Final Results

RNS Number : 7234V

Edinburgh Worldwide Inv Trust PLC

05 December 2019

 

RNS Announcement: Preliminary Results

Edinburgh Worldwide Investment Trust plc

Legal Entity Identifier: 213800JUA8RKIDDLH380

Regulated Information Classification: Additional regulated information required to be disclosed under the laws of a Member State of the European Union.

The following is the preliminary statement for the year to 31 October 2019 which was approved by the Board on 4 December 2019.

¾  Over the year to 31 October 2019, the Company's net asset value per share, cum income with debt at fair value, increased by 7.4% and the share price by 6.7%. The comparative index, the S&P Global Small Cap Index* total return, increased by 7.2% in sterling terms.

¾  No final dividend is being paid. Should the level of underlying income increase in future years, the Board will seek to distribute the minimum permissible to maintain investment trust status as the Company's objective remains that of generating capital growth.

¾  A number of the Company's holdings contributed to the positive performance, notably: Novocure, a US manufacturer of medical devices for cancer treatment, Seattle Genetics, a US biotechnology developer of monoclonal antibodies, and Galapagos, a Belgian clinical stage biotechnology company.

¾  As at the year end, the Company held seven unlisted investments accounting for 5.5% of total assets (2018 - 3.2% of total assets in five holdings).

Summary

Edinburgh Worldwide's objective is the achievement of long term capital growth by investing primarily in listed companies throughout the world. The Trust has total assets of £585.3 million (before deduction of loans of £48.6 million) as at 31 October 2019.

Edinburgh Worldwide is managed by Baillie Gifford & Co Limited, the Edinburgh based fund management group with around £207 billion under management and advice as at 3 December 2019.

Past performance is not a guide to future performance.

The value of an investment and any income from it is not guaranteed and may go down as well as up and investors may not get back the amount invested. This is because the share price is determined by the changing conditions in the relevant stockmarkets 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. You can find up to date performance information about Edinburgh Worldwide on the Edinburgh Worldwide page of the Managers' website at http://www.edinburghworldwide.co.uk‡

For a definition of terms see Glossary of Terms and Alternative Performance Measures, note 10.

^*    See disclaimer at the end of this announcement.

‡    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.

5 December 2019

For further information please contact:

Anzelm Cydzik, Baillie Gifford & Co                        Mark Knight, Director, Four Communications

Tel: [phone]                                                 Tel: [phone] or 07803 758810

Chairman's Statement

Performance

In the year to 31 October 2019, the Company's net asset value ('NAV') per share, when calculated by deducting borrowings at fair value, increased by 7.4% and the share price by 6.7%, both in total return terms. The comparative index, the S&P Global Small Cap Index* total return, increased by 7.2% in sterling terms during this period. Over the course of the financial year the share price averaged a 1.0% premium to net assets, with borrowings deducted at fair value. Portfolio turnover was 4.5% compared to 12.6% in 2018 and the ongoing charges have reduced to 0.75% from 0.81%.

The good relative and absolute performance was driven by several holdings, most notably Novocure, a US manufacturer of medical devices for cancer treatment, Seattle Genetics, a US biotechnology developer of monoclonal antibodies, and Galapagos, a Belgian clinical stage biotechnology company. On balance, the underlying performance of the holdings in the portfolio continues to progress as hoped. Greater detail on this can be found within the Managers' Review below.

Management Fee

During the year, a change was made to the management fee structure resulting in a £100,000 per annum saving to the Company. With effect from 1 January 2019, the calculation of the first tier of the management fee charged on the first £50 million of net assets was reduced from 0.95% to 0.75%. The annual management fee payable by the Company is now charged at a rate of 0.75% on the first £50 million of net assets, at 0.65% on the next £200 million of net assets and at 0.55% on the remaining net assets. The fee continues to be calculated and paid on a quarterly basis.

Share Buybacks, Treasury and Issuance

The Company will once again be seeking to renew its share buyback, issuance and treasury share authorities. The buyback facility is sought to allow the Company to buy back its own shares when the discount is substantial in absolute terms and relative to its peers. Issuance, either from treasury or of new shares, will only be undertaken at a premium to the prevailing NAV, with debt calculated at par, in order to satisfy natural market demand. This would enhance the NAV per share for existing shareholders as well as dilute ongoing costs and help with the trading liquidity of the shares of the Company.

Over the course of the last financial year, the Company has issued over 16.5 million new shares at a premium to its NAV, raising net proceeds of £30.9 million and increasing the NAV per share by 0.11%. This equates to 5.8% of the issued share capital at the start of the year. This, along with good investment performance and the reduced rate of management fee, has contributed to the reduction in the Company's ongoing charges for the year.

Unlisted Investments

At last year's Annual General Meeting shareholders approved an increase in the permissible limit of investment in unlisted investments from 5% to 15% of total assets at the time of initial investment.

Shareholders should keep in mind that this is a ceiling to exposure rather than an aspirational target. As at the Company's year end, the portfolio weighting in unlisted investments stood at 5.5% of total assets, invested in seven companies (2018 - 3.2% of total assets in five companies). Two new unlisted investments were made during the year: Space Exploration Technologies ('SpaceX'), a US company that designs, manufactures and launches advanced rockets and spacecraft; and, PSIQuantum, a US developer of commercial quantum computing. Additions were made to the existing investments in Oxford Nanopore Technologies, Reaction Engines and Spire. The other two unlisted investments in the portfolio are Akili Interactive Labs and KSQ Therapeutics.

Borrowings

The extent and range of equity gearing is discussed by the Board and Managers at each Board meeting. Both parties agree that the Company should typically be geared to equities to maximise potential returns, with the current aspirational parameters set at +5% to +15%. Over the year, the invested gearing ranged between 5.0% and 9.2%, and stood at 6.6% at the financial year end (2018 - 5.3%).

