Edinburgh Worldwide - Edinburgh Worldwide Investment Trst Interim Report
RNS Announcement
Edinburgh Worldwide Investment Trust plc
Legal Entity Identifier: 213800JUA8RKIDDLH380
Regulated Information Classification: Interim Financial Report
Results for the six months to 30 April 2026
NAV*
8.4%
Share Price*
14.6%
S&P Global Small Cap Index†
9.4%
Source: LSEG / Baillie Gifford and relevant underlying index providers. All figures are total return*. See disclaimer at the end of this announcement.
* See Glossary of terms and Alternative Performance Measures at the end of this announcement.
† In sterling terms.
Chair's statement
On behalf of my fellow directors, I would like to begin by thanking shareholders for the confidence you have placed in Michael Joseph, Jassen Trenkow, and me in electing us to the Board of Edinburgh Worldwide. This is a company with a distinctive and storied place in the investment trust landscape, and it is an honour and privilege for each of us to be tasked with its stewardship on your behalf.
As this is my first statement to shareholders, I want to set out how we have begun our work, what we see as our immediate priorities, and how we intend to approach our responsibilities as your Directors. Above all, I want to convey our optimism: we believe there is a real opportunity to deliver meaningful value for shareholders, and we are determined to realise it.
Since our appointment on 30 April 2026, our immediate focus has been on ensuring an orderly transition. Your Directors bring a range of experience across investment management and governance, and we are eager to put it to work for the benefit of all shareholders. In our first two months, we have engaged with shareholders, met the Company's advisers, and familiarised ourselves with the portfolio, the valuation process, and the Company's governance and operating arrangements.
The Board has reviewed its governance arrangements and is satisfied that each Director exercises independent judgement and is committed to acting in the best interests of the Company and all shareholders. We have maintained the Company's committee structure: Jassen Trenkow has been appointed Chair of the Audit and Management Engagement Committee, and Michael Joseph has been appointed Chair of the Nomination Committee. I am grateful to my colleagues for appointing me Chair.
Shareholder engagement
Since our appointment we have spoken with a wide range of shareholders to understand their priorities and to discuss the sequencing of our initiatives. The Company's retail shareholders are an important part of our investor base, and we will continue to have regard to their interests alongside those of all shareholders in every decision we take.
The consistent themes that we have heard in our shareholder meetings have been requests to review portfolio decisions (including historical decisions to divest of Space Exploration Technologies Corp. ("SpaceX") stock), and to afford stockholders the opportunity for liquidity at Net Asset Value ("NAV") less costs.
Investment Performance
This report covers the six months to 30 April 2026, a period that precedes our appointment. Rather than comment on performance over a period for which we were not responsible, we will leave the Investment Manager to address it in its report, which follows.
Leverage
Following the period end, the Royal Bank of Scotland International revolving credit facility fell due for renewal and the Board decided not to renew it. The Company retains access to a revolving credit facility with Bank of New York Mellon, and we will keep its use of borrowing under regular review.
Liquidity opportunity
The Board is committed to delivering the liquidity mandate requested by shareholders. As previously announced, our intention is to offer shareholders that opportunity as soon as reasonably practicable following the orderly realisation of the Company's holding in SpaceX.
The timing, structure and scale of any liquidity event will depend on a number of factors, including the proceeds available to the Company, prevailing market conditions and the orderly disposal of the SpaceX or other positions. Our objective is to deliver the outcome shareholders have asked for, and we will keep shareholders informed as our plans develop.
Portfolio oversight
The Board has begun a review of portfolio oversight, governance and decision-making as part of a broader assessment of the Company's future direction. We are engaging constructively with the Investment Manager and the Company's other advisers as we determine the best path forward, and we will provide a further update in due course.
Expanded Board
For a number of reasons, we determined that we should expand the board to also include UK-based directors and seek to promote diversity of viewpoints and professional skills when doing so. We will shortly be engaging a specialist recruitment firm to assist us in that search.
Looking ahead
We are optimistic about what lies ahead. Our priorities are straightforward:
• deliver an appropriate liquidity opportunity for shareholders;
• maintain strong governance and oversight;
• protect and enhance shareholder value; and
• position the Company for long-term success.
Shareholders have entrusted us with an important responsibility, and we do not take it lightly.
Our responsibility is to act in the interests of the Company and all shareholders. We will continue to exercise independent judgement in carrying out that responsibility and intend to judge ourselves by our actions and results, not speculation as to what those may be. We ask shareholders to do the same.
We look forward to reporting on our progress.
Responsibility statement
We confirm that to the best of our knowledge:
a. the condensed set of Financial Statements has been prepared in accordance with FRS 104 'Interim Financial Reporting';
b. the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events during the first six months, their impact on the Financial Statements and a description of the principal risks and uncertainties for the remaining six months of the year); and
c. the Interim Financial Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).
On behalf of the Board
Gabi Gliksberg
Chair
24 June 2026For a definition of terms see Glossary of terms and alternative performance measures at the end of this announcement
Past performance is not a guide to future performance.
Summary of unaudited results*
The following information illustrates how Edinburgh Worldwide has performed for the six month period ended 30 April 2026.
Total returns*
Share price
14.6%
NAV
8.4%
Comparative index†
9.4%
30 April
2026
31 October
2025
change
Total assets
(before deduction of borrowings)£905.6m
£847.0m
Borrowings
£76.9m
£78.1m
Shareholders' funds
£828.7m
£769.0m
Net asset value per ordinary share (borrowings at book value)
239.58p
220.97p
8.4%
Share price
235.00p
205.00p
14.6%
S&P Global Small Cap Index
total return (in sterling terms)
9.4%
Dividends paid and proposed
per ordinary shareNil
Nil
Revenue earnings per ordinary share
(0.93p)
(1.11p)
Discount
(borrowings at book value)*(1.9%)
(7.2%)
Active share*
99%
99%
Six months to
30 April 2026
Year to
31 October 2025
Period's high and low
High
Low
High
Low
Share price
241.00p
196.20p
210.00p
143.00p
Net asset value per ordinary share (borrowings at book value)
249.41p
207.48p
221.86p
154.50p
Premium/(discount)
(borrowings at book value)*3.97%
(11.27%)
4.0%
(11.3%)
* Alternative Performance Measure - see Glossary of terms and Alternative Performance Measures at end of this announcement.
† The comparative index is the S&P Global Small Cap Index total return (in sterling terms).
Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer at end of this announcement.
For a definition of terms used see Glossary of terms and Alternative Performance Measures at end of this announcement.
Past performance is not a guide to future performance.
