Portfolio & performance

Top 25 holdings

31 December 2017

Company Industry Country £'M
Treasury Wine Estates Consumer Staples Australia 44.6
Rentokil Initial Industrials UK 41.0
ING Financials Netherlands 29.0
Standard Chartered Financials UK 28.9
Tesco Consumer Staples UK 27.6
Gap Consumer Discretionary US 26.5
Newcrest Mining Materials Australia 25.9
Royal Dutch Shell Energy UK 25.3
Suncor Energy Energy Canada 25.0
Marks & Spencer Consumer Discretionary UK 23.3
Sumitomo Mitsui Financial Financials Japan 23.3
GlaxoSmithKline Health Care UK 22.6
BHP Billiton Materials UK 20.7
SAP Information Technology Germany 20.2
Johnson & Johnson Health Care US 18.4
BNP Paribas Financials France 17.7
Pepsico Consumer Staples US 17.5
Citigroup Financials US 16.5
Roche Health Care Switzerland 15.8
United Utilities Utilities UK 15.8
Pfizer Health Care US 15.7
Macy's Consumer Discretionary US 15.6
Exxon Mobil Energy US 15.5
China Mobile Telecommunication Services China 15.4
RSA Insurance Financials UK 15.3

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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”)