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Results for the year to 31 October 2021 |
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· Over the year to 31 October 2021 the Company's net asset value per share, cum income with debt at fair value, increased by 18.3% and the share price by 11.1%. The comparative index, the S&P Global Small Cap Index* total return, increased by 35.9% in sterling terms. · A number of the Company's holdings contributed to the positive performance, notably: Tesla, an electric car, autonomous driving and solar energy company, Codexis, an industrial and pharmaceutical enzyme developer, Upwork, an online freelancing and recruitment services platform and unlisted PsiQuantum, a developer of commercial quantum computing. In addition, the formerly private company QuantumScape, a developer of solid state lithium metal batteries for electric cars, and Oxford Nanopore, a DNA sequencer, both of which listed during the year. · The Company's portfolio has been managed with a focus on the opportunity set lower down the market capitalisation spectrum since the end of January 2014. It is pleasing to note the 280.7% growth in the NAV since then is significantly ahead of the 149.9% achieved by the comparative index. · No final dividend is being paid. Should the level of underlying income increase in future years, the Board will seek to distribute the minimum permissible to maintain investment trust status as the Company's objective remains that of generating capital growth. · Over the course of the financial year, the Company issued over 50.9 million new shares at a premium to its NAV, raising net proceeds of £182.2 million. · As at the financial year end, the Company held twelve unlisted investments accounting for 10.8% of total assets (2020 – 5.8% of total assets in nine holdings). As part of this year's Annual General Meeting business, shareholder authority is being sought to increase the permitted investment in unlisted investments from the current 15% to a proposed 25% of total assets, as measured at the time of initial investment. |
* Source: Refinitiv and relevant underlying index providers. See disclaimer at the end of this announcement .
For a definition of terms see Glossary of Terms and Alternative Performance Measures at the end of this announcement.
Edinburgh Worldwide's objective is the achievement of long term capital growth by investing primarily in listed companies throughout the world. The Trust has total assets of £1,407.5 million (before deduction of loans of £66.2 million) as at 31 October 2021.
Edinburgh Worldwide is managed by Baillie Gifford & Co Limited, the Edinburgh based fund management group with over £330 billion under management and advice as at 9 December 2021.