Six months to
30 April 2026
Six months to
30 April 2025
Net return per ordinary share
Revenue
(0.93p)
(0.85p)
Capital
19.48p
(4.02p)
Total
18.55p
(4.87p)
Interim management report
Performance
Over the six months to 30 April 2026, Edinburgh Worldwide delivered a positive absolute return. The Company's share price total return was 14.6%, while the net asset value per share increased by 8.4%. This compared with a total return of 9.4% from the S&P Global Small Cap Index, in sterling terms. The share price return was ahead of both the NAV return and the comparative index, reflecting a narrowing of the Company's discount over the period.
Market Reflections
The closing months of 2025 and the first half of 2026 have provided another reminder that markets often struggle most when confronted by genuine uncertainty. We have become accustomed to short-term volatility being amplified by leverage, momentum-driven strategies and algorithmic trading, but even against that backdrop the dispersion of returns across our portfolio has been unusually wide.
While investors spent much of the period tracking short-term developments in the Middle East, we think the more important story has been a market grappling with two juxtaposed realities. On one hand, artificial intelligence is rapidly expanding what is technologically possible. On the other, physical constraints, including energy, infrastructure, security and supply chains, remain stubbornly important. Understanding how these forces interact and evolve over the coming years will prove far more important than trying to predict the next move in markets.
A World of Abundance Meets a World of Constraints
Over the past year, large language models have evolved from impressive conversational tools into increasingly capable problem-solvers. Their growing ability to write software may ultimately prove one of the most consequential technological advances of the decade.
We have long believed that AI would place pressure on simpler software businesses whose products offered limited differentiation. What has surprised us is the speed with which both the technology and investor sentiment have evolved. The prospect of software increasingly creating software has led many investors to conclude that code itself is becoming commoditised. We think that interpretation risks missing the bigger opportunity.
Periods of technological acceleration often trigger fears of disruption before the benefits become visible. The arrival of open-source software in the late 1990s was widely viewed as a threat to the industry. Instead, it helped create an industry many times larger than before. The internet reduced the cost of distributing information. Cloud computing reduced the cost of deploying software. Artificial intelligence may dramatically reduce the cost of creating it. The question, then, is not whether software becomes cheaper. It is what happens when software becomes abundant.
Businesses do not buy software because they value code. They buy it because they want reliable solutions to operational problems. As software creation becomes easier, the value may increasingly shift towards those companies that help govern, secure and orchestrate increasingly complex digital systems.
This is why we continue to see opportunity in businesses such as Appian, JFrog and our recent purchase of Rubrik. In a world where AI agents become commonplace, organisations are unlikely to prioritise unrestricted experimentation. They will prioritise control, resilience and trust.
Yet the same technological progress that is creating digital abundance is simultaneously exposing new physical bottlenecks. Recent events in the Middle East have provided another reminder that modern economies remain deeply dependent on secure access to energy and critical infrastructure. While the immediate military escalation has eased, the broader geopolitical backdrop remains fragile. More importantly, it highlights a reality that extends far beyond the region itself: technology does not remove the need for energy. It often increases it.
Across conversations with companies involved in artificial intelligence infrastructure, data centres and advanced manufacturing, one theme repeatedly emerges. The limiting factor is no longer computing ambition but access to power. The rapid build-out of AI infrastructure is colliding with ageing grids, lengthy permitting processes and extended lead times for new generation capacity.
In many respects, this is the defining paradox of the current moment. The digital economy is becoming dramatically more productive precisely when the physical economy is struggling to expand capacity quickly enough to support it.
That tension is already beginning to reshape behaviour. Businesses are becoming more willing to consider alternative energy solutions that would have struggled for adoption only a few years ago. Technologies such as fuel cells, long viewed as promising but commercially marginal, are benefiting from a world where energy availability is becoming as important as energy cost.
This dynamic interplay between technological possibility and physical constraint is visible across many of the portfolio's positions, from artificial intelligence and defence to advanced manufacturing and energy infrastructure. It is also one reason why we remain cautious about simplistic narratives. To that end, we find it perplexing that markets currently appear willing to believe that artificial intelligence will disrupt every industry, while simultaneously expressing the view that many of the businesses driving that transformation will struggle to create long-term value.
We strongly suspect reality will be far more nuanced than this blunt, contradictory perception. The greatest opportunities often emerge not from technological breakthroughs alone, but from understanding the second-order consequences they create: the changes they drive, the entrepreneurs they empower and the businesses that make the most of the new tools. That is a process that unfolds over decades.
Geopolitical uncertainty, elevated interest rates and changing expectations around artificial intelligence will likely continue to drive market volatility. Yet beneath that noise, the businesses we own continue to make progress across AI infrastructure, defence technology, space, synthetic biology and digital services. The frontiers do not pause while markets debate the future.
Portfolio Update
Space Exploration Technologies, held in the portfolio since 2018, was the largest contributor to performance over the period. Operationally, the business continues to execute at a remarkable pace. The Falcon launch system has now surpassed 600 launches while continuing to push the boundaries of booster reuse and launch frequency. Meanwhile, Starlink has expanded to more than 10,000 satellites in orbit and has continued to grow its customer base rapidly, reaching more than 10 million subscribers globally.
Alongside this, the Starship rocket platform has continued to make meaningful technical progress through a series of increasingly ambitious test flights. While significant engineering challenges remain, each iteration moves the company closer to its long-term ambition of dramatically reducing the cost of accessing space. Taken together, these developments reinforce our view of Space Exploration Technologies not simply as a launch provider, but as a company building critical infrastructure across launch, communications and, in time, future computing networks in low Earth orbit. Investor attention has also increased following the combination of Space Exploration Technologies and xAI, highlighting growing interest in the strategic value of the broader ecosystem being assembled around the business.
Elsewhere, AEHR Test Systems and ASPEED Technology were among the strongest listed contributors. Both continue to benefit from the substantial investment taking place across the artificial intelligence infrastructure stack. In AEHR Test Systems' case, the delivery of its first production wafer-level burn-in systems for AI processors represents an important commercial validation of technology that addresses a growing bottleneck in semiconductor manufacturing. More broadly, the continued build-out of AI infrastructure reinforces our belief that the effects of artificial intelligence will extend well beyond software and increasingly shape investment decisions across the physical economy.
One notable feature of the period was an increase in corporate activity. Three portfolio companies, Confluent, Exact Sciences and SkyWater Technology, agreed to be acquired. Such outcomes were not central to our investment cases, but they do provide an interesting signal. Across parts of the market, particularly among smaller and mid-sized growth businesses, valuations remain disconnected from the strategic value that industrial buyers and private investors appear willing to recognise. While acquisitions inevitably bring mixed emotions for long-term shareholders, they can serve as a useful reminder that periods of uncertainty often create opportunities for patient capital.
We have also continued to refresh the portfolio with businesses that reflect our conviction in long-term structural change. While operating across very different industries, our recent purchases share a common characteristic: they are helping customers adapt to a world that is becoming more digital, more autonomous and increasingly complex.
