,745
Shareholders' funds
828,379
878,626
Net asset value per ordinary share*
556.1p
536.1p
Ordinary shares in issue
8
148,966,309
163,886,374
* See Glossary of terms and Alternative Performance Measures at the end of this announcement.
The accompanying notes below are an integral part of the Financial Statements.
Statement of changes in equity (unaudited)
For the six months ended 30 June 2026
Notes
Share
capital
£'000
Share
premium
account
£'000
Capital
redemption
reserve
£'000
Capital
reserve *
£'000
Revenue
reserve
£'000
Shareholders'
funds
£'000
Shareholders' funds at 1 January 2026
44,579
186,100
22,781
608,421
16,745
878,626
Shares bought back into treasury
-
-
-
(78,672)
-
(78,672)
Net return after taxation
-
-
-
25,922
15,873
41,795
Dividends paid
5
-
-
-
-
(13,370)
(13,370)
Shareholders' funds at 30 June 2026
44,579
186,100
22,781
555,671
19,248
828,379
For the six months ended 30 June 2025
Notes
Share
capital
£'000
Share
premium
account
£'000
Capital
redemption
reserve
£'000
Capital
reserve *
£'000
Revenue
reserve
£'000
Shareholders'
funds
£'000
Shareholders' funds at 1 January 2025
44,579
186,100
22,781
682,413
16,820
952,693
Shares bought back into treasury
-
-
-
(30,900)
(30,900)
Net return after taxation
-
-
-
(7,561)
15,143
7,582
Dividends paid
5
-
-
-
-
(13,480)
(13,480)
Shareholders' funds at 30 June 2025
44,579
186,100
22,781
643,952
18,483
915,895
* The Capital Reserve balance at 30 June 2026 includes unrealised investment holding gains of £238,556,000 (30 June 2025 - gains of £268,947,000).
The accompanying notes below are an integral part of the Financial Statements.
Cash flow statement (unaudited)
For the six months to 30 June
2026
£'000
2025
£'000
Cash flows from operating activities
Net return before taxation
43,307
9,033
Adjustments to reconcile company profit before tax to net cash flow from operating activities
Net (gains)/losses on investments - securities
(27,779)
6,084
Net losses/(gains) on investments - property
157
(638)
Currency gains
(280)
(151)
Finance costs of borrowings
1,415
1,415
Other capital movements
Changes in debtors
(2,168)
659
Changes in creditors
558
(699)
Other non-cash changes
(18)
16
Taxation
Overseas withholding tax
(1,456)
(1,511)
Cash from operations†
13,736
14,208
Interest paid
(1,415)
(1,415)
Net cash inflow from operating activities
12,321
12,793
Cash flows from investing activities
Acquisitions of investments - securities
(79,204)
(81,223)
Acquisitions of investments - property
(49)
(8)
Disposals of investments - securities
154,900
107,921
Disposals of investments - property
1,992
3,846
Net cash inflow from investing activities
77,639
30,536
Cash flows from financing activities
Equity dividends
(13,370)
(13,480)
Shares issued
-
-
Shares bought back
(78,082)
(28,860)
Net cash outflow from financing activities
(91,452)
(42,340)
(Decrease)/increase in cash and cash equivalents
(1,492)
989
Exchange movements
280
151
Cash and cash equivalents at start of year*
3,521
2,818
Cash and cash equivalents at end of period*
2,309
3,958
* Cash and cash equivalent represents cash at bank.
† Cash from operations includes dividends received of £15,023,000 (30 June 2025 - £15,840,000) and interest received of £813,000 (30 June 2025 - £367,000).
The accompanying notes below are an integral part of the Financial Statements.
Notes to the condensed Financial Statements (unaudited)
01 Basis of Accounting
The condensed Financial Statements for the six months to 30 June 2026 comprise the statements set out on the previous pages together with the related notes below. They have been prepared in accordance with FRS 104 'Interim Financial Reporting' and the AIC's Statement of Recommended Practice issued in updated in December 2025 with consequential amendments. They have not been audited or reviewed by the Auditor pursuant to the Auditing Practices Board Guidance on 'Review of Interim Financial Information'. The Financial Statements for the six months to 30 June 2026 have been prepared on the basis of the same accounting policies as set out in the Company's Annual Report and Financial Statements at 31 December 2025.
