STS Global Income & Growth Trust PLC · LSE:STS
STS Global Income & Growth Trust — Securities Trust of Scotland — Shareholder Meeting (July 2012)
10 slides from STS Global Income & Growth Trust's shareholder meeting presentation, Jul 18, 2012
Slide 1: Securities Trust of Scotland Annual General Meeting
SECURITIES TRUST OF SCOTLAND Annual General Meeting Alan Porter Investment Director, Global Equities 18 July 2012 1
Slide 2: A Year of Change
A YEAR OF CHANGE Mandate UK Growth and Income Global Growth and Income Fee structure changed Increased dividend Increased reserves 2
Slide 3: How Has It Gone So Far?
HOW HAS IT GONE SO FAR? NAV performance Returns to 30 June 2012 3 months (%) 6 months (%) 1 year (%) 3 years (%) Share price 0.7 9.0 9.7 76.3 NAV 0.3 3.1 2.1 69.8 Benchmark* 0.5 3.0 3.6 57.7 Quartile ranking 1st 1st 1st 1st Source: Lipper for Investment Management and Morningstar, as at 30 June 2012
Slide 4: Positive Results
POSITIVE RESULTS Total Current (discount)/ Share Price NAV Company assets £(m) premium 1yr 3yrs 5yrs 1yr 3yrs 5yrs 447 (4.5) British Assets 89.0 144.7 103.8 91.7 144.7 95.7 25 (3.5) F&C Managed Portfolio Income 90.9 136.5 - 96.7 148.4 - 43 0.2 Henderson International Income 96.2 - - 98.0 - - 35 (9.9
Slide 5: What Do We Think of the World?
WHAT DO WE THINK OF THE WORLD? Macro (-ve) US: OK / Emerging Markets: Deteriorating / Europe: Bad Micro (Neutral) Strong balance sheets, but low levels of investment Other assets (+ve) Where else for yield? Cash positions (+ve) Volatile but at high levels Valuation (Neutral) PE 10.3x 5
Slide 6: How Is the Company Positioned I
HOW IS THE COMPANY POSITIONED I Slow Growth <3% Medium Growth Fast Growth > 7% Cyclical Special Situations Fund (%) 4.0 48.8 40.6 14.2 0.0 Index (%) 20.3 28.9 28.9 20.4 1.6 Active (%) (16.3) +19.9 +11.7 (6.2) (1.6) Source: Martin Currie. As at 30 June 2012. Securities Trust of Scotland. Index: MSCI
Slide 7: How Is the Company Positioned II
HOW IS THE COMPANY POSITIONED II Sector weights Fund (%) Index (%) Active (%) Country weights Fund (%) Index (%) Active (%) Staples 19.8 15.1 +4.7 Europe 48.9 43.7 +5.2 of which UK 29.5 14.6 +14.9 IT 5.2 1.0 +4.2 GEMs 4.9 0.1 +4.8 Industrials 10.3 7.1 +3.2 North America 43.8 43.8 +0.0 Discretionary
Slide 8: How Is the Company Positioned III
HOW IS THE COMPANY POSITIONED III Fund Index Difference P/E (Consensus) 10.6 10.6 0.0 Yield 4.8 4.8 0.0 Forecast Earnings Growth (Consensus) 5.9 4.2 1.7 Forecast Dividend Growth 7.7 4.7 3.0 Return On Equity (Consensus) 21.4 17.6 3.8 Dividend Cover (Consensus) 2.0 2.0 0.0 Debt Equity Ratio 36.9 55.8
Slide 9: Conclusion
CONCLUSION Good start, aware it is early days Global Income & Growth is in demand Well positioned for post ‘Retail Distribution Review’ (RDR) environment 9
Slide 10: Regulatory Information
REGULATORY INFORMATION Martin Currie Investment Management Limited (‘MCIM’) has issued and approved this presentation in its capacity as investment adviser. MCIM is referred to throughout as ‘Martin Currie’. MCIM is authorised and regulated by the Financial Services Authority and is a member of the
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