1. EDINBURGH WORLDWIDE INVESTMENT TRUST
    EDINBURGH WORLDWIDE INVESTMENT TRUST

    Overview

    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.

    While the policy is global investment, the approach adopted is to construct a portfolio through the identification of individual companies which offer long-term growth potential.

    Performance & Portfolio

    Annual Performance to 30 June each year

    30/06/2015
    30/06/2016

    30/06/2016
    30/06/2017

    30/06/2017
    30/06/2018

    30/06/2018
    30/06/2019

    30/06/2019
    30/06/2020

    Share Price -10.9% 42.0% 44.9% 7.1% 35.9%
    NAV -0.6% 33.1% 32.2% 8.4% 34.7%
    Index* 12.2% 24.4% 12.0% 1.8% -2.8%

    Periodic Performance

    All figures to 31/08/2020

    1 Year

    3 Years

    5 Years

    10 Years

    Share Price 42.3% 114.1% 215.5% 500.1%
    NAV 43.0% 97.5% 193.0% 416.4%
    Index* -1.9% 9.2% 65.2% 162.9%

    The value of your investment may go down as well as up, and you may not get back the amount you invested.
    NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and par value for 10 years.
    *Changed from MSCI AC World to S&P Global Small Cap on 01/02/2014. Data chain-linked from this date to form a single index.
    Performance source: Morningstar and relevant underlying index provider(s), total return.
    Please bear in mind that past performance is not a guide to future performance.

    Performance - 31/08/2020
    The value of your investment may go down as well as up, and you may not get back the amount you invested.
    Comparative Index is limited to a 5 year period from the current date.
    Comparative Index changed from MSCI All Countries World Index on 01/02/2014 to S&P Global Small Cap Index. In the above graph the indices have been chain-linked to form a single index.
    The graph has been rebased to 100.
    Please bear in mind that past performance is not a guide to future performance.
    Unfortunately we were unable to load the chart. Please try again later.
    Discount/Premium History at Fair - 31/08/2020
    The value of your investment may go down as well as up, and you may not get back the amount you invested.
    If the graph shows negative figures this means that the share price is lower than the NAV at fair – this is known as trading at a Discount.
    If the graph shows positive figures this means that the share price is higher than the NAV at fair - this is known as trading at a Premium.
    Please bear in mind that past performance is not a guide to future performance.

    Holdings - 31/08/2020

    Fund %
    1 Tesla Inc 8.4%
    2 Ocado 5.5%
    3 MarketAxess 4.1%
    4 Zillow 3.7%
    5 Alnylam Pharmaceuticals 3.3%
    6 Chegg 3.2%
    7 Teladoc 2.8%
    8 LendingTree 2.4%
    9 Space Exploration Technologies 2.0%
    10 Wayfair 1.9%
    Total 37.3%
    All holdings of 0.7% and above
    Fund %
    1 Tesla Inc 8.4%
    2 Ocado 5.5%
    3 MarketAxess 4.1%
    4 Zillow 3.7%
    5 Alnylam Pharmaceuticals 3.3%
    6 Chegg 3.2%
    7 Teladoc 2.8%
    8 LendingTree 2.4%
    9 Space Exploration Technologies 2.0%
    10 Wayfair 1.9%
    Total 37.3%
    Geographical analysis of total assets - 31/08/2020
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    Active Share - 31/08/2020
    Relative to S&P Global Small Cap. Source: Baillie Gifford & Co, S&P.
    Unfortunately we were unable to load the chart. Please try again later.

    Meet the Managers

    Douglas Brodie - Manager

    Douglas joined Baillie Gifford in 2001 and is Head of the Global Discovery Team. Douglas became a Partner in 2015 and is a CFA Charterholder. He graduated BSc in Molecular Biology & Biochemistry from the University of Durham in 1997 and attained a DPhil in Molecular Immunology from the University of Oxford in 2001.

