This is a valuation snapshot of an investment fund's holdings on 31 May 2026—what it owned and what those assets were worth, not a performance report. For everyday investors, the useful part is how the fund diversifies. Stocks make up nearly 90% of the portfolio, yet the largest single stock is under 5%. It also holds modest amounts of real estate (all in the UK) and bonds (spread across Brazil, Mexico and Europe). The takeaway: don't put all your eggs in one basket. Even if you favor stocks, keep any single company's share small. It's worth reading because this shows real-world diversification in action.
SAINTS (The Scottish American Investment Company P.L.C.) released its asset valuation report for the period ending May 31, 2026: listed equities totaled £844,350,324, representing 88.6% of total assets. The top five holdings were TSMC (4.8%), Apple (3.7%), Microsoft (2.9%), Analog Devices (2.4%), an
This is an asset valuation snapshot as of May 31, 2026, not a performance report: there is no yield, benchmark comparison, performance attribution, or manager commentary; the only narrative content in the report is the derivative exposure note at the end pointing to the monthly factsheet.
| Asset Class | Market Value (GBP) | % of Total Assets |
|---|---|---|
| Listed Equities | 844,350,324 | 88.6% |
| Real Estate | 88,200,000 | 9.2% |
| Listed Fixed Income | 20,106,941 | 2.1% |
| Net Current Assets | 959,805 | 0.1% |
| Total Assets | 953,617,070 | 100.0% |
The portfolio is long-only (equities + real estate + fixed income + net current assets); this report discloses no short or hedge positions. As disclosed at the end of the report, the derivative-adjusted effective market exposure data is provided in the monthly factsheet.
| Rank | Holding | Market Value (GBP) | Weight |
|---|---|---|---|
| 1 | TSMC | 45,302,323 | 4.8% |
| 2 | Apple | 35,221,317 | 3.7% |
| 3 | Microsoft | 27,311,982 | 2.9% |
| 4 | Atlas Copco A | 24,589,408 | 2.6% |
| 5 | Coca Cola | 23,917,882 | 2.5% |
| 6 | Procter & Gamble | 23,250,682 | 2.4% |
| 7 | Analog Devices | 22,948,618 | 2.4% |
| 8 | CME Group | 22,570,506 | 2.4% |
| 9 | Roche | 21,330,065 | 2.2% |
| 10 | Alphabet A | 20,032,641 | 2.1% |
Semiconductors/hardware ~16%, software/internet ~16%, consumer ~19%, financials ~13%; these four together total ~64%, and the portfolio's core is global large-cap blue chips.
| Sector (Analyst Aggregation) | Holdings and Weights | Subtotal |
|---|---|---|
| Tech Hardware/Semiconductors | TSMC 4.8%, Apple 3.7%, Analog Devices 2.4%, Cisco 2.1%, Texas Instruments 1.6%, Mediatek 1.4% | 16.0% |
| Software/Internet/IT & Payments | Microsoft 2.9%, Alphabet 2.1%, NetEase 1.7%, Amadeus IT Group 1.6%, Edenred 1.6%, Accenture 1.3%, Jack Henry & Associates 1.3%, Carsales.com 1.2%, Intuit 0.8%, Paychex 0.7%, Wolters Kluwer 0.7%, SAP 0.4% | 16.3% |
| Financials/Exchanges/Insurance | CME Group 2.4%, Deutsche Boerse 2.0%, Partners Group 1.8%, Admiral Group 1.7%, United Overseas Bank 1.5%, B3 S.A. 1.3%, Hong Kong Exchanges & Clearing 1.0%, MSCI 0.9%, AJ Gallagher 0.5% | 13.1% |
| Industrials/Capital Goods/Business Services | Atlas Copco A 2.6%, Epiroc B 2.1%, Schneider Electric 2.0%, Watsco 1.8%, Fastenal 1.6%, USS Co 1.6%, Experian 1.0%, Valmet 0.9% | 13.6% |
