Scottish American looks to UK

Patrick Edwardson, the manager of the £393m Scottish American investment trust, has increased his UK exposure to a quarter of the portfolio, at the expense of overseas holdings.

The trust, which is run by Baillie Gifford, formerly had 7% in the UK and around 30% in international holdings, but now it has 24% in UK equities, 10% in Europe, 13% in North America and 18% in Asia Pacific. “There has been a big shift for us over the last few years in the equity portfolio,” Edwardson said. “You can get the best range of opportunities if you set your stage as the whole world.” Recent additions to the portfolio include Brazilian oil exploration company OGX, Swiss pharma giant Roche, and fast food retailer McDonald’s. Edwardson says the latter stock is making a push ...