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Interim Results

Securities Trust of Scotland NAV up 1.4%

10 November 2017 14:03

Securities Trust of Scotland has reported that the Net Asset Value total return was up 1.4% for the half-year ended 30 September.

The Company also said, in the 18 months since appointing Mark Whitehead as portfolio manager and moving to an unconstrained global mandate, the NAV total return has been 29.7% against the peer group median of 26.7%.

The share price total return was 1.2% over the six month period and 29.3% since the change in approach.

In terms of outlook, the Company said:

"Since the end of September, markets have made further upward progress and valuations are generally high in a historic context. Global growth expectations have risen and on the whole companies are beating expectations but, as our manager points out in his review below, earnings growth is needed to push markets higher. Whilst acknowledging that inflationary threats still seem modest, there is a need for central banks to continue to increase interest rates, if only to provide a monetary cushion for the next downturn. This will increase the risks of a market setback should demand respond negatively to a higher cost of capital. Against this backdrop, the benefits of a global, unconstrained mandate and active stock picking to find those pockets of value that will offer further upside have never been more relevant."

At 2:03pm: (LON:STS) Securities Trust Of Scotland Plc share price was +0.5p at 172.25p

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