REG - Edinburgh Worldwide - Edinburgh Worldwide Investment Trst Interim Report
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RNS Number : 2496O Edinburgh Worldwide Inv Trust PLC 25 June 2025
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 2025
The following is the unaudited Interim Financial Report for the six months to
30 April 2025 which was approved by the Board on 24 June 2025.
¾ Performance over this reporting period has been impacted by heightened
volatility in global markets following a significant selloff in April 2025,
the result of President Trump's 'Liberation Day' announcement of U.S. tariffs
and China's retaliatory measures. Over the six month period, the Company's net
asset value per share* fell by 2.9% while the comparative index* was down
7.2%. The share price* fell by 1.9%.
¾ The largest positive contributors to performance over the six months were
Axon Enterprises, SpaceX and PsiQuantum. The most significant detractors to
performance in the period were AeroVironment, Sweetgreen and Exact Sciences.
¾ During the period, the Company bought back 6.3m shares into treasury.
¾ As at 30 April 2025 the Company's investment in private companies was
31.1% of total assets (31 October 2024: 25.3%).
¾ The Managers seek to hold companies harnessing a high level of discovery
and disruption. With the world being drawn ever more short-term in its
outlook, the opportunities for those willing to take a long-term view
increase.
Jonathan Simpson-Dent, Chair of Edinburgh Worldwide Investment Trust
commented:
"This six month reporting period covers the early stages of implementation of
the Company's reset for growth action plan as communicated in November 2024.
While performance is ahead of the benchmark, the market has observed
significant volatility. The Board continues to be excited by this unique
mandate and the potential within the portfolio which is covered in detail in
the interim report."
* All figures are on a total return basis. Source: LSEG/Baillie Gifford and
relevant underlying index providers. See disclaimer at the end of this
announcement.
For a definition of terms see Glossary of Terms and Alternative Performance
Measures at the end of this announcement.
Past performance is not a guide to future performance.
Edinburgh Worldwide aims to achieve long-term capital growth by investing
primarily in listed companies throughout the world. The Company has total
assets of £660.0 million (before deduction of loans of £54.4 million) as
at 30 April 2025.
Edinburgh Worldwide is managed by Baillie Gifford, the Edinburgh based fund
management group with around £204.2 billion under management and advice as
at 24 June 2025.
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
(http://www.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 2025
For further information please contact:
Naomi Cherry, Baillie Gifford & Co
Tel 0131 275 2000
Jonathan Atkins, Four Communications
Tel: 020 3103 9553 or 07872 495 396
The following is the unaudited Interim Financial Report for the six months to
30 April 2025 which was approved by the Board on 24 June 2025.
Chair's statement
In November 2024, we announced the resetting of the Company on a path for
growth. The announcement focussed on three key areas: (i) a reaffirmation of
the Company's strategy; (ii) a reset action plan including team composition
and a rebalancing of the portfolio to increase focus and resilience; and (iii)
a commitment to a share buyback and capital return programme of up to £130m.
I want to provide an update on these areas in this interim report to
shareholders while also providing details on the Company's performance over
the six-month period to 30 April 2025.
Shareholders will also be aware that during the period on which we are
reporting, the Company was requisitioned and was required, under the terms of
the requisition, to hold a general meeting at which various resolutions were
put to shareholders. Shareholders voted to support the existing mandate and
the Board at the requisitioned general meeting but it should be noted that
significant costs were incurred as a consequence of this requisition. This is
reported in our Income Statement alongside the costs associated with other
shareholder circulars that have been approved during this period.
Performance
After a strong second half to the financial year 31 October 2024 where the net
asset value per share ('NAV') total return was +6.0% and the share price total
return was +11.0%, performance over this reporting period has been impacted by
heightened volatility in global markets following a significant selloff in
April 2025, the result of President Trump's 'Liberation Day' announcement of
U.S. tariffs and China's retaliatory measures. The NAV total return over the
first half of the Company's current financial year, was -2.9% compared to a
total return of -7.2% for the S&P Global Small Cap Index, in sterling
terms. The Company bought back 6.3m shares since 1 November 2024. The discount
to NAV of the Company's shares narrowed from 7.6% to 6.7% and so the share
price return over the period was -1.9%.
At the period end, the private companies weighting was 31.1% and the gearing
stood at 8.0%.
Further details on performance are provided in the Managers' Report below.
Resetting for Growth
In November 2024, the Board and Investment Manager collaborated to introduce
meaningful improvements to portfolio construction and execution, focusing on
fewer holdings and stricter measures to address underperforming investments.
The portfolio has been reshaped to include more profitable, cash-generating
companies and greater sectoral diversification. This has resulted in a more
focused and better-balanced portfolio with stronger sales and earnings growth
prospects to position the Company for improved future performance.
