Securities Trust of Scotland (STS): The Trojan ...

Edison Investment Research Limited Securities Trust of Scotland (STS): The Trojan horse 03-Dec-2020 / 08:00 GMT/BST London, UK, 3 December 2020 Securities Trust of Scotland (STS): The Trojan horse Securities Trust of Scotland (STS) has had an eventful 2020. Following a competitive selection process, the board appointed Troy Asset Management (Troy AM) as investment manager in September, having served protective notice on Martin Currie in June, following the resignation of former manager Mark Whitehead. The trust is retaining its combined income and long-term capital growth investment objective, while adding a sustainability twist. STS's board has reset the dividend to what it believes to be a resilient level of 5.5p per share. There will no longer be income derived from writing options, and the board aims to steadily grow the dividend from the set level. Troy AM as a house has an absolute return mindset, so capital preservation is equally important within the revised mandate as income and capital growth at a sustainable pace. STS is currently trading at a 0.7% discount to its cum-income NAV. ln September 2020, the market received the announcement about Troy AM's appointment positively. Since mid-September the discount has stabilised at a narrower than 4% level, having recovered its fluctuations following the news about a change in manager in June 2020.  Click here to view the full report. Subscribe to Edison's content to receive reports by email. All reports published by Edison are free-to-access and available on the website. About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information please contact Edison: Victoria Chernykh, [phone] Mel Jenner, [phone] [e-mail] Learn more at www.edisongroup.com and connect with Edison on:  LinkedIn  https://www.linkedin.com/company/edison-group- Twitter   www.twitter.com/Edison_Inv_Res YouTube   https://www.youtube.com/user/EdisonITV/videos Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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