Scottish American has published figures for the first half of 2014. The net asset value total return and the shareholder total return were both 1.6% over the period. The benchmark return (FTSE All World Index) was 3.2%. The dividends in the first half total 5.225p – 3.5% up on the corresponding dividends in 2013. Performance in the fund’s global equity portfolio lagged the benchmark – returning 1.7%. The bond and property portfolios outperformed the equity portfolio. The gearing provided a positive contribution to performance.
Within the portfolio the manager has upped the weighting in property using cash taken from the equity and bond portfolios.