Number of holdings
30 April 2024 106
31 October 2024 85
30 April 2025 78
Key Sector Mix
31 October 30 April Change
2024 2025
% %
Information technology 27.0 31.0 é
Industrials 27.8 28.8 é
Healthcare 29.9 26.9 ê
Consumer discretionary 4.6 3.4 ê
Financials 3.8 2.4 ê
Communication services 3.3 2.5 ê
Electrical equipment, instruments and components - 2.0 é
Machinery - 1.2 é
Materials 0.7 0.8 é
Net liquid assets 2.9 1.0 ê
EWIT Portfolio by Financial Resiliency Cohort
31 October 30 April Change
2024 2025
% %
Fledgling: companies that are not yet delivering positive gross profit 3.1 1.2 ê
Initial Commercialisation: companies delivering gross profit 16.0 12.3 ê
De-Risking: companies delivering Free Cash Flow (FCF) margin between -20% and 16.2 25.0 é
0%
Execution: companies delivering positive FCF 26.8 33.2 é
Proven Return: companies delivering positive FCF and Earnings Per Share (EPS) 37.9 28.3 ê
Having reaffirmed the strategy last November, the Board continues to be
excited about the Trust's differentiated mandate and the potential within the
portfolio. Feedback from a number of shareholders has highlighted the
importance of this differentiation, recognising the potential value of early
access to game-changing companies at the frontier of innovation whether
publicly traded or private businesses.
Despite recent market and geopolitical volatility, the Investment Manager
remains confident in the portfolio's strong fundamentals, adaptability, and
resilience. Key operational metrics - such as rising sales projections and
solid earnings estimates - underscore the portfolio's strength, suggesting
that current valuation pressures are temporary.
Growing demand for leading-edge capabilities in semiconductors and AI
processing affecting national security benefits holdings like AeroVironment,
Axon Enterprise, and MP Materials. Quantum computing is the next significant
breakthrough. The Company's private holding in PsiQuantum is leading the
charge in making this technology commercially viable and available. Space
technology is becoming increasingly important and the Company's 2018
investment in SpaceX has already returned seven times the initial investment
and is set for increased relevance across multiple domains. The healthcare
field continues to offer exciting prospects as genetic advances enable new
treatments and diagnostics that will transform patient experiences, like the
Company's investment in the groundbreaking Alnylam Pharmaceutical.
The path forward will not be linear. Yet, longer term capital invested in
emerging companies with exceptional potential and durable growth runways
remains a path to substantial future shareholder value.
Capital Return Plan including Share Buybacks
Following the announcement in November 2024 of the Board's commitment to
return up to £130m of capital, we have made the necessary practical changes
to the Company's distributable reserves, including the reduction of the
Company's share premium account, to permit this. In addition, the Board
progressed plans to offer all shareholders a meaningful capital return through
a tender offer, on a basis that would not unduly affect the resultant balance
of the Company's portfolio. However, following discussions with significant
shareholders, it is unlikely that the desired level of support will be
received and so the Board has decided to pause the process, for the present,
to avoid incurring unnecessary costs.
The Board continues to prioritise share buybacks as the primary capital return
mechanism. Over the course of the Company's six months to 30 April 2025, the
Company bought back 6.3 million shares to return to shareholders approximately
£10.9m, representing 1.7% of the Company's issued share capital at the start
of the period, and since the period end has bought back a further 5,855,000
shares, representing 1.6% of the Company's issued share capital. The Board
will continue to use the buybacks to provide liquidity for shareholders and to
seek, where possible, to avoid the discount from widening out significantly.
In addition, the Board acknowledges that any such buyback at a discount to NAV
is value accretive to continuing to shareholders. The shares repurchased by
the Company are held in treasury and are available to be reissued, at a
premium, when market conditions allow provided relevant shareholder
authorities are in place at the time.
Additionally, the Board has been considering an evolved approach to capital
allocation in the future. The Board recognises that, notwithstanding the
Company's long-term investment horizon, shareholders should benefit tangibly
when material realisations are achieved from the Company's private
investments. We are therefore developing a model of making partial returns of
capital from the proceeds from such events and will share further details in
due course.
Outlook
We continue to act on feedback from our shareholders. Recent engagement has
reaffirmed broad support for the Company's mandate and investment strategy and
the Board will continue to work diligently with the Investment Manager to
advance our plan to ensure that the Company delivers returns commensurate with
shareholder expectations and reflective of the underlying potential of the
portfolio companies which are looking to shape the future through innovation.
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
Jonathan Simpson-Dent
Chair
24 June 2025
(*) Source: LSEG/Baillie Gifford and relevant underlying index providers. See
disclaimer at the end of this announcement.
For a definition of terms see Glossary of terms and Alternative Performance
Measures at the end of this announcement.