Going concern
The Directors have considered the nature of the Company's principal risks and uncertainties, as set out on the inside front cover, together with its current position. The Board has, in particular, considered heightened geopolitical tensions and conflicts and macroeconomic concerns, including the potential impact on the global economy of rising tariffs and barriers to trade, but does not believe the Company's going concern status is affected. In addition, the Company's investment objective and policy, its assets and liabilities and projected income and expenditure, together with the Company's dividend policy, have been taken into consideration and it is the Directors' opinion that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company's assets, the majority of which are investments in quoted securities which are readily realisable, exceed its liabilities significantly. All borrowings require the prior approval of the Board. Gearing levels and compliance with borrowing covenants are reviewed by the Board on a regular basis. The Company has no short term borrowings. The redemption dates for the Company's loan notes are June 2036, April 2045 and April 2049. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing these Financial Statements and confirm that they are not aware of any material uncertainties which may affect the Company's ability to continue to do so over a period of at least twelve months from the date of approval of these Financial Statements.
02 Financial Information
The financial information contained within this Interim Financial Report does not constitute statutory accounts as defined in sections 434 to 436 of the Companies Act 2006. The financial information for the year ended 31 December 2025 has been extracted from the statutory accounts which have been filed with the Registrar of Companies. The Auditor's Report on those accounts was not qualified, and did not contain statements under sections 498(2) or (3) of the Companies Act 2006.
03 Investment Manager
Baillie Gifford & Co Limited, a wholly owned subsidiary of Baillie Gifford & Co, has been appointed by the Company as its Alternative Investment Fund Manager (AIFM) and Company Secretary. The investment management function has been delegated to Baillie Gifford & Co. The management agreement can be terminated on six months' notice. The annual management fee, calculated quarterly, is 0.45% on the first £500m of total assets and 0.35% on the remaining total assets, where 'total assets' is defined as the total value of the assets held, excluding the value of the property portfolio, less all liabilities (other than any liability in the form of debt intended for investment purposes).
As AIFM, Baillie Gifford & Co Limited has delegated the management of the property portfolio to OLIM Property Limited. OLIM receives an annual fee from SAINTS of 0.5% of the value of the property portfolio, subject to a minimum quarterly fee of £6,250. The agreement can be terminated on three months' notice.
04 Net return per ordinary share
Six months to
30 June 2026
£'000
Six months to
30 June 2025
£'000
Revenue return after taxation
15,873
15,143
Capital return after taxation
25,922
(7,561)
Total net return
41,795
7,582
Weighted average number of ordinary shares in issue
158,489,292
172,301,322
05 Dividends
Six months to
30 June 2026
£'000
Six months to
30 June 2025
£'000
Amounts recognised as distributions in the period:
Previous year's final of 4.595p (2025 - 4.175p), paid 24 April 2026
7,481
7,265
First interim of 3.845p (2025 - 3.625p), paid 18 June 2026
5,889
6,215
13,370
13,480
Dividends paid and payable in respect of the year:
First interim of 3.845p (2025 - 3.625p), paid 18 June 2026
5,889
6,215
Second interim of 3.98p (2025 - 3.750p)
5,929
6,398
11,818
12,613
The second interim dividend was declared after the period end date and therefore has not been included as a liability in the Balance sheet. It is payable on 17 September 2026 to shareholders on the register at the close of business on 14 August 2026. The ex-dividend date is 13 August 2026. The Company's Registrar offers a Dividend Reinvestment Plan and the final date for elections for this dividend is 26 August 2026.
06 Fair value hierarchy
The fair value hierarchy used to analyse the basis on which the fair values of financial instruments held at fair value through the profit or loss account are measured is described below. Fair value measurements are categorised on the basis of the lowest level input that is significant to the fair value measurement.
Level 1 - using unadjusted quoted prices for identical instruments in an active market;
Level 2 - using inputs, other than quoted prices included within Level 1, that are directly or indirectly observable
(based on market data); andLevel 3 - using inputs that are unobservable (for which market data is unavailable).
An analysis of the Company's financial asset investments based on the fair value hierarchy described above is shown below.
