Scottish American Investment P L C : SAINTS Valuation - 31 March 2023

The Scottish American Investment Company P.L.C.

01

Valuation as at 31 March 2023

Asset Name	ISIN Number	Holding	Market Value	% Total Assets
			(GBP)
Equities
Admiral Group	GB00B02J6398	624,685	12,731,080	1.3
AJ Gallagher & Co	US3635761097	85,971	13,292,148	1.3
Albemarle	US0126531013	87,560	15,652,381	1.6
Amadeus IT Group SA	ES0109067019	165,489	8,951,325	0.9
Analog Devices	US0326541051	146,414	23,353,770	2.3
ANTA Sports Products	KYG040111059	1,717,260	20,169,651	2.0
Apple	US0378331005	171,532	22,865,384	2.3
Assura Group	GB00BVGBWW93	5,106,403	2,493,967	0.3
Atlas Copco A	SE0017486889	1,992,363	20,499,439	2.1
AVI	ZAE000049433	2,048,104	6,553,858	0.7
B3 S.A.	BRB3SAACNOR6	6,405,800	10,575,686	1.1
BBGI	LU0686550053	1,710,376	2,579,247	0.3
Carsales.com	AU000000CAR3	1,300,393	15,587,952	1.6
Cisco Systems	US17275R1023	281,930	11,918,380	1.2
Coca Cola	US1912161007	392,900	19,707,759	2.0
Cognex Corp	US1924221039	212,200	8,498,640	0.9
Coloplast AS	DK0060448595	111,391	11,851,504	1.2
Deutsche Boerse	DE0005810055	145,769	23,028,966	2.3
Dolby Laboratories	US25659T1079	127,389	8,792,412	0.9
Edenred	FR0010908533	335,589	16,082,088	1.6
Experian	GB00B19NLV48	606,367	16,129,362	1.6
Fastenal	US3119001044	642,349	28,012,017	2.8
Fevertree Drinks	GB00BRJ9BJ26	549,519	7,055,824	0.7
Greencoat UK Wind	GB00B8SC6K54	7,020,398	10,986,923	1.1
GSK PLC	GB00BN7SWP63	383,648	5,482,330	0.6
Hargreaves Lansdown	GB00B1VZ0M25	637,532	5,095,156	0.5
Hong Kong Exchanges & Clearing	HK0388045442	289,500	10,385,677	1.0
Intuit	US4612021034	35,730	12,877,769	1.3
Jiangsu Expressway Co 'H'	CNE1000003J5	4,172,000	3,146,392	0.3
Kering	FR0000121485	20,926	11,032,071	1.1
Kuehne & Nagel	CH0025238863	47,379	11,404,852	1.1
L'Oreal	FR0000120321	39,376	14,228,433	1.4
Man Wah Holdings Ltd	BMG5800U1071	12,660,000	8,439,087	0.8
McDonald's	US5801351017	61,464	13,894,955	1.4
Medtronic	IE00BTN1Y115	133,759	8,712,807	0.9
Microsoft	US5949181045	131,026	30,542,532	3.1
Midea Group 'A' - Stock Connect	CNE100001QQ5	1,218,516	7,716,919	0.8
Nestle	CH0038863350	194,187	19,158,248	1.9
NetEase HK Line	KYG6427A1022	721,100	10,252,554	1.0
Novo Nordisk	DK0060534915	337,109	43,231,134	4.3

Partners Group	CH0024608827	22,170	16,816,658	1.7

The Scottish American Investment Company P.L.C.

