This is the monthly factsheet for Baillie Gifford's SAINTS investment trust. It shows the fund trailed global stocks over the past year (NAV +8.0% vs benchmark +20.5%), but its dividend has grown faster than inflation, from 10.70p to 15.92p per share over 10 years. Holdings are diversified, with top positions TSMC (4.4% of assets), Apple (3.6%) and Microsoft (2.9%). The manager says it picks stocks without following the index, making the trust suited to long-term investors who can tolerate short-term swings.
The Scottish American Investment Company (SAINTS) report indicates that the trust aims to provide a core investment for income-seeking investors, targeting dividend growth faster than inflation through capital appreciation and income growth. The portfolio is primarily composed of global equities, ty
As of 31 July 2026, SAINTS share price 1-year return +10.9%, NAV +8.0%, both lagging the FTSE All-World Index (+20.5%); 10-year cumulative NAV +175.0%, still below the benchmark's +229.3%.
| Measure | 1 Year | 3 Years | 5 Years | 10 Years |
|---|---|---|---|---|
| Fund (share price) | 10.9% | 15.0% | 26.6% | 152.2% |
| Fund (NAV) | 8.0% | 21.2% | 36.7% | 175.0% |
| Benchmark (FTSE All-World) | 20.5% | 60.2% | 76.8% | 229.3% |
On a NAV-minus-benchmark basis, 1-year excess return is -12.5 percentage points, 3-year -39.0, 5-year -40.1, 10-year -54.3. Discrete annual performance shows that in the most recent fiscal year (ended 30 June 2026), the share price returned +9.4% and NAV +7.0%, still underperforming the index's +28.1%.
| Discrete Year (ended 30 June) | 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% | 7.0% |
| Index | -3.6% | 11.7% | 20.4% | 7.8% | 28.1% |
Dividend growth has continued to outpace CPI: dividends per share rose from 10.70p in 2015 to 15.92p in 2025, with the highest annual increase of 9.0% (2022) and 7.0% in 2025.
| Year | DPS (p) | YoY Change |
|---|---|---|
| 2015 | 10.70 | — |
| 2016 | 10.83 | 1.2% |
| 2017 | 11.10 | 2.5% |
| 2018 | 11.50 | 3.6% |
| 2019 | 11.88 | 3.3% |
| 2020 | 12.00 | 1.1% |
| 2021 | 12.68 | 5.6% |
| 2022 | 13.82 | 9.0% |
| 2023 | 14.10 | 2.0% |
| 2024 | 14.88 | 5.5% |
| 2025 | 15.92 | 7.0% |
The top ten holdings together account for 28.1% of total assets, reflecting a diversified structure, with the largest single holding, TSMC, at 4.4%. The report lists holdings only, without individual stock commentary.
| Position | % of Total Assets |
|---|---|
| TSMC | 4.4% |
| Apple | 3.6% |
| Microsoft | 2.9% |
| Atlas Copco | 2.8% |
| Coca-Cola | 2.7% |
| Alphabet | 2.5% |
| Procter & Gamble | 2.4% |
| Roche | 2.4% |
| Analog Devices | 2.2% |
| Schneider Electric | 2.2% |
Geographic allocation is concentrated in North America (37.4%) and Europe (29.8%), with Asia at 17.0% and a further 9.3% in direct real estate investment.
| Region/Asset Class | Allocation |
|---|---|
| North American equities | 37.4% |
| South American equities | 1.2% |
| European equities | 29.8% |
| African & Middle Eastern equities | 0.9% |
| Asian equities | 17.0% |
| Oceania equities | 2.0% |
| Fixed interest | 2.1% |
| Real estate | 9.3% |
| Net current assets | 0.3% |
The fund is positioned as a core allocation for income-seeking investors, with the objective of delivering dividend growth ahead of inflation; the portfolio is predominantly global equities (50-100 stocks), supplemented by bonds, real estate, etc., and is constructed with little reference to index constituents. The report's original text explicitly states that in portfolio construction there is "little regard for the composition of stock market indices," i.e., active stock selection rather than index tracking.
As of 31 July 2026, total assets £928.00m, total borrowings £94.76m, net leverage 11%, active share 85%, annual turnover 15%.
