Portfolio & performance

Top 25 holdings

30 June 2018

Company Industry Country £'M
Tesco Consumer Staples UK 38.8
Rentokil Initial Industrials UK 33.3
GlaxoSmithKline Health Care UK 29.4
Gap Consumer Discretionary US 28.8
Suncor Energy Energy Canada 28.3
Newcrest Mining Materials Australia 27.5
Royal Dutch Shell Energy UK 27.4
Macy's Consumer Discretionary US 26.6
Standard Chartered Financials UK 25.6
ING Financials Netherlands 23.2
BHP Billiton Materials UK 23.2
Pfizer Health Care US 22.3
Marks & Spencer Consumer Discretionary UK 21.9
Sumitomo Mitsui Financial Financials Japan 21.5
SAP Information Technology Germany 21.4
Exxon Mobil Energy US 19.8
Target Consumer Discretionary US 19.1
Newmont Mining Materials US 19.1
RSA Insurance Financials UK 16.5
Pepsico Consumer Staples US 16.2
Total Energy France 15.6
Chevron Energy US 15.3
Citigroup Financials US 15.2
BNP Paribas Financials France 15.1
National Oilwell Varco Energy US 14.8

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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”)