As at 30 June 2026
Level 1
£'000
Level 2
£'000
Level 3
£'000
Total
£'000
Securities
Listed equities
812,136
-
-
812,136
Bonds
-
20,107
-
20,107
Property
Freehold
-
-
88,250
88,250
Total financial asset investments
812,136
20,107
88,250
920,493
As at 31 December 2025
Level 1
£'000
Level 2
£'000
Level 3
£'000
Total
£'000
Securities
Listed equities
863,699
-
-
863,699
Bonds
-
16,169
-
16,169
Property
Freehold
-
-
90,350
90,350
Total financial asset investments
863,699
16,169
90,350
970,218
There have been no transfers between levels of the fair value hierarchy during the period. The fair value of listed investments is bid value or, in the case of holdings on certain recognised overseas exchanges, last traded price. They are categorised as Level 1 if they are valued using unadjusted quoted prices for identical instruments in an active market and Level 2 if they do not meet all these criteria but are, nonetheless, valued using market data. The Company's holdings in unlisted investments are categorised as Level 3 as the valuation techniques applied include the use of non-observable data.
Unlisted investments are valued at fair value by the Directors following a detailed review and appropriate challenge of the valuations proposed by the Managers. The Managers' unlisted valuation policy applies methodologies consistent with the International Private Equity and Venture Capital Valuation ('IPEV') guidelines. These methodologies can be categorised as follows: (a) market approach (multiples, industry valuation benchmarks and available market prices); (b) income approach (discounted cash flows); and (c) replacement cost approach (net assets).
07 Borrowings
At 30 June 2026, the book value of the borrowings was £94,764,000 (31 December 2025 - £94,756,000) and the fair value was £61,784,000 (31 December 2025 - £63,164,000). The debt comprises long-term private placement loan notes: £15 million with a coupon of 2.23% issued in 2021 which mature in 2036, £40 million with a coupon of 3.12% issued in 2022 which mature in 2045 and £40 million with a coupon of 3.12% issued in 2022 which mature in 2049.
08 Share capital
At 30 June 2026, the Company had the authority to buy back 14,874,617 ordinary shares and to issue 16,312,637 ordinary shares without application of pre-emption rights in accordance with the authorities granted at the AGM in April 2026. During the six months to 30 June 2026, no ordinary shares were issued (year to 31 December 2025 - no ordinary shares were issued). During the six months to 30 June 2026, 14,920,065 ordinary shares were bought back into treasury at a cost of £78,672,000 (year to 31 December 2025 - 12,764,384 ordinary shares were bought back into treasury at a cost of £65,369,000).
09 Related party transactions
There have been no transactions with related parties during the first six months of the current financial year that have materially affected the financial position or the performance of the Company during that period and there have been no changes in the related party transactions described in the last Annual Report and Financial Statements that could have had such an effect
on the Company during that period.10 The Interim Financial Report will be available on the SAINTS page of the Managers' website, saints-it.com‡ and the National Storage Mechanism https://data.fca.org.uk/#/nsm/nationalstoragemechanism on or around 30 July 2026.
Glossary of terms and Alternative Performance Measures ('APM')
An alternative performance measure is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework.
Total assets
This is the Company's definition of adjusted total assets, being the total value of all assets held less all liabilities (other than liabilities in the form of borrowings).
Shareholders' funds and net asset value ('NAV')
Also described as shareholders' funds, net asset value is the value of total assets less liabilities (including borrowings). Net asset value can be calculated on the basis of borrowings stated at book value and fair value. An explanation of each basis is provided below. The net asset value per share is calculated by dividing this amount by the number of ordinary shares in issue excluding any shares held in treasury.
Net asset value (borrowings at book value)
Borrowings are valued at adjusted net issue proceeds. Book value approximates amortised cost.
Net asset value (borrowings at fair value) (APM)
Borrowings are valued at an estimate of their market worth. This indicates the cost to the Company of repaying its borrowings under current market conditions. It is a widely reported measure across the investment trust industry.