As at 31 October 2018, the Company had a five year fixed rate facility with National Australia Bank Limited with an expiry date of 30 September 2019 and a five year £25 million revolving credit facility with National Australia Bank Limited with an expiry date of 29 June 2023. On its expiry, the five year fixed rate facility was refinanced with a five year £36 million revolving credit facility with National Australia Bank Limited with an expiry date of 30 September 2024. As at 31 October 2019, the Company had drawings of €2,821,800, US$37,090,500 and £17,500,000.

Earnings and Dividend

The Company's objective is to generate capital growth and investors should not expect any dividend from this investment. This year the net revenue return per share was a negative 0.23p (2018 - negative 0.19p). As the revenue account is running at a deficit, no final dividend is being recommended by the Board. Should the level of underlying income increase in future years, the Board will seek to distribute to shareholders the minimum permissible to maintain investment trust status by way of a final dividend.

Board Composition

Mr William Ducas intends to retire from the Board in 2020. A search consultancy has been engaged to find two new non-executive Directors to create flexibility for further Board changes in the future. The Company's Nominations Committee has identified the skills and experience required; its priority is to identify candidates with the best range of skills and experience to complement existing Directors; this search is now under way. The Board does not consider it appropriate to set diversity targets or apply a diversity policy. The Board intends to engage an independent consultancy to undertake a review of governance and Board effectiveness in 2020, once the new Directors have been appointed.

Investment Outlook

For some investors, uncertainty regarding Brexit has resulted in risk aversion and a desire to withdraw exposure to equities. The reality for this portfolio is that should sterling weaken in aggregate against other currencies, then investor returns are likely to increase as the majority of assets within the portfolio are non-sterling denominated. Therefore, the converse holds true. Rather than focusing on macro-economic developments, your managers continue to direct their efforts to picking the best entrepreneurial, immature growth companies that create and exploit investment opportunities, and which exhibit excellent long-term growth prospects and the potential for positive long term returns wherever they are listed. The managers and the Board remain enthused by the prospects for the holdings within the portfolio and the many exciting company specific developments being announced. Whilst markets exhibit volatility, the investment trust structure permits the managers and discerning long-term investors to take positions for the long term when the tide of money or sentiment depresses valuations. 

An overview of the portfolio is provided below.

Annual General Meeting

The Annual General Meeting of the Company will be held at Baillie Gifford's offices in Edinburgh at 12 noon on Wednesday 22 January 2020. The Directors consider that all resolutions put to shareholders are in their and the Company's best interests as a whole and recommend that shareholders vote in their favour.

Further information, including the proposed resolutions and information on the deadlines for proxy appointments, can be found on pages 57 to 59 of the Annual Report and Financial Statements. Shareholders who hold shares in their own name on the main register will be provided with a Form of Proxy. If you hold shares through a share platform or other nominee, the Board would encourage you to contact these organisations directly as soon as possible to arrange for you to attend and/or vote at the Annual General Meeting.

Douglas Brodie, the portfolio's lead manager, and Svetlana Viteva and Luke Ward, joint deputy portfolio managers, will give a presentation and take questions. The Board will also be available to respond to any questions that you may have. I hope that you will be able to attend.

Henry CT Strutt

Chairman

4 December 2019

For a definition of terms see Glossary of Terms and Alternative Performance Measures, note 10.

^*See disclaimer at the end of this announcement

Past performance is not a guide to future performance.
 

Managers' Review

With the Company's net asset value ('NAV') growing by 7.4% in the year to 31 October 2019, modestly ahead of the 7.2% growth in the comparative index[1], the casual observer might conclude that the performance during the period under review was solid if somewhat unspectacular. The challenge with quoting returns over a given period is that it is ultimately defined by the start and ending values, while the story of what happened in the intervening period is glossed over. The current year is a clear case in point. Pronounced portfolio and stock market weakness in the latter stages of 2018 made way for a strong rally in the first half of 2019 which ultimately contributed to a 41% rise in the NAV from December lows to the highs in July. Towards the end of the Company's year, geopolitical and macro-economic concerns reappeared on the stock market's list of worries, denting our absolute and relative performance from August onwards.  The headline numbers also mask a wide dispersion of share price returns in the underlying portfolio holdings. Of the 107 companies held in the portfolio, 13 had share price moves (either positive or negative) that exceeded 75% over the year.

We have long been believers in two simple principles of long-term, active, investment management. First, the performance of a group of stocks, be it a portfolio or an index, will be driven most by a small subset of stocks that deliver exceptional share price returns.  Second, the compounding of fundamental business growth and, ultimately, share price performance works to the advantage of long-term investors. We believe these principles are at their most impactful when applied to the challenge of investing in innovative companies lower down the market capitalisation spectrum. It is here that stock-picking investors can unlock the deeply powerful opportunity of long duration transformational growth with large end markets accessible from a low starting base.

As portfolio managers, we see our role as one of identifying young innovative businesses with significant long-term growth potential, providing support to those companies that deliver on that potential and maximising the benefit by avoiding selling successful companies too early on that journey. What looks simple, is fraught with practical challenges; the required tolerance of uncertainty, the inevitable businesses that fail to develop as hoped, the bouts of volatility that stock markets will periodically throw at you. These challenges combine to make our style of equity investing an endeavour that is as much about temperament and adaptability as it is about analytical skill and logical foresight.

Following shareholder approval in January 2014, the Company's growth investing style was refocussed on the opportunity set lower down the market capitalisation spectrum. With sufficient time having passed, we think it now appropriate to reflect on the progress to date. While acknowledging that the background for growth investing has been relatively robust over this period, it is pleasing to note the 104.0% growth in the NAV since January 2014 is significantly ahead of the 83.1% achieved by the comparative index. However, like the earlier described annual portfolio returns, capturing the headline performance data is merely an output of the investment process. Only when we delve into understanding the inputs that drove the performance does the picture come to life.