Past performance is not a guide to future performance.
Interim management report
Trust Performance
During a volatile six month period for global markets, the Company
outperformed the S&P Global Small Cap Index, as reported in the Chair's
Statement above.
Top 3 and Bottom 3 Contributors
New funding rounds at higher valuations propelled strong contributions from
private companies SpaceX and PsiQuantum during the period. Meanwhile, Axon
Enterprise marked its 12th consecutive quarter of +25% sales growth, while
rising customer adoption of AI products further boosted share appreciation.
AeroVironment, Sweetgreen, and Exact Sciences were the period's detractors.
AeroVironment's shares were pressured due to transient operational challenges
and guidance uncertainty, resulting from the US's adjusted policy towards the
Ukraine conflict. This shouldn't overshadow, however, its strong funded order
backlog, strategic contracts with the US military, and the continuing
expansion of drones' military applications. Sweetgreen, the US casual dining
chain, reported reduced same-store sales, prompting a decline in the stock
price. Its products' premium pricing may have left it vulnerable to softening
US consumer confidence amid economic uncertainty. We continue to monitor this,
but remain excited by the rollout of its transformational automation
technology, which could meaningfully improve efficiency and profitability.
Finally, shares in Exact were soft, following the release of earnings, which
reported steady growth but were below expectations. Its most recent results
(released 1 May 2025, after the period covered explicitly in this report)
included rebounding sales growth, and we're content with the business's
long-term growth prospects, propelled by the next generation of its dominant
colorectal cancer screen.
Market Context
At a macro level, there have been notable changes since the last update in the
annual report. Market anticipation of pro-growth policies of tax-breaks and
deregulation in the US has shifted to grappling with the global uncertainty
around tariffs and trade wars. Policy volatility and how to respond to it, has
left consumers, companies, and political decision makers alike in a state of
limbo - all of which has a knock-on effect to the appetite for spending and
investment.
The impact of headline announcements on global supply chains - answering the
questions of "if," "how," and "when" - remains difficult to predict. The
overarching theme underscores the ongoing need for businesses to question
their resilience and cost structures in a world which looks increasingly
protectionist.
History might provide some precedent and guidance here. A similar situation
emerged in 1930 in the US with President Hoover signing into law the
'Smoot-Hawley Tariff Act'. This was a piece of legislation intended to protect
domestic US jobs and manufacturing recovering from the great depression, with
tariffs on foreign goods. Other nations followed suit with tariffs of their
own. However, I suspect you, like us, did not have name recognition for this
bill until very recently, if at all. Instead, what ultimately proved much more
relevant and resilient from this period were the innovations and innovators
which shaped the world and the economy around them.
This was the time when mass electrification of factories enabled a scale of
production unseen before, Ford's new auto financing business paved the way for
larger credit markets to exist in retail goods, the discovery of penicillin
led to a revolution in treating infection, the proliferation of commercial
radio stations created a new form of popular entertainment, the invention of
liquid fuelled rockets opened up new frontiers in aeronautics, and the
foundations of quantum mechanics and nuclear physics were laid down.
We appreciate the greater significance of these much more keenly today and
with the benefit of time. It is companies harnessing a similar level of
discovery and disruption today that we seek to position EWIT's portfolio for.
With the world being drawn ever more short-term in its outlook, the
opportunities for those willing to take a long-term view increase.
Our task then remains to continually ask whether the portfolio has the right
mix of opportunities to express this philosophy, are they being operated well
and with appropriate foresight, and are they resilient enough to retain and
grow their market presence and value-add?
Portfolio Activity
To this end, over the last 6 months, EWIT has invested in 9 new holdings.
Xometry enables greater domestic manufacturing scale through the smart
aggregation of local capacity, previously too disparate to corral. Astera Labs
and Confluent are improving connections within rapidly growing AI
infrastructure and software, whilst Amplitude is similarly helping companies
better understand and optimise how consumers connect and interact with their
digital products. PROCEPT BioRobotics is introducing robotic-assisted
operative treatments for better, quicker and safer patient outcomes in
prostate treatment. E Ink Holdings is enabling previously static surfaces to
be turned into full colour digital displays, opening a world of possibility
for more intuitive consumer devices and architectural structures. Kornit
Digital brings a similar level of fresh expression to apparel industry with
its inkjet printing solution for textiles enabling on-demand domestic
production. Park Systems are allowing customers to dive down to
infinitesimally small scale to measure & manipulate individual atoms with
their atomic force microscopes, a key requirement for making increasingly
capable semiconductors powering the next generation of products. Harmonic
Drive Systems is the world leader in high-precision, compact gears used in
robotics and automation.