02

Asset Name	ISIN Number	Holding	Market Value	% Total Assets
			(GBP)
Pepsico	US7134481081	178,601	26,323,949	2.6
Pernod Ricard SA	FR0000120693	49,801	9,132,298	0.9
Procter & Gamble	US7427181091	232,508	27,941,578	2.8
Rio Tinto	GB0007188757	173,847	9,521,600	1.0
Roche	CH0012032048	91,378	21,106,211	2.1
SAP	DE0007164600	87,029	8,882,601	0.9
Schneider Electric SE	FR0000121972	149,999	20,196,685	2.0
Sonic Healthcare	AU000000SHL7	1,208,876	22,813,552	2.3
Starbucks Corp	US8552441094	125,893	10,602,320	1.1
T. Rowe Price	US74144T1088	85,266	7,782,863	0.8
TCI Co	TW0008436007	1,491,000	8,000,202	0.8
Terna	IT0003242622	918,324	6,103,333	0.6
TSMC	TW0002330008	1,875,000	26,546,081	2.7
United Overseas Bank	SG1M31001969	706,200	12,784,155	1.3
UPS	US9113121068	174,641	27,392,839	2.8
USS Co	JP3944130008	531,400	7,411,094	0.7
Valmet Oyj	FI4000074984	365,363	9,589,133	1.0
Want Want China	KYG9431R1039	13,227,000	6,881,929	0.7
Watsco Inc	US9426222009	114,163	29,356,728	2.9
Wolters Kluwer NV	NL0000395903	172,894	17,675,263	1.8
Total Equities			885,831,751	89.0
Fixed Interest
Brazil 7.125% 20/01/2037 (USD)	US105756BK57	2,188,000	1,916,853	0.2
Brazil CPI Linked 6% 15/05/2045	BRSTNCNTB0A6	7,970	5,027,422	0.5
Catalent 5% 2027	US14879EAE86	1,297,000	1,024,367	0.1
Dominican Republic 5.875% 30/01/2060 (USD)	USP3579ECG00	2,715,000	1,674,364	0.2
Dominican Republic 9.75% 05/06/2026	USP3579ECD78	54,450,000	786,238	0.1
First Quantum Minerals 6.875% 2026 (144A)	US335934AR67	2,463,000	1,932,158	0.2
First Quantum Minerals L 7.5% 2025	US335934AL97	2,389,000	1,930,560	0.2
Indonesia 7.375% 15/05/2048	IDG000012501 38,402,000,00	2,126,822	0.2
		0
Indonesia 9% 15/03/2029	IDG000011107 56,164,000,00	3,390,448	0.3
		0
Ivory Coast 6.625% 2048 (EUR)	XS1796266754	2,063,000	1,250,742	0.1
MercadoLibre 3.125% 2031	US58733RAF91	1,462,000	912,633	0.1
Mexico 5.75% 12/10/2110 (USD)	US91086QAZ19	2,268,000	1,638,954	0.2
Mexico IL 4% 15/11/2040	MX0SGO000098	90,007	3,032,317	0.3
Netflix 5.375% 2029	US64110LAU08	7,114,000	5,852,444	0.6
Peru 6.15% 12/08/2032	PEP01000C5E9	10,000	1,962,823	0.2
Tesco 6.15% 2037	US881575AC87	3,728,000	3,076,847	0.3
Total Fixed Interest			37,535,992	3.7

The Scottish American Investment Company P.L.C.

03

Asset Name	ISIN Number	Holding	Market Value	% Total Assets
			(GBP)
Property
Christchurch Rd, Ringwood			8,650,000	0.9
Comet Way, Southend-on-Sea			9,400,000	0.9
Heron Gate, Taunton			4,400,000	0.4
Kenilworth Spring			5,000,000	0.5
Normandy Lane, Biggleswade, Bedfordshire			6,500,000	0.7
Parc Cybi, Holyhead			6,900,000	0.7
Pound Hill, Crawley			3,300,000	0.3
Romney Sands, Kent			19,250,000	1.9
The Bull, Sevenoaks			1,750,000	0.2
The George Inn, Earley			2,700,000	0.3
The Parade, Pagham			1,150,000	0.1
The William Morgan, High Street, Prestatyn			1,100,000	0.1
Vale Street, Denbigh			5,300,000	0.5
Total Property			75,400,000	7.6
Net Liquid Assets
			-3,431,095	-0.3
Total Net Liquid Assets			-3,431,095	-0.3
Assets
			995,336,648	100.0
Total Assets			995,336,648	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.