Portfolio managers have many tools at their disposal to analyse and help explain their performance. In anchoring to our principles, we favour a simple illustration of how our actions and the portfolio have performed, and one that also hopefully highlights a model of how we might be able to generate robust portfolio returns over coming decades. To our minds, the largest contributor to both absolute and relative performance will come from the returns achieved by the holdings in the period that are held. This will be further impacted by the sizing of those holdings and any additions or reductions to them. Trying to answer the simple question 'did we invest in enough companies that had strongly positive share price performance' has intuitive appeal.

To illustrate our performance against this objective we show below the distribution of returns for all the stocks held within the portfolio since January 2014; each bar representing the return of each stock whilst held in the portfolio. This cumulative period holding analysis shows the broad distribution of returns achieved by the holdings from time of initial purchase to end of October 2019 or the date in which the holding was fully sold from the portfolio.

Asymmetry of Returns

Source: StatPro since 31 January 2014 to 31 October 2019, sterling.

The asymmetric profile of returns is striking and underscores both the opportunity and the risks of investing in immature, innovative companies.  The potential of losing up to 100% of your investment in a company (especially a young, unproven one) is an unpleasant, inescapable risk but it can be handsomely offset by the ability to make multiple times your investment in individual stocks. Asymmetry demonstrates that a handful of stocks will do the heavy lifting when it comes to portfolio performance. The 35 highest returning companies in the portfolio, on the left of the distribution, effectively accounted for the entirety of the Company's NAV performance over the period. When aggregated, the other 153 stocks off-set each others contribution.

The distribution of returns also speaks to the importance of long termism and patience in investing. Generalising around our 'failed' investments is difficult but ultimately these companies did not deliver on the potential that we saw in them. Whilst the reasons for that will be varied, we commonly see that when investments do not work as planned this is quickly reflected in share price performance. Conversely, unlocking the returns achieved by the companies on the left side of the graph is a multi-year endeavour that is driven by a combination of a long-term structural growth opportunity, execution and the power of compounding. We have also included the peak to trough drawdowns we had to tolerate in our ownership of the 10 best absolute performing holdings. We do not agree with the common perception in equity markets that this 'volatility' represents the risk associated with an equity. Given the returns these companies ultimately delivered, such drawdown periods represent opportunity more than risk. 

Portfolio update

We continue to find exciting immature, innovative companies in which to invest and remain enthusiastic about the prospects of the current holdings in aggregate. In the interim report we discussed, amongst others, the purchases of Appian, Zuora, Axon Enterprises, Kaleido Biosciences, SpaceX and Upwork. The two new purchases in the second half of the Company's year were Zai Lab and PSIQuantum. Zai Lab is a Shanghai-based emerging biopharmaceutical company developing drugs in oncology, autoimmune and infectious diseases. It is focused on bringing best-in-class assets to China via partnerships with leading global pharmaceutical companies and in therapeutic classes prioritised by the Chinese FDA. One of Zai Lab's partners, Novocure (an existing holding in the portfolio), has developed a patented, FDA approved, novel therapeutic which uses electrical fields to stop cancer cell division. Zai Lab has the exclusive license for this technology in China and the potential upside from this one division alone could be transformational for it.

PSIQuantum is an unlisted company working to develop commercial quantum computing. Current industry approaches employ exotic materials and error-prone electrons to achieve basic quantum functionality. In contrast, PSIQuantum's components are made from silicon, allowing them to use traditional semiconductor manufacturing techniques and use photons which are much more stable. Their approach shows signs of being a uniquely scalable solution and one which could realise the field's ultimate promise of solving the most complex, pressing and lucrative problems in the world today. Although in its infancy, we are impressed by the quality of the people, partnerships and processes that the Company has assembled to meet this challenge in the years ahead.

We added to the holding in US-based Codexis, a manufacturer of custom enzymes for the pharmaceutical industry. We see increasing scope for this business to broaden from supplying enzymes used in drug production towards one in which the enzymes themselves will be the active therapeutic. This would move the company higher up the value chain and could radically alter the financial characteristics of the business. 

In the second half of the financial year we added to the holding in Oxford Nanopore as some existing shares became available. We have been impressed with how nanopore sequencing is gaining traction in the scientific research community driven by technological differentiation and low-cost accessibility. Following strong share price performance, we further reduced the holding in the home-furnishing e-commerce company Wayfair and we exited the positions in Nanoco, Thin Film Electronics, Basware and Xaar.

 

Income statement

	For the year ended 31 October 2019			For the year ended 31 October 2018
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Gains on investments	-	37,417	37,417	-	51,630	51,630
Currency gains	-	182	182	-	175	175
Income (note 2)	1,229	-	1,229	1,270	-	1,270
Investment management fee	(820)	(2,461)	(3,281)	(694)	(2,082)	(2,776)
Other administrative expenses	(671)	-	(671)	(737)	-	(737)
Net return before finance costs and taxation	(262)	35,138	34,876	(161)	49,723	49,562
Finance costs of borrowings	(368)	(1,105)	(1,473)	(282)	(846)	(1,128)
Net return on ordinary activities before taxation	(630)	34,033	33,403	(443)	48,877	48,434
Tax on ordinary activities	(54)	-	(54)	(54)	-	(54)
Net return on ordinary activities after taxation	(684)	34,033	33,349	(497)	48,877	48,380
Net return per ordinary share* (note 4)	(0.23p)	11.57p	11.34p	(0.19p)	18.68p	18.49p

* Prior year per share figures restated for the five for one share split on 28 January 2019.

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 this statement 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 on ordinary activities after taxation is both the profit and comprehensive income for the year.