During this period, we also completed the sale of 16 holdings where we feel
the opportunity cost has become less compelling over time relative to the rest
of tor portfolio (including Adaptimmune Therapeutics, Expensify, STAAR
Surgical) and trimmed a handful of holdings following a run of strong
performance (including Axon Enterprise, SpaceX, Doximity) to fund buybacks,
de-gearing, and new purchases.
The principal risks and uncertainties facing the Company are set out at the
end of this announcement.
(*) Net asset value (borrowings at book value).
For a definition of terms see Glossary of terms and Alternative Performance
Measures at the end of this announcement.
Total return information sourced from LSEG/Baillie Gifford and relevant
underlying index providers.
Source: LSEG/Baillie Gifford and relevant underlying data providers. See
disclaimers at the end of this announcement.
Past performance is not a guide to future performance.
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 2025, 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 22
Percentage of portfolio revalued 3+ times 78
(*) Data reflecting period 1 November 2024 to 30 April 2025 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 2025 are shown below.
Valuation movement £'000
Value of private company investments as at 31 October 2024 182,972
Sale proceeds from disposal (31,699)
Gain on disposal 25,620
Investment revaluation gains in the period 55,984
Investment revaluation losses in the period (27,738)
Value of private company investments as at 30 April 2025 205,139
Valuation movement %
Average movement in investee company securities price +17.2
Average movement in investee company valuation +28.6
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.
Income statement (unaudited)
For the six months ended 30 April 2025 For the six months to For the year ended 31 October 2024 (audited)
30 April 2024
Notes Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on sales of investments - 4,400 4,400 - (31,895) (31,895) - (125,365) (125,365)
Movements in investment holding gains - (17,255) (17,255) - 71,948 71,948 - 202,938 202,938
Currency gains - 1,119 1,119 - 1,703 1,703 - 3,975 3,975
Income from investments and interest receivable 540 - 540 678 - 678 1,301 - 1,301
Investment management fee 3 (504) (1,512) (2,016) (470) (1,411) (1,881) (829) (2,488) (3,317)
Other administrative expenses 4 (2,615) - (2,615) (601) - (601) (1,520) - (1,520)
Net return before finance costs and taxation (2,579) (13,248) (15,827) (393) 40,345 39,952 (1,048) 79,060 78,012
Finance cost of borrowings (548) (1,644) (2,192) (782) (2,346) (3,128) (1,571) (4,714) (6,285)
Net return before taxation (3,127) (14,892) (18,019) (1,175) 37,999 36,824 (2,619) 74,346 71,727
Tax (14) - (14) (18) - (18) (46) - (46)
Net return after taxation (3,141) (14,892) (18,033) (1,193) 37,999 36,806 (2,665) 74,346 71,681
Net return per ordinary share 5 (0.85p) (4.02p) (4.87p) (0.31p) 9.87p 9.56p (0.70p) 19.48p 18.78p
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.
Balance sheet (unaudited)
Notes At 30 April At 31 October
2025 2024
£'000 £'000
Fixed assets
Investments held at fair value through profit or loss 7 653,477 705,032
Current assets
Debtors 2,657 1,172
Cash and cash equivalents 7,141 22,783
9,798 23,955
Creditors
Amounts falling due within one year 8 (57,631) (94,384)
Net current liabilities (47,833) (70,429)
Net assets 605,644 634,603
Capital and reserves
Share capital 4,058 4,058
Share premium account 10 - 499,723
Distributable capital reserve 10 499,723 -
Special reserve 35,220 35,220
Capital reserve 81,065 106,883
Revenue reserve (14,422) (11,281)
Shareholders' funds 605,644 634,603
Net asset value per ordinary share(*) 165.44p 170.40p
Ordinary shares in issue 9 366,088,421 372,426,908
(*) See Glossary of Terms and Alternative Performance Measures at the
end of this announcement.
Statement of changes in equity (unaudited)
Six months to 30 April 2025
Notes Share Share Distributable Special Capital Revenue Shareholders'
capital premium capital reserve reserve (*) reserve funds
£'000 account reserve £'000 £'000 £'000 £'000
£'000 £'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
Six months to 30 April 2024
Notes Share Share Special Capital Revenue Shareholders'
capital premium reserve reserve (*) reserve funds
£'000 account £'000 £'000 £'000 £'000
£'000
Shareholders' funds at 1 November 2023 4,058 499,723 35,220 54,352 (8,616) 584,737
Ordinary shares bought back 9 - - - (5,912) - (5,912)
Net return after taxation - - - 37,999 (1,193) 36,806
Shareholders' funds at 30 April 2024 4,058 499,723 35,220 86,439 (9,809) 615,631
(*) The Capital Reserve balance at 30 April 2025 includes investment
holding losses of £36,405,000 (30 April 2024 - losses of £77,331,000).
