Over the year ended 31 December 2013 Alliance Trust generated a total net asset value return of 18.4%. The total return to shareholders was 22.7% as the discount narrowed. Their equity portfolio outperformed the MSCI All Country World Index and Alliance Trust Savings made a profit for the first time in eight years as assets under management exceeded £5bn for the first time. The dividend rose by 12.5%.
Katharine Garrett Cox’s statement says they are establishing additional English companies in case Scotland votes for independence without really explaining why this is necessary. The ongoing charges ratio crept up a little to 0.75% which is 50% higher than Scottish Mortgage but inline with Witan.