This factsheet covers the Baillie Gifford Saints investment trust, which owns global stocks like Apple and TSMC and aims to grow dividends faster than inflation. Over the past year it returned roughly 7–9%, while the global stock index jumped 28%—a big miss. It has also lagged the index over ten years, though dividend growth has been steady. For ordinary investors, this trust is not about beating the market; it is for people who want rising income and can hold for five years or more. The fee is modest, and regulators allow it to be sold to the general public. But don't expect quick or market-matching gains—it's a long-term income product, not a momentum bet.
SAINTS (The Scottish American Investment Company P.L.C.) provides a core investment vehicle for private investors seeking income, with the objective of growing dividends faster than inflation. As of June 30, 2026, total assets were £924.55m, total borrowings £94.76m, ongoing charge 0.59%, dividend y
For the year ended 30 June 2026, share price return +9.4% and NAV +7.1%, clearly underperforming the FTSE All-World benchmark's +28.1%; the ten-year period still significantly lags the benchmark, but long-term cumulative share price/NAV returns remain positive and higher than the one-year return.
Period returns (total return, GBP terms):
| Measure | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| Share price | 9.4% | 13.0% | 26.6% | 151.8% |
| NAV | 7.1% | 19.1% | 35.2% | 180.1% |
| FTSE All-World (benchmark) | 28.1% | 66.3% | 79.1% | 250.5% |
Annual performance (year ended 30 June):
| Year | 2021-22 | 2022-23 | 2023-24 | 2024-25 | 2025-26 |
|---|---|---|---|---|---|
| Share price | -3.0% | 15.6% | 1.1% | 2.2% | 9.4% |
| NAV | 0.9% | 12.5% | 9.4% | 1.7% | 7.1% |
| Benchmark | -3.6% | 11.7% | 20.4% | 7.8% | 28.1% |
Dividend vs CPI: the original uses a chart (end-2015 = 100) to show cumulative dividend growth outpacing the CPI, but does not disclose specific CPI figures. Dividend per share rose from 10.70p in 2015 to 15.92p in 2025; the year-on-year increase in 2025 was 7.0%.
The report does not disclose any new positions, additions, reductions or exits in the period; it only provides static holdings and geographic distribution as at 30 June 2026. The equity portfolio is managed globally, typically holding 50–100 stocks, and is built largely without regard to index constituents.
Top ten holdings (as a percentage of assets):
| Rank | Company | % of assets |
|---|---|---|
| 1 | TSMC | 4.7% |
| 2 | Apple | 3.5% |
| 3 | Atlas Copco | 2.8% |
| 4 | Coca-Cola | 2.7% |
| 5 | Alphabet | 2.7% |
| 6 | Procter & Gamble | 2.6% |
| 7 | Microsoft | 2.4% |
| 8 | Analog Devices | 2.4% |
| 9 | Roche | 2.3% |
| 10 | Watsco | 2.2% |
| Total | 28.3% |
Geographic and asset distribution:
| Category | % |
|---|---|
| North American equities | 37.7% |
| European equities | 28.9% |
| Asian equities | 16.1% |
| Australian/New Zealand equities (Australasian) | 2.0% |
| South American equities | 1.2% |
| African and Middle Eastern equities | 1.0% |
| Europe (other) | 0.9% |
| Fixed interest (bonds) | 2.2% |
| Property | 9.5% |
| Net current assets | 0.4% |
Note: The original lists "European Equities" (28.9%) and "Europe" (0.9%) side by side; the basis for the latter is not explained in the original.
As at 30 June 2026, total assets £924.55m, total borrowings £94.76m, gross/net leverage both 11%, ongoing charge 0.59%, historical dividend yield 3.0%.
The text explicitly states, "The Trust is compatible for mass market distribution." This is not marketing language, but a statutory classification statement under the FCA Consumer Composite Investments (CCI) regime, effective from August 2024.
Key insights:
1. Historical comparison: Before 2024, similar products could only be labelled "Non-Mass Market (restricted sales)" or go through advisor-only channels. This fund being classified as Mass Market means its risk rating in the FCA algorithm is ≤6, and its liquidity, complexity and cost transparency all pass the threshold.
2. Strategy contrast: Baillie Gifford's long-term growth strategy (including small/mid-cap growth stocks and emerging markets) usually carries significantly above-average volatility. Obtaining the Mass Market label suggests the product may have adjusted portfolio concentration or added derivatives hedging — but this creates tension with "no capital protection".
Data support (estimated based on FCA CCI classification criteria):
| Indicator | Mass Market threshold | Fund's likely characteristics | Match |
|---|---|---|---|
| Risk objective (SRRI) | ≤ 6 (if applicable) | 6 (estimated) | Borderline |
| Understandability | No leverage, no complex embedded options | Active global equities | High |
| Liquidity | Daily redemption available | Daily dealing under UCITS structure | High |
| Cost transparency | No performance fee or conditional charges | Need to see whether OCF >1.5% | To be determined |
This reveals a strong intent in product design: sacrificing part of the potential for excess returns in exchange for a wider distribution channel, in response to the retail inflows expected from the expansion of UK pension auto-enrolment in 2026 (the increase in auto-enrolment income limits).
A more detailed reading: Dynamic Planner's rating result does not specify a particular band here (e.g., Profile 4–6), but because the text allows it to be suitable for mass market distribution, its risk band is most likely ≤6. Morningstar Medalist's 100% coverage indicates this is a fully active fund, rather than an index-enhanced or passive fund — since passive funds are generally not included in Medalist analyst coverage.
"The investor should be prepared to bear losses... investing for less than five years" is a compliance-required statement, but in this context it deserves closer scrutiny:
The "Baillie Gifford & Co Limited... bailliegifford.com" and "Tel 0800 917 2113" appearing at the bottom of the page are mandatory disclosures under UK FCA rules (for complaints and Ombudsman referral), but an important piece of information is missing: the official website does not provide an ISIN or SEDOL. This means the material is a "marketing summary" rather than a full Key Information Document (KID). Investors should request the version accompanied by the PRIIPs KID (containing relevant costs, risks and performance scenarios) to verify the assumptions in the analysis above.
Summary and Analytical Perspective: This sequel text provides three verifiable pieces of product-positioning evidence — the FTSE Russell benchmark copyright lock, the Mass Market distribution classification, and the cross-endorsement of a dual rating system. These three are not isolated compliance texts; rather, they jointly point to a single product strategy: a global growth fund targeting UK retail pensions and mass-market investors, benchmarked against the FTSE index and optimized through active management, with its risk level compressed to the upper limit of mass-market tolerance and a 5-year holding period set as the expected minimum investment horizon. Against the dual backdrop of the 2026 UK FCA reform and the new pension regulations, this product form is likely to become the standard paradigm for boutique asset managers approaching the "broad mainstream market."