The Trust’s Total Shareholder Return for 2019 was 24.3% (2018: -6.1%) and the Trust’s Net Asset Value (NAV) Total Return1 was 23.1% (2018: - 5.4%) versus 21.7% (2018: -3.3%) for its benchmark, the MSCI All Country World Index (MSCI ACWI).

Since the appointment of Willis Towers Watson (WTW) as the Trust’s Investment Manager in April 2017, the Total Shareholder Return was 28.9% and the Trust’s NAV Total Return was 27.1%, outperforming the MSCI ACWI which returned 25.5%.

The Trust’s Equity Portfolio Total Return, before fees, since the appointment of WTW was 29.2%, 3.7% ahead of the MSCI ACWI. This is an approximation of what the Trust’s NAV Total Return would have been between the appointment of WTW and 31 December 2019 had the Trust not held the non-core investments and subsidiaries which have now been sold.

The results have also highlighted that Ongoing Charges Ratio (OCR)1 for 2019 was 0.64%, down from 0.65% in 2018.

The year began with the Trust’s shares trading at a discount of 4.9% and ended 2019 at a discount of 4.1%. The Trust bought back 4.6m shares in 2019 compared to 14.0m in 2018.

Alliance Trust also raised its total ordinary dividend for 2019 by 3.0% to 13.96p, marking the 53rd consecutive annual increase.

Gregor Stewart, chairman of Alliance Trust PLC, said: “I am pleased to report that 2019 was a good year for the Trust; it outperformed its benchmark and many of our peers, despite political and macroeconomic headwinds. We have increased the dividend for the 53rd consecutive year, raising it by 3.0%. In 2019, our Total Shareholder Return was 24.3% and our NAV Total Return was 23.1%, versus 21.7% for our benchmark, the MSCI ACWI and a median return of 22.4% for our peers.

“Our investment strategy has also performed well since WTW was appointed in April 2017, delivering a Total Shareholder Return of 28.9% and a NAV Total Return of 27.1% versus 25.5% for the MSCI ACWI.

“During 2019, we completed the simplification of the Trust by selling our subsidiary, Alliance Trust Savings, and virtually all our remaining non-core assets. As a result, we are now fully focused on global equities, something the Board has been working towards for the last four years.

“We expect the Trust’s new streamlined structure to lead to continued improvement in returns to shareholders, making us an attractive core holding for generations of investors for many years to come.”