Cash flow statement (unaudited)
Six months to Six months to
30 April 2025 30 April 2024
£'000 £'000
Cash flows from operating activities
Net return before taxation (18,019) 36,824
Net losses/(gains) 12,855 (40,053)
Currency gains (1,119) (1,703)
Finance costs of borrowings 2,192 3,128
Overseas withholding tax incurred (14) (18)
Changes in debtors and creditors (1,257) (42)
Cash from operations(*) (5,362) (1,864)
Interest paid (2,813) (3,317)
Net cash outflow from operating activities (8,175) (5,181)
Net cash inflow from investing activities 39,566 8,037
Financing
Ordinary shares bought back (10,796) (5,973)
Bank loans drawn down 147,848 180,135
Bank loans repaid (184,848) (188,135)
Net cash outflow from financing activities (47,796) (13,973)
Decrease in cash and cash equivalents (16,405) (11,117)
Exchange movements 763 (225)
Cash and cash equivalents at start of period 22,783 19,146
Cash and cash equivalents at end of period(†) 7,141 7,804
(*) Cash from operations includes dividends received in the period of
£344,000 (30 April 2024 - £356,000).
(†) Cash and cash equivalents represent cash at bank and short term
money market deposits repayable on demand.
Performance of top 20 holdings
at 30 April 2025 (unaudited)
Name Business Country Fair % of Absolute (†) Relative (†)
value total performance performance
£'000 assets (*) % %
Space Exploration Technologies(#§) Designs, manufactures and launches advanced rockets and spacecraft USA 93,739 14.2 78.0 81.5
PsiQuantum(#§) Developer of commercial quantum computing USA 54,330 8.2 50.6 53.6
Alnylam Pharmaceuticals Drug developer focussed on harnessing gene silencing technology USA 38,111 5.8 71.8 75.1
Axon Enterprise Law enforcement equipment and software provider USA 23,663 3.6 83.8 87.3
AeroVironment Small unmanned aircraft and tactical missile systems USA 19,178 2.9 (11.1) (9.4)
Oxford Nanopore Technologies Novel DNA sequencing technology UK 18,971 2.9 21.0 23.3
Zillow(#) US online real estate portal USA 15,844 2.4 48.2 51.1
Ocado Online grocery retailer and technology provider UK 11,705 1.8 (20.3) (18.8)
Xometry AI-enabled marketplace provider for on demand manufacturing UK 11,621 1.8 (29.6) (19.7)
Exact Sciences Non-invasive molecular tests for early cancer detection USA 11,100 1.7 (27.8) (26.4)
Cyberark Software Cyber security solutions provider Israel 10,992 1.7 37.8 40.5
Shine Technologies (Illuminated Holdings)(#§) Medical radioisotope production USA 10,393 1.6 (8.0) (6.2)
American Superconductor Designs and manufactures power systems and superconducting wire USA 9,820 1.5 51.3 54.2
Kingdee International Software Enterprise management software provider China 9,017 1.4 49.4 52.3
Appian Enterprise software developer USA 8,529 1.3 (22.3) (20.8)
MarketAxess Electronic bond trading platform USA 8,492 1.3 5.1 7.1
JFrog Software development tools and management Israel 8,472 1.3 (20.9) (19.4)
LiveRamp Marketing technology company USA 8,353 1.3 (23.6) (22.1)
InfoMart Online platform for restaurant supplies Japan 8,297 1.3 6.1 8.1
Progyny Fertility benefits management company USA 8,166 1.2 (33.8) (32.5)
388,793 59.2
(*) Total assets before deduction of borrowings.
(†) Absolute and relative performance has been calculated on a total
return basis over the period 1 November 2024 to 30 April 2025. Absolute
performance is in sterling terms; relative performance is against S&P
Global Small Cap Index (in sterling terms).
(#) More than one line of stock held. Holding information represents the
aggregate of both lines of stock.
(§) Denotes private company investment.
Source: Baillie Gifford/StatPro and relevant underlying index providers. See
disclaimer at the end of this announcement.
Past performance is not a guide to future performance.
