Scottish American Investment P L C : SAINTS Valuation - 28 February 2023

The Scottish American Investment Company P.L.C.

01

Valuation as at 28 February 2023

Asset Name	ISIN Number	Holding	Market Value	% Total Assets
			(GBP)
Listed Equities
Admiral Group	GB00B02J6398	611,952	13,469,064	1.4
AJ Gallagher & Co	US3635761097	85,971	13,303,438	1.4
Albemarle	US0126531013	87,560	18,400,148	1.9
Amadeus IT Group SA	ES0109067019	165,489	8,596,643	0.9
Analog Devices	US0326541051	146,414	22,180,091	2.3
ANTA Sports Products	KYG040111059	1,717,260	18,685,119	1.9
Apple	US0378331005	171,532	20,883,081	2.1
Assura Group	GB00BVGBWW93	5,106,403	2,614,478	0.3
Atlas Copco A	SE0017486889	1,992,363	19,719,507	2.0
AVI	ZAE000049433	1,947,253	6,669,887	0.7
B3 S.A.	BRB3SAACNOR6	6,065,300	10,114,511	1.0
BBGI	LU0686550053	1,710,376	2,616,875	0.3
Carsales.com	AU000000CAR3	1,300,393	16,427,847	1.7
Cisco Systems	US17275R1023	272,575	10,894,895	1.1
Coca Cola	US1912161007	390,226	19,175,273	2.0
Cognex Corp	US1924221039	212,200	8,306,412	0.9
Cullen/Frost Bankers	US2298991090	93,999	10,233,402	1.0
Deutsche Boerse	DE0005810055	145,769	21,063,113	2.2
Dolby Laboratories	US25659T1079	127,389	8,656,749	0.9
Edenred	FR0010908533	335,589	15,668,953	1.6
Experian	GB00B19NLV48	606,367	17,008,594	1.7
Fastenal	US3119001044	650,205	27,680,639	2.8
Fevertree Drinks	GB00BRJ9BJ26	549,519	5,846,882	0.6
Greencoat UK Wind	GB00B8SC6K54	6,815,493	10,570,830	1.1
GSK PLC	GB00BN7SWP63	362,407	5,164,300	0.5
Hargreaves Lansdown	GB00B1VZ0M25	562,264	4,663,418	0.5
Hong Kong Exchanges & Clearing	HK0388045442	289,500	9,583,995	1.0
Intuit	US4612021034	35,730	12,012,705	1.2
Jiangsu Expressway Co 'H'	CNE1000003J5	4,172,000	3,292,644	0.3
Kering	FR0000121485	20,926	10,171,992	1.0
Kuehne & Nagel	CH0025238863	44,384	9,422,848	1.0
L'Oreal	FR0000120321	39,376	12,935,044	1.3
Man Wah Holdings Ltd	BMG5800U1071	11,934,800	10,059,744	1.0
McDonald's	US5801351017	61,464	13,391,958	1.4
Medtronic	IE00BTN1Y115	129,734	8,869,684	0.9
Microsoft	US5949181045	131,026	26,990,934	2.8
Midea Group 'A' - Stock Connect	CNE100001QQ5	1,354,016	8,454,995	0.9
Nestle	CH0038863350	194,187	18,154,012	1.9
NetEase HK Line	KYG6427A1022	721,100	9,189,226	0.9
Novo Nordisk	DK0060534915	339,301	39,895,213	4.1

Partners Group	CH0024608827	21,764	17,139,606	1.8

The Scottish American Investment Company P.L.C.

