Scottish American (ticker: SAIN), commonly abbreviated to SAINTS, was established in 1873 and is classified in the Global Equity Income sector. It has been managed by Baillie Gifford since 2004, but unlike most other Baillie Gifford funds, SAINTS looks for resilient income stocks rather than disruptive growth companies. What's more, around 10% of its portfolio consists of UK direct property holdings, with a similar amount of long-term debt providing structural gearing. SAINTS has raised its dividend for each of the last 51 years and hasn't cut its dividend since 1938. Although its current yiel...
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Invesco Global Equity Income (IGET) was launched in 2006 and had four separate share classes for much of its existence, allowing shareholders to switch strategies without incurring costs or suffering CGT. In 2024, shareholders approved a move to consolidate its multiple classes and its £200m of assets into its Global Equity Income strategy, which has been managed by Stephen Anness since 2020. A new enhanced dividend policy based on 4% of year-end NAV was adopted along with five-yearly continuation votes and a revised discount control policy to maintain the discount at less than 10%. The trust'...
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Bluefield Solar Income (BSIF) was the second renewable trust to join the London market when it was launched in 2013 and has one of the best long-term performance records with a NAV return of just over 9% a year over the last decade. It owns around 4% of the UK's utility-scale solar capacity but in the last few years, it has diversified a little into onshore wind and developing co-located solar and battery storage projects. Since BSIF began to trade at a discount to NAV in 2022 it has tried various measures to enhance shareholder value, including £20m of share buybacks, selling part of its port...
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JPMorgan Global Growth & Income (JGGI) was established in 1887 and has been focused on global equities since 1982. Originally managed by Robert Fleming & Co, it became part of the JPMorgan stable in 2001. JGGI bought back a large amount of its shares between 1998 and 2015 in an attempt to reduce its discount, first to a target of 10% and then to 5% or less. In 2016, it was one of the first trusts to adopt an enhanced dividend policy, allowing dividends to be paid out of capital and setting its payout at 4% of its NAV. Since this change, JGGI has nearly always traded at a premium and it...
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STS Global Income & Growth (ticker: STS), originally known as Securities Trust of Scotland, was launched in 2005 when it was reconstructed to fend off a bid from Perpetual Income & Growth. The original version of the company dated back to 1889 and both the old and new incarnations were run for many years by Martin Currie, firstly as a UK equity income trust and then from 2011 onwards under a global equity income mandate. Troy Asset Management took over from Martin Currie in late 2020 and earlier this year STS was merged with another Troy trust, Troy Income & Growth, taking its asse...
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Murray International (ticker: MYI) was founded in 1907 and it has been managed by Bruce Stout since 2004 although his involvement in the trust dates back to the early 1990s. It's the largest trust in the Global Equity Income sector with £1.8bn of assets. Murray International's portfolio differs from other global trusts with nearly half invested in Asia and Latin America where Stout and his team believe companies have stronger fundamentals and income prospects, thanks to favourable demographics and less indebted governments. The trust has a relatively concentrated portfolio of around 50 equity ...
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Scottish American Investment Company (ticker: SAIN), often shortened to SAINTS, is one of the oldest UK-listed investment trusts. It sits in the Global Equity Income sector and has been managed by Baillie Gifford since January 2004. Unlike Baillie Gifford's more growth-focused offerings, SAINTS looks for slightly more mature companies that offer a combination of growth, resilience, and reliable income. Its performance over the last decade has largely matched global markets although it has tended to outperform its more conservative and value-orientated sector rivals. Somewhat unusually, it hold...
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Stuart qualified as a chartered accountant before moving into journalism and has 20 years of experience of owning and writing about investment trusts from an independent standpoint. He is now producing regular fund profiles for the Money Makers circle. This post originally appeared on his blog but it has been added to our archive to build up our library of content.
JPMorgan Global Growth & Income has become one of my larger positions in the last few years. I first bought it in 2017 but in early 2019, after a decade in charge, the trust's then-manager decided on a career change. The trust'...
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