List of investments
at 30 April 2025 (unaudited)
Name Business Country Fair value % of total
£'000 assets (*)
Space Exploration Technologies Series N Preferred(§) Designs, manufactures and launches advanced rockets and spacecraft USA 82,076 12.4
Space Exploration Technologies Series K Preferred(§) Designs, manufactures and launches advanced rockets and spacecraft USA 11,663 1.8
93,739 14.2
PsiQuantum Series C Preferred Developer of commercial quantum computing USA 33,196 5.0
PsiQuantum Series D Preferred Developer of commercial quantum computing USA 21,134 3.2
54,330 8.2
Alnylam Pharmaceuticals Drug developer focussed on harnessing gene silencing technology USA 38,111 5.8
Axon Enterprise Law enforcement equipment and software provider USA 23,663 3.6
Aerovironment Small unmanned aircraft and tactical missile systems USA 19,178 2.9
Oxford Nanopore Technologies Novel DNA sequencing technology UK 18,971 2.9
Zillow Class A US online real estate portal USA 2,264 0.3
Zillow Class C US online real estate portal USA 13,580 2.1
15,844 2.4
Ocado Online grocery retailer and technology provider UK 11,705 1.8
Xometry AI-enabled marketplace provider for on demand manufacturing USA 11,621 1.8
Exact Sciences Non-invasive molecular tests for early cancer detection USA 11,100 1.7
Cyberark Software Cyber security solutions provider Israel 10,992 1.7
Shine Technologies (Illuminated Holdings) Series C-5 Preferred(§) Medical radioisotope production USA 6,649 1.0
Shine Technologies (Illuminated Holdings) Series Convertible Loan Note(§) Medical radioisotope production USA 749 0.1
Shine Technologies (Illuminated Holdings) Series Convertible Promissory Medical radioisotope production USA 2,995 0.5
Note(§)
10,393 1.6
American Superconductor Designs and manufactures power systems and superconducting wire USA 9,820 1.5
Kingdee International Software Enterprise management software provider China 9,017 1.4
Appian Enterprise software developer USA 8,529 1.3
MarketAxess Electronic bond trading platform USA 8,492 1.3
JFrog Software development tools and management Israel 8,472 1.3
LiveRamp Marketing technology company USA 8,353 1.3
InfoMart Online platform for restaurant supplies Japan 8,297 1.3
Progyny Fertility benefits management company USA 8,166 1.2
Epic Games Video game platform and software developer USA 8,141 1.2
Sweetgreen A restaurant company USA 8,050 1.2
Astranis Space Technologies Series C Preferred(§) Communication satellite manufacturing and operation USA 7,336 1.1
Astranis Space Technologies Series C Prime Preferred(§) Communication satellite manufacturing and operation USA 611 0.1
7,947 1.2
Harmonic Drive System Robotic components manufacturer Japan 7,935 1.2
Twist Bioscience Biotechnology company USA 7,814 1.2
Trupanion Pet health insurance provider USA 7,606 1.2
BillionToOne Series C Preferred(§) Pre-natal diagnostics USA 6,576 1.0
BillionToOne Series C-1 Preferred(§) Pre-natal diagnostics USA 896 0.1
7,472 1.1
TransMedics Medical device company USA 7,347 1.1
Schrödinger Drug discovery and simulation software USA 7,222 1.1
Silergy Designs and manufactures a broad range of high performance analog integrated China 7,182 1.1
circuits
E Ink Holdings Develops, manufactures and sells electronic paper technology-related materials 7,078 1.1
and display products
PeptiDream Peptide based drug discovery platform Japan 7,002 1.1
Doximity Online healthcare resource and interactive platform developer USA 6,969 1.1
DLOCAL Latin American developer of cross border payments platform Uruguay 6,966 1.1
Upwork Online freelancing and recruitment services platform USA 6,780 1.0
Snyk Ordinary Shares(§) Security software UK 2,531 0.4
Snyk Series F Preferred(§) Security software UK 4,241 0.6
6,772 1.0
Confluent Data streaming platform provider USA 6,452 1.0
Novocure Manufacturer of medical devices for cancer treatment USA 6,252 0.9
Genmab Antibody based drug development Denmark 6,246 0.9
Park Systems Manufacturer of atomic force microscopy systems Japan 6,239 0.9
PureTech Health IP commercialisation focused on healthcare UK 6,212 0.9
Amplitude Software solutions provider Israel 6,051 0.9
Procept BioRobotics Healthcare manufacturer USA 5,995 0.9
Tandem Diabetes Care Manufacturer of insulin pumps for diabetic patients USA 5,931 0.9
IPG Photonics High-power fibre lasers USA 5,882 0.9
Echodyne Corp. Series C-1 Preferred(§) Metamaterial radar sensors and software USA 5,866 0.9
Kornit Digital Manufacturer of digital inkjet printers Israel 5,661 0.9
MP Materials Rare Earth Materials Company USA 5,348 0.8
