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Edinburgh Worldwide Investment Trust - Annual Financial Report

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Edinburgh Worldwide Investment Trust plc


Legal Entity Identifier: 213800JUA8RKIDDLH380

Regulated Information Classification: Additional regulated information required to be disclosed under the applicable laws.

The following is the results announcement for the year to 31 October 2020 which was approved by the Board on 9 December 2020.

 

Results for the year to 31 October 2020

 

¾ Over the year to 31 October 2020 the Company's net asset value per share, cum income with debt at fair value, increased by 57.8% and the share price by 63.9%. The comparative index, the S&P Global Small Cap Index* total return, increased by 0.4% in sterling terms.

¾ A number of the Company's holdings contributed to the positive performance, notably: Tesla, an electric car, autonomous driving and solar energy company; Ocado, an online grocery retailer and technology provider; Teladoc, a telemedicine service provider; and Chegg, an online education company.

¾ 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.

¾ Over the course of the financial year, the Company issued over 51.7 million new shares at a premium to its NAV, raising net proceeds of £133.0 million.

¾ As at the financial year end, the Company held nine unlisted investments accounting for 5.8% of total assets (2019 - 5.5% of total assets in seven holdings).

 

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 £1,040.5 million (before deduction of loans of £48.7 million) as at 31 October 2020.

Edinburgh Worldwide is managed by Baillie Gifford & Co Limited, the Edinburgh based fund management group with around £315 billion under management and advice as at 9 December 2020.