REG - Edinburgh Inv. Trust - Half-year Financial Report
26/11/2025 07:00
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RNS Number : 9826I Edinburgh Investment Trust PLC 26 November 2025
The Edinburgh Investment Trust plc
HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS TO 30 SEPTEMBER 2025
26 November 2025 - The Directors of the Edinburgh Investment Trust plc ("the
Company") have today announced the half year results for the six-month period
ended 30 September 2025.
Highlights
· Net asset value ("NAV") rose by 7.9%
· The share price at the end of the period was 800p (an increase of
8.1% on the 740p at 31 March 2025)
· First interim dividend declared of 7.6p per share, a 10.1% increase
on the 6.9p per share dividend paid at the same stage last year
· The Board expects dividends for the full financial year to be 32.0p
per share, assuming no material change in market conditions and/or income
levels
· The share price discount to NAV narrowed to 7.6% (from 9.4% as at 31
March 2025)
· Since March 2020, when Liontrust began managing the Company's
portfolio, the annualised NAV total return was 15.4% versus 13.1% for the FTSE
All-Share Index.
Elisabeth Stheeman, Chair, said: "Since the Company's year end at 31 March
2025, NAV total return was 7.9% and the share price returned 10.2%.
Longer-term performance should be assessed since March 2020 when the team, now
led by Imran Sattar, began managing the portfolio. Over these five and a half
years, the annualised NAV total return was 15.4% versus 13.1% for the FTSE
All-Share Index. It is encouraging to see that the UK's longer-term equity
market returns are increasingly comparable with those of other major markets.
Stock markets around the world continue to perform well and your Company is
well placed to capitalise on this, being fully invested across a range of high
quality businesses.
"A first interim dividend of 7.6p per share has been declared - an increase of
10.1% from the same payment last year. Looking ahead, we have been giving
thought to dividend strategy in terms of prevailing income, income growth and
underlying company buybacks. We wish to achieve sustainable dividend per share
payouts and deliver growth in excess of UK inflation. We expect Edinburgh's
dividends for this financial year as a whole to be 32.0p per share - assuming
no material change in market conditions and/or income levels. This represents
an attractive share price yield of 4.0%."
Imran Sattar, Portfolio Manager, said: "We aim to deliver an attractive
long-term total return of income growth and capital appreciation. To do this,
we apply a flexible investment process to identify businesses with income and
growth characteristics, and maintain an open-minded approach, for example,
'growth', 'value' and 'recovery' stocks. Currently the portfolio has 44 well
diversified stocks.
"In the six months under review the UK market has enjoyed strong performance
with notable strength in banking, mining and defence exposed stocks. We took
advantage of some short-term share price weakness by adding to our holdings in
Haleon and LSEG. We also introduced new positions in Marshalls and Trainline.
We reduced the position in US-listed Verisk. The portfolio's exposure to
non-UK stocks is now 5.5%, the lowest for some years, in the main reflecting
the strong supply of attractively priced stocks in the UK.
"We continue to identity many opportunities to invest in high quality
businesses in the UK at attractive valuations. We remain focused on bottom-up
stock selection and constructing a diversified portfolio over the medium-term,
whilst keeping an eye on the macroeconomic outlook."
ENDS
Enquiries
Liontrust Fund Partners LLP +44 20 3908 8822
James Mowat
james.mowat@liontrust.com (mailto:james.mowat@liontrust.com)
Investec Bank plc +44 20 7597 4000
Tom Skinner
Helen Goldsmith
Montfort Communications
Gay Collins +44 7798 626282
Shireen Farhana
EIT@montfort.london (mailto:EIT@montfort.london)
NSM Funds (UK) Limited +44 20 3697 5772
(Company Secretary)
Brian Smith
Ciara McKillop
eit@nsm.group (mailto:eit@nsm.group)
Notes to editors
About the Edinburgh Investment Trust plc
Founded over 130 years ago, the Edinburgh Investment Trust plc is listed on
the London Stock Exchange and is a member of the FTSE 250 index. It invests
primarily in a portfolio of UK listed shares and has net assets of
approximately £1.2 billion. The Company aims to exceed the total return on
the FTSE All-Share Index and grow its dividend faster than UK inflation. This
objective will be assessed over the long term and performance against the FTSE
All-Share Index will be measured on a NAV total return basis.
HALF-YEARLY RESULTS
AT A GLANCE
NET ASSETS
£1,186m
6 MONTHS TO SEP 2024
£1,163m
6 MONTHS TO SEP 2025
SHARE PRICE
750.00p
6 MONTHS TO SEP 2024
800.00p
6 MONTHS TO SEP 2025
DISCOUNT*
(9.7)%
6 MONTHS TO SEP 2024
(7.6)%
6 MONTHS TO SEP 2025
GEARING (NET)*
2.1%
6 MONTHS TO SEP 2024
5.1%
6 MONTHS TO SEP 2025
*Alternative Performance Measures as defined in the Interim Report
About Edinburgh Investment Trust
Edinburgh Investment Trust was established in 1889 and has been managed by the
Liontrust Global Fundamental team since March 2020.
The portfolio managers, Imran Sattar and Emily Barnard, construct a
high-conviction portfolio of 40 to 50 holdings based on fundamental company
research. Up to 20% of the portfolio may be invested in non-UK stocks.
The team's flexible investment process delivers a differentiated, diversified
portfolio of listed equities.
Investment objective
The Company aims to exceed the total return on the FTSE All-Share Index and
grow its dividend faster than UK inflation. This objective will be assessed
over the long term and performance against the FTSE All-Share Index will be
measured on a NAV total return basis.
Investment policy
The Company invests primarily in the shares of companies quoted on a
recognised stock exchange in the UK. Securities of companies quoted on a
recognised stock exchange outside of the UK may also be held but will not
exceed 20% of the market value of the investment portfolio, measured at the
time of any acquisition.
The portfolio is selected by the Portfolio Manager, and monitored carefully by
the Board, on the basis of the Portfolio Manager's assessment of the
fundamental value available in individual securities, whilst giving due regard
to sector and industry weightings and to broader economic and market
conditions. Companies are chosen by the Portfolio Manager on the basis of
their individual business strengths, growth and income characteristics and
valuation, and not according to specific rules of asset allocation.