 

Balance sheet

	At 31 October 2019 £'000	At 31 October 2018 £'000
Fixed assets
Investments held at fair value through profit or loss	572,859	498,326
Current assets
Debtors	155	147
Cash and cash equivalents	13,342	23,607
	13,497	23,754
Creditors
Amounts falling due within one year (note 6)	(49,638)	(49,606)
Net current liabilities	(36,141)	(25,852)
Net assets	536,718	472,474
Capital and reserves
Share capital	3,026	2,861
Share premium account	183,754	153,024
Special reserve	35,220	35,220
Capital reserve	314,930	280,897
Revenue reserve	(212)	472
Shareholders' funds	536,718	472,474
Net asset value per ordinary share* (after deducting borrowings at book value)	177.37p	165.16p
Ordinary shares in issue (note 8)	302,598,695	286,073,695

* Prior year per share figures restated for the five for one share split on 28 January 2019.

Statement of changes in equity

For the year ended 31 October 2019

	Share  capital £'000	Share premium account £'000	Special reserve £'000	Capital reserve £'000	Revenue    reserve*   £'000	Shareholders' funds £'000
Shareholders' funds at 1 November 2018	2,861	153,024	35,220	280,897	472	472,474
Ordinary shares issued (note 8)	165	30,730	-	-	-	30,895
Net return on ordinary activities after  taxation	-	-	-	34,033	(684)	33,349
Shareholders' funds at 31 October 2019	3,026	183,754	35,220	314,930	(212)	536,718

For the year ended 31 October 2018

	Share  capital £'000	Share premium account £'000	Special reserve £'000	Capital reserve £'000	Revenue    reserve*   £'000	Shareholders' funds £'000
Shareholders' funds at 1 November 2017	2,450	82,180	35,220	232,020	969	352,839
Ordinary shares issued (note 8)	411	70,844	-	-	-	71,255
Net return on ordinary activities after  taxation	-	-	-	48,877	(497)	48,380
Shareholders' funds at 31 October 2018	2,861	153,024	35,220	280,897	472	472,474

*      The capital reserve balance as at 31 October 2019 includes investment holdings gains on fixed asset investments of £36,383,000 (2018 - gains of £21,569,000).

 

Cash flow statement

	For the year ended  31 October 2019		For the year ended  31 October 2018
	£'000	£'000	£'000	£'000
Cash flows from operating activities
Net return on ordinary activities before taxation		33,403		48,434
Net gains on investments		(37,417)		(51,630)
Currency gains		(182)		(175)
Finance costs of borrowings		1,473		1,128
Overseas tax incurred		(56)		(52)
Changes in debtors and creditors		54		116
Cash from operations*		(2,725)		(2,179)
Interest paid		(1,469)		(1,083)
Net cash outflow from operating activities		(4,194)		(3,262)
Cash flows from investing activities
Acquisitions of investments	(61,085)		(118,338)
Disposals of investments	23,969		55,488
Net cash outflow from investing activities		(37,116)		(62,850)
Cash flows from financing activities
Shares issued	30,895		71,255
Bank loans drawn	88,580		25,057
Bank loans repaid	(88,158)		(12,564)
Net cash inflow from financing activities		31,317		83,748
(Decrease)/Increase in cash and cash equivalents		(9,993)		17,636
Exchange movements		(272)		1,285
Cash and cash equivalents at 1 November		23,607		4,686
Cash and cash equivalents at 31 October		13,342		23,607

*      Cash from operations includes dividends received of £1,026,000 (2018 - £1,086,000) and interest received of £216,000

 (2018 - £184,000)

 

Twenty Largest Holdings and Twelve Month Performance at 31 October 2019
Name	Business	Country	Fair Value 2019 £'000	% of total assets*	Absolute† performance %	Relative† performance %
MarketAxess	Electronic bond trading platform	USA	31,837	5.4	74.7	63.0
Ocado	Online grocery retailer	UK	28,883	4.9	55.4	45.0
LendingTree	Online loan marketplace	USA	28,112	4.8	76.2	64.4
Alnylam      Pharmaceuticals	Therapeutic gene silencing	USA	22,046	3.8	6.5	(0.6)
Novocure	Manufacturer of medical devices   for cancer treatment	USA	21,709	3.7	113.5	99.2
Zillow#	US online real estate portal	USA	14,479	2.5	(19.9)	(25.3)
Chegg	Online educational company	USA	13,749	2.3	11.0	3.5
Puretech Health	IP commercialisation focused on   healthcare	UK	12,401	2.1	45.9	36.1
Yext	Digital knowledge manager	USA	10,970	1.9	(14.5)	(20.2)
Galapagos	Clinical stage biotechnology      company	Belgium	10,941	1.9	76.7	64.8
Tesla	Electric cars, autonomous driving   and solar energy	USA	10,929	1.9	(7.8)	(14.0)
Exact Sciences	Provides non-invasive molecular   tests for early cancer detection	USA	10,369	1.8	21.0	12.9
Teladoc	Telemedicine services provider	USA	10,247	1.7	9.1	1.8
Temenos Group	Banking software	Switzerland	10,084	1.7	2.7	(4.1)
Tandem Diabetes Care	Manufacturer of pumps for      diabetic patients	USA	9,973	1.7	61.7	50.8
Baozun SPN ADR	Chinese e-commerce solution      provider	China	9,907	1.7	7.8	0.6
AeroVironment	Small unmanned aircraft systems	USA	9,869	1.7	(36.4)	(40.6)
Xero	Cloud based accounting      software	New Zealand	9,653	1.6	66.5	55.3
STAAR Surgical	Develops and manufactures high   margin visual implants	USA	9,142	1.5	(19.3)	(24.7)
InfoMart	Internet platform for restaurant     supplies	Japan	9,112	1.5	45.3	35.5
			294,412	50.1

*     Total assets less current liabilities before the deduction of borrowings.

^†     Absolute and relative performance has been calculated on a total return basis over the period 1 November 2018 to 31 October 2019. 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 aggregates of both lines of stock.

