Trust
FACT BOX
MANAGERS : James Harries & Tomasz Boniek / LAUNCHED : 28 / 06 / 2005 / DISCOUNT / PREMIUM : -1.8 % / OCF : 0.9 %
CROWN RATING
underperformance when risky stocks drive the market higher . However , Harries said his safetyfirst approach should see him through the current environment . “ Freely available capital has incentivised business models that prioritised growth over profitability ,” the manager explained . “ When conditions become less favourable , these business models can be revealed to be built on sand .” Securities Trust of Scotland has made 15.3 % since Harries took charge in November 2020 , compared with 12.4 % from the MSCI World index and 11.9 % from its IT Global Equity Income sector .
Performance of trust vs sector and index under manager
MSCI World ( 12.4 %)
IT Global Equity Income ( 11.9 %)
Securities Trust of Scotland ( 15.3 %)
30 % |
25 % |
20 % |
15 % |
10 % |
5 % |
0 % |
-5 % |
-10 % |
Dec20 |
Feb21 |
Apr |
Jun |
Aug |
Oct |
Dec |
Feb22 |
Apr |
Jun |
Source : FE Analytics
Issue 86 - July 2022 / 47 /