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(Alliance News) - Securities Trust of Scotland PLC on Monday said its net asset value rose in its most recent financial year, with the strongest performance from its North American equities.
The trust's NAV per share with income was 183.21 pence, up 7.8% from 170.02p year-on-year, and up 7.5% to 181.22p from 168.65p excluding income.
The global equities investor produced a positive 11% NAV total return in sterling absolute terms for the year to March 31, compared to a negative 1.1% return the year before, with a North American equities driving most of the total return.
"North America was much the best regional market, its stronger performance also a function of delivering the best corporate earnings," said the fund's manager, Mark Whitehead.
In terms of the trust's individual investments, US healthcare firm Merck & Co Inc was the best performing. The trust was pleased with Merck's performance, saying the firm "comfortably remains" Securities Trust of Scotland's "top 'Big Pharma' pick".
The company has declared a fourth interim dividend of 1.9p per share, lifting the total for the year by 2.5% to 6.25p from 6.10p.
Chair Rachel Beagles said there have been signs of slowing growth, with Brexit uncertainty and the "prospect of a trade stand off between the US and China".
"The earnings outlook is unclear in the near term whilst such uncertainties remain and increased market volatility is to be expected. The scope for outperformance by skilled stock pickers, with a keen eye for quality and value remains, particularly for those investors such as ourselves that are unconstrained by geography, sector and index," said Beagles.
Shares in Securities Trust of Scotland were down 0.8% at 186.47 pence on Monday afternoon.