Saints rides Brexit wave but wary of uncertain future

The performance was just ahead of a total return of 29.6 per cent for the global equity market.

The £516 million investment trust raised its total dividend for 2016 by 1.2 per cent to 10.825p-a-share, with a final payout of 2.725p.

Saints said returns were boosted by the pound’s fall in the wake of the Brexit vote, which has increased the sterling value of overseas-listed equities.

However, the trust, which at December 31 had largest single holding as a £12.6m stake in soft drinks giant Coca-Cola, cautioned that Brexit uncertainty was likely to come at a cost in the longer term, although it was too early to know the “full economic consequences” of last June’s leave vote.

Saints chairman Peter Moon said: “To say that it has been an eventful year for investment markets is something of an understatement.

“Looking back over the year of the Brexit vote and of the Republican victory in the US presidential elections, it is striking not just that both of these events were largely unpredicted but also that even those who did predict them generally misjudged the short-term impact on markets.”

Mr Moon added: “The longer-term implications of both Brexit and President Trump’s victory will take a while to emerge. The board and the managers are alert to the potential challenges and opportunities arising from the UK electorate’s vote to leave the European Union. It is worth emphasising the international nature of the company’s investments, including many of those listed in the UK.”