One area where this is particularly evident is in resilience and automation. French-listed Exail Technologies sits at the intersection of advanced navigation, autonomous marine systems and defence modernisation. As governments place greater emphasis on surveillance and operational resilience in GPS-denied environments, we believe demand for Exail Technologies' combination of navigation expertise and autonomous systems positions it well within this evolving landscape.
A second theme is the ongoing transformation of financial infrastructure. Circle Internet Group is helping build the foundations of a more digital payments ecosystem through its regulated stablecoin network. Upstart Holdings is applying advances in artificial intelligence to consumer lending, seeking to improve how credit decisions are made and expanding access to financial services. Metaplanet offers a different angle on the same theme, providing exposure to the growing role of digital assets while seeking to build a broader financial services platform around them. Although these businesses address different parts of the financial system, each reflects our belief that the movement and management of money is likely to change significantly over the coming decade.
Advances in biology remain another important source of opportunity. Revolution Medicines and Stoke Therapeutics are pursuing highly targeted approaches to diseases that have historically proved difficult to treat. Both are built around a deep scientific understanding of disease mechanisms and seek to address underlying causes rather than simply managing symptoms. While drug development is inherently uncertain, we believe advances in genetics and molecular biology are expanding the range of conditions that are becoming more rationally treatable over time.
Finally, we continue to find opportunities in software businesses that enable companies to operate more effectively. Rubrik helps organisations recover rapidly from cyberattacks in a world where digital resilience is becoming a necessity. PDF Solutions provides software and specialised inspection tools that help semiconductor manufacturers manage the growing complexity of advanced chip production. In both cases, the value lies not simply in automation, but in helping customers make better decisions and operate with greater confidence in increasingly demanding environments.
Taken together, these purchases reflect a consistent approach to finding long-term growth opportunities. We are less interested in predicting precisely how industries will evolve than in identifying the businesses providing the tools, infrastructure and capabilities that make that evolution possible. During the period, we exited nine positions, including MarketAxess, Upwork, Schrödinger and the holdings that announced they were being acquired.
Baillie Gifford - valuing private companies
We aim to hold our private company investments at 'fair value' i.e. the price that would be paid in an open-market transaction. Valuations are adjusted both during regular valuation cycles and on an ad hoc basis in response to 'trigger events'. Our valuation process ensures that private companies are valued in both a fair and timely manner.
The valuation process is overseen by a valuations group at Baillie Gifford, which takes advice from an independent third party (S&P Global). The valuations group is independent from the portfolio team with all voting members being from different operational areas of the firm, and the investment managers only receive final notifications once they have been applied.
We revalue the private holdings on a three‑month rolling cycle, with one third of the holdings reassessed each month. During stable market conditions, and assuming all else is equal, each investment would be valued four times in a twelve-month period. For investment trusts, the prices are also reviewed in detail twice per year by the respective investment trust boards and are subject to the scrutiny of external auditors in the annual audit process.
Beyond the regular cycle, the valuations group also monitors the portfolio for certain 'trigger events'. These may include: changes in fundamentals; a takeover approach; an intention to carry out an Initial Public Offering ('IPO'); company news which is identified by the valuation team or by the portfolio managers, or meaningful changes to the valuation of comparable public companies. Any ad hoc change to the fair valuation of any holding is implemented swiftly and reflected in the next published net asset value. There is no delay.
The valuations group also monitors relevant market indices on a weekly basis and updates valuations in a manner consistent with our external valuer's (S&P Global) most recent valuation report where appropriate.
Periods of market volatility during the period have meant that valuations continue to be reviewed much more frequently, in some instances resulting in a further valuation movement. The data below quantifies the revaluations carried out during the six months to 30 April 2026, but does not reflect the ongoing monitoring of the private investment portfolio that has not resulted in a change in valuation.
Edinburgh Worldwide Investment Trust*
%
Percentage of portfolio revalued up to 2 times
38.1
Percentage of portfolio revalued 3+ times
61.9
* Data reflecting period 1 November 2025 to 30 April 2026 to align with the Company's reporting period end.
The average movement in company valuations and share prices across the portfolio for six months to 30 April 2026 are shown below.
Valuation movement
£'000
Value of private company investments as at 31 October 2025
186,625
Loss on disposal*
(2,031)
Change in categorisation†
(4,601)
Capitalisation of accrued interest‡
1,141
Investment revaluation gains in the period
114,274
Investment revaluation losses in the period
(21,905)
Value of private company investments as at 30 April 2026
273,503
Valuation movement
%
Average movement in investee company securities price
7.6
Average movement in investee company valuation
26.5
* 4D Pharma written off during the year.
† BillionToOne listed on 6 November 2025.
‡ Represents capitalised accrued interest on Shine Technologies.
Baillie Gifford statement on stewardship
Baillie Gifford's overarching ethos is that we are 'Actual' investors. That means we seek to invest for the long term. Our role as an engaged owner is core to our mission to be effective stewards for our clients. As an active manager, we invest in companies at different stages of their evolution across many industries and geographies, and focus on their unique circumstances and opportunities. Our approach favours a small number of simple principles rather than overly prescriptive policies. This helps shape our interactions with holdings and ensures our investment teams have the freedom and retain the responsibility to act in clients' best interests.
Long-term value creation
We believe that companies that are run for the long term are more likely to be better investments over our clients' time horizons. We encourage our holdings to be ambitious, focusing on long-term value creation and capital deployment for growth. We know events will not always run according to plan. In these instances we expect management to act deliberately and to provide appropriate transparency. We think helping management to resist short-term demands from shareholders often protects returns. We regard it as our responsibility to encourage holdings away from destructive financial engineering towards activities that create genuine value over the long run. Our value will often be in supporting management when others don't.
Governance fit for purpose
Corporate governance is a combination of structures and behaviours; a careful balance between systems, processes and people. Good governance is the essential foundation for long-term company success. We firmly believe that there is no single governance model that delivers the best long-term outcomes. We therefore strive to push back against one-dimensional global governance principles in favour of a deep understanding of each company we invest in. We look, very simply, for structures, people and processes which we think can maximise the likelihood of long-term success. We expect to trust the boards and management teams of the companies we select, but demand accountability if that trust is broken.
Alignment in vision and practice
Alignment is at the heart of our stewardship approach. We seek the fair and equitable treatment of all shareholders alongside the interests of management. While assessing alignment with management often comes down to intangible factors and an understanding built over time, we look for clear evidence of alignment in everything from capital allocation decisions in moments of stress to the details of executive remuneration plans and committed share ownership. We expect companies to deepen alignment with us, rather than weaken it, where the opportunity presents itself.