Borrowings may be used to provide gearing to the equity portfolio of up to 25%
of net assets.
Investment decisions are restricted by the following:
• No acquisition may be made which would result in a holding being
greater than 10% of the market value of the investment portfolio;
• The Company will not invest more than 15% of its total assets in
the shares of other UK-listed investment trusts or investment companies;
• The Company will not hold more than 5% of the issued share capital
(or voting shares) of any one company.
At the Company's Annual General Meeting on 22 July 2025, shareholders
unanimously approved the above Investment Objective and Policy. The revisions
simplified the language but changed neither the way the Company's portfolio is
managed nor what the Company is seeking to achieve.
Nature of the Company
The Company is a FTSE 250 Investment Company whose shares are listed on the
London Stock Exchange ('LSE'). The business of the Company consists of
investing its assets according to a specified investment objective and policy,
with the aim of spreading investment risk and generating a return for
shareholders.
The Company uses borrowing to enhance returns to shareholders. This increases
the risk to shareholders should the value of investments fall.
The Company has contracted with an external manager, Liontrust Fund Partners
LLP ('LFP' or 'the Manager') to act as its Alternative Investment Fund Manager
('AIFM') and to manage its investments. Other administrative functions are
contracted to external services providers. The Company has a Board of
non-executive directors who oversee and monitor the activities of the Manager
and other service providers on behalf of shareholders and ensure that the
investment objective and policy are adhered to. The Company has no employees.
The Company's ordinary shares qualify as mainstream investment products
suitable for promotion to both retail and professional investors. The
Company's ordinary shares are eligible for investment in an ISA.
Financial Information and Performance Statistics
TOTAL RETURN(1,2,3) (ALL WITH DIVIDENDS REINVESTED)
Six months to 30 September 2025 % Change. The Company's benchmark is the FTSE
All-Share Index.
7.9%
Net asset value(2) (NAV) - debt at fair value
10.2%
Share price(4)
11.6%
FTSE All-Share Index(4)
Capital Return(1,3) At 31 Sep 2025 At 31 Mar 2025 % Change
Net asset value - debt at market value 866.23p 817.16p +6.0
Share price(4) 800.00p 740.00p +8.1
FTSE All-Share Index(4) 5,061.73 4,623.62 +9.5
Discount(1,2,3) - debt at market value (7.6)% (9.4)%
Gearing - debt at fair value(1,2,3) - gross gearing 5.4% 5.6%
- net gearing 5.1% 5.0%
Six months to Six months to
Revenue and Dividends(2) 30 Sep 2025 30 Sep 2024 % Change
Revenue return per ordinary share 13.96p 13.08p +6.7
First interim dividend(5) 7.60p 6.90p +10.1
Consumer Price Index(3,4) - annual change 3.8% 1.7%
Notes:
1 These terms are defined in the Glossary of Terms and
Alternative Performance Measures. NAV with debt at fair value is widely used
by the investment company sector for the reporting of performance, premium or
discount, gearing and ongoing charges. Further details are provided in the
Alternative Performance Measures on pages 86 to 89 of the Company's 2025
Annual Financial Report.
2 Key Performance Indicator.
3 Alternative Performance Measures.
4 Source: LSEG Data & Analytics.
5 Dividends declared in respect of the financial year.
Chair's Statement
At the end of September the Company's share price was 800p (30 September 2024:
750p) and the underlying Net Asset Value ("NAV") per share was 866.2p (30
September 2024: 830.4p).
Since the Company's year end at 31 March 2025, NAV total return has risen 7.9%
and the share price returned 10.2%. The share price return was higher than the
NAV return principally because the discount has narrowed from 9.4% to 7.6% in
this period; I comment on the discount further on in this statement. These
returns compare with 11.6% for the FTSE All-Share Index. The Portfolio
Managers address the factors behind this underperformance in their report that
follows mine. The Edinburgh Board also declared a first interim dividend of
7.6p per share in October this year, up 10.1% from 6.9p at the equivalent
point last year and exceeding CPI inflation of 3.8%.
Longer-term performance should be assessed since March 2020, the point at
which Liontrust's Global Fundamental team (led by Imran Sattar, and before him
by his colleague James de Uphaugh) began managing the Company's portfolio.
Over these five and a half years, the annualised NAV total return was 15.4%
versus 13.1% for the FTSE All-Share Index. The share price annualised total
return was 16.7%. This is ahead of the NAV return for two reasons: first, the
share price discount to NAV has narrowed over the period, and second the
reinvestment of dividends is more significant when the shares are at a
discount.
More broadly it is encouraging to see that the UK's longer-term equity market
returns are increasingly comparable with those of other major markets. Over
the last three and five years - encapsulating much of the strength in equity
markets since the pandemic - the UK index has produced a total return of 14.5%
p.a. (per annum) and 13.0% p.a. respectively, compared with 15.7% p.a. and
12.6% p.a. for the broad-based MSCI All World Index.
DIVIDEND
As flagged above, a first interim dividend of 7.6p per share was declared last
month, an increase of 10.1% from the same payment last year. We expect to
announce a second interim dividend of 7.6p per share on 21 January 2026 (in
the absence of any material change in market conditions and/or income levels).
In accounting terms, the Company's first half income per share was 14.0p, up
from 13.1p last year, an increase of 6.7%. This results in a modestly
uncovered dividend for this period: 15.2p of dividends versus 14.0p of net
income. The balance of 1.2p per share is funded from the Company's 'Revenue
Reserve', which in practice means portfolio capital. We are comfortable with
this uncovered position, which aligns with the funding of the dividend in
recent years and reflects the underlying strength of the portfolio holdings.
Looking ahead, we have considered dividend strategy in terms of prevailing
income, income growth and underlying company buybacks. We wish to achieve
dividend per share payouts which are sustainable and deliver growth in excess
of UK inflation, consistent with the Company's objective. In terms of dividend
cover, as we indicate above, we are content with a modestly uncovered
dividend. This is sustainable as we expect capital growth from the portfolio
over the medium to long term. We are also alert to the increasingly common
practice of UK listed companies making distributions to shareholders in the
form of share buybacks. These are either in addition to, or instead of,
conventional dividends. While significant in the context of our portfolio,
these buybacks make no contribution to Edinburgh's accounting income - i.e.
the covered element of the dividend payment. But they do further support the
case for Edinburgh's dividends to be paid through a combination of income and
capital.
