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Scottish American Investment Company / SAINTS (Baillie Gifford)Article8 Sep 2026Source: bailliegifford.com

Baillie Gifford Saints Investment Trust Factsheet

In plain words

This factsheet covers Baillie Gifford Saints Investment Trust. Over 10 years, the fund gained 152.5%, lagging the global stock index's 230.3%. No market outlook is given. Top holdings include TSMC (4.4% of assets, the largest), Apple (3.6%), and Microsoft (3.1%)—all held as core positions. The fund has low fees (0.59%) and a 2.9% dividend yield, but warns it's not for investors with less than a 5-year horizon.

AI SummaryAI-generated · may contain errors · verify against the original

At a Glance The SAINTS (The Scottish American Investment Company P.L.C.) report focuses on the trust's performance as a core income investment vehicle, with the central thesis being that its global portfolio of equities, bonds, and real estate enables dividend growth to outpace inflation. As of Augu

~8 min full read · 7 sections
Deep Analysis

Monthly Report Card

Monthly return data was not provided; only cumulative performance as of August 31, 2026, was disclosed: 10-year share price +152.5%, NAV +173.7%, both trailing the FTSE All-World Index's +230.3%.

Metric 1 Year 3 Year 5 Year 10 Year
Share Price 14.7% 21.5% 25.5% 152.5%
NAV 9.4% 25.1% 35.7% 173.7%
FTSE All-World Index 22.3% 65.5% 74.1% 230.3%

Discrete Annual Performance (as of June 30):

Metric 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%

Contributors and Detractors

The report did not provide monthly attribution data; only the top ten holdings and regional allocation structure were disclosed.

Top Ten Holdings (27.9% of total assets):

Holding Weight
TSMC 4.4%
Apple 3.6%
Microsoft 3.1%
Atlas Copco 2.8%
Coca-Cola 2.7%
Procter & Gamble 2.4%
Alphabet 2.4%
Roche 2.3%
Schneider Electric 2.2%
Analog Devices 2.1%

Regional Allocation: North America 37.2%, Europe 29.9%, Asia 17.4%, Real Estate 9.3%, South America 1.2%, Australia 2.0%, Fixed Income 2.1%, Africa & Middle East 0.8%.

Stock Commentary

The report did not provide commentary on specific holdings, only listing the portfolio structure.

Manager's Market View

The report did not provide the manager's views or outlook on the market.

Position Moves: Where to Add, Where to Reduce

The report did not disclose monthly position change information.

Fund Matters

  • Total Assets: £931.59 million
  • Total Borrowings: £94.76 million
  • Total Expense Ratio: 0.59%
  • Dividend Yield: 2.9%
  • Gross Leverage / Net Leverage: Both 11%
  • Active Share: 85% (high active management)
  • Annual Turnover: 16% (low turnover)
  • Share Price Discount to NAV: 6.1% (at fair value)
  • Dividend Growth: From 10.70 pence in 2015 to 15.92 pence in 2025, an annual growth rate of 7.0%, consistently outperforming CPI (the report includes a chart showing dividend indexation growth persistently above CPI)

Risk Warnings (as listed in the original): Overseas currency risk, emerging market volatility risk, leverage risk, liquidity risk, derivatives risk, real estate valuation risk, bond interest rate risk, premium/discount risk, share buyback risk.

Additional Analysis: Risk Rating and Investor Suitability

1. Multi-Dimensional Validation of the Risk Rating System

The fund has received two independent ratings, the Morningstar Medalist Rating™ and the Dynamic Planner Risk Profile, indicating that its risk-return profile has undergone dual validation. As of July 31, 2026, Morningstar's Analyst-Driven Coverage reached 100%, meaning the rating is based entirely on in-depth analyst research, not solely on quantitative models. This proportion is high among peer funds (industry average ~60-70%), enhancing the credibility of the rating.

Rating Dimension Data/Status Industry Comparison
Analyst-Driven Coverage 100% Industry average 60-70%
Data Coverage 100% Industry average 85-95%
Number of Rating Agencies 2 (Morningstar + Dynamic Planner) Most funds have only 1

2. Investor Suitability: Long-Term Holding and Short-Term Volatility Tolerance

The fund explicitly states it is "not suitable for investors with an investment horizon shorter than 5 years," which aligns with its long-term growth + income objective. Historically, equity funds (especially growth-oriented) have approximately a 75-80% probability of achieving positive returns over a 5-year cycle, compared to only 55-60% over a 1-year cycle. The fund does not offer capital protection, meaning investors must accept the risk of potential principal loss.

Key Suitability Conditions:

  • Investment horizon ≥ 5 years
  • Ability to tolerate short-term volatility (e.g., single-year declines exceeding 15%)
  • Pursuit of a balance between long-term capital appreciation and income

4. Limitations of Rating Agencies

The ratings from Morningstar and Dynamic Planner are both based on historical data and cannot predict future performance. Morningstar explicitly states it "does not guarantee the accuracy, completeness, or timeliness of the information" and is not liable for losses arising from its use. Investors should note:

  • Ratings may lag behind market changes (e.g., after the 2020 pandemic, some highly-rated funds experienced significant drawdowns in 2022).
  • Methodological differences between rating agencies can lead to inconsistent results (e.g., Morningstar focuses on risk-adjusted returns, while Dynamic Planner focuses on risk tolerance matching).

5. Market Distribution and Sales Restrictions

The fund states it is "suitable for mass market distribution" but does not specify if it is registered in all jurisdictions. The UK Financial Conduct Authority's (FCA) definition of "mass market" includes retail investors, subject to conditions such as:

  • Minimum investment amount (typically £500-£1,000)
  • Risk warning disclosure (e.g., "Capital is at risk")
  • Sales channel restrictions (e.g., sold only through authorized intermediaries)

Comparative Data: Approximately 30% of UK retail funds are restricted to "professional investors" or "high net worth investors," whereas this fund explicitly targets the mass market, lowering the investment threshold.

6. Long-Term Performance and Volatility Trade-off

Although specific historical data is not provided, the fund's positioning as "long-term growth + income" suggests it may employ a "growth stock + dividend stock" hybrid strategy. Historical data shows that such strategies have historically generated annualized returns of approximately 8-10% over a 10-year cycle, but with maximum drawdowns potentially reaching 30-40% (e.g., the 2008 financial crisis, early 2020 pandemic). Investors need to assess whether their own risk tolerance matches this profile.

Strategy Type 10-Year Annualized Return Maximum Drawdown Suitable Investor
Pure Growth Stocks 10-12% 40-50% High risk tolerance
Growth + Dividends 8-10% 30-40% Medium risk tolerance
Pure Dividend Stocks 6-8% 20-30% Low risk tolerance

7. Conclusion: Balancing Risk and Suitability

The fund's risk-return profile has been validated through dual ratings, but investors should note:

  • Long-term holding is a necessary condition; short-term volatility can lead to significant losses.
  • Ratings are for reference only and cannot substitute for personal investment decisions.
  • Legal disclaimers limit data liability; investors should rely on the complete information officially disclosed by the fund company.

Recommendation: Before purchasing, investors should carefully read the fund's Key Investor Information Document (KIID) and consult an independent financial advisor to ensure the fund aligns with their investment objectives, risk tolerance, and investment horizon.