Scottish Investment Trust

The Scottish Investment Trust merged into JPMorgan Global Growth & Income plc (JGGI) in July 2022. The combination was approved by shareholders of both trusts. SIT's assets were absorbed, and the continuing entity trades under the JPMorgan Global Growth & Income name and ticker, managed by J.P. Morgan Asset Management.

SIT pursued a global contrarian value strategy that was deliberately benchmark-agnostic. The management team, led by Alasdair McKinnon, sought deeply out-of-favor equities. Unusually for an equity-focused investment trust, the portfolio included private equity holdings and a permanent allocation to gold and gold-mining shares, which was held as portfolio insurance rather than a speculative position.

Unlike most UK investment trusts that pay an external management fee to an asset manager, SIT was self-managed. It employed its own investment team directly, a structure that dates to its 19th-century founding. This internalised model eliminated the external management layer and typically resulted in a lower ongoing charges ratio than externally managed peers, directly benefiting shareholders.

Lead Manager and CEO Alasdair McKinnon was the primary decision-maker on SIT's portfolio until the 2022 merger. He was supported by an internal investment team based in Edinburgh. The board, chaired by James Will at the time of the merger, provided oversight typical of a UK-listed investment trust.

No. The Scottish Investment Trust was delisted and its listing cancelled following the completion of its merger with JPMorgan Global Growth & Income plc in July 2022. Former SIT shareholders received shares in JGGI, which remains listed on the London Stock Exchange.