Taking all this together, we expect Edinburgh's dividends for this financial
year as a whole to be 32.0p per share - again assuming no material change in
market conditions and/or income levels. This represents an attractive share
price yield, 4.0% at the time of writing, funded largely from underlying net
income. Total dividends per share would be 11.1% higher year-on-year.
Finally, we would like to take the opportunity to flag a small amendment to
the timing of the Company's four dividend payments each year. At present the
first three are equally spaced at three monthly intervals, with the fourth
payment two months after the third. This means that there is a four month gap
between the final dividend payment in one year, and the first payment the
following year. At this year's AGM there will be a resolution to change the
final dividend to a fourth interim dividend, with the payment of it to be
three months after the third interim. This would mean that for the 2026/27
financial year and beyond, shareholders receive four equally-spaced dividends.
BORROWINGS
There have not been any changes to the debt profile of the Company. We
continue to operate with £120m of debt in nominal terms which is c.10% of
NAV. Net gearing measured at fair value is 5.1% of NAV. This is lower for two
reasons: first it takes account of the small cash balance held by the Company,
and second it reflects the fair value of the debt, which is lower than the par
value because bond yields have risen since we issued the debt in 2021 and
2022. The Company's debt is long term, with 22 years to run until repayment
and a blended cost fixed at 2.4% per annum. This debt remains a source of
long-term competitive advantage and helped boost NAV returns in this period as
the value of the portfolio rose over the period.
SHARE PRICE DISCOUNT TO NAV
In common with most other equity-orientated investment trusts, the Company's
shares continue to trade at a discount. We are pleased that this narrowed over
the period, moving from 9.4% to 7.6%. At the time of writing, it is 8.0%.
In addition to the absolute level of the discount, we also monitor the
discount relative to peers, as well as against the Company's own history. Over
the period we bought back 2.6% of the Company's shares. Buybacks are intended
to help manage the volatility of the discount and enhance NAV for remaining
shareholders.
SHAREHOLDER ENGAGEMENT
We have recently hosted two important shareholder events: A well-attended
Annual General Meeting in Edinburgh in July and a very popular presentation
to retail investors in central London in October. Thank you to all of our
shareholders who took the trouble to attend one or both of these events.
Videos of these presentations have since been posted to the Company's
website: www. edinburgh-investment-trust.co.uk. We will flag other events and
presentations on the website and via other media such as LinkedIn. I also
encourage shareholders to subscribe to Company updates via the website
(and/ or to follow the Company on LinkedIn
www.linkedin.com/company/edinburgh-investment-trust-plc), which is a quick and
easy way to ensure that you are up to date on all the latest developments.
Other promotional activities are underway. For example, shareholders may have
seen our stand at an Association of Investment Companies showcase event in
London in October or heard Deputy Portfolio Manager Emily Barnard speaking on
the AJ Bell investment podcast.
OUTLOOK
Stock markets around the world continue to perform well, with double digit
returns common so far this calendar year. Your Company is well placed to
capitalise on this, being fully invested across a range of high quality
businesses, typically with attractive long term growth prospects.
Interestingly, more defensive asset classes, such as gold, have also done
well. This serves as a reminder that not everything is rosy. The high level of
government debt and increasing levels of private credit around the world are
an obvious concern. Any weakness in the major government bond markets has the
potential to feed into other asset classes, including equities. We believe the
best defence to any such volatility is a portfolio of strong businesses that
can thrive whatever the economic weather. This should in turn support the
attractive total returns and rising dividend that we seek to produce for you
over the long term. I encourage you to read the investment report that follows
as this brings to life the way in which we are going about this.
ELISABETH STHEEMAN / Chair / 25 NOVEMBER 2025
Portfolio Managers' Report
For the period ended 30 September 2025
As a brief reminder of our approach to managing the Company's assets, we aim
to deliver an attractive long-term total return of income growth and capital
appreciation.
To do this, we apply an investment process to identify and invest in a set of
businesses that in aggregate have these income and growth characteristics. The
process is flexible, with an open-minded approach to the 'type' of investments
held - for example, 'growth', 'value' and 'recovery' stocks. Currently the
portfolio consists of 44 stocks and is well diversified both economically and
thematically.
PERFORMANCE REVIEW
In the six months under review the UK market has enjoyed a period of strong
performance, with notable strength in banking, mining, and defence exposed
stocks.
The total return for the portfolio over this period was positive, with the NAV
rising by 7.9% and the share price up 10.2%, although both are behind the
benchmark FTSE All-Share Index return of 11.6%.
The most significant contributors to relative underperformance were
Rolls-Royce and Haleon. Rolls-Royce is not currently a position in the
portfolio and thus was a relative headwind as the share price strength
continued, driven by an impressive turnaround and supportive end market.
Haleon, one of the larger positions in the portfolio, was a detractor to
performance during the period. We remain happy with this position and have
added to it on this share price weakness. Shorter term headwinds to growth in
its US business are a function of softer consumer demand, channel inventory
overhang, some competitive pressures (especially in vitamins) and soft
performance in the smokers' health segment. We believe Haleon can capitalise
on this and have used the opportunity to increase the position.
The main sources of added value relative to the index were retail and consumer
holdings, with strong performances from Tesco which continues to gain market
share, Whitbread a business in the foothills of an operational improvement
strategy to drive an uptick in returns on invested capital; and Dunelm.
PORTFOLIO ACTIVITY AND DIVERSIFICATION
The main changes during this period have been to take advantage of some
short-term share price weakness in some of our holdings by adding to Haleon
(as noted above) and LSEG, the financial markets data and infrastructure
powerhouse. LSEG's share price has been weak following a marginally weaker
than expected Q2 subscription growth number, and on market concerns that
Artificial Intelligence ("AI") providers will disrupt some of its business. We
are confident that its wide and deep economic moat, built from proprietary and
exclusive data sets and entrenched position with customers, will enable LSEG
to leverage AI to accelerate future growth. We do not believe AI is a threat
to the business. As such we have been adding to the position at what we
believe will prove to be very good value for the enduring quality and cash
generation credentials of this business.