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 as at 31 October 2019
Name	Business	Country	Fair Value 2019 £'000	% of total assets	Fair Value 2018 £'000
MarketAxess	Electronic bond trading platform	USA	31,837	5.4	18,355
Ocado	Online grocery retailer	UK	28,883	4.9	18,588
LendingTree	Online loan marketplace	USA	28,112	4.8	15,991
Alnylam Pharmaceuticals	Therapeutic gene silencing	USA	22,046	3.8	17,909
Novocure	Manufacturer of medical devices for   cancer treatment	USA	21,709	3.7	10,179
Zillow Class C	US online real estate portal	USA	12,205	2.1	9,709
Zillow Class A	US online real estate portal	USA	2,274	0.4	2,869
			14,479	2.5	12,570
Chegg	Online educational company	USA	13,749	2.3	12,383
Puretech Health	IP commercialisation focused on   healthcare	UK	12,401	2.1	8,401
Yext	Digital knowledge manager	USA	10,970	1.9	4,024
Galapagos	Clinical stage biotechnology company	Belgium	10,941	1.9	6,208
Tesla	Electric cars, autonomous driving and   solar energy	USA	10,929	1.9	11,853
Exact Sciences	Provides non-invasive molecular tests   for early cancer detection	USA	10,369	1.8	10,767
Teladoc	Telemedicine services provider	USA	10,247	1.7	9,391
Temenos Group	Banking software	Switzerland	10,084	1.7	9,850
Tandem Diabetes Care	Manufacturer of pumps for diabetic   patients	USA	9,973	1.7	6,165
Baozun SPN ADR	Chinese e-commerce solution provider	China	9,907	1.7	7,568
AeroVironment	Small unmanned aircraft systems	USA	9,869	1.7	15,529
Xero	Cloud based accounting software	New Zealand	9,653	1.6	5,801
STAAR Surgical	Develops and manufactures high margin   visual implants	USA	9,142	1.5	11,303
InfoMart	Internet platform for restaurant supplies	Japan	9,112	1.5	6,306
Dexcom	Real time blood glucose monitoring	USA	8,692	1.5	7,576
Genmab	Therapeutic antibody company	Denmark	8,275	1.4	5,274
MonotaRO	Online business supplies	Japan	8,222	1.4	6,012
Codexis	Manufacturer of custom industrial  enzymes	USA	8,075	1.4	7,302
Wayfair	Online furniture and homeware retailer	USA	7,736	1.3	17,989
Oxford Nanopore      Technologies U	Novel DNA sequencing technology	UK	7,710	1.3	4,982
IPG Photonics	High-power fibre lasers	USA	7,642	1.3	7,696
Peptidream	Drug discovery platform	Japan	7,482	1.3	4,925
Seattle Genetics	Biotechnology developer of monoclonal   antibodies	USA	7,090	1.2	3,756
Splunk	Data diagnostics	USA	6,847	1.2	5,773
Genus	Animal breeding services	UK	6,716	1.2	4,874
Appian	Enterprise software developer	USA	6,571	1.1	-
Kingdee International   Software	Enterprise management software	China	6,483	1.1	4,871
Space Exploration      Technologies Series J      Preferred U	Designs, manufactures and launches      advanced rockets and spacecraft	USA	4,446	0.8	-
Space Exploration     Technologies Series K    Preferred U	Designs, manufactures and launches     advanced rockets and spacecraft	USA	2,026	0.3	-
			6,472	1.1	-
Pacira Pharamaceuticals	Development, commercialisation and   manufacturing of proprietary   pharmaceutical products	USA	6,457	1.1	7,890

List of Investments as at 31 October 2019

Name	Business	Country	Fair Value 2019 £'000	% of total assets	Fair Value 2018 £'000
CyberArk Software	Cyber security solutions provider	Israel	6,319	1.1	4,299
Zai Lab ADR	Bio-pharmaceutical company	China	5,614	1.0	-
Morphosys	Therapeutic antibodies	Germany	5,396	0.9	4,656
Renishaw	Measurement and calibration equipment	UK	5,329	0.9	5,905
M3	Online medical database	Japan	5,212	0.9	3,530
BlackLine	Enterprise software developer	USA	5,027	0.8	5,046
Penumbra	Manufacturer of novel blood clot   extraction technology	USA	4,860	0.8	4,290
iRobot	Domestic and military robots	USA	4,764	0.8	8,854
Digital Garage	Internet business incubator	Japan	4,607	0.8	3,851
Rightmove	UK online property portal	UK	4,129	0.7	3,119
Axon Enterprise	Law enforcement equipment and   software provider	USA	4,034	0.7	-
Benefitfocus	Cloud based benefits software provider	USA	3,976	0.7	6,280
Faro Technologies	Designs and develops measurement   devices	USA	3,974	0.7	4,263
Ambarella	Video compression and image   processing semiconductors	USA	3,967	0.7	2,654
SEEK	Online recruitment portal	Australia	3,940	0.7	3,232
Akili Interactive Labs   series C PreferredU	Digital medicine company	USA	3,864	0.7	3,913
KSQ Therapeutics Series   C preferredU	Biotechnology target identification   company	USA	3,864	0.7	3,913
PSIQuantum Series CU	Developer of commercial quantum      computing	USA	3,864	0.7	-
Reaction EnginesU	Advanced heat exchange company	UK	3,805	0.7	1,500
Dialog Semiconductor	Analogue chips for mobile phones	Germany	3,704	0.6	2,204
Grubhub	Online and mobile platform for      restaurant pick-up and delivery orders	USA	3,685	0.6	10,163
Ceres Power Holding	Developer of fuel cells	UK	3,514	0.6	2,729
National Instruments	Instrumentation equipment used in      research and testing	USA	3,498	0.6	4,192
Upwork	Online recruitment services provider	USA	3,483	0.6	-
ZOZO (formerly Start   Today)	Internet fashion retailer	Japan	3,483	0.6	3,630
resTORbio	Clinical stage biopharmaceutical   company	USA	3,453	0.6	4,132
Trupanion	Pet health insurance provider	USA	3,390	0.5	3,656
IP Group	Intellectual property commercialisation	USA	3,065	0.5	5,846
ASOS	Online fashion retailer	UK	2,926	0.5	4,522
Oxford Instruments	Produces advanced instrumentation   equipment	UK	2,888	0.5	2,098
Victrex	High-performance thermo-plastics	UK	2,792	0.5	3,370
Zuora	Cloud based software developer	USA	2,700	0.4	-

