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<p><strong>Your capital is at risk. Past performance is not a guide to future returns.</strong></p>
<p> </p>
<p><strong>Douglas Brodie:</strong> At Baillie Gifford, we’ve been investing since 1908, so we’ve seen world wars, pandemics, and market shocks like this before. When markets fall, we don’t panic. Instead, we take a patient, measured approach. We assess portfolios carefully and focus on each company's fundamental growth drivers. History has shown us that staying calm and making thoughtful decisions during uncertain times is one of our key strengths.</p>
<p> </p>
<p><strong>Do trade tensions impact Edinburgh Worldwide?</strong></p>
<p>The fragmentation of global trade isn’t new — it began during the first Trump administration and has continued since. We’ve been factoring these trends into our company analysis for some time.<br> <br>What’s new this time are the motivations driving the tariffs. What we see unfolding is a real pivot in the willingness of the US to be the controlling superpower, a real challenge to US exceptionalism and a resetting of key global alliances.</p>
<p>One notable consequence is the increased pressure on companies to reshore and bolster their supply chains. Some of our businesses are thriving in this environment. For example, The Californian rare earth miner MP Materials is positioning itself as the only vertically integrated Western supplier of rare earth magnets, most of which are currently sourced from China. These magnets are critical for industries like EVs, wind turbines and robotics, which are areas of significant structural growth.</p>
<p>Another one is Xometry, an online marketplace for industrial manufacturing in the US. Xometry connects buyers with a fragmented base of vetted suppliers, enabling more adaptable, more domestically skewed supply chains. </p>
<p>Of course, not all companies will thrive in this environment. But with so much in flux, we have sought to avoid making snap decisions. Instead, we are carefully assessing each holding, trying to understand possible material impacts and second order effects. Attempting to provide definitive answers at this stage would be premature and potentially irresponsible. </p>
<p> </p>
<p><strong>Have you made any changes as a result?</strong></p>
<p>We haven’t made any changes to the portfolio so far. Most of our portfolio companies are well-positioned — they are smaller, adaptable, entrepreneurial businesses that are agile and capital-light. Given that the recent fall in markets has indiscriminately impacted share prices, we're also interested in the opportunities that might be thrown up by the situation. We'll review current holdings and new ideas where valuations have become particularly attractive.</p>
<p>And what about the private companies?<br>We proactively revalue our private holdings to reflect movements in their public market comparators. So, when public markets decline, it will negatively impact the value of specific private holdings. That impact is quickly reflected in the trust's Net Asset Value; there is no delay. </p>
<p> </p>
<p><strong>How do you think about the future?</strong></p>
<p>We’re optimistic. Despite political uncertainty, our three-year forward earnings estimate - which means the rate at which our holding’s profits are predicted to increase - remains steady at over 21%, double the benchmark rate. At the end of 2024, we made carefully considered enhancements to our team and portfolio construction process, which we are confident put us in a stronger position than previous market downturns. But most importantly, we believe the growth opportunities ahead of us are as exciting as ever.</p>
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<h3><span style="font-size: 12.0pt; font-family: 'Helvetica Now Text',sans-serif; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme-font: minor-bidi; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">Edinburgh Worldwide Investment Trust </span></h3>
<p><strong>Annual past performance to 31 March each year (net%)</strong></p>
<table border="1" style="border-collapse: collapse; width: 99.8974%; height: 206.5px;">
<tbody>
<tr style="height: 36.5px; border-bottom: 2px solid black;">
<td style="width: 25.3945%; height: 36.5px;"> </td>