We have also introduced new positions in Marshalls and Trainline. Marshalls is
the building products manufacturer and distributor that we have held
previously, and where we have bought back in after some share price weakness.
Trainline is the leading independent rail ticketing platform across Europe. We
judge that the market underestimates the quality of its capital-light model
and overestimates regulatory threats.
Funding for these purchases has come mainly from reductions in Tesco,
Sainsbury and Shell. Elsewhere we have completed the sale of the British
Aerospace position into further share price strength. Finally, we have also
reduced the position in the US-listed Verisk - a leading data and analytics
provider to the insurance industry. The portfolio's exposure to non-UK stocks
is now 5.5%, the lowest for some years, in the main reflecting the strong
supply of attractively priced stocks available in the UK.
As we briefly described earlier, a broader headwind has been under-exposure to
the banking sector, where we have three holdings - HSBC, NatWest and Lloyds
Bank - but which in aggregate represent less than the broader index weighting
to banks, which includes other stocks such as Barclays and Standard Chartered.
The whole sector has performed well this year with continued strength in
capital generation and distributions to shareholders.
Taking the portfolio as a whole, we believe it is well diversified across the
following seven economic themes:
MARKET CHAMPIONS
20%
SELF-HELP
17%
DATA AND ANALYTICS
15%
CAPITAL OPTIMISATION
14%
INNOVATION
12%
CAPITAL OPTIMISATION
9 %
DECARBONISATION
11%
Source: Liontrust, 30.09.25, ex Cash, example stocks. All use of company
logos, images or trademarks in this document are for reference purposes only
OUTLOOK
We hold a cautiously optimistic view on the outlook for the UK economy, and a
more upbeat view on the outlook for the UK stock market:
- UK aggregate debt levels - government, business and consumer - are
among the lowest in the G7;
- Inflation is 3.8%, remaining above the Bank of England's 2.0%
target, but we expect it to fall, which should allow the Bank of England to
cut interest rates;
- Domestic business confidence is mixed but with the UK stock market
having one of the highest levels of non-domestic earnings of any market, we
are relatively relaxed about this;
- Despite the improved performance of the UK market versus other
international markets, stock market valuations remain appealing.
On the flip side, there are as ever reasons for cautious and considered
approach, whether they be global trade wars, actual wars, and elevated
valuation multiples in pockets of the US market. Closer to home we have the
government's annual budget statement approaching, which should provide some
much needed clarity, but does also present risks as we have seen over the last
twelve months.
Overall, we continue to identify many opportunities to invest in high quality
businesses in the UK at attractive valuations - both more UK-focused companies
like Marshalls and NatWest, and more globally-orientated companies such as
Unilever, Haleon and the London Stock Exchange Group. While keeping an eye on
the macroeconomic outlook, we remain focused on bottom-up stock selection and
constructing a diversified portfolio to deliver over the medium term.
IMRAN SATTAR / Portfolio Manager
EMILY BARNARD / Deputy Portfolio Manager
25 NOVEMBER 2025
Interim Management Report
The Directors are required to provide an Interim Management Report in
accordance with the Financial Conduct Authority ("FCA") Disclosure Guidance
and Transparency Rules ("DTR").
The Directors consider that the Chair's Statement and the Portfolio Managers'
Report of this Half‑Yearly Financial Report provide details of the important
events which have occurred during the six months ended 30 September 2025 (the
'Period') and their impact on the financial statements.
The following statements on principal and emerging risks and uncertainties,
related party transactions, going concern and the Directors' Statement of
Responsibility, together constitute the Interim Management Report of the
Company for the six months ended 30 September 2025. The outlook for the
Company for the remaining six months of the year to 31 March 2026 is discussed
in the Chair's Statement and the Portfolio Managers' Report.
Principal and Emerging Risks and Uncertainties
The Board is responsible for the management of risks faced by the Company and
delegates this role to the Audit Committee (the "Committee").
The Committee, with the assistance from the Manager, carry out, at least
annually, a robust assessment of principal and emerging risks and
uncertainties and monitor the risks on an ongoing basis.
The Company has a dynamic risk control summary in place, which includes a
description of each identified risk, the mitigating action taken, reporting
and disclosure to the Committee and an impact and risk likelihood rating. The
rating is given both pre and post mitigation. The information is then
displayed in matrix form (which allows identification of key risks and
oversight of the effectiveness of internal processes and controls) and also
displayed on a heat map. A detailed explanation of the principal and emerging
risks and uncertainties facing the Company can be found in the Company's most
recent Annual Financial Report for the year ended 31 March 2025, which is
available on the Company's website at www.edinburgh-investment-trust.co.uk.
Since the publication of the 2025 Annual Financial Report on 21 May 2025,
there continues to be increased risk levels within the global economy as a
result of emerging geopolitical factors that may translate into greater stock
market risk, as well as heightened macro-economic changes in inflation and
interest rates, the ever-evolving global regulatory and trade environments, a
risk of re-emergence of a global pandemic and the upcoming UK Autumn Budget
for 2025. Geopolitical factors include the continuing war in Ukraine,
political elections in many countries and global supply chain issues.
The Board continues to monitor these situations closely and has been in
regular contact with the Portfolio Managers and the Company's other service
providers to assess and mitigate the impact on the Company's investment
objectives, investment portfolio and shareholders.
Otherwise, in the view of the Board, the Company's principal risks and
uncertainties are substantially unchanged from the previous year end and are
as much applicable to the remaining six months of the financial year, as they
were to the six months under review.
