I recently took my Mayday holidays in the delightful corner of Perthshire that lies alongside Dundee. Now Dundee is famous for marmalade, industrial strikes and a giant investment trust called Alliance Trust.  

The Trust enjoys both a distinguished history – since 1888 - and many shareholders from the local area.  Alliance Trust AGM's tend to be well attended, not least by the offer of free drinks and sandwiches, for those who can say,   Eam fae Dundee

The chairman Gregor Stewart is not a man known for his love of irony.  The Dundee based Courier reported that he stood up to say how very proud he was that in a challenging year, the company had outperformed its peers.  

“The company’s net asset total return for the year was minus 7.1% and its total shareholder return was minus 5.8%.  The average total shareholder return of the peer group was minus 23.2% and our benchmark index returned minus 8.1%.  It is pleasing to report that this outperformance has continued into 2023.”