Sustainable business practices
A company's ability to grow and generate value for our clients relies on a network of interdependencies between the company and the economy, society and environment in which it operates. We expect holdings to consider how their actions impact and rely on these relationships. We believe long-term success depends on maintaining a social licence to operate and look for holdings to work within the spirit and not just the letter of the laws and regulations that govern them. Material factors should be addressed at the board level as appropriate.
Distribution
of total assets*at 30 April 2026 (unaudited)
Geographical analysis
Geographical
% at
30 April
2026
% at
31 October
2025
1
North America
68.7
74.7
USA
68.7
74.7
2
Europe
11.0
13.6
United Kingdom
5.7
8.3
Eurozone
3.1
0.2
Developed Europe (non euro)
2.2
5.1
3
Asia
10.4
8.7
China
3.3
3.3
Taiwan
3.1
1.0
Japan
3.1
3.5
South Korea
0.9
0.9
4
Australasia
2.6
0.9
Australia
2.6
0.9
5
South America
1.2
1.1
Brazil
1.2
1.0
6
Net liquid assets
6.1
1.0
Sectoral analysis
Sectoral
% at
30 April
2026
% at
31 October
2025
1
Industrials
34.6
28.7
2
Information technology
30.7
30.4
3
Healthcare
20.8
26.0
4
Financials
2.5
2.1
5
Real estate
1.6
1.9
6
Consumer discretionary
1.5
1.9
7
Materials
1.4
1.1
8
Consumer staples
0.9
1.1
9
Net liquid assets
6.1
6.8
* Total assets before deduction of borrowings.
Performance of
top 20 holdingsat 30 April 2026 (unaudited)
Name
Business
Country
Fair
value
2026
£'000
% of
total
assets *
Absolute †
performance
%
Relative †
performance
%
Space Exploration
Technologies#uDesigns, manufactures and launches advanced rockets and spacecraft
USA
170,884
18.9
140.2
119.5
PsiQuantum# u
Developer of commercial quantum computing
USA
45,744
5.1
(17.2)
(24.3)
Alnylam Pharmaceuticals
Drug developer focussed on harnessing gene silencing technology
USA
37,674
4.2
(34.4)
(40.0)
AEHR Test Systems
Semiconductor testing systems provider
USA
24,947
2.8
241.9
212.5
ASPEED Technology
Server management SoCs and remote management solutions
Taiwan
23,328
2.6
183.1
158.7
Twist Bioscience
Biotechnology company
USA
21,674
2.4
71.8
57.0
Xometry
On-demand digital manufacturing marketplace
USA
20,217
2.2
2.2
(6.6)
Axon Enterprise
Law enforcement equipment and
software providerUSA
18,619
2.1
(46.9)
(51.5)
American Superconductor
Designs and manufactures power systems and superconducting wire
USA
17,833
2.0
(12.6)
(20.1)
Echodyne
Metamaterial radar sensors and software
USA
17,199
1.9
131.6
111.7
AeroVironment
Small unmanned aircraft and tactical missile systems
USA
16,715
1.8
(49.0)
(53.4)
JFrog
Software development tools and management
Israel
15,000
1.7
(5.3)
(13.5)
Astera labs
Connectivity hardware for cloud and AI infrastructure
USA
14,502
1.6
0.9
(7.8)
Oxford Nanopore Technologies
Novel DNA sequencing technology
UK
14,226
1.6
(17.7)
(24.7)
Zillow#
US online real estate portal
USA
14,071
1.6
(42.6)
(47.5)
BillionToOne
Molecular diagnostics for prenatal screening and liquid biopsy
USA
13,221
1.5
39.5
27.5
Iren
Renewable energy and data-centre infrastructure provider
Australia
12,732
1.4
(28.6)
(34.7)
Guardant Health
Blood-based cancer diagnostics
USA
12,605
1.4
(9.5)
(17.3)
Shine Technologies#u
Medical radioisotope production
USA
12,445
1.4
8.8
(0.5)
Upstart Holdings
AI-driven consumer lending marketplace
USA
11,962
1.3
(22.2)
(29.0)
535,598
59.5
* Total assets before deduction of borrowings.
† Absolute and relative performance has been calculated on a total return basis over the period 1 November 2025 to 30 April 2026.
Absolute performance is in sterling terms; relative performance is against S&P Global Small Cap Index (in sterling terms).# Denotes more than one line of stock held.
u Denotes private company investment.
Source: Baillie Gifford/StatPro and relevant underlying index providers. See disclaimer at end of this announcement.
Past performance is not a guide to future performance.
List of investments
at 30 April 2026 (unaudited)
Name
Business
Country
Fair value
£'000
% of total
assets *
Space Exploration Technologies u
Designs, manufactures and launches advanced rockets and spacecraft
USA
170,884
18.9
PsiQuantum Series C Preferred u
Developer of commercial quantum computing
USA
27,950
3.1
PsiQuantum Series D Preferred u
Developer of commercial quantum computing
USA
17,794
2.0
45,744
5.1
Alnylam Pharmaceuticals
Drug developer focussed on harnessing gene silencing technology
USA
37,674
4.2
AEHR Test Systems
Semiconductor testing systems provider
USA
24,947
2.8
ASPEED Technology
Server management SoCs and remote management solutions
Taiwan
23,328
2.6
Twist Bioscience
Biotechnology company
USA
21,674
2.4
Xometry
On-demand digital manufacturing marketplace
USA
20,217
2.2
Axon Enterprise
Law enforcement equipment and software provider
USA
18,619
2.1
American Superconductor
Designs and manufactures power systems and superconducting wire
USA
17,833
2.0
Echodyne u
Metamaterial radar sensors and software
USA
17,199
1.9
AeroVironment
Small unmanned aircraft and tactical missile systems
USA
16,715
1.8
JFrog
Software development tools and management
Israel
15,000
1.7
Astera labs
Connectivity hardware for cloud and AI infrastructure
USA
14,502
1.6
Oxford Nanopore Technologies
Novel DNA sequencing technology
UK
14,226
1.6
Zillow Class C
US online real estate portal
USA
12,566
1.4
Zillow Class A
US online real estate portal
USA
1,505
0.2
14,071
1.6
BillionToOne
Molecular diagnostics for prenatal screening and liquid biopsy
USA
13,221
1.5
Iren
Renewable energy and data-centre infrastructure provider
Australia
12,732
1.4
Guardant Health
Blood-based cancer diagnostics
USA
12,605
1.4
Shine Technologies Series C-5 Preferred u
Medical radioisotope production
USA
6,425
0.7
Shine Technologies Series E-2 Preferred u
Fusion technology for medical isotopes and nuclear applications
USA
6,020
0.7
12,445
1.4
Upstart Holdings
AI-driven consumer lending marketplace
USA
11,962
1.3
Ceres Power Holdings
Developer of fuel cells
UK
11,682
1.3
Harmonic Drive Systems
Precision motion-control components
Japan
11,161
1.2
dLocal
Latin American developer of cross border payments platform
Uruguay
10,751
1.2
Exail Technologies
Maritime robotics and navigation systems
France
10,288
1.1
Raspberry Pi
Technology company
UK
9,848
1.1
MP Materials
Rare Earth Materials Company