Investments in Order of Valuation
as at 30 September 2025
UK listed ordinary shares unless otherwise stated
At Market
Value % of
Company Sector £'000 Portfolio
Shell Oil, Gas and Coal 73,032 5.7
Unilever Personal Care, Drug and Grocery Stores 71,325 5.6
Haleon Pharmaceuticals and Biotechnology 63,706 5.0
GSK Pharmaceuticals and Biotechnology 60,885 4.8
Dunelm Retailers 55,960 4.4
NatWest Banks 55,713 4.4
National Grid Gas, Water and Multi-utilities 51,309 4.0
Compass Consumer Services 49,979 3.9
AstraZeneca Pharmaceuticals and Biotechnology 47,350 3.7
Whitbread Travel and Leisure 43,511 3.4
TOP TEN HOLDINGS 572,770 44.9
Anglo American Industrial Metals and Mining 39,536 3.1
London Stock Exchange Group Finance and Credit Services 38,477 3.0
Rentokil Industrial Support Services 37,369 2.9
Tesco Personal Care, Drug and Grocery Stores 37,179 2.9
Grainger Real Estate Investment and Services 35,954 2.8
Spirax Industrial Engineering 34,074 2.7
Auto Trader Software and Computer Services 33,892 2.7
Segro Real Estate Investment Trusts 32,469 2.4
Rotork Electronic and Electrical Equipment 30,145 2.4
Greggs Personal Care, Drug and Grocery Stores 27,985 2.2
TOP TWENTY HOLDINGS 919,850 72.0
Halma Electronic and Electrical Equipment 26,746 2.1
Thermo Fisher Scientific - US Listed Medical Equipment and Services 26,546 2.1
Baltic Classifieds Software and Computer Services 25,753 2.0
Rightmove Real Estate Investment and Services 25,745 2.0
KONE - B shares - Finnish Listed Industrial Engineering 24,653 1.9
Sage Software and Computer Services 22,687 1.8
HSBC Banks 20,808 1.6
Verisk - US Listed Industrial Support Services 17,653 1.5
Admiral Non-Life Insurance 16,870 1.3
Money Supermarket Software and Computer Services 16,835 1.3
TOP THIRTY HOLDINGS 1,144,146 89.6
RELX Media 16,241 1.3
AJ Bell Investment Banking and Brokerage Services 15,209 1.2
Howden Joinery Retailers 14,264 1.1
Lloyds Bank Banks 13,487 1.1
Diploma Industrial Support Services 12,535 1.0
Marshalls Construction and Materials 12,258 1.0
Trainline Travel and Leisure 11,453 0.9
3i Investment Banking and Brokerage Services 10,437 0.8
Renishaw Electronic and Electrical Equipment 6,893 0.5
Applied Nutrition Food Producers 6,774 0.5
TOP FORTY HOLDINGS 1,144,146 89.6
Ibstock Construction and Materials 6,694 0.5
Oxford Instruments Electronic and Electrical Equipment 6,548 0.5
Eurovestech (UQ) Investment Banking and Brokerage Services - -
Raven Property (S) - Preference shares Real Estate Investment and Services - -
Total Holdings 44 (31 March 2025: 45) 1,276,939 100.0
UQ: Unquoted investment
S: Delisted
Going Concern, Related Party Transactions and Statement of Directors'
Responsibilities
IN RESPECT OF THE PREPARATION OF THE HALF-YEARLY FINANCIAL REPORT
GOING CONCERN
This Half-Yearly Financial Report has been prepared on a going concern basis.
The Directors consider that this is the appropriate basis as the Company has
adequate resources to continue in operational existence for the foreseeable
future being at least twelve months from the date of this report. In
considering this, the Directors have reviewed the Company's investment
objective and capital structure. The Directors considered the diversified
portfolio of readily realisable securities which can be used to meet funding
commitments, the long-term nature and obligations of the Unsecured Senior Loan
Notes, and the ability of the Company to meet all its liabilities and ongoing
expenses from its assets and revenue. The Directors also considered revenue
forecasts for the forthcoming year and future dividend payments and
accumulated revenue reserves in concluding that the going concern basis is
appropriate.
RELATED PARTY TRANSACTIONS
Under UK GAAP and pursuant to Listing Rule 8.1.11, the Company has identified
the Directors as related parties. No other related parties have been
identified. No transactions with related parties have taken place which have
materially affected the financial position or the performance of the Company.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors are responsible for preparing the Half-Yearly Financial Report
using accounting policies consistent with applicable law and UK Accounting
Standards.
The Directors confirm that to the best of their knowledge:
- the condensed set of financial statements has been prepared in
accordance with the FRS 104 Interim Financial Reporting; and
- the Interim Management Report includes a fair review of the
information required by Disclosure Guidance and Transparency Rules (DTR):
(a) DTR 4.2.7R, being an indication of important events that have occurred
during the first six months of the financial year and their impact on the
condensed set of financial statements; and a description of the principal
risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R, being related party transactions that have taken place in
the first six months of the current financial year and that have materially
affected the financial position or performance of the Company during that
period; and any changes in the related party transactions described in the
last Annual Report that could do so.
This Half-Yearly Financial Report has not been audited or reviewed by the
Company's auditor.
Signed on behalf of the Board of Directors
ELISABETH STHEEMAN
CHAIR
25 NOVEMBER 2025
Condensed Income Statement
Six Months To 30 September 2025 Six Months To 30 September 2024
(Unaudited) (Unaudited)
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gains on investments held at fair value - 71,590 71,590 - 75,896 75,896
Gains on foreign exchange - 41 41 - 33 33
Income - note 2 21,858 - 21,858 21,481 702 22,183
21,858 71,631 93,489 21,481 76,631 98,112
Investment management fee - note 3 (710) (1,656) (2,366) (701) (1,636) (2,337)
Other expenses (693) (9) (702) (637) (10) (647)
Net return before finance costs and taxation 20,455 69,966 90,421 20,143 74,985 95,128
Finance costs - note 3 (446) (1,025) (1,471) (454) (1,030) (1,484)
Return on ordinary activities before taxation 20,009 68,941 88,950 19,689 73,955 93,644
Taxation - note 4 (16) - (16) (56) - (56)
Return on ordinary activities after taxation for the financial period 19,993 68,941 88,934 19,633 73,955 93,588
Return per ordinary share:
Basic and diluted 13.96p 48.13p 62.09p 13.08p 49.25p 62.33p
Weighted average number of ordinary shares in issue during the period 143,231,833 150,146,579
The total column of this statement represents the Company's profit and loss
account, prepared in accordance with UK Accounting Standards. The return after
taxation is the total comprehensive income and therefore no additional
statement of comprehensive income is presented. The supplementary revenue and
capital columns are presented for information purposes in accordance with the
Statement of Recommended Practice issued by the Association of Investment
Companies. All items in the above statement derive from continuing operations
of the Company. No operations were acquired or discontinued in the period.