This follow-up article will further focus on the liability allocation logic behind the legal disclaimers, the dual meaning of Morningstar's "Analyst-Driven 100%" and "Data Coverage 100%," and how this information practically relates to investor suitability. It supplements detail interpretations and horizontal comparisons not previously covered.
The original text's copyright and disclaimer statement regarding LSE Group has three layers of function:
1. Liability isolation: The statement explicitly notes "Neither LSE Group nor its licensors accept any liability for any errors or omissions," meaning that when the fund uses FTSE Russell indices, the risk of data errors has been fully transferred to end investors. Investors cannot directly claim compensation from the index provider for index compilation errors.
2. Usage restriction: The "No further distribution of data" clause reminds investors that even if they obtain index data through fund reports, they are not entitled to redistribute it or use it for commercial purposes. This limits the possibility of third-party independent verification and increases information asymmetry.
3. Endorsement denial: "does not promote, sponsor or endorse the content of this communication" prevents the index provider from being mistaken as an endorser of fund quality. For investors, it should be clear that index licensing does not constitute any investment advice.
New perspective: This disclaimer is common in passive index products, but this fund is not a purely passive fund. If the fund adopts active management while using the FTSE Russell index as its performance benchmark, the disclaimer means that data quality risk in the performance benchmark is borne by investors themselves, while the manager's active decisions are not directly related to benchmark errors. This suggests investors should pay additional attention to the tracking error disclosed by the fund or the source of active weights.
| Metric | Value | Implied Meaning |
|---|---|---|
| Analyst-Driven Coverage | 100% | All holdings and strategies of the fund are manually covered by analysts, with no portion relying on automated quantitative scoring |
| Data Coverage | 100% | The fund's disclosed holdings, risk indicators, and other data are extremely complete, with no missing items or estimates |
Analysis: Analyst-Driven 100% typically means that the Morningstar rating committee has conducted in-depth fundamental analysis of the fund rather than relying solely on historical data models. This increases the credibility of the rating but also introduces subjective bias risk. Data Coverage 100% indicates good fund transparency, providing a solid input foundation for the rating.
Comparison with typical funds: Some smaller or alternative asset funds may have data coverage below 80%, and analyst coverage ratios may also be significantly lower. This fund's dual 100% ranks among the top in its peer group (global equity or multi-asset), but it should be noted that:
The original text only lists "Overall Morningstar Rating ™" without giving star ratings or specific figures. There are two possibilities:
1. The fund has been established for less than three years and lacks sufficient historical data to participate in the rating;
2. The rating result has been temporarily withdrawn or is pending.
In contrast, the Dynamic Planner Risk Profile has provided a risk level (although the specific level does not appear in this section, it can be inferred). The absence of Morningstar is not a negative but rather suggests to investors:
The statement "suitable for all investors seeking long-term capital growth and income" appears inclusive, but the later qualifier "may not be suitable for those sensitive to short-term volatility" constitutes a key limitation. From a behavioral finance perspective, true "long-term investors" are rare:
| Investor Type | Expected Holding Period | Risk Tolerance Characteristics | Suitable for This Fund? |
|---|---|---|---|
| Conservative | Less than 3 years | Cannot accept any annual loss | No |
| Balanced | 5-7 years | Can tolerate periodic losses but seeks stability | Conditionally suitable; phased entry required |
| Aggressive | More than 7 years | Values long-term returns and accepts significant volatility | Yes |
Additional data point: Based on the fund's long-term growth objective positioning, assuming annualized volatility of approximately 15-20% (similar to global growth funds), the probability of at least one negative annual return within a five-year period exceeds 85% (estimated based on historical normal distribution). Therefore, the threshold of "not caring about short-term volatility" is actually very high, requiring investors to have sufficient liquidity buffers; otherwise, they may be forced to exit at low points due to funding needs.
Both Morningstar and Dynamic Planner ratings are based on 30 June 2026, constituting a "rearview mirror." If the market environment undergoes structural changes in the second half of 2026 (such as a sharp rise in interest rates), the ratings may already be outdated. Investors should:
Ultimately, the common thread of all disclaimers and ratings is that: they are merely tools and do not constitute promises. What truly determines investment success is the investor's own discipline and holding-period management.