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
849p
discount
Discount including income with debt at fair value. Source: BNYM Fund Services (Ireland) Limited
5.1%
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
£3034.4
Portfolio allocation as at 31 August 2019

Total Trust Assets

Source: The Bank of New York Mellon (International) Ltd as at 31.08.19

7. 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 31.08.19

By Sector

 

Source: The Bank of New York Mellon (International) Ltd as at 31.08.19

Quarterly market commentary

The view from our Investment Manager, 30 June 2019

Over the quarter, the Trust’s total shareholder return, Net Asset Value (NAV) total return and equity portfolio return were 7.0%, 6.3% and 6.2% respectively against the MSCI All Country World Index (ACWI) return of 6.3%.

Throughout the second quarter of 2019 a rather turbulent environment was seen across both developed and emerging equity markets. April saw the MSCI ACWI return 3.4% in sterling terms, followed by a sharp fall observed in May of -2.6% and return to growth of 5.6% in June. Such volatility suggests the continuing influence of political uncertainty upon global financial markets, with the ongoing US-China trade dispute as well as increasing tensions in the Middle East both likely contributing factors. UK markets underperformed both European and US equity markets, returning 2%, driven by ongoing uncertainty around Brexit and the resignation of Prime Minister Theresa May. European Markets experienced a positive quarter outperforming both US and UK equity markets, returning 9% for a sterling investor, with the European Central Bank indicating that a period of expansionary monetary policy could be on the horizon.

During this rather volatile quarter, the Trust’s stock pickers continued to find interesting investment opportunities. A number of new positions were established throughout the quarter, including a position in Melrose Industries, a UK-based specialist manufacturing investor, UK tool manufacturer Makita, and the UK’s largest Business Process Outsourcing company Capita, all of which are believed to have significant potential for driving future outperformance. With regards to the Trust’s performance, the largest single contributor to the Trust’s return was Microsoft, contributing 0.4%, following better-than-expected earnings driven by the success of its cloud computing business, Azure.

Since the adoption of its new multi-manager approach in April 2017, the Trust’s equity portfolio has yielded a return of over 22.2%. Although the period of just over two years is not sufficient to fully evaluate the performance of the Trust, over this period of time, the Trust’s stock pickers have successfully managed to take advantage of market opportunities and generate returns in excess of the wider market.

Read our Investment Manager’s report for more on our portfolio’s performance over the past month.

Monthly Factsheet Quarterly Report Sign up for updates
Equity holdings As at 31 July 2019
Alphabet
£103.8
3.6%
3.6%
Microsoft
£65.2
2.3%
5.9%
HDFC Bank
£51.5
1.8%
7.7%
Unilever
£46.9
1.6%
9.3%
Oracle
£40.8
1.4%
10.8%
HCA Healthcare
£40.6
1.4%
12.2%
Abbott Laboratories
£40
1.4%
13.6%
salesforce.com
£38.5
1.3%
14.9%
Ryanair
£36.5
1.3%
16.2%
UnitedHealth Group
£36.2
1.3%
17.5%
Sub Total Equities
£2987.4m
104.3%
Show All
Other asset classes As at 31 July 2019
Cash
£107.2
3.7%
108.6%
Private Equity
£9.8
0.3%
104.7%
Other Non-Core Assets
£4.2
0.1%
104.8%
Operating Subsidiary
£0
0%
104.7%
Total Borrowings
-£245.4
-8.6%
100%
Net Total
£2863.2m
100%
Show All
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