Skywater Technology US specialist semiconductor fabrication company USA 5,247 0.8
Lightning Labs Series B Preferred Lightning software that enables users to send and receive money USA 5,233 0.8
Sprout Social Cloud based software for social media management USA 5,135 0.8
Astera Labs Semiconductor-based connectivity solutions provided USA 4,941 0.7
Zai Lab HK Line Chinese bio-pharmaceutical development and distribution company China 4,804 0.7
Aehr Test Systems Semiconductor testing systems provider USA 4,790 0.7
Renishaw Measurement and calibration equipment UK 4,460 0.7
Raspberry Pi Technology company UK 4,385 0.7
Blackline Enterprise financial software provider USA 4,065 0.6
Catapult Group International Analytics and data collection technology for sports teams and athletes Australia 3,530 0.5
Ambarella Video compression and image processing semiconductors USA 3,500 0.5
KSQ Therapeutics Series C Preferred(§) Biotechnology target identification company USA 3,354 0.5
Veeco Semiconductor equipment company USA 3,090 0.5
Quantumscape Solid-state batteries for electric vehicles USA 2,520 0.4
Cryoport Chain logistics solutions provider for the life sciences industry USA 2,433 0.4
Silex Systems Australian pioneer of laser enrichment technology Australia 2,187 0.3
Sensirion Holding Manufacturer of gas and flow sensors Switzerland 2,042 0.3
RXSight Implantable adjustable lens provider after cataract surgery USA 1,746 0.3
Digimarc Digital watermarking technology provider USA 1,513 0.2
Ceres Power Holding Developer of fuel cells UK 1,094 0.1
New Horizon Health(†) Cancer screening company China 1,068 0.1
C4X Discovery Holdings(§) Software to aid drug design UK 1,067 0.1
C4X Discovery Warrants Software to aid drug design UK - -
1,067 0.1
Quanterix Ultra-sensitive protein analysers USA 903 0.1
DNA Script Series C Preferred(§) Synthetic DNA fabricator France 823 0.1
Nanobiotix Nanomedicine company focused on cancer radiotherapy France 336 0.1
4D Pharma Microbiome biology therapeutics UK - -
4D Pharma Warrents(†) Microbiome biology therapeutics UK - -
- -
China Lumena New Materials(†) Mines, processes and manufactures natural thenardite products China - -
Chinook Therapeutics (formerly Aduro Biotechnology) CVR Line Immunotherapy drug development USA - -
Relativity Space(§) 3D printing and aerospace launch company USA - -
Reaction Engines(§) Advanced heat exchange company UK - -
Total equities 653,477 99.0
Net liquid assets 6,555 1.0
Total assets(*) 660,032 100.0
(*) Total assets before deduction of borrowings.
(§) Denotes private company investment.
(†) Denotes suspended security.
Listed Unlisted Net liquid Total
equities securities (#) assets assets
% % % %
30 April 2025 67.8 31.2 1.0 100.0
31 October 2024 71.8 25.3 2.9 100.0
Figures represent percentage of total assets.
(#) Includes holdings in private companies ordinary shares, preference
shares, promissory notes and suspended securities. Suspended securities
accounted for 0.1% of the total assets.
Distribution of total assets(*)
at 30 April 2025 (unaudited)
Geographical % at % at
30 April 31 October
2025 2024
1 North America 74.7 73.5
USA 74.7 73.5
2 Europe 13.6 15.1
United Kingdom 8.3 10.5
Eurozone 0.2 0.7
Developed Europe (non euro) 5.1 3.9
3 Asia 8.7 5.9
China 3.3 3.4
Japan 3.5 2.5
South Korea 0.9 -
Taiwan 1.0 -
4 South America 1.1 1.0
Uruguay 1.1 1.0
5 Australasia 0.9 1.6
Australia 0.9 0.9
New Zealand - 0.7
6 Net liquid assets 1.0 2.9
Sectoral analysis
Sectoral % at % at
30 April 31 October
2025 2024
1 Information technology 31.0 27.0
2 Industrials 28.8 27.8
3 Healthcare 26.9 29.9
4 Consumer discretionary 3.4 4.6
5 Financials 2.4 3.8
6 Communication services 2.5 3.3
7 Electrical equipment, instruments and components 2.0 -
8 Machinery 1.2 -
9 Materials 0.8 0.7
10 Net liquid assets 1.0 2.9
(*) Total assets before deduction of borrowings.
Notes to the Financial Statements (unaudited)
1. Basis of accounting
The condensed Financial Statements for the six months to 30 April 2025
comprise the statements set out above together with the related notes set out
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 2025 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 2024.
Going concern
The Directors have considered the nature of the Company's principal risks and
uncertainties, as set out on the inside front cover. 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
2024 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 reduction of the share premium account, the change in
investment policy and the requisitioning of a General Meeting by Saba Capital.
