Mission Statement, Vision, & Core Values (2026) of The Scottish American Investment Company P.L.C.

The Scottish American Investment Company P.L.C. (SAINTS, SAIN.L) blends a heritage of long-term income focus-founded in 1873-with a modern global equity income approach managed by Baillie Gifford, aiming to deliver real dividend growth by increasing capital and income; as evidence of that discipline the trust reported a net asset value per share of 556.87 pence on 11 December 2025, a first-half 2025 NAV total return of 1.1% alongside a share price return of 3.6%, and a commitment to dividend progression highlighted by a 5.5% increase in total dividends for the year to 31 December 2024 (marking the 52nd consecutive year of dividend growth), while maintaining a diversified portfolio across equities, bonds, property and other assets to pursue sustainable income and long-term capital growth.

The Scottish American Investment Company P.L.C. (SAIN.L) - Intro

• Primary objective: real dividend growth - increase both income and capital over the long term.
• Manager: Baillie Gifford - global equity income discipline with long-term, research-driven stock selection.
• Investment horizon: long-term, income-focused with selective exposure to growth opportunities.

• Global equity income core: seek companies capable of growing dividends over time, across developed and selected emerging markets.
• Diversification: allocation to equities, fixed income, property and other assets to smooth income volatility and reduce single-market risk.
• Active stock selection: long-term convictions, bottom-up research and a focus on quality cash-generative businesses.

• Capital preservation with income growth - prioritise real-term increases to shareholder payouts.
• Long-termism - measured performance over economic cycles rather than short-term benchmarking.
• Transparency and shareholder alignment - clear reporting of NAV, returns and dividend policy.

• Listed vehicle structure: UK investment trust, established 1873, providing closed‑ended long-term capital management.
• Dividend record: 52 consecutive years of dividend increases as of 2025, reinforcing the income mandate.
• Reporting cadence: regular NAV updates and interim/annual reporting; H1 2025 NAV TR +1.1% illustrates resilience through market cycles.

The Scottish American Investment Company P.L.C. (SAIN.L) - Overview

• Primary objective: grow the dividend faster than inflation over the long term, supporting predictable real income for shareholders.
• Approach: diversified global equity income portfolio targeting high-quality companies with sustainable business models and strong cash generation.
• Investment philosophy: disciplined value orientation combined with a focus on dividend reliability and capital preservation in varied market conditions.

• Quality bias - seek companies with durable competitive advantages, conservative balance sheets and consistent free cash flow.
• Global diversification - blend of UK, US and developed international equity income exposures to spread risk and capture opportunities.
• Active oversight - regular portfolio rebalancing and rigorous stock selection to protect and grow income streams across cycles.

• Income resilience - by selecting cash-generative businesses, SAIN.L aims to sustain and grow distributions through cycles rather than chase transitory high yields.
• Inflation protection - focus on companies with pricing power and balance-sheet strength to preserve real dividend value.
• Capital growth complement - income growth is pursued alongside capital appreciation to enhance total return for long-term shareholders.

• Board oversight ensures the dividend policy is sustainable and consistent with capital preservation objectives.
• Remuneration and stewardship policies align manager incentives with long-term income and NAV growth.
• Regular reporting and transparency help shareholders assess progress against the mission and dividend-growth objective.

The Scottish American Investment Company P.L.C. (SAIN.L) - Mission Statement

• Preserve and grow shareholder capital through a concentrated portfolio of high-quality quoted equities.
• Combine fundamental bottom-up stock selection with active portfolio management to exploit market inefficiencies.
• Balance income generation with capital appreciation, supporting a progressive dividend policy consistent with long-term results.
• Maintain rigorous governance, transparency, and alignment with investor interests.

• Strategic adaptation - refine portfolio construction and risk frameworks to reflect macro shifts and sector rotations while retaining a value-oriented, long-horizon approach.
• Sustainable growth - target returns that compound above inflation through active selection of resilient, cash-generative businesses.
• Cultural continuity - preserve the trust's investment principles, governance standards, and commitment to shareholders even as execution and tools evolve.
• Continuous improvement - integrate data, evidence-based research, and ESG considerations to enhance decision quality and long-term resilience.

The Scottish American Investment Company P.L.C. (SAIN.L) - Vision Statement

• Resilience: prioritize resilient business models and diversified earnings to withstand market cycles.
• Discipline: rigorous research, valuation discipline and risk controls to protect capital and enhance long-term returns.
• Quality first: invest in companies with durable competitive advantages, strong cash generation and prudent balance sheets.
• Dividend-focused growth: target long-term dividend growth rather than maximizing short-term yield, supporting sustainable income for investors.
• Adaptability: maintain core principles while adjusting sector and stock exposures to reflect structural changes in the global economy.
• Continuous improvement: systematic review of processes, environmental, social and governance (ESG) considerations and portfolio construction methods.

• Concentrated but diversified core holdings: focus on high-conviction, quality companies while limiting idiosyncratic risk through position sizing.
• Income-first capital allocation: preference for companies with predictable cashflows and capacity to grow dividends.
• Dynamic sector tilt: rotate exposures to reflect secular trends (technology, healthcare, consumer staples) while retaining defensive allocations for downside protection.
• Risk management: use of cash buffers, careful leverage policy and ongoing stress-testing to preserve capital in adverse markets.