Alliance Trust has completed the restructuring of its £2.5 billion portfolio and now holds just 100 stocks, half the number it held earlier this year.
For the first time since the mid-1980s, the biggest holding in the Dundee-based trust, which dates back to 1888, is an overseas company, Pfizer.
The Swiss pharmaceutical giant now accounts for 2.6% of total assets, just ahead of Royal Dutch Shell, which was at 2.4% at the end of October.
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