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Pepsico	US7134481081	178,601	25,595,567	2.6
Pernod Ricard SA	FR0000120693	49,801	8,622,634	0.9
Procter & Gamble	US7427181091	234,752	26,660,102	2.7
Rio Tinto	GB0007188757	166,017	9,481,231	1.0
Roche	CH0012032048	90,238	21,611,154	2.2
SAP	DE0007164600	87,029	8,192,489	0.8
Schneider Electric SE	FR0000121972	149,999	19,985,851	2.0
Silicon Motion Technology ADR	US82706C1080	80,234	4,450,928	0.5
Sonic Healthcare	AU000000SHL7	1,195,026	21,440,309	2.2
Starbucks Corp	US8552441094	125,893	10,615,089	1.1
T. Rowe Price	US74144T1088	81,252	7,532,245	0.8
TCI Co	TW0008436007	1,438,000	8,283,882	0.8
Terna	IT0003242622	918,324	5,718,056	0.6
TSMC	TW0002330008	1,875,000	25,973,964	2.7
United Overseas Bank	SG1M31001969	706,200	12,964,874	1.3
UPS	US9113121068	173,435	26,107,293	2.7
USS Co	JP3944130008	531,400	7,118,258	0.7
Valmet Oyj	FI4000074984	356,016	9,727,247	1.0
Want Want China	KYG9431R1039	12,580,000	6,539,535	0.7
Watsco Inc	US9426222009	114,120	28,722,062	2.9
Wolters Kluwer NV	NL0000395903	172,894	16,576,802	1.7
Total Listed Equities			860,098,321	88.1
Listed Fixed Interest
Brazil 7.125% 20/01/2037 (USD)	US105756BK57	2,188,000	1,901,298	0.2
Brazil CPI Linked 6% 15/05/2045	BRSTNCNTB0A6	7,970	4,825,657	0.5
Catalent 5% 2027	US14879EAE86	4,111,000	3,273,010	0.3
Dominican Republic 5.875% 30/01/2060 (USD)	USP3579ECG00	2,715,000	1,680,371	0.2
Dominican Republic 9.75% 05/06/2026	USP3579ECD78	54,450,000	790,135	0.1
First Quantum Minerals 6.875% 2026 (144A)	US335934AR67	2,463,000	1,940,992	0.2
First Quantum Minerals L 7.5% 2025	US335934AL97	2,389,000	1,915,107	0.2
Indonesia 7.375% 15/05/2048	IDG000012501	38,402,000,00	2,132,634	0.2
Indonesia 9% 15/03/2029	IDG000011107	56,164,000,00	3,396,778	0.3
Ivory Coast 6.625% 2048 (EUR)	XS1796266754	2,063,000	1,255,276	0.1
MercadoLibre 3.125% 2031	US58733RAF91	1,462,000	925,104	0.1
Mexico 5.75% 12/10/2110 (USD)	US91086QAZ19	2,268,000	1,648,697	0.2
Mexico IL 4% 15/11/2040	MX0SGO000098	90,007	2,957,286	0.3
Netflix 5.375% 2029	US64110LAU08	7,114,000	5,782,819	0.6
PaymentSense 8% 2025	XS2010029408	2,900,000	2,661,617	0.3
Peru 6.15% 12/08/2032	PEP01000C5E9	10,000	1,903,323	0.2
Tesco 6.15% 2037	US881575AC87	3,728,000	2,960,013	0.3
Total Listed Fixed Interest			41,950,117	4.3

Property

The Scottish American Investment Company P.L.C.

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Comet Way, Southend-on-Sea	N/A	1	9,400,000	1.0
Heron Gate, Taunton	N/A	1	4,400,000	0.5
Kenilworth Spring	N/A	1	5,000,000	0.5
Normandy Lane, Biggleswade, Bedfordshire	N/A	1	6,500,000	0.7
Parc Cybi, Holyhead	N/A	1	6,900,000	0.7
Pound Hill, Crawley	N/A	1	3,300,000	0.3
Romney Sands, Kent	N/A	1	19,250,000	2.0
The Bull, Sevenoaks	N/A	1	1,750,000	0.2
The George Inn, Earley	N/A	1	2,700,000	0.3
The Parade, Pagham	N/A	1	1,150,000	0.1
The William Morgan, High Street, Prestatyn	N/A	1	1,100,000	0.1
Vale Street, Denbigh	N/A	1	5,300,000	0.5
Total Property			66,750,000	6.9
Total Net Liquid Assets			7,142,059	0.7
Total Assets			975,940,497	100.0

Additional information on asset allocation, including effective exposures to markets after taking into account the exposure of derivative positions, is included within the Company's monthly factsheet.