1. 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.

    The value of investments and any income from them may go down as well as up and you or your client may not get back the amount originally invested.
  2. Five for one sub-division of ordinary shares

    Please note that the number of shares held by each investor has increased five fold and the share price has reduced to one fifth of its prior amount, resulting in no change to the aggregate value of any holding.

    Shareholders approved an ordinary resolution at the Annual General Meeting held on 23 January 2019 that each of the ordinary shares of 5p each in the capital of the Company be subdivided into five ordinary shares of 1p each (the ‘New Ordinary Shares’), the New Ordinary Shares having the rights and being subject to the restrictions set out in the Articles of Association of the Company. The New Ordinary Shares were admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s market for listed securities from 8.00am on 28 January 2019. Accordingly the 57,389,739 ordinary shares of 5p in issue as at 23 January 2019 have been sub-divided into 286,948,695 ordinary shares of 1p.

    The Company’s new International Securities Identification Number (ISIN) is GB00BHSRZC82.

  3. About the Trust

    EWIT started trading on 9 July 1998 and is the successor investment trust launched following the reconstruction of Dunedin Worldwide Investment Trust. In turn Dunedin Worldwide was formed in 1990 and was the successor vehicle for the Northern American Trust, one of the earlier Scottish investment trusts established in 1896 to take advantage of investment opportunities in the rapidly changing American economy at the turn of the century.

    Northern American merged with Camperdown Trust in 1937 and came under the management of Dunedin Fund Managers when it was formed in 1984. Baillie Gifford was appointed as investment managers and secretaries to EWIT with effect from 1 November 2003. 

    Greenwich Peninsula

    Although the objective of aiming for capital growth by investing in stockmarkets throughout the world remained unchanged, the portfolio was reorganised extensively in November 2003. At the Company’s AGM, held in January 2014, shareholders approved the proposals to broaden the Company’s investment policy. The broadened policy allows the Managers to invest principally in smaller, less mature companies at the time of initial investment (typically with a market cap of less than $5bn). 

    The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies. 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.

    EWIT is an investment company within the meaning of section 833 of the Companies Act 2006. Registered in Scotland. Registered number: SC184775. Registered office: Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN.

  4. Actual investors imagine 'what if?'

    Not 'what is'.
    Find out more
  5. Meet the Trust Managers

  6. Meet the Directors

    HCT Strutt - Chairman

    Henry Strutt was appointed a Director on 1 November 2011 and appointed Chairman on 24 January 2017. He qualified as a chartered accountant in 1979, following which he spent over twenty years with the Robert Fleming Group, seventeen of which were in the Far East. He is a non-executive director of New Waves Solutions Limited.

    WJ Ducas - Director

    William Ducas was appointed a Director on 22 March 2002 and is the Senior Independent Director. He is a member of the board of the Weir Foundation charitable trust and is on the International Advisory board of Zamorano University. He was previously a director of West LB Mellon Asset Management and a managing director of F&C Management Ltd of North America.

    DAJ Cameron - Director

    Donald Cameron was appointed a Director on 2 December 2010 and is Chairman of the Audit and Management Engagement Committee. He is an advocate at the Scottish Bar (non-practising) and is also a qualified barrister in England and Wales. He was elected a Member of the Scottish Parliament in 2016. He is a non-executive director of Murray Income Trust PLC.

    H James - Director

    Helen James was appointed a Director on 2 December 2010. She is the former CEO of Investis, a leading digital corporate communications company. She was also previously Head of Pan-European Equity Sales at Paribas. She is a non-executive director of The Mercantile Investment Trust plc and group chief operating officer of Brunswick Group.

    CA Roxburgh - Director

    Caroline Roxburgh was appointed a Director on 1 February 2020. She is a qualified Chartered Accountant and was a partner at PricewaterhouseCoopers LLP until 2016. She is a non-executive director and chair of the audit committee of Montanaro European Smaller Companies Trust plc, a non-executive director and chair of the audit and risk committee of Edinburgh International Festival Society, a non-executive director of the Royal Conservatoire of Scotland and a publicly appointed member of the board of directors and chair of the audit and risk committee of VisitScotland.

    JA Simpson-Dent - Director

    Jonathan Simpson-Dent was appointed a Director on 1 February 2020. He has spent the majority of his career running entrepreneurial Private Equity and listed mid-cap international growth businesses across multiple sectors, being a former CEO of Evander Group, Cardpoint and WLT (EMEA), CCO of Cardtronics Inc and CFO of HomeServe Plc and General Healthcare Group. He has also previously worked at PricewaterhouseCoopers LLP, McKinsey & Company and PepsiCo. He is the Chair of Bromford Housing Group Ltd and a Fellow of the Institute of Chartered Accountants.

    MIG Wilson - Director

    Mungo Wilson was appointed a Director on 8 December 2016. He is a former solicitor and is Associate Professor of Finance at Saïd Business School, University of Oxford. He is also an associate member of the Oxford Man Institute of Quantitative Finance.

  7. quote-icon
    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.
  8. Objective

    Edinburgh Worldwide’s objective is the achievement of long term capital growth by investing primarily in listed companies throughout the world.
  9. Investment Policy

    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, normally over at least a five year horizon and which typically have a market capitalisation of less than $5bn at the time of initial investment. The portfolio is actively managed and does not seek to track the comparative index hence a degree of volatility against the index is inevitable.

    In constructing the equity portfolio a spread of risk is achieved by diversifying the portfolio through investment in:

    • 75 to 125 holdings
    • a minimum of six countries
    • a minimum of 15 industries

    On acquisition, no holding shall exceed 5 per cent. of total assets and no more than 15 per cent. of the Company’s total assets will be invested in other listed investment companies. No more than 10 per cent. of the Company’s total assets will be invested in other pooled vehicles, such as open ended funds.

    Unlisted investments may be held. On acquisition of any unlisted investment, the Company’s aggregate holding in unlisted investments shall not exceed 15 per cent. of total assets. From time to time, fixed interest holdings or non equity investments, may be held on an opportunistic basis.

    Derivative instruments are not normally used but, in certain circumstances and with the prior approval of the Board, their use may be considered either as a hedge or to exploit an investment opportunity.

    The Company recognises the long term advantages of gearing and would seek to have a maximum gearing level of 30 per cent. of shareholders’ funds in the absence of exceptional market conditions.

    Borrowings are invested when it is considered that investment grounds merit the Company taking a geared position. Gearing levels, and the extent of gearing, are discussed by the Board and Managers at every Board meeting.