USA
9,716
1.1
Astranis Space Technologies Series C Preferred u
Communication satellite manufacturing and operation
USA
8,907
1.0
Astranis Space Technologies Series C Prime Preferred u
Communication satellite manufacturing and operation
USA
742
0.1
9,649
1.1
LiveRamp Holdings
Marketing technology company
USA
9,178
1.0
Revolution Medicines
Targeted medicines for RAS-addicted cancers
USA
9,016
1.0
Park Systems
Manufacturer of atomic force microscopy systems
South Korea
8,325
0.9
Ocado Group
Online grocery retailer and technology provider
UK
8,198
0.9
Impinj
RFID solutions connecting physical items to the cloud
USA
7,827
0.9
Genmab
Antibody based drug development
Denmark
7,716
0.9
IPG Photonics
High-power fibre lasers
USA
7,675
0.8
Silergy
Designs and manufactures a broad range of high performance analog integrated circuits
China
7,598
0.8
Wireless Facilities
Wireless network engineering and deployment services
USA
7,528
0.8
TransMedics Group
Medical device company
USA
7,370
0.8
Besi
Semiconductor assembly equipment
Netherlands
7,091
0.8
Rubrik
Data security and cyber resilience software
USA
7,043
0.8
Universal Technical Institute
Technical education for automotive and skilled trades
USA
6,758
0.7
Horizon Robotics
Edge AI chips and autonomous driving solutions
China
6,661
0.7
Progyny
Fertility benefits management company
USA
6,536
0.7
Shanghai United Imaging Healthcare
Medical imaging and radiotherapy equipment
China
6,452
0.7
InfoMart
Online platform for restaurant supplies
Japan
6,421
0.7
Stoke Therapeutics
RNA medicines for genetic diseases
USA
5,980
0.7
Appian
Enterprise software developer
USA
5,613
0.6
Lightning Labs u
Lightning software that enables users to send and receive money
USA
5,386
0.6
Doximity
Online healthcare resource and interactive platform developer
USA
5,356
0.6
Novocure
Manufacturer of medical devices for cancer treatment
USA
5,149
0.6
Tandem Diabetes Care
Manufacturer of insulin pumps for diabetic patients
USA
5,106
0.6
Shibaura Mechatronics
Semiconductor and flat panel display manufacturing equipment
Japan
4,963
0.5
Amplitude
Product analytics software
USA
4,922
0.5
Kingdee International Software Group
Enterprise management software provider
China
4,887
0.5
Silex Systems
Australian pioneer of laser enrichment technology
Australia
4,853
0.5
Circle Internet Group
Stablecoin and blockchain payments platform
USA
4,699
0.5
Kornit Digital
Manufacturer of digital inkjet printers
Israel
4,665
0.5
PDF Solutions
Semiconductor manufacturing analytics software
USA
4,652
0.5
E Ink Holdings
Develops, manufactures and sells electronic paper technology-related materials and display products
Taiwan
4,350
0.5
Epic Games u
Video game platform and software developer
USA
4,324
0.5
QuantumScape
Solid-state batteries for electric vehicles
USA
3,874
0.4
Catapult Group International
Analytics and data collection technology for sports teams and athletes
Australia
3,834
0.4
Procept BioRobotics
Robotics for minimally invasive urological procedures
USA
3,817
0.4
PeptiDream
Peptide based drug discovery platform
Japan
3,723
0.4
Snyk Series F Preferred u
Security software
UK
2,586
0.3
Snyk Ordinary Shares u
Security software
UK
802
0.1
3,388
0.4
Zai Lab - HK Line
Chinese bio-pharmaceutical development and distribution company
China
3,149
0.3
KSQ Therapeutics
Biotechnology target identification company
USA
2,923
0.3
PureTech Health
IP commercialisation focused on healthcare
UK
2,858
0.3
EHang Holdings
Autonomous aerial vehicle developer
China
2,680
0.3
IperionX
Low-carbon titanium metal and critical minerals
USA
2,570
0.3
Metaplanet
Bitcoin treasury company
Japan
2,509
0.3
Sensirion Holding
Manufacturer of gas and flow sensors
Switzerland
2,235
0.2
DNA Script Series C Preferredu
Synthetic DNA fabricator
France
945
0.1
C4X Discovery Holdings u
Software to aid drug design
UK
616
0.1
C4X Discovery - Warrants u
Software to aid drug design
UK
-
-
616
0.1
China Lumena New Materials - Delisted
Mines, processes and manufactures natural thenardite products
China
-
-
Chinook Therapeutics - CVR Line
Immunotherapy drug development
USA
-
-
New Horizon Health u
Cancer screening company
China
-
-
Reaction Engines u
Advanced heat exchange company
UK
-
-
Relativity Space u
3D printing and aerospace launch company
USA
-
-
Total equities
850,112
93.9
Net liquid assets
55,483
6.1
Total assets
905,595
100.0
* Total assets before deduction of borrowings.
u Denotes private company investment.
Listed
equities
%
Unlisted
securities #
%
Net liquid
assets
%
Total
assets
%
30 April 2026
63.7
30.2
6.1
100.0
31 October 2025
71.2
22.0
6.8
100.0
Figures represent percentage of total assets.
# Includes holdings in private companies ordinary shares and preference shares.
Income statement (unaudited)
For the six months ended
30 April 2026
For the six months to
30 April 2025
For the year ended
31 October 2025 (audited)
Notes
Revenue
£'000
Capital
£'000
Total
£'000
Revenue
£'000
Capital
£'000
Total
£'000
Revenue
£'000
Capital
£'000
Total
£'000
Gains/(losses) on sales of investments
-
22,295
22,295
-
4,400
4,400
-
40,063
40,063
Movements in investment holding gains
-
49,323
49,323
-
(17,255)
(17,255)
-
145,849
145,849
Currency (losses)/gains
-
(811)
(811)
-
1,119
1,119
-
1,444
1,444
Income from investments and interest receivable
1,003
-
1,003
540
-
540
1,448
-
1,448
Investment management fee
3
(591)
(1,771)
(2,362)
(504)
(1,512)
(2,016)
(1,051)
(3,152)
(4,203)
Other administrative expenses
4
(3,096)
-
(3,096)
(2,615)
-
(2,615)
(3,289)
-
(3,289)
Net return before finance costs and taxation
(2,684)
69,036
66,352
(2,579)
(13,248)
(15,827)
(2,892)
184,204
181,312
Finance cost of borrowings
(524)
(1,573)
(2,097)
(548)
(1,644)
(2,192)
(1,061)
(3,184)
(4,245)
Net return before taxation
(3,208)
67,463
64,255
(3,127)
(14,892)
(18,019)
(3,953)
181,020
177,067
Tax
(19)
(19)
(14)
-
(14)
(64)
-
(64)
Net return after taxation
(3,227)
67,463
64,236
(3,141)
(14,892)
(18,033)
(4,017)
181,020
177,003
Net return per ordinary share
5
(0.93p)
19.48p
18.55p
(0.85p)
(4.02p)
(4.87p)
(1.11p)
49.96p
48.85p
The total column of this statement represents the profit and loss account of the Company. The supplementary revenue and capital columns are prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statements derive from continuing operations.