5. Net return
Six months to Six months to Year to
30 April 2025 30 April 2024 31 October 2024
£'000 £'000 £'000
Revenue return after taxation (3,141) (1,193) (2,665)
Capital return after taxation (14,892) 37,999 74,346
Total net return (18,033) 36,806 71,681
Weighted average number of ordinary shares in issue 370,469,199 385,075,674 381,569,206
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) issue 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 2025 Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
Listed equities 447,271 - - 447,271
Unlisted ordinary shares - - 11,740 11,740
Suspended ordinary shares - - 1,068 1,068
Unlisted preference shares(*) - - 189,655 189,655
Unlisted convertible promissory note/convertible loan note - - 3,743 3,743
Total financial asset investments 447,271 - 206,206 653,477
As at 31 October 2024 (audited) Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
Listed equities 520,954 - - 520,954
Unlisted ordinary shares - - 15,220 15,220
Suspended ordinary shares - - 1,106 1,106
Unlisted preference shares(*) - - 163,863 163,863
Unlisted convertible promissory note/convertible loan note - - 3,889 3,889
Total financial asset investments 520,954 - 184,078 705,032
(*) 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 2025 creditors falling due within one year include borrowings of
£54,388,000 (31 October 2024 - £91,744,000) 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 2025 the drawings were €5,969,000, US$43,261,000 and
£16,919,000 (31 October 2024 - €9,864,000, US$71,166,000 and £28,060,000)
drawn down under the £100 million multi-currency revolving credit facility.
At 30 April 2025 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 2024 - nil).
The fair value of the bank loans at 30 April 2025 was £54,388,000 (31 October
2024 - £91,744,000).
9. Share capital
As at 30 April 2025 As at 31 October 2024
Number £'000 Number £'000
Allotted, called up and fully paid ordinary shares of 1p each 366,088,421 3,661 372,426,908 3,725
Treasury shares of 1p each 39,665,274 397 33.326,787 333
405,753,695 4,058 405,753,695 4,058
In the six months to 30 April 2025, no shares were issued (in the six months
to 30 April 2024 - no shares were issued). Over the period from 30 April 2025
to 23 June 2025 the Company issued no shares.
The Company has authority to buy back shares. In the six months to 30 April
2025, 6,338,487 shares with a nominal value of £63,000 were bought back at a
total cost of £10,926,000 and held in treasury (in the six months to 30 April
2024 - 4,050,404 shares were bought back and held in treasury). At 30 April
2025 the Company had authority to buyback a further 51,282,867 ordinary
shares.
Over the period from 30 April 2025 to 23 June 2025 5,855,000 shares with a
nominal value of £59,000 have been bought back by the Company at a total cost
of £9,705,000 and held in treasury.
10. Share Premium Account cancellation
On 11 February 2025 The Court of Sessions 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 £43,000 (30 April 2024 - £27,000; 31 October 2024 -
£158,000) and transaction costs on sales of £45,000 (30 April 2024 -
£14,000; 31 October 2024 - £67,000).
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.
None of the views expressed in this document should be construed as advice to
buy or sell a particular investment.
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 46 to
50 of the Company's Annual Report and Financial Statements for the year to 31
October 2024 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.
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 2025 31 October 2024
Net asset value per ordinary share (borrowings at book value) 165.44p 170.40p
Shareholders' funds (borrowings at book value) £605,644,000 £634,603.000
Add: book value of borrowings £54,388,000 £91,744,000
Less: fair value of borrowings (£54,388,000) (£91,744,000)
Shareholders' funds (borrowings at fair value) £605,644,000 £634,603,000
Number of shares in issue 366,088,421 372,426,908
Net asset value per ordinary share (borrowings at fair value) 165.44p 170.40p
At 30 April 2025 and 31 October 2024 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 31 October
2025 2024
Net asset value per share (a) 165.44p 170.40p
Share price (b) 154.40p 157.40p
Discount ((b)-(a)) ÷ (a) expressed as a percentage (6.7%) (7.6%)
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.
Leverage (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.
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.
Invested gearing is the Company's borrowings at book value less cash and cash
equivalents (as adjusted for investment and share buy back/issuance
transactions awaiting settlement) expressed as a percentage of shareholders'
funds.
As at As at
30 April 31 October
2025 2024
Borrowings (at book value) £54,388,000 £91,744,000
Less: cash and cash equivalents (£7,141,000) (£22,783,000)
Less: sales for subsequent settlement (£122,000) (£188,000)
Add: purchases for subsequent settlement £1,142,000 £332,000
Add: buy backs awaiting settlement £301,000 £171,000
Adjusted borrowings (a) £48,568,000 £69,276,000
Shareholders' funds (b) £605,644,000 £634,603,000
Invested gearing: (a) as a percentage of (b) 8.0% 11.0%
Potential gearing is the Company's borrowings expressed as a percentage of
shareholders' funds.
As at As at
30 April 31 October
2025 2024
Borrowings (at book value) (a) £54,388,000 £91,744,000
Shareholders' funds (b) £605,644,000 £634,603,000
Potential gearing: (a) as a percentage of (b) 9.0% 14.0%
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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- Ends -
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