Cumulative performance since inception*
As at 30 September 2025
WS Equities Net
MSCI NDR
*Performance inception date 31 December 2006. The Walter Scott US composite consisted of a single US equity portfolio from 28 February 2000 until 30 November 2003 and from 31 December 2006 has consisted of one or more US equity portfolios.
Annualised performance
| Returns in US dollars (%) as of 30 September 2025 | 1 year | 3 years | 5 years | 10 years | 15 years |
|---|---|---|---|---|---|
| Walter Scott US Equities composite, net | 7.5 | 16.9 | 10.4 | 12.5 | 11.9 |
| MSCI USA (ndr) | 17.7 | 24.6 | 15.7 | 14.7 | 14.0 |
Calendar year performance
| Returns in US dollars (%) as of 30 September 2025 | YTD | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Walter Scott US Equities composite, gross | 7.0 | 16.1 | 18.8 | -20.2 | 25.6 | 19.1 | 30.0 | 0.2 | 27.4 | 11.5 | -0.4 |
| Walter Scott US Equities composite, net | 6.5 | 15.3 | 18.0 | -20.7 | 24.8 | 18.3 | 29.1 | -0.5 | 26.6 | 10.8 | -1.0 |
| MSCI USA (ndr) | 14.6 | 24.6 | 26.5 | -19.8 | 26.5 | 20.7 | 30.9 | -5.0 | 21.2 | 10.9 | 0.7 |
| Excess returns (net vs index) | -8.1 | -9.3 | -8.5 | -0.9 | -1.6 | -2.4 | -1.7 | 4.6 | 5.4 | -0.1 | -1.7 |
Past performance is not a guide to future performance and returns may also increase or decrease as a result of currency fluctuations.
Source: Walter Scott (Strategy), MSCI (Index). Gross performance returns do not reflect the deduction of investment advisory fees which if applied would reduce returns but they do reflect the reinvestment of dividends and/or other earnings. Net performance returns reflect the deduction of a model management fee of 0.66% per annum and the reinvestment of dividends and/or other earnings. Please note that the maximum management fee rate payable is 0.50% per Part II of Form ADV for Walter Scott.
MSCI USA is used as a comparative index for this strategy for illustrative purposes. The strategy does not aim to replicate the composition or performance of the comparative index. Walter Scott claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organisation, nor does it warrant the accuracy or quality of the content contained herein.
Strategy overview
US$71.3bn
Firmwide AUM
US$0.3bn
US Equity Strategy AUM
Composite inception date: 28 February 2000 The Walter Scott US composite consisted of a single US equity portfolio from 28 February 2000 until 30 November 2003 and from 31 December 2006 has consisted of one or more US equity portfolios.
The US Equity Strategy aims to provide investors with a favourable real rate of return over the long term by investing in a portfolio of leading companies located in the US. Stocks are selected through bottom-up, in-house company analysis.
The portfolio will typically consist of 40-60 world-class companies we consider capable of generating superior real returns over the long term. These will be companies which we believe demonstrate high levels of sustainable growth and profitability, alongside strong balance sheets.
Our unconstrained approach typically leads to portfolios that bear little or no resemblance to any stock market index.
Portfolio characteristics
| Characteristic | Portfolio |
|---|---|
| Number of Securities | 43 |
| Operating Margin | 19.4% |
| ROE | 34.3% |
| Net Debt to Equity* | 50% |
| P/E Ratio (LTM) | 32.9x |
| Dividend Yield** | 0.7% |
| Active Share | 82% |
| Portfolio Turnover (Typical Annual Range)† | 5%-15% |
Top 10 stocks
| Stock | % of portfolio |
|---|---|
| Amphenol | 4.73 |
| O’Reilly Automotive | 4.52 |
| Microsoft Corporation | 4.40 |
| Amazon | 4.14 |
| Booking Holdings | 3.33 |
| Fastenal | 3.19 |
| Mastercard | 3.18 |
| TJX Companies | 3.08 |
| Fortinet | 2.94 |
| Eli Lilly | 2.88 |
Source: Walter Scott, FactSet & MSCI. Portfolio characteristics are subject to change and are based on a Walter Scott USA Equity representative portfolio as at 30/09/25. *Net debt to equity figure excludes securities from the financial sector. **Gross of fees. †Based on the last 10 calendar years of representative portfolio turnover.