A Statement of Comprehensive Income is not required as the Company does not have any other comprehensive income and the net return after taxation is both the profit and comprehensive income for the period.
The accompanying notes below are an integral part of the Financial Statements.
Balance sheet
(unaudited)
Notes
At 30 April
2026
£'000
At 31 October
2025
£'000
Fixed assets
Investments held at fair value through profit or loss
7
850,112
789,855
Current assets
Debtors
761
1,218
Cash and cash equivalents
56,903
59,326
57,664
60,544
Creditors
Amounts falling due within one year
8
(79,090)
(81,442)
Net current liabilities
(21,426)
(20,898)
Net assets
828,686
768,957
Capital and reserves
Share capital
9
4,058
4,058
Distributable capital reserve
10
499,723
499,723
Special reserve
35,220
35,220
Capital reserve
308,210
245,254
Revenue reserve
(18,525)
(15,298)
Shareholders' funds
828,686
768,957
Net asset value per ordinary share*
239.58p
220.97p
Ordinary shares in issue
9
345,884,292
347,984,292
* See Glossary of Terms and Alternative Performance Measures at the end of this announcement.
The accompanying notes below are an integral part of the Financial Statements.
Statement of changes in equity (unaudited)
Six months to 30 April 2026
Notes
Share
capital
£'000
Distributable
capital
reserve
£'000
Special
reserve
£'000
Capital
reserve *
£'000
Revenue
reserve
£'000
Shareholders'
funds
£'000
Shareholders' funds at 1 November 2025
4,058
499,723
35,220
245,254
(15,298)
768,957
Ordinary shares bought back
9
-
-
-
(4,507)
-
(4,507)
Net return after taxation
-
-
-
67,463
(3,227)
64,236
Shareholders' funds at 30 April 2026
4,058
499,723
35,220
308,210
(18,525)
828,686
Six months to 30 April 2025
Notes
Share
capital
£'000
Share
premium
account
£'000
Distributable
capital
reserve
£'000
Special
reserve
£'000
Capital
reserve *
£'000
Revenue
reserve
£'000
Shareholders'
funds
£'000
Shareholders' funds at 1 November 2024
4,058
499,723
-
35,220
106,883
(11,281)
634,603
Ordinary shares bought back
9
-
-
-
-
(10,926)
-
(10,926)
Cancellation of share premium account
10
(499,723)
499,723
-
-
-
-
Net return after taxation
-
-
-
-
(14,892)
(3,141)
(18,033)
Shareholders' funds at 30 April 2025
4,058
-
499,723
35,220
81,065
(14,422)
605,644
* The Capital Reserve balance at 30 April 2026 includes investment holding gains of £248,831,000 (30 April 2025 - holding gains of £36,405,000).
Cash flow statement (unaudited)
Six months to
30 April 2026
£'000
Six months to
30 April 2025
£'000
Cash flows from operating activities
Net return before taxation
64,255
(18,019)
Net (gains)/losses on investments
(71,618)
12,855
Currency (losses)/gains
810
(1,119)
Finance costs of borrowings
2,097
2,192
Overseas withholding tax incurred
(20)
(14)
Changes in debtors and creditors
(736)
(1,257)
Cash from operations*
(5,212)
(5,362)
Interest paid
(2,320)
(2,813)
Net cash outflow from operating activities
(7,532)
(8,175)
Net cash inflow from investing activities
12,516
39,566
Financing
Ordinary shares bought back
(5,415)
(10,796)
Bank loans drawn down
154,759
147,848
Bank loans repaid
(154,759)
(184,848)
Net cash outflow from financing activities
(5,415)
(47,796)
Decrease in cash and cash equivalents
(431)
(16,405)
Exchange movements
(1,992)
763
Cash and cash equivalents at start of period
59,326
22,783
Cash and cash equivalents at end of period†
56,903
7,141
* Cash from operations includes dividends received in the period of £156,000 (30 April 2025 - £344,000).
† Cash and cash equivalents represent cash at bank and short term money market deposits repayable on demand.
The accompanying notes below are an integral part of the Financial Statements.
Notes to the Financial Statements (unaudited)
1 Basis of accounting
The condensed Financial Statements for the six months to 30 April 2026 comprise the statements set out above together with the related notes below. They have been prepared in accordance with FRS 104 'Interim Financial Reporting' and the AIC's Statement of Recommended Practice issued in October 2019 and updated in July 2022 with consequential amendments. They have not been audited or reviewed by the Auditor pursuant to the Auditing Practices Board Guidance on 'Review of Interim Financial Information'. The Financial Statements for the six months to 30 April 2026 have been prepared on the basis of the same accounting policies as set out in the Company's Annual Report and Financial Statements at 31 October 2025.
Going concern
The Directors have considered the nature of the Company's principal risks and uncertainties, as set out below. In addition, the Company's investment objective and policy, assets and liabilities, and projected income and expenditure, together with the dividend policy have been taken into consideration and it is the Directors' opinion that the Company has adequate resources to continue in operational existence for the foreseeable future. The Board has, in particular, considered the ongoing impact of geopolitical and macroeconomic challenges. The Company's assets, the majority of which are investments in quoted securities which are readily realisable, exceed its liabilities significantly. All borrowings require the prior approval of the Board. Gearing levels and compliance with borrowing covenants are reviewed by the Board on a regular basis. The Company has continued to comply with the investment trust status requirements of section 1158 of the Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing these Financial Statements and confirm that they are not aware of any material uncertainties which may affect the Company's ability to continue to do so over a period of at least twelve months from the date of approval of these Financial Statements.
2 Financial information
The financial information contained within this Interim Financial Report does not constitute statutory accounts as defined in sections 434 to 436 of the Companies Act 2006. The financial information for the year ended 31 October 2025 has been extracted from the statutory accounts which have been filed with the Registrar of Companies. The Auditor's Report on those accounts was not qualified but included a reference to Note 18 (Subsequent events) to which the Auditor drew attention by way of emphasis without qualifying the report. The Auditor's Report did not contain a statement under sections 498(2) or (3) of the Companies Act 2006.
