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All investments risk the loss of capital. The value of investments may go down as well as up and, for products designed to return income, the distributions can also go down or up and you may not receive back the full value of your initial investment. Past performance is not a reliable indicator of future results, and no representation or guarantee is made that the fund will achieve its investment objectives.

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An Institutional Investor is a large, sophisticated organisation that invests capital on its own behalf or on behalf of clients or members. These entities typically include pension funds, insurance companies, investment firms, banks, endowments, and collective investment schemes. Under UK MiFID rules, institutional investors are recognised for their scale, expertise, and ability to manage complex investment strategies. As such, they are considered capable of operating with limited regulatory protections.
The content is not intended for access or use by any person or entity in a country or jurisdiction where such access or use would be unlawful, or where it would impose a legal obligation on the Firm to undertake any filing, registration, or reporting.

All investments risk the loss of capital. The value of investments may go down as well as up and, for products designed to return income, the distributions can also go down or up and you may not receive back the full value of your initial investment. No guarantee or representation is made that the funds will achieve their investment objective. The material on this site does not constitute legal, tax, or advice on investments. If you are unsure about whether a fund meets your requirements, then you should seek professional financial advice before investing. This information is not directed at any US person or any person in the US and the information does not constitute an offer or solicitation to buy or sell shares or units in any Stonehage Fleming fund to any US person or to any person in the US.

The following pages contain information on collective investment schemes (both local and foreign) that have been approved by the Financial Sector Conduct Authority (FSCA) for distribution in South Africa, in accordance with the Collective Investment Schemes Control Act, No 45 of 2002 (“CISCA”). The information and materials have been prepared for information purposes only and do not constitute a personal recommendation or advice or a solicitation to buy any product or service. They do not take into account the financial circumstances, needs or objectives of the recipient. In addition to the information provided, you may wish to consult an independent professional adviser.

This Website may include links or references to external websites. Stonehage Fleming has not reviewed these external sites and accepts no responsibility for their content. Such links, including those to the Firm’s own materials, are provided solely for your convenience and informational purposes. Accessing any external site is at your own risk. Stonehage Fleming does not endorse, sponsor, or affiliate with any third-party websites, their owners, or providers, and makes no representations regarding the accuracy, suitability, or reliability of any information, software, or products found there.

Linde

Linde is a leading global industrial gases and engineering company that provides high‑quality gases, technologies, and services to help organisations enhance productivity, support clean‑energy transitions, and improve sustainability across sectors including chemicals, electronics, healthcare, manufacturing, and energy.

Sustainable Organic Growth

  • Market leader, with attractive LT contracts ensuring high % recurring type revenue

Quality Management

  • CEO Sanjiv Lamba , an industry veteran of >30 years.  Has deep industry knowledge and know how

Efficiency

  • Operating margin >29% with potential to increase further through price increases in Europe and Asia and productivity gains

Free Cash Flow Generation

  • Committed to a growing dividend with ~10% p.a. growth over last 3 years
  • Past performance is not a guide to future returns. All investments risk the loss of capital.

Source: Bloomberg; Company Data; Stonehage Fleming Investment Management Limited. Data as at December 2025. 

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