5th Jun 2015 09:39
LONDON (Alliance News) - Edinburgh Worldwide Investment Trust PLC Friday reported a double-digit return in the first-half of its financial year.
In a statement, the trust said its net asset value per share, including income and with debt at fair value, increased 14.7% in the six months ended April 30, as the S&P Citigroup Global Small Cap Index (in sterling terms), its comparative index, increased by 10.4%. The trust's share price was up 17.7% in the same period.
Edinburgh Worldwide Investment Trust, which aims for capital growth as opposed to generating revenue, is managed by Edinburgh-based investment manager Baillie Gifford.
"It is now over 15 months since the Edinburgh Worldwide broadened its remit to more explicitly target, at the time of initial investment, exciting stock specific opportunities in the global smaller companies' area. Following an initial period of underperformance, portfolio returns have recovered strongly; the company's net asset value, as at 30 April 2015, is up 10.4% since the end of January 2014 and has risen 31.1% from the trough in May last year," the trust's investment manager said in a report.
"Our approach is to identify innovative, immature companies with what we believe to be excellent long term growth potential. By identifying attractive growth companies earlier we seek to benefit from growth at an earlier stage in a company's lifecycle and retain ownership of successful companies as they grow and thrive; we see our role as investing in what are potentially the larger companies of the future as opposed to the smaller companies of today," the investment manager added.
Shares in the trust were down 0.2% at 477.00 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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