3 Investment manager
Baillie Gifford & Co Limited, a wholly owned subsidiary of Baillie Gifford & Co, has been appointed by the Company as its Alternative Investment Fund Manager and Company Secretary. The investment management function has been delegated to Baillie Gifford & Co. Dealing activity and transaction reporting have been further sub-delegated to Baillie Gifford Overseas Limited and Baillie Gifford Asia (Hong Kong) Limited. The management agreement is terminable on not less than three months' notice. The annual management fee is 0.75% on the first £50 million of net assets, 0.65% on the next £200 million of net assets and 0.55% on the remaining net assets.
4 Other administrative expenses
The other administrative expenses have increased due to increased professional fees incurred in the requisitioning of a General Meeting by Saba Capital.
5 Net return
Six months to
30 April 2026
£'000
Six months to
30 April 2025
£'000
Year to
31 October 2025
£'000
Revenue return after taxation
(3,227)
(3,141)
(4,017)
Capital return after taxation
67,463
(14,892)
181,020
Total net return
64,236
(18,033)
177,003
Weighted average number of ordinary shares in issue
346,353,629
370,469,199
362,327,898
Net return per ordinary share is based on the above totals of revenue and capital and the weighted average number of ordinary shares in issue (after the deduction of shares held in treasury) during each period.
There are no dilutive or potentially dilutive shares in issue.
6 Dividend
No interim dividend has been declared.
7 Fair Value Hierarchy
The Company's investments are financial assets held at fair value through profit or loss. The fair value hierarchy used to analyse the basis on which the fair values of financial instruments held at fair value through the profit or loss account are measured is described below. Fair value measurements are categorised on the basis of the lowest (that is the least reliable or least independently observable) level input that is significant to the fair value measurement.
Level 1 - using unadjusted quoted prices for identical instruments in an active market;
Level 2 - using inputs, other than quoted prices included within Level 1, that are directly or indirectly observable (based on market data); and
Level 3 - using inputs that are unobservable (for which market data is unavailable).
An analysis of the Company's financial asset investments based on the fair value hierarchy described above is shown below.
Investments held at fair value through profit or loss
As at 30 April 2026
Level 1
£'000
Level 2
£'000
Level 3
£'000
Total
£'000
Listed equities
576,609
-
-
576,609
Unlisted ordinary shares
-
-
5,742
5,742
Unlisted preference shares*
-
-
267,761
267,761
Total financial asset investments
576,609
-
273,503
850,112
As at 31 October 2025 (audited)
Level 1
£'000
Level 2
£'000
Level 3
£'000
Total
£'000
Listed equities
603,230
-
-
603,230
Unlisted ordinary shares
-
-
10,285
10,285
Unlisted preference shares*
-
-
172,534
172,534
Unlisted convertible promissory note/convertible loan note
-
-
3,806
3,806
Total financial asset investments
603,230
-
186,625
789,855
* The investments in preference shares are not classified as equity holdings as they include liquidation preference rights that determine the repayment (or multiple thereof) of the original investment in the event for a liquidation event such as a take-over.
There have been no transfers between levels of the fair value hierarchy during the period. The fair value of listed investments is either bid price or, depending on the convention of the exchange on which the investment is listed, last traded price. Listed investments are categorised as Level 1 if they are valued using unadjusted quoted prices for identical instruments in an active market and as Level 2 if they do not meet all these criteria but are, nonetheless, valued using market data. Unlisted investments are valued at fair value by the Directors following a detailed review and appropriate challenge of the valuations proposed by the Managers. The Managers' unlisted investment policy applies methodologies consistent with the International Private Equity and Venture Capital Valuation guidelines ('IPEV'). The principal methodologies can be categorised as follows: (a) market approach (price of recent investment, multiples, industry valuation benchmarks and available market prices); (b) income approach (discounted cash flows); and (c) replacement cost approach (net assets). The Company's holdings in unlisted investments are categorised as Level 3 as unobservable data is a significant input to their fair value measurements.
8 Bank loans
At 30 April 2026 creditors falling due within one year include borrowings of £76,909,000 (31 October 2025 - £78,091,000) drawn down under a five year £100 million multi-currency revolving credit facility with The Royal Bank of Scotland International Limited which expires on 9 June 2026.
At 30 April 2026 the drawings were €5,969,393, US$43,261,318 and £39,919,370 (31 October 2025 - €5,969,393, US$43,261,318 and £39,919,370) drawn down under the £100 million multi-currency revolving credit facility.
At 30 April 2026 there were no drawings under the £36 million multi-currency revolving credit facility with the Bank of New York Mellon with an expiry date of 30 October 2026 (31 October 2025 - nil).
The fair value of the bank loans at 30 April 2026 was £76,909,000 (31 October 2025 - £78,091,000).
9 Share capital
As at 30 April 2026
As at 31 October 2025
Number
£'000
Number
£'000
Allotted, called up and fully paid ordinary shares of 1p each
345,884,292
3,459
347,984,292
3,480
Treasury shares of 1p each
59,869,403
599
57,769,403
578
405,753,695
4,058
405,753,695
4,058
In the six months to 30 April 2026, no shares were issued (in the six months to 30 April 2025 - no shares were issued). Over the period from 30 April 2026 to 23 June 2026 the Company issued no shares.
In the six months to 30 April 2026, 2,100,000 shares with a nominal value of £21,000 were bought back at a total cost of £4,507,000 and held in treasury (in the six months to 30 April 2025 - 6,338,487 shares were bought back and held in treasury). At 30 April 2026 the Company did not have authority to buy back any of its own shares during the period, as the resolution authorising the Directors to make market purchases of the Company's own shares was not passed at the Annual General Meeting held on 30 April 2026.
10 Share Premium Account cancellation
On 11 February 2025 The Court of Session approved the cancellation of the amount standing to the credit of the Company's share premium account and the crediting of an equivalent amount to the Company's Distributable Capital Reserve. The Court Order became effective when it was filed with the Registrar of Companies on 20 February 2025.
11 Transaction Costs
During the period the Company incurred transaction costs on purchases of investments of £35,000 (30 April 2025 - £43,000; 31 October 2025 - £96,000) and transaction costs on sales of £39,000 (30 April 2025 - £45,000; 31 October 2025 - £70,000).
12 Related party transactions
There have been no transactions with related parties during the first six months of the current financial year that have materially affected the financial position or the performance of the Company during that period and there have been no changes in the related party transactions described in the last Annual Report and Financial Statements that could have had such an effect on the Company during that period.
