Edinburgh Worldwide Underperforms Index In First-Half

Mon, 09th Jun 2014 10:27

LONDON (Alliance News) - Edinburgh Worldwide Investment Trust PLC Monday said it underperformed its comparative index in the first-half of its financial year, with both the trust and its index posting negative returns.

In a statement, the trust said its net asset value per share, including income and debt at fair value, decreased by 12.8% in the six months ended April 30, while the S&P Citigroup Global Small Cap Index decreased by 3.1%. The trust's shares fell by 11.1% over the same period.

The trust said its portfolio was hit by price falls towards the end of the period.

"The managers have reviewed the composition and overall positioning of the portfolio and in aggregate are satisfied that the respective investment hypotheses for the companies held remain intact and the sell off in the more technology-orientated areas of the market has resulted in increased long term investment opportunities," it said in a statement.

Edinburgh Worldwide aims to achieve long term capital growth by investing primarily in listed companies across the world. At the end of April, it had GBP213.8 million in assets, before deducting GBP29.0 million in loans. It is managed by Edinburgh-based fund management group Baillie Gifford & Co.

The trust's shares were Monday quoted at 384.75 pence, down 0.1%.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

Edinburgh Worldwide Investment Trust