Portfolio & performance

Top 25 holdings

30 June 2017

Company Industry Country £'M
Treasury Wine Estates Consumer Staples Australia 47.9
Rentokil Initial Industrials UK 36.1
Sands China Consumer Discretionary Hong Kong 32.7
Nintendo Information Technology Japan 31.6
Standard Chartered Financials UK 28.8
ING Financials Netherlands 28.2
GlaxoSmithKline Health Care UK 28.0
Marks & Spencer Consumer Discretionary UK 24.7
Tesco Consumer Staples UK 22.3
Sumitomo Mitsui Financial Financials Japan 21.8
Royal Dutch Shell Energy UK 20.8
Suncor Energy Energy Canada 20.6
SAP Information Technology Germany 19.7
Johnson & Johnson Health Care US 18.1
Sony Consumer Discretionary Japan 17.9
BNP Paribas Financials France 17.8
Cemex Materials Mexico 17.6
Pepsico Consumer Staples US 17.5
Roche Health Care Switzerland 16.6
United Utilities Utilities UK 16.5
Severn Trent Utilities UK 16.0
BHP Billiton Materials UK 16.0
Citigroup Financials US 15.4
Pfizer Health Care US 15.1
RSA Insurance Financials UK 14.9

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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”)