UPDATE (Nov 2026): SST failed to meet the performance hurdle for the tender offer covering the five years to August 2026, after its returns badly lagged its benchmark over the final 18 months. However, after further discussions with shareholders, it announced on 13 October 2026 that it would undertake a strategic review, saying that it would prefer to combine with another trust with a similar mandate. The conditional tender offer has been postponed due to the strategic review. SST returned -1.6% versus +8.2% for its benchmark in the year to August 2025, followed by -6.5% versus +19.8% in the y...