| Consumer (Food & Beverage/Personal Care/Retail/Restaurants/Apparel/Home Appliances) | Coca Cola 2.5%, Procter & Gamble 2.4%, Midea Group A 1.9%, Pepsico 1.7%, ANTA Sports Products 1.6%, Nestlé 1.5%, McDonald's 1.5%, Starbucks 1.1%, L'Oréal Loyalty Bonus (non-tradeable) 1.1%, Home Depot 1.0%, AVI 0.9%, Diageo 0.7%, L'Oréal 0.7%, Fevertree Drinks 0.4% | 19.0% |
| Healthcare | Roche 2.2%, Novo Nordisk 1.6%, Coloplast 0.5%, Eurofins 0.4%, Medtronic 0.4%, Zoetis 0.1% | 5.2% |
| Utilities/Infrastructure/Energy/Materials | Terna 0.9%, Transurban Group 0.8%, EOG Resources 0.8%, Albemarle 7.25% Conv Pref 2027 0.7%, Albemarle 0.6%, Jiangsu Expressway Co 'H' 0.5%, Greencoat UK Wind 1.0%, Primary Health Properties REIT 0.4% | 5.7% |
The sector subtotals sum to 88.9%, a 0.3 percentage point difference from the fund's disclosed 88.6%, due to rounding. By rough listing-location estimate, US-related exposure is about 40%, Europe about a quarter, Asia about one-sixth, with the remainder distributed across Latin America (B3, Brazilian bonds), Oceania (Carsales, Transurban), and Africa (AVI, Ivory Coast bonds). L'Oréal totals 1.8% across two positions (ordinary shares 0.7% + loyalty bonus shares 1.1%, the latter being non-tradeable with restricted liquidity); Albemarle totals 1.3% across two positions (ordinary shares 0.6% + convertible preferred shares 0.7%).
The fixed income position is extremely light and highly diversified, predominantly long-dated bonds (maturities 2035–2048), including emerging market sovereign bonds from Brazil, Mexico, Ivory Coast, and others, as well as UK/European corporate bonds.
| Bond | Type | Weight |
|---|---|---|
| Brazil 10% 01/01/2035 | Emerging Market Government Bond | 0.2% |
| Brazil CPI Linked 6% 15/05/2045 | Emerging Market Government Bond (Inflation-Linked) | 0.3% |
| Ivory Coast 6.625% 2048 (EUR) | Emerging Market Government Bond | 0.2% |
| Mexico 7.75% 13/11/2042 | Emerging Market Government Bond | 0.2% |
| Haleon UK Capital 3.375% 2038 | Corporate Bond | 0.2% |
| Heathrow Funding 5.875% 2041 | Corporate Bond | 0.2% |
| Nestlé Finance Intl 5.125% 2038 | Corporate Bond | 0.2% |
| Severn Trent 2% 2040 | Corporate Bond (Utility) | 0.2% |
| Tesco Corp Treasury Services 5.5% 2035 | Corporate Bond | 0.2% |
| United Utilities 5.875% 2039 | Corporate Bond (Utility) | 0.2% |
Real estate is the second-largest asset class in the portfolio but is geographically concentrated in the single UK market; the largest single property is Pease Pottage in Crawley (2.1%).
| Property | Weight |
|---|---|
| Pease Pottage, Crawley | 2.1% |
| Romney Sands, Kent | 1.8% |
| Falcon House, Witney | 1.6% |
| St Mellons, Cardiff | 1.0% |
| Christchurch Rd, Ringwood | 0.8% |
| Mumby Road, Gosport | 0.6% |
| Parc Cybi, Holyhead | 0.6% |
| Vale Street, Denbigh | 0.5% |
| The Bull, Sevenoaks | 0.2% |
SAINTS note: This table shows the market value of direct holdings and does not include the derivative-adjusted effective market exposure, which is separately disclosed in the monthly factsheet. This report does not disclose this month's buy/sell activity, fund size changes, performance data, or risk warnings.