Condensed Statement of Changes in Equity
Capital
Share Share Redemption Capital Revenue
Capital Premium Reserve Reserve(1) Reserve(1) Total
£'000 £'000 £'000 £'000 £'000 £'000
For the six months ended
30 September 2025 (Unaudited)
At 31 March 2025 48,917 10,394 24,676 999,335 42,624 1,125,946
Return on ordinary activities - - - 68,941 19,993 88,934
Dividends paid - note 5 - - - - (21,609) (21,609)
Shares bought back and held in treasury(2) - - - (30,548) - (30,548)
At 30 September 2025 48,917 10,394 24,676 1,037,728 41,008 1,162,723
For the six months ended 30 September 2024 (Unaudited)
At 31 March 2024 10,394 24,676 1,004,498 46,562 1,135,047
Return on ordinary activities - - - 73,955 19,633 93,588
Dividends paid - note 5 - - - - (20,817) (20,817)
Shares bought back and held in treasury(2) - - - (22,192) - (22,192)
At 30 September 2024 48,917 10,394 24,676 1,056,261 45,378 1,185,626
1 The revenue reserve and certain amounts of the capital
reserve are distributable by way of dividend.
2 Shares bought back and held in treasury includes transaction
costs.
Condensed Balance Sheet
30 September 2025 31 March 2025
(Unaudited) (Audited)
£'000 £'000
Non-current assets
Investments held at fair value through profit or loss - note 7 1,276,939 1,230,888
Current assets
Debtors 4,039 8,518
Cash and cash equivalents 4,015 7,233
Total assets 1,284,993 1,246,639
Non-current liabilities
Unsecured Senior Loan Notes (120,000) (120,000)
Current liabilities
Other payables (2,270) (693)
Total assets less current liabilities 1,282,723 1,245,946
Total liabilities (122,270) (120,693)
Net assets 1,162,723 1,125,946
Equity
Called up share capital - note 6 48,917 48,917
Share premium account 10,394 10,394
Capital redemption reserve 24,676 24,676
Capital reserve 1,037,728 999,335
Revenue reserve 41,008 42,624
Total equity 1,162,723 1,125,946
Net asset value per ordinary share - note 8
Basic and diluted - debt at par value 827.48p 780.17p
Basic and diluted - debt at fair value 866.23p 817.16p
Number of 25p ordinary shares (excluding treasury) in issue at the period end 140,513,025 144,321,025
- note 6
ELISABETH STHEEMAN
CHAIR
25 NOVEMBER 2025
Signed on behalf of the Board of Directors
Company Number SC001836
The accompanying notes are an integral part of these financial statements.
Condensed Cash Flow Statement
Six months to 30 September
2025 2024
£'000 £'000
Cash flow from operating activities
Net return before finance costs and taxation 90,421 95,128
Tax on overseas income - note 4 (16) (56)
Adjustments for:
Purchase of investments (125,355) (303,842)
Sale of investments 150,893 335,020
25,538 31,178
Gains on investments held at fair value (71,590) (75,896)
Decrease in debtors 4,479 5,503
Increase/(decrease) in creditors 1,020 (30)
Net cash inflow from operating activities 49,852 55,827
Cash flow from financing activities
Interest and commitment fees paid on bank facility - (7)
Interest paid on Unsecured Senior Loan Notes (1,471) (1,477)
Shares bought back and held in treasury (29,990) (22,618)
Dividends paid - note 5 (21,609) (20,817)
Net cash outflow from financing activities (53,070) (44,919)
Net (decrease)/increase in cash and cash equivalents (3,218) 10,908
Cash and cash equivalents at start of the period 7,233 36,314
Cash and cash equivalents at the end of the period 4,015 47,222
Reconciliation of cash and cash equivalents to the Balance Sheet is as
follows:
Cash held at custodian 1,025 1,272
Goldman Sachs Sterling Liquidity Reserves Fund 2,990 45,950
Cash and cash equivalents 4,015 47,222
Cash flow from operating activities includes:
Dividends received 26,291 26,617
Interest received 1 6
At 1 April 2025 Non-cash At
£'000 Cash flows movement 30 September 2025
Reconciliation of net debt:
Cash and cash equivalents 7,233 (3,218) - 4,015
Unsecured Senior Loan Notes (120,000) - - (120,000)
Total (112,767) (3,218) - (115,985)
Notes to the Condensed Financial Statements
1. ACCOUNTING POLICIES
The condensed financial statements have been prepared in accordance with
applicable United Kingdom Accounting Standards and applicable law (UK
Generally Accepted Accounting Practice), including FRS 102 The Financial
Reporting Standard applicable in the UK and Republic of Ireland, FRS 104
Interim Financial Reporting and the Statement of Recommended Practice
Financial Statements of Investment Trust Companies and Venture Capital Trusts,
issued by the Association of Investment Companies in July 2022. The financial
statements are issued on a going concern basis.
The accounting policies applied to these condensed financial statements are
consistent with those applied in the financial statements for the year ended
31 March 2025.
2. INCOME
Six months to 30 September
2025 2024
(Unaudited) (Unaudited)
£'000 £'000
Income from investments:
UK dividends 21,100 19,360
UK special dividends 357 732
Overseas dividends 190 351
Interest from money market funds 210 1,032
21,857 21,475
Other income:
Deposit interest 1 6
1 6
Total income 21,858 21,481
No special dividends have been recognised in capital during the period (2024:
£702,000).
3. MANAGEMENT FEE AND FINANCE COSTS
The management fee arrangements are as reported in the Company's 2025 Annual
Financial Report, being 0.03750% per month on the first £500 million, falling
to 0.03333% on the next £500 million and 0.02917% on the remainder of the
market capitalisation of the Company's ordinary shares at each month end and
paid monthly in arrears (equivalent to an annualised fee of 0.45% on the first
£500m, 0.40% on the next £500m and 0.35% on the remainder).
The management fee and finance costs are allocated 30% to revenue and 70% to
capital.
4. TAXATION
Owing to the Company's status as an investment company no tax liability arises
on capital gains. The tax charge represents withholding tax suffered on
overseas income. A deferred tax asset is not recognised in respect of surplus
management expenses since the Directors believe that there will be no taxable
profits in the future against which these can be offset.
