Trains and tea: The stocks which powered the Scottish IT... in 1888

Investments in railway bonds and tea companies were just two of the many positions established by the Scottish investment trust company in the first year of its existence.

Incorporated in Edinburgh on 21 July 1887, the trust celebrates its 125th birthday this month, and has retained its focus on global equities since launch. A copy of the trust's first annual report, seen by Investment Week, details more than 200 equity and fixed income securities held in its portfolio as of 2 November 1888. Here Investment Week outlines the sectors and investments which dominated the company's asset allocation process over a century ago. Foreign bonds The company invested in foreign bonds across a variety of countries, but none of those which today boast a AAA o...