Securities Trust of Scotland (STS) seeks a combination of rising income and long-term capital growth from a concentrated (currently 46 stocks) global portfolio of mainly larger companies. Stocks are chosen for attributes including yield and dividend growth, financial strength and valuation. A new policy to enhance the yield, together with the potential for better underlying performance, could see the shares re-rate to a level closer to peers. The shares had moved to a discount to NAV following a spell of lacklustre performance versus the MSCI World High Dividend Yield Index benchmark in 2014, driven by a combination of geopolitical factors and lack of exposure to some large constituents that performed well.