SCOTTISH Investment Trust returned over 28% in the year to October 31, outpacing both UK and world indices.

The £650m trust independently managed in Edinburgh has reported a 28.2% net asset value total return against 24.3% for the all-world index and 22.8% for the all-share.

The company's global equity portfolio achieved a total return of 25.4%, outperforming global equities for a third consecutive year, and is now ahead of the global index over one, two, three, five and 10 years.

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It had only 12% of its portfolio in common with the global index (down from 15%) at the year end. SIT plans to lift the dividend by 3.1% to 11.6p along with a special dividend of 1.8p, the 30th consecutive annual dividend increase. The trust holds £100m in reserve for "major buying opportunities".