5. DIVIDENDS PAID ON ORDINARY SHARES
2025 2025
(Unaudited) (Unaudited)
Pence £'000 Pence £'000
Third interim 7.50 10,823 6.90 10,429
Final 7.50 10,786 6.90 10,388
Total paid 15.00 21,609 13.80 20,817
The first interim dividend of 7.60p per ordinary share for the year ending 31
March 2026 (2025: 6.90p) was paid on 21 November 2025 to shareholders on the
register on 31 October 2025.
6. SHARE CAPITAL, INCLUDING MOVEMENTS
Share capital represents the total number of shares in issue, including
treasury shares.
Six Months to Year to
30 September 2025 31 March 2025
(Unaudited) (Audited)
£'000 £'000
Share capital:
Ordinary shares of 25p each 35,128 36,080
Treasury shares of 25p each 13,789 12,837
Total called up share capital 48,917 48,917
Six Months to Year to
30 September 2025 31 March 2025
(Unaudited) (Audited)
Share capital
Number of ordinary shares in issue (excluding treasury):
Brought forward 144,321,025 151,491,525
Shares bought back into treasury (3,808,000) (7,170,500)
Carried forward 140,513,025 144,321,025
Number of shares held in treasury:
Brought forward 51,345,709 44,175,209
Shares bought back in treasury 3,808,000 7,170,500
Carried forward 55,153,709 51,345,709
Total ordinary shares 195,666,734 195,666,734
Subsequent to the period end, and as at 24 November 2025 (the latest
practicable date before publication of this Half‑Yearly Financial Report),
3,000,500 ordinary shares were bought back at an average price of 815.16p.
7. CLASSIFICATION UNDER FAIR VALUE HIERARCHY
All except two of the Company's portfolio of investments are in the Level 1
category as defined in FRS 102 as amended for fair value hierarchy disclosures
(March 16). The three levels set out in this follow.
Level 1 - The unadjusted quoted price in an active market for identical assets
or liabilities that the entity can access at the measurement date.
Level 2 - Inputs other than quoted prices included within Level 1 that are
observable (i.e. developed using market data) for the asset or liability,
either directly or indirectly.
Level 3 - Inputs are unobservable (i.e. for which market data is unavailable)
for the asset or liability.
Categorisation within the hierarchy is determined on the basis of the lowest
level input that is significant to the fair value measurement of each relevant
asset/liability. The valuation techniques used by the Company are explained in
the accounting policies note.
The fair value hierarchy analysis for investments and related forward currency
contracts held at fair value at the period end is as follows:
30 September 31 March
2025 2025
(Unaudited) (Audited)
£'000 £'000
Financial assets designated at fair value through profit or loss:
Level 1 1,276,939 1,230,888
Level 3 - -
Total for financial assets 1,276,939 1,230,888
There were two investments in Level 3 at the period end (31 March 2025: two
investments) totalling £nil (31 March 2025: £nil).
Eurovestech is an unquoted investment. The holding in Eurovestech did not
change during the period and the fair value was unchanged at £nil (31 March
2025: £nil).
Raven Property is a delisted investment. The issued preference shares were
suspended in March 2022 due to the sanctions on the company's Russian
businesses. At the period end, the shares remain delisted and recorded a fair
value of £nil (31 March 2025: £nil).
There was no change to the position size or fair value for either of the Level
3 holdings.
8. NET ASSET VALUE PER ORDINARY SHARE
Refer to Alternative Performance Measures for definitions of 'NAV - debt at
par' and 'NAV - debt at fair value'.
NAV - debt at par
The shareholders' funds and NAV per share in the Condensed Balance Sheet are
accounted for in accordance with accounting standards. The Unsecured Senior
Loan Notes were issued at and being recorded at their par value of £120m. A
reconciliation showing the NAV per share and Shareholders' funds using debt at
fair value is shown in the Alternative Performance Measures.
9. INVESTMENT TRUST STATUS
It is the intention of the Directors to conduct the affairs of the Company so
that it satisfies the conditions for approval as an investment trust company
within the meaning of section 1159 of the Corporation Tax Act 2010.
10. STATUS OF HALF-YEARLY FINANCIAL REPORT
The financial information contained within the financial statements in this
Half-Yearly Financial Report does not constitute statutory accounts within the
meaning of section 434 of the Companies Act 2006. The financial information
for the half years ended 30 September 2025 and 30 September 2024 has not been
audited. The figures and financial information for the year ended 31 March
2025 are extracted and abridged from the latest audited accounts and do not
constitute the statutory accounts for that year. Those accounts have been
delivered to the Registrar of Companies and included the Independent Auditor's
Report which was unqualified and did not contain a statement under
section 498 of the Companies Act 2006.
Glossary of Terms and Alternative Performance Measures
ALTERNATIVE PERFORMANCE MEASURE (APM)
An APM is a measure of performance or financial position that is not defined
in applicable accounting standards and cannot be directly derived from the
financial statements. The calculations shown in the corresponding tables are
for the interim period ended 30 September 2025 and the year ended 31 March
2025. The APMs listed here are widely used in reporting within the investment
company sector and consequently aid comparability, providing useful additional
information.
BENCHMARK (OR BENCHMARK INDEX)
A standard against which performance can be measured, usually an index that
averages the performance of companies in a stock market or a segment of the
market. The benchmark most often referred to in this Half-Yearly Financial
Report is the FTSE All-Share Index.
BENCHMARK RETURN
Total return on the benchmark is on a mid-market value basis, assuming all
dividends received were reinvested, without transaction costs, into the shares
of the underlying companies at the time the shares were quoted ex-dividend.
DISCOUNT OR PREMIUM (APM)
Discount is a measure of the amount by which the mid-market price of an
investment company share is lower than the underlying net asset value of that
share. Conversely, Premium is a measure of the amount by which the mid-market
price of an investment company share is higher than the underlying net asset
value of that share. In this Half-Yearly Financial Report, the discount is
expressed as a percentage of the NAV per share with debt at fair value (see
reconciliation of NAV per share with debt at fair value below) and is
calculated according to the formula set out below. If the shares are trading
at a premium the result of the below calculation will be positive and if they
are trading at a discount it will be negative.
