5th Dec 2019 11:48
(Alliance News) - Edinburgh Worldwide Investment Trust PLC on Thursday said it was ahead of its benchmark in its most recently ended financial year following 7.4% growth in net asset value.
The investment firm said NAV per share as at the end of October stood at 177.37 pence compared to 165.16p a year earlier.
The stock was trading 0.5% lower in London on Thursday morning at 194.09p a share.
Over the course of the financial year, the share price averaged a 1.0% premium to net assets, the company noted.
The trust's NAV total return over the year was 7.4%, while its benchmark, the S&P Global Small Cap Index, returned 7.2% in sterling terms.
Edinburgh Worldwide Investment Trust said a number of its holdings contributed to the positive performance, including 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.
No final dividend is being paid, unchanged from a year ago.
"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," explained Chair Henry Strutt.
By Evelina Grecenko; [email protected]
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Edinburgh Worldwide Investment Trust