    Svetlana Viteva - Deputy Manager

    Svetlana joined Baillie Gifford in 2012 and is an Investment Manager in the Global Discovery Team. She is a CFA Charterholder. Svetlana is also a Deputy Manager of our global small cap investment trust, Edinburgh Worldwide Investment Trust. She graduated BA in Economics and BA in Business Administration from the American University in Bulgaria in 2008, MSc in Investment Analysis in 2009 and PhD in Accounting and Finance in 2012, both from the University of Stirling.

    Luke Ward - Deputy Manager

    Luke joined Baillie Gifford in 2012 and is an Investment Manager in the Global Discovery Team. He is a Deputy Manager of our Global small cap investment trust, Edinburgh Worldwide Investment Trust. Luke graduated MEng (Hons) in Mechanical Engineering from the University of Edinburgh in 2012.

    How to Buy

    You can invest in a range of our funds via a number of fund platforms and supermarkets, please see the links opposite. Further information on the funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request. Information on the range of funds available through platforms can be found in our Platform Matrix.

    Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.

    Fund Platforms/Supermarkets

    Documents

    You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available). To download any document you will need Adobe Reader.  Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.

    Investor Disclosure Document

    Key Information Document

    Philosophy and Process Documents

    Risks

    Any investment in an investment trust involves risk. You should be aware of the following risks when considering investing.


    Past performance

    Past performance is not a guide to future performance.

    The value of your investment

    The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised or regulated by the Financial Conduct Authority. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested.

    Overseas investment

    The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.

    Gearing

    The Trust can borrow money to make further investments (sometimes known as “gearing” or “leverage”). The risk is that when this money is repaid by the Trust, the value of the investments may not be enough to cover the borrowing and interest costs, and the Trust will make a loss. If the Trust's investments fall in value, any invested borrowings will increase the amount of this loss.

    Share buy-backs

    The Trust can buy back its own shares. The risks from borrowing, referred to above, are increased when a trust buys back its own shares.

    Liquidity

    Market values for securities which have become difficult to trade may not be readily available and there can be no assurance that any value assigned to such securities will accurately reflect the price the Trust might receive upon their sale.

    Derivatives

    The Trust can make use of derivatives to obtain, increase or reduce exposure to assets and may result in the Trust being leveraged. Derivatives are most often used to compensate for possible unfavourable currency and market movements. This may result in greater movements (down or up) in the net asset value of the Trust. It is not our intention that the use of derivatives will significantly alter the overall risk profile of the Trust. A further risk exists in respect of the counterparty with whom the derivative transaction is made. Due care and diligence is exercised in the selection of counterparties, however, the possibility of the counterparty failing to pay sums due to the Trust still remains.

    Smaller Immature Companies

    Investment in smaller, immature companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller, immature companies may do less well in periods of unfavourable economic conditions.

    Unlisted Investments

    The Trust's risk could be increased by its investment in unlisted investments. These assets may be more difficult to buy or sell, so changes in their prices may be greater.

    Charges to capital

    The Trust charges 75% of the investment management fee and borrowing costs to capital which reduces the capital value. Also, where income is low, the remaining expenses may be greater than the total income received, meaning the Trust may not pay a dividend and the capital value would be further reduced.

    Income is less important

    The aim of the Trust is to achieve capital growth. You should not expect a significant, or steady, annual income from the Trust.

    Tax Rates

    You should note that tax rates and reliefs may change at any time and their value depends on your circumstances.

    Regulation

    The Trust is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority.

    Information subject to change

    The information and opinions expressed within this website are subject to change without notice.

    Not Investment Advice

    This information has been issued and approved by Baillie Gifford & Co Limited and does not in any way constitute investment advice.

    Suitability for retail distribution

    Please note that the Company currently conducts its affairs, and intends to continue to conduct its affairs, so that the Company’s ordinary shares can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPI). The Company’s ordinary shares are excluded from the FCA’s restrictions which apply to non-mainstream pooled investment products because they are shares in an investment trust.

    Disclaimers

    MSCI DISCLAIMER

    Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an ‘as is’ basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the ‘MSCI Parties’) expressly disclaims all warranties (including, without limitation, any warranties or originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com)

    S&P DOW JONES DISCLAIMER

    The S&P Global Small Cap Index (“Index”) is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.