Interim Management Statement

RNS Number : 6382P

Edinburgh Worldwide Inv Trust PLC

20 August 2014

 



Edinburgh Worldwide Investment Trust plc

 

Interim Management Statement – 3 Months to 31 July 2014

Edinburgh Worldwide aims for capital growth from a global portfolio of initially immature entrepreneurial companies, typically with

a market capitalisation of less than $5bn at time of initial investment, which are believed to offer long-term growth potential.

Review of the Period		¾  Over the quarter, the Company's net asset value* total return was 4.4%, compared to a total return of 1.3% in the comparative index. The share price total return was 1.7%. ¾  The interim dividend of 0.50p per share was paid on 17 July 2014 to shareholders on the register on 20 June 2014. ¾  Over the period, changes to the Top 20 Equity Holdings included an addition to Financial Engines, bringing it into the Top Twenty, and a reduction of the holding in Dialog Semiconductor. The holding in Opentable was sold. Other changes were as a result of market movements. * Net asset value calculated on a cum income basis, with debt at fair value.
Top Twenty Equity Holdings* (as a % of total assets)			31/07/14 %	30/04/14 %
		Zillow	3.5	2.8
		IP Group	3.5	3.4
		TripAdvisor	2.8	2.5
		Stratasys	2.7	2.7
		Tesla Motors	2.7	2.6
		Alnylam Pharmaceuticals	2.5	2.5
		Marketaxess	2.5	2.5
		Ocado	2.4	2.6
		Dexcom	2.1	1.8
		IPG Photonics	1.8	1.7
		LinkedIn	1.8	1.5
		IMAX	1.7	1.7
		Novadaq Technologies	1.7	1.8
		Seek	1.6	1.7
		Morphosys	1.6	1.5
		Financial Engines	1.5	1.4
		iRobot	1.5	1.6
		Dialog Semiconductor	1.5	1.8
		Aerovironment	1.4	1.6
		Xero	1.4	1.8
Total			42.2	41.5

*      LinkedIn, Morphosys and Financial Engines have entered the Top Twenty Equity Holdings and Xaar and Asos have dropped out; as has Opentable which has been sold.

Total Return Performance			%
			3 Months	1 Year		3 Years		5 Years
		Share Price	1.7	7.0		25.9		102.5
		NAV	4.4	-1.9		18.7		78.9
		Comparative Index*	1.3	0.2		27.4		70.9
		Source: Morningstar * Comparative Index: Performance is measured against the S&P Citigroup Global Small Cap index (in sterling terms). Prior to 1 February 2014, performance was measured against the MSCI All Countries World Index (in sterling terms). For periods commencing before 1 February 2014, the data from these indices is chain linked to form one comparative index. Past performance is not a guide to future performance
General Information					31/07/14		30/04/14
		Share price			365.5p		360.0p
		Net asset value per share† (after deducting borrowings at fair value)			393.1p		376.8p
		Net asset value per share† (after deducting borrowings at par)			393.2p		377.1p
		Discount (borrowings at fair value)			7.0%		4.5%
		Discount (borrowings at par)			7.0%		4.5%
		Total assets (before deduction of  borrowings)			£221.4m		£213.8m
		Total borrowings (at fair value)			£28.8m		£29.2m
		Total borrowings (at par)			£28.7m		£29.0m
		Gearing**			9.9%		12.2%
		† These figures have been calculated using the AIC cum income basis (includes current financial year retained income). Dividends are not reinvested. ** Calculated per AIC (debt at book value, less cash, divided by shareholders' funds). This interim management statement and up to date NAV and Share Price information are available at 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  0131 275 3276  [e-mail]

 

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