Interim Management Statement

RNS Number : 9898A

Edinburgh Worldwide Inv Trust PLC

08 August 2008

 

EDINBURGH WORLDWIDE INVESTMENT TRUST PLC

Interim Management Statement - 3 months to 31 July 2008

Edinburgh Worldwide aims to achieve long term capital growth by investing in listed companies throughout the world. It tends to hold shares in around forty companies and income is not a consideration when selecting investments.  

Review of the period

	Over the quarter, the Company's net asset value fell by 11.4% compared to a fall in the benchmark of 9.1% while the share price fell by 11.9%. All figures are total return.
	The interim dividend of 0.5p per share was paid on 10 July 2008 to shareholders on the register on 27 June 2008.
	Over the period, changes to the Top 20 Equity Holdings included: additions to Gazprom, Nintendo, Deere, L'Oréal and Google; part sales of eBay and Banco Itau, which took them out of the Top 20, and part sales of Petrobras and Hermès. Other changes to the Top 20 Equity Holdings were due to market movements.
	On 10 July the Company repaid a £3.8m, a US$31m and a Yen 1.3 bn loan and drew down £30m split equally across US$, Yen and Swiss Francs under a 364-day multicurrency facility.

Top Twenty Equity Holdings
Name	% of total assets at 31/07/08	% of total assets at 30/04/08		Name	% of total assets at 31/07/08	% of total assets at 30/04/08
Petrobras	6.3	8.0		Deere	2.6	1.8
Atlas Copco	5.1	4.9		SAP	2.6	2.0
Gazprom	5.0	4.4		Lukoil	2.5	2.5
Vale (CVRD)	4.5	5.1		L'Oréal	2.5	1.6
Porsche	3.6	4.1		Google	2.3	1.8
Sandvik	3.5	3.8		Hermès	2.3	1.9
Canon	3.1	3.1		Teva Pharmaceuticals	2.2	2.2
Vestas Windsystems	2.9	2.2		China Mobile	2.1	2.5
Amazon.com	2.9	2.7		Genentech	2.1	1.4
Nintendo	2.7	2.2		HDFC	2.1	2.4
				Total	62.9	60.6

Total Return Performance 

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	-11.9	-4.8	31.1	92.1
NAV	-11.4	-4.2	28.3	73.0
Benchmark*	-9.1	-7.5	13.6	46.9

Source: Fundamental Data Ltd.

*Benchmark - On 1 November 2003 the Company changed its benchmark from MSCI World Index (in sterling terms) to MSCI All Countries World Index (in sterling terms). For the purposes of the performance data above, the MSCI All Countries World Index in sterling terms has been applied retrospectively.

Past performance is not a guide to future performance

General Information
	31/07/08	30/04/08
Share Price	234.0p	266.00p
Total assets (before deduction of  borrowings)	£158.7m	£172.2m
Total borrowings	£29.5m	£25.9m
Equity shareholder's funds	£129.1m	£146.3m
Net asset value per share	263.47p	298.53p
Discount	11.2%	10.9%
Potential Gearing	22.9%	17.7%
Actual Gearing	14.3%	12.9%

This interim management statement and up to date NAV and Share Price information are available on the Managers' website www.edinburghworldwide.co.uk

For further information contact:- Anzelm Cydzik on 0131 275 3276

 

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