Portfolio & performance

Top 25 holdings

31 March 2018

Company Industry Country £'M
Tesco Consumer Staples UK 31.1
Rentokil Initial Industrials UK 26.9
GlaxoSmithKline Health Care UK 26.8
Standard Chartered Financials UK 26.4
Gap Consumer Discretionary US 26.1
ING Financials Netherlands 25.6
Newcrest Mining Materials Australia 24.2
Royal Dutch Shell Energy UK 23.0
Suncor Energy Energy Canada 22.6
Sumitomo Mitsui Financial Financials Japan 21.8
Marks & Spencer Consumer Discretionary UK 20.0
BHP Billiton Materials UK 19.1
SAP Information Technology Germany 18.2
Macy's Consumer Discretionary US 17.8
BNP Paribas Financials France 16.9
Exxon Mobil Energy US 16.8
Pepsico Consumer Staples US 15.3
RSA Insurance Financials UK 15.3
Pfizer Health Care US 14.8
Citigroup Financials US 14.4
Roche Health Care Switzerland 13.8
Total Energy France 13.7
United Utilities Utilities UK 13.6
British Land Real Estate UK 13.5
China Mobile Telecommunication Services China 13.4

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Past performance is not a reliable indicator of future results. The value of shares and the income from them can go down as well as up as a result of market and currency fluctuations and investors may not get back the amount originally invested. The Scottish Investment Trust has a long-term policy of borrowing money to invest in equities in the expectation that this will improve returns and, should stockmarkets fall, such borrowings would magnify losses on these investments. The company can buy back and cancel its own shares. All other things being equal, this would have the effect of increasing gearing. For planning purposes, an investment in the Scottish Investment Trust should be viewed as a long-term commitment.

All sources the Scottish Investment Trust, unless otherwise stated.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”)