The wealth-manager found that Scotland-based firms listed on the main market ended March 9.7 per cent up on their closing price from end-2018, compared to an 8.3 per cent rise across the FTSE All Share.
However, Scottish shares quoted on the Alternative Investment Market (Aim) dropped 2.9 per cent on average, a stark contrast to the Aim All Share index’s 6.8 per cent gain.
The report pointed to a weaker pound helping to grow earnings at FTSE-listed multinationals, while the Brexit stalemate weighed on sentiment and disproportionately affected the UK-focused Aim-quoted firms.
All of the Scottish-based FTSE constituents ended Q1 higher, with the exception of John Menzies, which lost 4.7 per cent. Macfarlane Group, Devro and Weir Group were among the biggest gainers.
Troubles at fashion retailer Quiz and Goals Soccer Centres dragged on Scotland’s Aim constituents, while Lansdowne Oil & Gas, Nucleus Financial and IndigoVision led the top performers.
Brewin Dolphin’s John Moore said: “The poor performance of the Scottish Aim-listed companies is partially a reflection of the broader index’s volatility.”