30 June 2026
31 December 2025
Shareholders' funds (borrowings at book value)
£828,379,000
£878,626,000
Add: book value of borrowings
£94,764,000
£94,756,000
Less: fair value of borrowings
(£61,784,000)
(£63,164,000)
Shareholders' funds (borrowings at fair value)
£861,359,000
£910,218,000
Shares in issue
148,966,309
163,886,374
Net asset value per ordinary share (borrowings at fair value)
578.2p
555.4p
Ongoing Charges (APM)
The total expenses (excluding borrowing costs) incurred by the Company as a percentage of the average net asset value (with borrowings at fair value). The ongoing charges have been calculated on the basis prescribed by the Association of Investment Companies.
Performance Attribution (APM)
Analysis of how the Company achieved its performance relative to its benchmark.
Premium/(discount) (APM)
As stockmarkets and share prices vary, an investment trust's share price is rarely the same as its NAV. When the share price is lower than the NAV per share it is said to be trading at a discount. The size of the discount is calculated by subtracting the share price from the NAV per share and is usually expressed as a percentage of the NAV per share. If the share price is higher than the NAV per share, this situation is called a premium.
30 June 2026
NAV (book)
30 June 2026
NAV (fair)
31 December 2025
NAV (book)
31 December 2025
NAV (fair)
Closing NAV per share
(a)
556.1p
578.2p
536.1p
555.4p
Closing share price
(b)
540.0p
540.0p
516.0p
516.0p
Premium/(discount)
((b)-(a))÷(a)
(2.9%)
(6.6%)
(3.8%)
(7.1%)
Total return (APM)
The total return is the return to shareholders after reinvesting the net dividend on the date that the share price goes ex-dividend.
30 June
2026
NAV (book)
30 June
2026
NAV (fair)
30 June
2026
share price
31 December
2025
NAV (book)
31 December
2025
NAV (fair)
31 December
2025
share price
Opening NAV per share/share price
(a)
536.1p
555.4p
516.0p
539.3p
557.8p
498.5p
Closing NAV per share/share price
(b)
556.1p
578.2p
540.0p
536.1p
555.4p
516.0p
Dividend adjustment factor*
(c)
1.015096
1.014521
1.015791
1.029208
1.028147
1.031343
Adjusted closing NAV per share/share price
(d)=(b)x(c)
564.5p
586.6p
548.5p
551.8p
571.0p
532.2p
Total return
(d)÷(a) -1
5.3%
5.6%
6.3%
2.3%
2.4%
6.8%
* The dividend adjustment factor is calculated on the assumption that the dividends paid out by the Company are reinvested into the shares of the Company at the cum income NAV/share price, as appropriate, at the ex-dividend date.
Gearing (APM)
At its simplest, gearing is borrowing. Just like any other public company, an investment trust can borrow money to invest in additional investments for its portfolio. The effect of the borrowing on the shareholders' assets is called 'gearing'. If the Company's assets grow, the shareholders' assets grow proportionately more because the debt remains the same. But if the value of the Company's assets falls, the situation is reversed. Gearing can therefore enhance performance in rising markets but can adversely impact performance in falling markets.
Equity gearing is the Company's borrowings adjusted for cash, bonds and property expressed as a percentage of shareholders' funds.
30 June 2026
31 December 2025
Borrowings (at book value)
£94,764,000
£94,756,000
Less: cash and cash equivalents
(£2,309,000)
(£3,521,000)
Less: bond investments
(£20,107,000)
(£16,169,000)
Less: direct property investments
(£88,250,000)
(£90,350,000)
Less: sales for subsequent settlement
(£285,000)
(£505,000)
Add: purchases for subsequent settlement
£63,000
-
Adjusted borrowings (a)
(£16,124,000)
(£15,789,000)
Shareholders' funds (b)
£828,379,000
£878,626,000
Equity gearing:
(a) as a percentage of (b)(2%)
(2%)
Gross gearing is the Company's borrowings expressed as a percentage of shareholders' funds.
30 June 2026
31 December 2025
Borrowings (at book value) (a)
£94,764,000
£94,756,000
Shareholders' funds (b)
£828,379,000
£878,626,000
Gross gearing:
(a) as a percentage of (b)11%
11%
Leverage (APM)
For the purposes of the Alternative Investment Fund Managers (AIFM) Regulations, leverage is any method which increases the Company's exposure, including the borrowing of cash and the use of derivatives. It is expressed as a ratio between the Company's exposure and its net asset value and can be calculated on a gross and a commitment method. Under the gross method, exposure represents the sum of the Company's positions after the deduction of sterling cash balances, without taking into account any hedging and netting arrangements. Under the commitment method, exposure is calculated without the deduction of sterling cash balances and after certain hedging and netting positions are offset against each other.
