Interim Management Statement

RNS Number : 3013M

Edinburgh Worldwide Inv Trust PLC

12 August 2011

 

EDINBURGH WORLDWIDE INVESTMENT TRUST PLC

Interim Management Statement - 3 months to 31 July 2011

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 decreased by 2.4% compared to a decrease in the comparative index of 3.6% while the share price decreased by 5.1%. All figures are total return.
·	The interim dividend of 0.50p per share was paid on 21 July 2011 to shareholders on the register on 24 June 2011.
·	Changes to the Top 20 Equity Holdings in the period involved additions to Novozymes and First Solar. Additions to Hermes and Salesforce.com brought them into the Top 20. The investments in Petrobras and Banco Santander were sold. Other changes to the Top 20 were due to market movements. Outwith the Top 20, new investments were made in Illumina, MIPS Technologies, Belle International, 3SBio and Noah Holdings. The investments in VCA Antech, Nintendo and BYD were sold.
·	A further £4 million was drawn down on 21 June under the multi-currency loan facility.

Top Twenty Equity Holdings
Name	% of total assets at 31 July 2011	% of total assets at 30 April 2011		Name	% of total assets at 31 July 2011	% of total assets at 30 April 2011
Amazon.com	8.2	7.1		Tencent	3.1	3.3
Baidu	5.4	5.0		Google	2.9	2.6
Apple	4.7	4.2		Intuitive Surgical	2.8	2.4
Vale (CVRD)	3.8	3.8		First Solar	2.6	2.5
eBay	3.8	4.0		Deere	2.4	3.0
PPR	3.7	3.6		New Oriental	2.4	2.3
Novozymes	3.4	3.1		ABB	2.3	2.6
Atlas Copco	3.4	4.2		Gazprom	2.3	2.6
Hermes	3.2	1.4		Salesforce.com	2.1	1.5
Whole Foods Market	3.1	2.9		Inditex	2.1	2.0
				Total	67.7	64.1

Total Return Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	(5.1)	17.8	31.1	47.4
NAV	(2.4)	19.8	31.1	50.8
Comparative Index*	(3.6)	13.5	27.3	33.3

Source: Thomson Reuters Datastream / Baillie Gifford & Co.

*Comparative Index: MSCI All Countries World Index (in sterling terms).

Past performance is not a guide to future performance

General Information
	31 July 2011	30 April 2011
Share Price	296.00p	312.50p
Total assets (before deduction of  borrowings)	£195.2m	£194.4m
Total borrowings	£30.1m	£25.1m
Shareholder's funds	£165.1m	£169.3m
Net asset value per share*	336.87p	345.51p
Discount	12.1%	9.6%
Potential Gearing	18.2%	14.8%
Actual Gearing	14.0%	12.8%

*These figures have been calculated using the AIC cum income basis (includes current financial year retained income).

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

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

 

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