Page 30 September 31 March
2025 2025
Share price 9 a 800.00p 740.00p
Net asset value per share - debt at fair value 9 b 866.23p 817.16p
Discount c = (a-b)/b (7.6)% (9.4)%
GEARING
The gearing percentage reflects the amount of borrowings that a company has
invested. This figure indicates the extra amount by which net assets, or
shareholders' funds, would move if the value of a company's investments were
to rise or fall. A positive percentage indicates the extent to which net
assets are geared; a nil gearing percentage, or 'nil', shows a company is
ungeared. A negative percentage indicates that a company is not fully invested
and is holding net cash as described below.
There are several methods of calculating gearing and the following has been
used in this report:
GROSS GEARING (APM)
This reflects the amount of gross borrowings in use by a company and takes no
account of any cash balances. It is based on gross borrowings as a percentage
of net assets.
30 September 31 March
2025 2025
Page £'000 £'000
Unsecured Senior Loan notes - debt at fair value 65,557 66,611
Less: cash and cash equivalents 25 (4,015) (7,233)
Net borrowings a 61,542 59,378
Net asset value - debt at fair value 34 b 1,217,166 1,179,335
Net gearing c = a/b 5.1% 5.0%
LEVERAGE
Leverage, for the purposes of the Alternative Investment Fund Managers
Directive (AIFMD), is not synonymous with gearing as defined above. In
addition to borrowings, it encompasses anything that increases the Company's
exposure, including foreign currency and exposure gained through derivatives.
Leverage expresses the Company's exposure as a ratio of the Company's net
asset value.
Accordingly, if a Company's exposure was equal to its net assets it would have
leverage of 100%. Two methods of calculating such exposure are set out in the
AIFMD, gross and commitment. Under the gross method, exposure represents the
aggregate of all the Company's exposures other than cash balances held in base
currency and without any offsetting. The commitment method takes into account
hedging and other netting arrangements designed to limit risk, offsetting them
against the underlying exposure.
NET ASSET VALUE (NAV)
Also described as shareholders' funds, the NAV is the aggregate value of all
assets less all liabilities. Liabilities for this purpose include debt,
deducted at either par value or fair value as described in more detail below.
The NAV per share is calculated by dividing the net asset value by the number
of ordinary shares in issue (excluding shares held in treasury).
NET ASSET VALUE (NAV) - DEBT AT PAR
The NAV with debt at par recognises the value of the debt liability as the
nominal amount that will be repaid at maturity. For the £120m Unsecured
Senior Loan Notes, this recognises a liability of £120m. This is the basis
used in the preparation of the Condensed Balance Sheet.
NET ASSET VALUE (NAV) - DEBT AT FAIR VALUE
The fair value of each tranche of the £120m Unsecured Senior Loan Notes is
ascertained by the administrator by aggregating the discounted value of future
cashflows, being the contractual interest payments and the repayment of
capital at maturity as each falls due. The discount factor used for each
tranche is based on the market yield of UK Treasuries with similar maturity
dates adjusted to incorporate a credit spread.
The net asset value per share adjusted to include the Unsecured Senior Loan
Notes at fair value rather than at par is as follows:
30 September 2025 31 March 2025
(Unaudited) (Audited)
Shareholders' Shareholders'
NAV per funds NAV per funds
share pence £'000 share pence £'000
NAV - debt at par 827.48 1,162,723 780.17 1,125,946
Unsecured Senior Loan Notes - at par 85.41 120,000 83.15 120,000
Unsecured Senior Loan Notes - at fair value (46.66) (65,557) (46.16) (66,611)
NAV- debt at fair value 866.23 1,217,166 817.16 1,179,335
RETURN
The return generated in a period from the investments.
CAPITAL RETURN
Reflects the return on NAV, excluding any dividends reinvested.
TOTAL RETURN
Total return is the theoretical return to shareholders that measures the
combined effect of any dividends paid together with the rise or fall in the
share price or NAV. In this Half-Yearly Financial Report these return figures
have been sourced from LSEG Data & Analytics who calculate returns on an
industry comparative basis.
TREASURY SHARES
Shares previously issued by a Company that have been bought back from
shareholders to be held by the Company for potential sale or cancellation at a
later date. Such shares are not capable of voting and carry no rights to
dividends.
NET ASSET VALUE TOTAL RETURN (APM)
Total return on net asset value per share, with debt at fair value, assuming
dividends paid by the Company were reinvested into the shares of the Company
at the NAV per share at the time the shares were quoted ex-dividend.
SHARE PRICE TOTAL RETURN (APM)
Total return to shareholders, on a mid-market price basis, assuming all
dividends received were reinvested, without transaction costs, into the shares
of the Company at the time the shares were quoted ex-dividend.
Page Net Asset Share
Six Months Ended 30 September 2025 Value Price
As at 30 September 2025 9 866.23p 800.00p
As at 31 March 2025 9 817.16p 740.00p
Change in period a 6.0% 8.1%
Impact of dividend reinvestments(1) b 1.9% 2.1%
Total return for the period c = a+b 7.9% 10.2%
Page Net Asset Share
Year Ended 31 March 2025 Value Price
As at 31 March 2025 9 817.16p 740.00p
As at 31 March 2024 779.97p 690.00p
Change in year a 4.8% 7.2%
Impact of dividend reinvestments(1) b 3.5% 4.1%
Total return for the year c = a+b 8.3% 11.3%
1 Total dividends paid during the period of 15.00p (31 March
2025: 27.60p) reinvested at the NAV or share price on the ex‑dividend date.
NAV or share price falls subsequent to the reinvestment date consequently
further reduce the returns, vice versa if the NAV or share price rises.
UK GAAP
Generally Accepted Accounting Practice (UK Accounting Standards and applicable
law).
The Edinburgh Investment Trust plc
First Floor
9 Haymarket Square,
Edinburgh EH3 8RY
www.edinburgh-investment-trust.co.uk
(http://www.edinburgh-investment-trust.co.uk)
By order of the Board
NSM Funds (UK) Limited
Company Secretary
Eit@nsm.group (mailto:Eit@nsm.group)
25 November 2025
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