List of Investments as at 31 October 2019

Name	Business	Country	Fair Value 2019 £'000	% of total assets	Fair Value 2018 £'000
Spire Global Series C   preferredU	Manufacturer and operator of   nanosatellites for data collection	USA	2,330	0.4	2,241
Spire Global Inc Sub      Convertible Promissory   NoteU	Manufacturer and operator of      nanosatellites for data  collection	USA	266	0.0	-
		USA	2,596	0.4	2,241
Stratasys	3D printer manufacturer	USA	2,310	0.4	2,156
Digimarc	Digital watermarking technology	USA	2,235	0.4	1,597
Cellectis	Biotech focused on genetic engineering	France	2,182	0.4	4,723
Cosmo Pharmaceuticals	Therapies for gastrointestinal diseases	Italy	1,905	0.3	3,289
Sensirion Holding DG	Manufacturer of gas and flow sensors	Switzerland	1,863	0.3 30.3	2,154
NuCana SPN ADR	An oncology-focused biotechnology   company	UK	1,823	0.3	4,603
CEVA	Licenses DSP-based platforms   applications to the   semiconductor industry	USA	1,736	0.3	1,591
Evolent Health	Healthcare company which helps   hospitals move to value-based      healthcare	USA	1,727	0.3	5,097
Suess Microtec	Fabrication and inspection equipment	Germany	1,699	0.3	1,960
Horizon Discovery	Customised cell lines to aid drug   discovery	UK	1,674	0.3	1,975
Unity Biotechnology	Biotechnology company seeking to     develop anti-ageing therapies	USA	1,645	0.3	2,950
AxoGen	A regenerative medicine company	USA	1,629	0.3	4,944
Jianpu Technology ADR	Chinese consumer finance marketplace	China	1,571	0.3	3,757
Catapult Group   International	Sports analytics focused on optimising   athlete performance	Australia	1,356	0.2	1,027
Uxin ADR	E-commerce services provider	China	1,335	0.2	2,404
Rubius Therapeutics	Developer of novel therapies using engineered   red blood cells	USA	1,050	0.2	1,406
4D Pharma	Bacteria derived novel therapeutics	UK	956	0.2	1,526
China Financial Services	Small and medium-sized enterprises lending in   China	China	924	0.2	955
Ricardo	Automotive engineer	UK	879	0.2	969
Kaleido Biosciences	Clinical-stage healthcare company with a   chemistry-driven approach to leveraging the   microbiome to treat disease	USA	866	0.1	-
Zumtobel	Commercial lighting	Austria	634	0.1	738
Ilika	Discovery and development of materials for   mass market applications	UK	617	0.1	500
Avacta Group	Analytical re agents and instrumentation	UK	600	0.1	892
Aduro Biotechnology	Immunotherapy services provider	USA	516	0.1	1,938
Adaptimmune      Therapeutics   ADR	Clinical stage biopharmaceutical company	UK	476	0.1	3,400

List of Investments as at 31 October 2019

Name	Business	Country	Fair Value 2019 £'000	% of total assets	Fair Value 2018 £'000
Acacia Research	Patent licenser	USA	436	0.1	569
Tissue Regenix	Regenerative medical devices	UK	399	0.1	1,344
Foamix Pharmaceuticals	Drug reformulation technology	Israel	301	0.1	379
C4X Discovery Holdings	Rational drug design and optimisation	UK	238	0.1	1,144
Summit Therapeutics	Drug discovery and development	UK	213	0.0	255
Sarine Technologies	Systems for diamond grading and cutting	Singapore	136	0.0	257
hVIVO (formerly   Retroscreen Virology)	Outsourced pre-clinical analytical services	UK	115	0.0	300
Applied Graphene   Materials	Manufactures graphene nanoplatelets	UK	108	0.0	261
Xeros Technology   Group	Polymer technology company with laundry and textile applications	UK	77	0.0	860
GI Dynamics	Develops and markets medical devices	Australia	18	0.0	14
Velocys	Gas to liquid technology	UK	6	0.0	18
China Lumena New   Materials	Mines, processes and manufactures natural   thenardite products	China	0	0.0	0
Ensogo	South East Asian e-commerce	Australia	0	0.0	0
Total equities			572,859	97.9
Net liquid assets			12,455	2.1
Total assets at fair value*			585,314	100.0

*     Total assets less current liabilities before deduction of borrowings.

^U     Denotes unlisted security.

 

Distribution of total assets^* by industry

		Industry Analysis 31 October 2019 % of total assets*		Portfolio Weightings (relative to comparative index†) at 31 October 2019 % points overweight/(underweight)
Equities:	Biotechnology	16.6		13.5
	Software	14.1		10.0
	Healthcare Equipment and Supplies	9.7		7.3
	Internet and Direct Marketing Retail	9.4		8.7
	Capital Markets	6.0		3.6
	Thrifts and Mortgage Finance	4.8		3.9
	Electronic Equipment, Instruments and Components	4.5		1.6
	Aerospace and Defence	4.1		2.9
	Life Sciences Tools and Services	3.8		2.9
	Healthcare Technology	3.6		3.3
	Pharmaceuticals	3.5		1.5
	Interactive Media and Services	3.2		2.5
	Diversified Consumer Services	2.4		1.4
	Semiconductors and Semiconductor Equipment	1.9		(0.6)
	Automobiles	1.9		1.7
	Professional Services	1.6		0.1
	Trading Companies and Distributors	1.4		(0.1)
	Technology Hardware, Storage and Peripherals	1.1		0.5
	Household Durables	0.8		(1.0)
	IT Services	0.8		(1.9)
	Electrical Equipment	0.7		(0.5)
	Insurance	0.6		(2.5)
	Chemicals	0.5		(2.3)
	Internet and Catalogue Retail	0.5		0.5
	Consumer Finance	0.4		(0.3)
	Machinery	0.0		(4.5)
	Energy Equipment and Services	0.0		(0.8)
	Net Liquid Assets	2.1
Total assets*		100.0
* Total assets less current liabilities before deduction of borrowings.
† S&P Global Small Cap Index (in sterling terms). Weightings exclude industries where the Company has no exposure.
See disclaimer at the end of this announcement.