Principal risks and uncertainties
The principal risks facing the Company are investment strategy risk, financial risk, smaller company risk, private company (unlisted) investments risk, discount risk, political and associated economic financial risk, cyber security risk, climate and governance risk, regulatory risk, custody and depositary risk, operational risk, leverage risk and emerging risks. An explanation of these risks and how they are managed is set out on pages 43 to 48 of the Company's Annual Report and Financial Statements for the year to 31 October 2025 which is available on the Company's website: edinburghworldwide.co.uk. The principal risks and uncertainties have not changed since the date of the Annual Report.
None of the views expressed in this document should be construed as advice to buy or sell a particular investment.
Glossary of terms and Alternative Performance Measures ('APM')
An alternative performance measure is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework.
Total assets
This is the Company's definition of Adjusted Total Assets, being the total value of assets held less all liabilities (other than liabilities in the form of borrowings).
Net asset value ('NAV')
Also described as shareholders' funds, net asset value is the value of total assets less liabilities (including borrowings). Net asset value can be calculated on the basis of borrowings stated at book value and fair value. An explanation of each basis is provided below. The net asset value per share is calculated by dividing this amount by the number of ordinary shares in issue excluding any shares held in treasury.
Net asset value (borrowings at book value)
Borrowings are valued at nominal book value (book cost).
Net asset value (borrowings at fair value) (APM)
Borrowings are valued at an estimate of their market worth.
Net asset value (reconciliation of NAV at book value to NAV at fair value)
30 April 2026
£'000
31 October 2025
£'000
Net asset value per ordinary share (borrowings at book value)
239.58p
220.97p
Shareholders' funds (borrowings at book value)
828,686
768,957
Add: book value of borrowings
76,909
78,091
Less: fair value of borrowings
(76,909)
(78,091)
Shareholders' funds (borrowings at fair value)
828,686
768,957
Number of shares in issue
345,884,292
347,984,292
Net asset value per ordinary share (borrowings at fair value)
239.58p
220.97p
At 30 April 2026 and 31 October 2025 all borrowings are in the form of short term floating rate borrowings and their fair value is considered equal to their book value, hence there is no difference in the net asset value at book value and fair value.
Net liquid assets
Net liquid assets comprise current assets less current liabilities, excluding borrowings.
Discount/premium (APM)
As stockmarkets and share prices vary, an investment trust's share price is rarely the same as its net asset value. When the share price is lower than the net asset value per share it is said to be trading at a discount. The size of the discount is calculated by subtracting the net asset value per share from the share price and is usually expressed as a percentage of the net asset value per share. If the share price is higher than the net asset value per share, this situation is called a premium.
30 April
2026
31 October
2025
Net asset value per share
(a)
239.58p
220.97p
Share price
(b)
235.00p
205.00p
Discount ((b)-(a)) ÷ (a) expressed as a percentage
(1.9%)
(7.2%)
Total return (APM)
The total return is the return to shareholders after reinvesting the dividend on the date that the share price goes ex-dividend. The Company does not pay a dividend, therefore, the one year total returns for the share price and NAV per share at book and fair value are the same as the percentage movements in the share price and NAV per share at book and fair value as detailed above.
Leverage (APM)
For the purposes of the Alternative Investment Fund Managers Regulations, leverage is any method which increases the Company's exposure, including the borrowing of cash and the use of derivatives. It is expressed as a ratio between the Company's exposure and its net asset value and can be calculated on a gross and a commitment method. Under the gross method, exposure represents the sum of the Company's positions after the deduction of sterling cash balances, without taking into account any hedging and netting arrangements. Under the commitment method, exposure is calculated without the deduction of sterling cash balances and after certain hedging and netting positions are offset against each other.
Active share (APM)
Active share, a measure of how actively a portfolio is managed, is the percentage of the portfolio that differs from its comparative index. It is calculated by deducting from 100 the percentage of the portfolio that overlaps with the comparative index. An active share of 100 indicates no overlap with the index and an active share of zero indicates a portfolio that tracks the index.
Gearing (APM)
At its simplest, gearing is borrowing. Just like any other public company, an investment trust can borrow money to invest in additional investments for its portfolio. The effect of the borrowing on the shareholders' assets is called 'gearing'. If the Company's assets grow, the shareholders' assets grow proportionately more because the debt remains the same. But if the value of the Company's assets falls, the situation is reversed. Gearing can therefore enhance performance in rising markets but can adversely impact performance in falling markets.
Net gearing is the Company's borrowings less cash and cash equivalents expressed as a percentage of shareholders' funds.
Gross gearing is the Company's borrowings expressed as a percentage of shareholders' funds.
As at 30 April 2026
As at 31 October 2025
Net
gearing*
£'000
Gross
gearing†
£'000
Net
gearing*
£'000
Gross
gearing†
£'000
Borrowings
76,909
76,909
78,091
78,091
Cash and cash equivalents
56,903
-
59,326
-
Shareholders' funds
828,686
828,686
768,957
768,957
Gearing
2.4%
9.3%
2.4%
10.2%
* Net gearing: ((a) - (b)) divided by (c), expressed as a percentage.
† Gross gearing: (a) divided by (c), expressed as a percentage.
Treasury shares
The Company has the authority to make market purchases of its ordinary shares for retention as treasury shares for future reissue, resale, transfer, or for cancellation. Treasury shares do not receive distributions and the Company is not entitled to exercise the voting rights attaching to them.
Private (unlisted) company
An unlisted or private company means a company whose shares are not available to the general public for trading and are not listed on a stock exchange.
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Edinburgh Worldwide aims to achieve long-term capital growth by investing primarily in listed companies throughout the world. The Company has total assets of £905.6 million (before deduction of borrowings of £76.9 million) as at 30 April 2026.
Edinburgh Worldwide is managed by Baillie Gifford, the Edinburgh-based investment management firm and one of the largest investment trust managers in the UK. Baillie Gifford manages closed-ended and open-ended investment companies, together with investment portfolios on behalf of pension funds, charities and other institutional clients in the UK and overseas.
Edinburgh Worldwide Investment Trust plc is a listed UK company. The value of its shares and any income from them can fall as well as rise and investors may not get back the amount invested. This is because the share price is determined by the changing conditions in the relevant stock markets in which the Company invests and by the supply and demand for the Company's shares. Investment in investment trusts should be regarded as medium to long-term. The Company's risk could be increased by its investment in unlisted investments. These assets may be more difficult to buy or sell, so changes in their prices may be greater. The Company is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority. You can find up to date performance information about Edinburgh Worldwide on the Edinburgh Worldwide page of the Managers' website at edinburghworldwide.co.uk‡
‡ Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement.
24 June 2026
For further information please contact:
Naomi Cherry, Baillie Gifford & Co
Tel 0131 275 2000
Jonathan Atkins, Four Communications
Tel: 020 3920 0555 or 07872 495396
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