Scottish Investment Trust feels like one of those Edinburgh-based institutions that are as old as the castle, and as unchanging. Sleepy and unexciting, they plod on, but at least have the great virtue of avoiding serious wealth-destroying mistakes. Over ten years, SIT has turned £1,000 into £1,830, placing it 20th out of 36 UK-listed global investment trusts.
The results for the year to October show no sign of any pick-up in this pedestrian performance. It produced a total return of 3.7 per cent. Over the same period, world share markets produced 4.2 per cent.
There were some investment coups. Pandora, the Danish-based jewellery chain, benefited from a restructuring and strong demand for its charm bracelets. United Health was boosted by healthcare insurance consolidation in the