Distribution of total assets

Geographical Analysis

		31 October 2019 %	31 October 2018 %
North America		59.5	58.7
	USA	59.5	58.7
Europe		24.9	25.8
	United Kingdom	15.8	16.9
	Eurozone	4.5	4.7
	Developed Europe (non euro)	4.6	4.2
Asia		11.0	9.2
	Japan	6.5	5.4
	China	4.5	3.8
	Singapore	0.0	0.0
Australasia		2.5	1.9
	Australia	0.9	0.8
	New Zealand	1.6	1.1
Total equities		97.9	95.6
Net liquid assets		2.1	4.4
Total assets*		100.0	100.0

Sectoral Analysis

		31 October 2019 %		31 October 2018 %
Consumer Discretionary		14.9		18.4
Financials		11.8		9.3
Healthcare		37.2		36.8
Industrials		7.9		6.3
Information Technology		22.4		21.0
Materials		0.5		0.7
Communication Services		3.2		3.1
Net Liquid Assets		2.1		4.4
Total assets*		100.0		100.0

 * Total assets less current liabilities before deduction of borrowings

 

Notes to the condensed financial statements (unaudited)

1.	The Financial Statements for the year to 31 October 2019 have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' The accounting policies adopted are consistent with those of the previous financial year. In accordance with the Financial Reporting Council's guidance on going concern and liquidity risk, the Directors have undertaken a rigorous review of the Company's ability to continue as a going concern. An explanation of the Company's principal risks and how they are managed is set out on pages 8 and 9 and contained in note 15 to the Annual Report Financial Statements. 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. Accordingly, the Financial Statements have been prepared on the going concern basis as it is the Directors' opinion, having assessed the principal risks and other matters set out in the Viability Statement on page 9 of the Annual Report and Financial Statements, that the Company will continue in operational existence for a period of at least twelve months from the date of approval of these Financial Statements. The Directors consider the Company's functional and presentational currency to be sterling as the Company's share capital is denominated in sterling, the entity is listed on a sterling stock exchange in the UK, the Company's shareholders are predominantly based in the UK and the Company and its investment manager, who are subject to the UK's regulatory environment, are also UK based.
2.	Income	2019 £'000	2018 £'000
	Income from investments
	UK dividends	433	448
	Overseas dividends	574	638
	Overseas interest	5	-
		1,012	1,086
	Other Income
	Deposit interest	217	184
	Total income	1,229	1,270
	Total income comprises:
	Dividends from financial assets designated at fair value through profit or loss	1,007	1,086
	Interest from financial assets designated at fair value through profit or loss	5	-
	Interest from financial assets not designated at fair value through profit or loss	217	184
		1,229	1,270
3.	The Company has appointed Baillie Gifford & Co Limited, a wholly owned subsidiary of Baillie Gifford & Co, as its Alternative Investment Fund Manager and Company Secretaries. Baillie Gifford & Co Limited has delegated portfolio management services to Baillie Gifford & Co. Dealing activity and transaction reporting have been further sub-delegated to Baillie Gifford Overseas Limited. The Management Agreement can be terminated on three months' notice. With effect from 1 January 2019 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. Prior to 1 January 2019 the fee was 0.95% 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. Management fees are calculated and payable quarterly.

4.	Net return per ordinary share Revenue 2019  Capital Total Revenue 2018 Capital Total Net return on ordinary activities after     taxation* (0.23p) 11.57p 11.34p (0.19p) 18.68p 18.49p
	Revenue return per ordinary share is based on the net revenue loss on ordinary activities after taxation of £684,000 (2018 - net revenue loss of £497,000) and on 294,171,777 (2018 - 261,676,350) ordinary shares, being the weighted average number of ordinary shares during the year. Capital return per ordinary share is based on the net capital gain for the financial year of £34,033,000 (2018 - net capital gain of £48,877,000) and on 294,171,777 (2018 - 261,676,350) ordinary shares, being the weighted average number of ordinary shares in issue during the year. There are no dilutive or potentially dilutive shares in issue. *Prior year per share restated for the five for one share split on 28 January 2019.
5.	There are no dividends paid and proposed in respect of the financial year. There is no revenue available for distribution by way of dividend for the year (2019 - revenue loss of £684,000; 2018 - revenue loss of £497,000) which is the basis on which the requirements of section 1158 of the Corporation Tax Act are considered.
6.	The Company had a five year fixed rate facility with National Australia Bank Limited with an expiry date of 30 September 2019 and a five year £25 million revolving credit facility with National Australia Bank Limited with an expiry date of 29 June 2023. On its expiry the five year fixed rate facility was refinanced with a five year £36 million revolving credit facility with National Australia Bank Limited with an expiry date of 30 September 2024, which was an approximate sterling equivalent amount to the borrowings drawn under the fixed rate facility at the expiry date. At 31 October 2019 the drawings were €1,410,900, US$18,545,250 and £8,750,000 under each of the two revolving credit facilities (31 October 2018 - €9,400,000, US$25,600,000 and £7,500,000 under the fixed rate facility and €2,128,263, US$9,895,500 and £3,125,000 under the £25 million floating rate facility). The fair value of the bank loans at 31 October 2019 was £48,596,000 (31 October 2018 - £48,669,000).
7.	The Company incurred transaction costs on purchases of £18,000 (2018 - £44,000 and on sales of £13,000 (2018 - £25,000).
8.	At the Annual General Meeting on 23 January 2019 the Company renewed its authority to purchase shares in the market, in respect of 43,013,609 ordinary shares (equivalent to approximately 14.99% of its issued share capital at that date). No shares were bought back during the years to 31 October 2019 or 2018. At 31 October 2019 the Company had authority to buy back 43,013,609 ordinary shares. The Company also has authority to allot shares under section 551 of the Companies Act 2006. The Board has authorised use of this authority to issue new shares at a premium to net asset value in order to enhance the net asset value per share for existing shareholders and improve the liquidity of the Company's shares. In the year to 31 October 2019 the Company issued a total of 16,525,000 shares on a non pre-emptive basis (nominal value £165,000, representing 5.8% of the issued share capital at 31 October 2018) at a premium to net asset value (on the basis of debt valued at book value) raising net proceeds of £30,895,000 ( (In the year to 31 October 2018 - 41,052,100 shares with a nominal value of £411,000, representing 16.8% of the issued share capital at 31 October 2017 raising net proceeds of £71,255,000).
9.	The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 October 2019. The financial information for 2019 is derived from the statutory accounts for 2019 which will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The financial information for 2018 is derived from the statutory accounts for 2018 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2019 accounts, their report was unqualified and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006.

