Alliance Trust Savings: Change of Ownership
Please note that, as of 28 June, Alliance Trust Savings (ATS) is owned by Interactive Investor Limited. If you have any questions about the sale of ATS and what it means for you, please visit ATS’ website*. If you’d like to stay up to date with the Trust’s performance or any news, please sign up below.
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*The brand names ‘Alliance Trust Savings’, ‘ATS’, ‘AT Savings’ and the ‘Alliance Trust Savings’ logo which may appear on ATS’ website are owned by and used with the permission of Alliance Trust PLC, being the previous owner of ATS.

OUR PORTFOLIO

Stay up to date with the portfolio allocation, latest equity holdings and our quarterly market commentary.

Latest available values
share price
Share price information throughout the site is provided by Investis. Updated every 15 minutes
nav per share
Net Asset Value (NAV) per share including income with debt at fair value. Source: BNYM Fund Services (Ireland) Limited
855.5p
discount
Discount including income with debt at fair value. Source: BNYM Fund Services (Ireland) Limited
5.4%
net yield
Annual dividend per share divided by share price. Source: BNYM Fund Services (Ireland) Limited
1.7%
gross assets
Total income net asset value excluding prior charges. Source: BNYM Fund Services (Ireland) Limited
£2851.1
Portfolio allocation as at 31 May 2020

Total Trust Assets

Source: The Bank of New York Mellon (International) Ltd as at 31.05.20

9. Small legacy positions in private equity and mineral rights that are in the process of being sold.

By Geography

  

Source: The Bank of New York Mellon (International) Ltd and MSCI Inc as at 31.05.20

By Sector

 

Source: The Bank of New York Mellon (International) Ltd as at 31.05.20

Quarterly market commentary

The view from our Investment Manager, 31 March 2020

Over the first quarter of 2020, Trust’s total shareholder return and NAV total return were -23.1% and -20.9% respectively, underperforming the benchmark MSCI All Country World Index (ACWI) which returned -16.0%. Leverage in the Trust was detrimental to NAV returns over this period, and the widening of the discount to NAV hurt shareholder performance.

The Covid-19 pandemic created a severe impact on markets globally, with the likelihood of a global recession leading to the fastest equity market decline of this magnitude in history. The sharp rally towards the end of March was also one of the largest 3 day market gains in history, indicating the level of market volatility that was experienced. We believe that with markets moving this far and this fast, it is unlikely that every company in the world is perfectly priced relative to its long-term fundamentals and as such, opportunities may be presented. However, as the market fell, the flight to safety (large cap quality and liquidity) created a very narrow market leadership and was a more extreme version of some of the challenging trends we observed in 2018-19. The magnitude of this trend has now led to truly extraordinary levels of performance difference between size and style factors in recent history and we think this provides a small number of compelling opportunities for long-term investors.

In light of the market turmoil and the disruptive impact of coronavirus, we have been busy keeping in touch with our managers to understand how they are dealing with lock-down procedures and market volatility. We are pleased to report that all our managers are continuing business as usual, despite having to conduct them at home, and that all managers have taken this as an opportunity to re-underwrite the investment thesis of their companies. As expected, this has led to some turnover in the portfolio, as managers exit the companies which they feel had suffered deterioration in fundamentals and purchase other higher quality companies that have now become more attractively priced. We have heard a number of the managers describe this as the most exciting time to be an active stock picker, as suddenly many companies that they had closely followed but could not justify the price of purchase have now become very compelling long-term investment opportunities.

A position was established in late March in Booking Holdings, a US listed online travel agent and the global leading company for online accommodation reservations. The manager believes the balance sheet remains sufficiently strong, in spite of the weakening share price due to the collapse of global travel. Furthermore, the company has a strong market position which is expected to dominate the travel industry when the market recovers post the Coronavirus outbreak. Siemens, a large conglomerate operating principally in Industrial engineering, energy, healthcare and infrastructure, also has a strong balance sheet with positive cash generation. It has interesting long-term opportunities in pioneering energy-efficient, resource-saving technologies. The company was also purchased in late March, at a valuation close to its historical lows.

At the total portfolio level, we would describe our position as cautiously optimistic. We continue to retain a balanced positioning, ensuring that we maintain a well-diversified exposure to a range of styles, despite what some might view as glaring attractiveness in certain parts of the market. We think that the increased market volatility and dispersion of outcomes have allowed our managers, each with its own unique investment style, to collectively build a portfolio that we expect will deliver significant long-term value to investors in the Trust.

Monthly Factsheet Quarterly Report Sign up for updates
Equity holdings As at 31 May 2020
Alphabet
£131.7
5%
5%
Microsoft
£95.2
3.6%
8.5%
Amazon
£89.9
3.4%
11.9%
Mastercard
£62.1
2.3%
14.2%
Alibaba
£59
2.2%
16.5%
Nvidia
£48.6
1.8%
18.3%
Visa
£47.8
1.8%
20.1%
Facebook
£42.8
1.6%
21.7%
Novo-Nordisk
£40.1
1.5%
23.2%
Charter Communications
£39.9
1.5%
24.7%
Sub Total Equities
£2782.5m
104.6%
Show All
Other asset classes As at 31 May 2020
Cash
£68.7
2.6%
107.2%
Private Equity
£0.1
0%
104.6%
Operating Subsidiary
£0
0%
104.6%
Other Non-Core Assets
£0
0%
104.6%
Total Borrowings
-£191.4
-7.2%
100%
Net Total
£2659.9m
100%
Show All
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