Active Share (APM)
Active share, a measure of how actively a portfolio is managed, is the percentage of the listed equity portfolio that differs from its comparative index. It is calculated by deducting from 100 the percentage of the portfolio that overlaps with the comparative index. An active share of 100 indicates no overlap with the index and an active share of zero indicates a portfolio that tracks the index.
Energy performance certificate ('EPC')
An energy performance certificate rates a property's energy efficiency from A (most efficient) to G (least efficient). This certificate indicates potential energy costs, environmental impacts and is vital in promoting energy efficiency.
Principal risks and uncertainties
The principal risks facing the Company are financial risk, investment strategy risk, discount risk, climate and governance risk, regulatory risk, custody and depositary risk, operational risk, leverage risk, political risk, cyber security risk and emerging risks. An explanation of these risks and how they are managed is set out on pages 42 to 45 of the Company's Annual Report and Financial Statements for the year to 31 December 2025 which is available on the Company's website: saints-it.com. The principal risks and uncertainties have not changed since the date of that report.
Responsibility statement
We confirm that to the best of our knowledge:
a. the condensed set of Financial Statements has been prepared in accordance with FRS 104 'Interim Financial Reporting';
b. the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events that have occurred during the first six months of the financial year, their impact on the Financial Statements and a description of the principal risks and uncertainties for the remaining six months of the financial year); and
c. the Interim Financial Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).
By order of the Board
Angus Macpherson
Chair
29 July 2026
‡ Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement.
None of the views expressed in this document should be construed as advice to buy or sell a particular investment.
SAINTS' objective is to deliver real dividend growth by increasing capital and growing income. Its policy is to invest mainly in equity markets, but other investments may be held from time to time including bonds, property and other asset classes.
Baillie Gifford & Co Limited, a wholly owned subsidiary of Baillie Gifford & Co, is appointed as investment managers and secretaries to SAINTS. Baillie Gifford & Co, the Edinburgh based fund management group has around £197 billion under management and advice as at 30 June 2026.
Past performance is not a guide to future performance.
SAINTS is a listed UK company. As a result, the value of its shares and any income from those shares is not guaranteed and could go down as well as up. You may not get back the amount you invested. As SAINTS invests in overseas securities, changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up. You can find up to date performance information about SAINTS on the SAINTS page of the Managers' website saints-it.com. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
For further information please contact:
Anzelm Cydzik, Baillie Gifford & Co
Tel: 0131 275 2000
Jonathan Atkins, Four Communications
Tel: 0203 920 0555 or 07872 495396
Third party data provider disclaimer
No third party data provider ('Provider') makes any warranty, express or implied, as to the accuracy, completeness or timeliness of the data contained herewith nor as to the results to be obtained by recipients of the data. No Provider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the index data included in this document, regardless of cause, or for any damages (whether direct or indirect) resulting therefrom.
No Provider has any obligation to update, modify or amend the data or to otherwise notify a recipient thereof in the event that any matter stated herein changes or subsequently becomes inaccurate.
Without limiting the foregoing, no Provider shall have any liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgements, or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the content, information or materials contained herein.
FTSE Index data
London Stock Exchange Group plc and its group undertakings (collectively, the 'LSE Group'). © LSE Group 2026. FTSE Russell is a trading name of certain of the LSE Group companies. 'FTSE®' 'Russell®', 'FTSE Russell®', is/are a trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.ENDIR BRGDRXGDDGLC
Recent news on Scottish American Investment
See all newsUK's Scottish American Investment half-year NAV return trails benchmark
Scot.American Inv. - SAINTS PLC Half Year Results
Scot.American Inv. - Holding(s) in Company
Brief: Scottish American Investment Company Announces Total Dividends For Year To 15.92P Per Share
Scot.American Inv. - The Scottish American Inv Co plc Annual Results