10.	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
	The total value of all 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 the 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 their nominal book value. The value of the borrowings at book and fair value are set out on page 56 of the Annual Report and Financial Statements.
	Net Asset Value (Borrowings at Fair Value) (APM)
	Borrowings are valued at an estimate of their market worth. The value of the borrowings at book and fair value are set out on page 56 of the Annual Report and Financial Statements.
	Net Asset Value (Reconciliation of NAV at Book Value to NAV at Fair Value)
		31 October 2019	31 October 2018
	Net Asset Value per ordinary share (borrowings at book value)	177.37p	165.16p
	Shareholders' Funds (borrowings at book value)	£536,718,000	£472,474,000
	Add: book value of borrowings	£48,596,000	£48,628,000
	Less: fair value of borrowings	(£48,596,000)	(£48,669,000)
	Shareholders' funds (borrowings at fair value)	£536,718,000	£472,433,000
	Number of shares in issue	302,598,695	286,073,695
	Net Asset Value per ordinary share (borrowings at fair value)*	177.37p	165.14p
	At 31 October 2019 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. * Prior year figures restated for the five for one share split on 28 January 2019.
	Net Liquid Assets Net liquid assets comprise current assets less current liabilities, excluding borrowings.
	Discount/Premium (APM)
	As stock markets 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 share price from the net asset value per share 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.
	Total Return (APM)
	The total return is the return to shareholders after reinvesting the net dividend on the date that the share price goes ex-dividend.
	Compound Annual Return (APM)
	The compound annual return converts the return over a period of longer than one year to a constant annual rate of return applied to the compound value at the start of each year.
	Ongoing Charges (APM)
	The total recurring expenses (excluding the Company's cost of dealing in investments and borrowing costs) incurred by the Company as a percentage of the average net asset value (with debt at fair value). The ongoing charges have been calculated on the basis prescribed by the Association of Investment Companies.

10.	Glossary of Terms and Alternative Performance Measures ('APM') (Ctd)

            Ongoing Charges Calculation

		31 October 2019	31 October 2018
	Investment management fee	£3,281,000	£2,776,000
	Other administrative expenses	£671,000	£737,000
	Total Expenses (a)	£3,952,000	£3,513,000
	Average daily cum-income net asset value (with debt at fair value) (b)	£525,391,000	£432,553,000
	Ongoing charges (a)÷(b) (expressed as a percentage)	0.75%	0.81%
	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.
	Gearing is the Company's borrowings at book value less cash and cash equivalents (including any outstanding trade settlements) expressed as a percentage of shareholders' funds.
		31 October 2019	31 October 2018
	Borrowings (at book value)	£48,596,000	£48,628,000
	Less: cash and cash equivalents	(£13,342,000)	(£23,607,000)
	Less: sales for subsequent settlement	-	-
	Add: purchases for subsequent settlement	-	-
	Adjusted borrowings (a)	£35,254,000	£25,021,000
	Shareholders' funds	£536,718,000	£472,474,000
	Gearing: (a) as a percentage of (b)	7%	5%
	Potential gearing is the Company's borrowings expressed as a percentage of shareholders' funds.
		31 October 2019	31 October 2018
	Borrowings (at book value) (a)	£48,596,000	£48,628,000
	Shareholders' funds (b)	£536,718,000	£472,474,000
	Potential gearing (a) ÷ (b) (expressed as a percentage)	9%	10%
	Leverage (APM)
	For the purposes of the Alternative Investment Fund Managers Directive, 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.

 

10.	Glossary of Terms and Alternative Performance Measures ('APM') (Ctd)
	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.
	Share Split
	A share split (or stock split) is the process by which a company divides its existing shares into multiple shares. Although the number of shares outstanding increases, the total value of the shares remains the same with respect to the pre-split value.
	Unlisted Company
	An unlisted company means a company whose shares are not available to the general public for trading and not listed on a stock exchange.
11.	The Annual Report and Financial Statements will be available on the Edinburgh Worldwide page of the Managers' website http://www.edinburghworldwide.co.uk† on or around 17 December 2019.

†          Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on    

           the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

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Without limiting the foregoing, no Provider shall have any liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgements, or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the content, information or materials contained herein.

S&P Index Data

The S&P Global Small Cap Index ('Index') is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates ('SPDJI'). Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC, a division of S&P Global ('S&P'); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ('Dow Jones'). Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

- Ends -

 

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[1] S&P Global Small Cap Index total return (in sterling terms)

 

END

 

 

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