The Scottish American Investment Company- known as SAINTS - outperformed global equities in a volatile year for the world economy.
The £680 million Baillie Gifford-managed fund's results for the year to 31 December, 2019, recorded a total net asset value return of 22.9% for the last year, compared with 22.3% for shares on the world's stock markets.
SAINTS's share price total return for the year was 25.1%, fuelled by strong performance in shares held by the company and by the its property and bond investments.
The company recommended a final dividend of 3p, taking the full year dividend to 11.875p per share which is up 3.3% on 2018.
Its three largest holdings at the end of the year were in Coca-Cola, Roche pharmaceuticals and Procter & Gamble.
In its annual results, chairman Peter Moon stated: "Markets again made good progress in 2019, helped by further support from the US Federal Reserve and other central banks. The path was not, however, smooth and the politicians were less helpful than the central bankers.
"Trade war fears were realised as tariffs were increased, and Brexit remained a feature. Eventually, though, markets returned to their upwards trajectory as trade tensions lessened, a withdrawal agreement was passed by the newly elected UK parliament and economic news improved.
"However, the reduction in uncertainties at one level has brought new ones in its wake such as the shape of any trade deal with the European Union."
