About the Trust

About the Trust

ScotGems plc (“the Company”) is an investment trust, investing in small cap companies globally. The Company’s objective is to provide long-term capital growth by investing in a diversified portfolio of small cap companies listed on global stock markets across a range of sectors.

Small cap companies are defined as those with a market capitalisation of less than USD 2.5 billion at the time of investment.  

The Company may only invest in smaller unlisted companies where it is reasonably expected that such companies will be listed within 12 months from the time of investment.   

The portfolio will typically range between 20 and 30 holdings in normal market circumstances. 

The Board of ScotGems plc believes that a positive long-term investment opportunity exists through identifying promising small cap companies across the world, controlled and run by responsible stewards and effective management.  


Investment Manager

The Company’s Investment Manager is Stewart Investors.

Stewart Investors manages portfolios on behalf of clients in Asia Pacific, Emerging Market, Frontier, Latin American, Worldwide and Sustainable equity investment strategies.

Primarily based in Edinburgh, with offices in London, Singapore and Sydney, Stewart Investors has a distinct culture and investment philosophy which is unchanged in more than two decades, since the launch of the first investment strategy in 1988.

The incentive scheme at Stewart Investors sees portfolio managers and analysts invest alongside clients in the funds they run for them.

History of Stewart Investors

Stewart Investors, which is a trading name for First State Investments International Limited, is the Company’s investment manager and is a wholly owned subsidiary of Commonwealth Bank of Australia. Based in Edinburgh with offices in London, Singapore and Sydney, the current team at Stewart Investors traces its origins to the establishment of an Asia Pacific (ex-Japan) desk at Stewart Ivory in 1988; this team has grown considerably since, expanding its coverage to Global Emerging Market, Small Cap, Sustainability and Worldwide long-only equity strategies. Stewart Investors currently has over £20 billion of assets under management.

Investment Philosophy

The principle of stewardship is central to Stewart Investors’ investment philosophy.

The investment style is inherently conservative, focusing on the potential downside as well as on the upside of any investment. Capital preservation is deemed to be as important as capital growth.

The focus on stewardship is particularly appropriate when investing in smaller companies with restricted public coverage, limited liquidity and, sometimes, relatively short performance records.

Each investment opportunity is evaluated in line with the following:


At the heart of our investment approach is the concept of stewardship. We believe our job is to allocate our clients’ capital to good quality companies with sound growth prospects and strong management teams, ensuring we pay sensible prices for these investments. Each investment is a decision to purchase, on behalf of our clients, not a piece of paper or an electronic ticker, but part of a real business with all the rights and responsibilities that go with this. We take these rights and responsibilities seriously. We also believe the way we behave as investment professionals and the role we play in the broader industry are important in this regard. 


We define risk as the risk of losing our clients’ money, rather than in terms of deviation from any benchmark index. We focus as much on the potential downside of each investment decision as on the anticipated upside.  


We make investment decisions with a long-term horizon and are incentivised accordingly. 


We invest in companies, not sectors or countries. Our starting point is always to find good quality companies. Only then do we consider the political and economic environment in which they operate.


We emphasise management integrity, corporate governance and the historic ability to develop and execute successful long-term strategies. The strength of the business franchise and approach to financial risk are also deemed critical. 


Our preference is to invest in companies able to generate a steady, predictable growth in cashflows over the long-term, recognising that companies growing too fast usually come unstuck. 


We strive to ensure we pay sensible prices for our investments. We believe every company of sufficient quality has a fair value and that there is no single catch-all valuation methodology to assess this fair value. 


Portfolio Manager

The Portfolio Manager is Ashish Swarup, supported by Tom Allen.

Ashish Swarup

Ashish joined the team in 2014 and has over a decade’s experience in managing equity investments. He also brings real life knowledge and experience of working in the technology industry, particularly in the area of supply chain management, much of which can be applied in his analysis of companies. Prior to joining Stewart Investors, he was Portfolio Manager (Global Emerging Markets) at Fidelity Management & Research and Fidelity Investments. Ashish has a Degree in Electronics and Communication Engineering from the Indian Institute of Technology, a Post Graduate Diploma in Management from the Indian Institute of Management, and holds a MBA from INSEAD in France.

Tom Allen

Tom joined the team in June 2012 and has five years of experience. Tom is responsible for providing research support for the portfolio managers, covering primarily the Asia Pacific ex-Japan region and all industry sectors. He holds a BA (Hons) in History from University College London.

Board of Directors

Please see profiles of each Director below:

All of the independent Directors are members of the Audit and the Remuneration Committees.

William Salomon (Chairman)

William is the Senior Partner of Hansa Capital Partners, Deputy Chairman of Ocean Wilsons Holdings Limited and its listed subsidiary Wilsons Sons Limited and a Director of Hansa Trust PLC.  William has worked within the fund investment business for many years and was responsible for developing Finsbury Asset Management and the Finsbury range of funds based on the concept of early recognition of key investment trends, such as life sciences and technology. 

James Findlay

James is a founding partner and a director of Findlay Park Partners LLP. He began his City career with Hoare Govett in 1978 and was a fund manager and Director of Foreign and Colonial Management Limited from 1983 to 1997. He is currently a non-executive Director of Troy Asset Management Limited.

James Maclaurin

James has a background in the telecoms and technology sectors and is currently the CEO of a telecom startup in the UK. Prior to this James was the founding CEO of edotco, the spinout of Axiata’s infrastructure in five Asian markets and from April 2011 to April 2014 he was Group CFO of its parent, Axiata, one of Asia’s largest telecommunications groups. During the previous decade James was CFO for Vodafone in Central Europe and Africa, Group CFO of Celtel, the pan-African mobile operator prior to its sale to Airtel, and CFO of UbiNetics, the Cambridge UK-based software developer successfully sold to Cambridge Silicon Radio (CSR plc) and Aeroflex. He is currently an independent non-executive director for Dialog Axiata PLC. James is a member of the Institute of Chartered Accountants of Scotland. 

Angus Tulloch (non independent)

Angus is a former Joint Managing Partner of Stewart Investors. Joining Stewart Ivory in 1988, he established that firm’s Asia Pacific (ex Japan) desk, founding and managing various regional investment mandates over the following 28 years; these included Asia Pacific, Global Emerging Markets and Asian Small Cap strategies. Prior to joining Stewart Ivory, Angus was employed by Cazenove for eight years, three of which were spent based in their Hong Kong office. 

Anne West (non independent)

Anne has a background in investment management and retired from Cazenove Capital Management at the end of 2012. She was most recently a Fund Director in the Private Client department of Cazenove Capital Management. She joined Cazenove in 1989 and assumed responsibility for Asian and Japanese portfolios, later becoming Head of the Emerging Markets team and then the Global Equity team. Anne was Chief Investment Officer from 2001 to 2008. Previously, she held positions at Standard Chartered Bank and Hambro Pacific, based in Hong Kong. She is a non-executive Director of Hg Capital Trust plc and Scottish Oriental Smaller Companies Trust plc.


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