This information should not be considered a recommendation to purchase or sell any security. The data shown should not be relied upon as a complete listing of the strategy’s holdings as information on particular holdings may be withheld. There is no assurance that any securities shown will remain in a portfolio at the time you read this webpage or that securities sold have not been repurchased. It should not be assumed that the holdings listed were or will prove to be profitable or that the investment decisions Walter Scott makes in the future will be profitable or will equal the investment performance illustrated.
Sector
| Healthcare | 22.6% | 22.6 |
| Information technology | 21.3% | 21.3 |
| Consumer discretionary | 21.2% | 21.2 |
| Industrials | 17.5% | 17.5 |
| Financials | 9.0% | 9.0 |
| Materials | 2.5% | 2.5 |
| Communication services | 2.3% | 2.3 |
| Consumer staples | 1.5% | 1.5 |
| Energy | 1.0% | 1.0 |
| Liquidity | 1.2% | 1.2 |
Source: Walter Scott, US Equity representative portfolio as at 30/09/25 used to demonstrate top 10 stocks and sector information. The representative portfolio adheres to the same investment approach as the Walter Scott US Equity Strategy. All holdings are subject to change. Information is historical and may not reflect current or future portfolios. Percentages may not add up to 100% owing to rounding.
Investment approach
Company focus
Unconstrained, rigorous in-house company research is based on our consistently applied philosophy and process. We only select those businesses which meet our stringent investment criteria, regardless of their geography or industry.
Team approach
We invest as a team. Our long-tenured, experienced investment team challenges and debates all proposals.
Investment horizon
We invest for the long term in order to exploit the power of compound growth. Our research process is designed to identify well-managed, enduring and resilient companies, taking all relevant factors into account.
Important information
Firm definition
Walter Scott & Partners Limited (“Walter Scott”) is an investment management firm authorised and regulated in the United Kingdom by the Financial Conduct Authority in the conduct of investment business. Walter Scott is a non-bank subsidiary 100% owned by The Bank of New York Mellon Corporation. All operations are based in Edinburgh, Scotland, with a client service presence in the United States. Walter Scott is responsible for portfolios managed on behalf of pension plans, endowments and similar institutional investors.
Explanatory notes
To receive a list of composite descriptions of Walter Scott and/or GIPS® reports, please email clientservice@walterscott.com or contact the Client Management team using the telephone number or address shown at the end of this document.
Composite description
This includes all US portfolios. Portfolios within the composite typically hold 40 to 60 stocks.
Fees
Net of management fee composite returns are calculated by deducting a model fee from the gross return. Actual management fees may differ from the model fees used and performance-based fees may result in higher fees than model fees applied. The model fee rate is higher than the 10-year average actual composite fee rate as at 31 December 2024. The model rate deducted is equivalent to the highest fee rate that would be charged to the intended audience. For further details of fee rates see Part II of Form ADV.
Portfolio characteristics definitions
Portfolio turnover is calculated based on purchases and sales arising from investment decisions (i.e. excluding investment activity due to cash flows), relative to the average portfolio market value (calculated using month-end values) over the reporting period. The calculation is performed monthly, and longer-term figures are derived by aggregating the monthly results. The typical annual range is based on the last 10 calendar years of representative portfolio turnover. Prior to 2023, portfolio turnover was calculated based on all purchases and sales, less inflows and outflows, relative to the portfolio average market value over the reporting period. Please contact us on clientservice@walterscott.com for further information on the methodologies used in the calculation of the portfolio characteristics shown.
Benchmark definition
MSCI USA: a US equity benchmark that represents large and mid-cap equity performance. It is not directly exposed to emerging markets. Further information can be found at www.msci.com.
Key investment risks
Equities are subject to market, market sector, market liquidity, issuer, and investment style risks, to varying degrees. Small and midsized company stocks tend to be more volatile and less liquid than larger company stocks as these companies are less established and have more volatile earnings histories. Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries.
Investment return and principal value of an investment will fluctuate, so that when an investment is sold, the amount returned may be less than that originally invested.
Contact
Telephone
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