<td style="width: 14.0899%; text-align: right; height: 36.5px;"><strong>2021</strong></td>
<td style="width: 14.9091%; text-align: right; height: 36.5px;"><strong>2022</strong></td>
<td style="width: 16.3836%; text-align: right; height: 36.5px;"><strong>2023</strong></td>
<td style="width: 15.7282%; text-align: right; height: 36.5px;"><strong>2024</strong></td>
<td style="width: 13.4345%; text-align: right; height: 36.5px;"><strong>2025</strong></td>
</tr>
<tr style="height: 50.5px;">
<td width="288" style="width: 25.3945%; height: 50.5px;">
<p>Share price</p>
</td>
<td width="75" valign="top" style="width: 14.0899%; border: 1pt solid windowtext; padding-top: 0cm; padding-right: 5.4pt; padding-bottom: 0cm; height: 50.5px; text-align: right;">82.0</td>
<td width="75" valign="top" style="width: 14.9091%; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-image: initial; border-left: none; padding: 0cm 5.4pt; height: 50.5px; text-align: right;">-32.0</td>
<td width="75" valign="top" style="width: 16.3836%; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-image: initial; border-left: none; padding: 0cm 5.4pt; height: 50.5px; text-align: right;">-30.4</td>
<td width="75" valign="top" style="width: 15.7282%; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-image: initial; border-left: none; padding: 0cm 5.4pt; height: 50.5px; text-align: right;">-4.0</td>
<td width="75" valign="top" style="width: 13.4345%; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-image: initial; border-left: none; padding: 0cm 5.4pt; height: 50.5px; text-align: right;">5.4</td>
</tr>
<tr style="height: 50.5px;">
<td width="288" style="width: 25.3945%; height: 50.5px;">
<p>NAV</p>
</td>
<td width="75" valign="top" style="width: 14.0899%; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; border-top: none; padding-top: 0cm; padding-right: 5.4pt; padding-bottom: 0cm; height: 50.5px; text-align: right;">93.1</td>
<td width="75" valign="top" style="width: 14.9091%; border-top: none; border-left: none; border-bottom: 1pt solid windowtext; border-right: 1pt solid windowtext; padding-top: 0cm; padding-right: 5.4pt; padding-bottom: 0cm; height: 50.5px; text-align: right;">-25.1</td>
<td width="75" valign="top" style="width: 16.3836%; border-top: none; border-left: none; border-bottom: 1pt solid windowtext; border-right: 1pt solid windowtext; padding-top: 0cm; padding-right: 5.4pt; padding-bottom: 0cm; height: 50.5px; text-align: right;">-24.3</td>
<td width="75" valign="top" style="width: 15.7282%; border-top: none; border-left: none; border-bottom: 1pt solid windowtext; border-right: 1pt solid windowtext; padding-top: 0cm; padding-right: 5.4pt; padding-bottom: 0cm; height: 50.5px; text-align: right;">-10.0</td>
<td width="75" valign="top" style="width: 13.4345%; border-top: none; border-left: none; border-bottom: 1pt solid windowtext; border-right: 1pt solid windowtext; padding: 0cm 5.4pt; height: 50.5px; text-align: right;">-1.2</td>
</tr>
<tr style="height: 69px;">
<td style="width: 25.3945%; height: 69px;">
<p>S&P Global Small Cap Index</p>
</td>
<td width="75" valign="top" style="width: 14.0899%; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; border-top: none; padding-top: 0cm; padding-right: 5.4pt; padding-bottom: 0cm; height: 69px; text-align: right;">61.1</td>
<td width="75" valign="top" style="width: 14.9091%; border-top: none; border-left: none; border-bottom: 1pt solid windowtext; border-right: 1pt solid windowtext; padding: 0cm 5.4pt; height: 69px; text-align: right;">4.2</td>
<td width="75" valign="top" style="width: 16.3836%; border-top: none; border-left: none; border-bottom: 1pt solid windowtext; border-right: 1pt solid windowtext; padding-top: 0cm; padding-right: 5.4pt; padding-bottom: 0cm; height: 69px; text-align: right;">-2.7</td>
<td width="75" valign="top" style="width: 15.7282%; border-top: none; border-left: none; border-bottom: 1pt solid windowtext; border-right: 1pt solid windowtext; padding: 0cm 5.4pt; height: 69px; text-align: right;">13.8</td>
<td width="75" valign="top" style="width: 13.4345%; border-top: none; border-left: none; border-bottom: 1pt solid windowtext; border-right: 1pt solid windowtext; padding: 0cm 5.4pt; height: 69px; text-align: right;">-2.6</td>
</tr>
</tbody>
</table>
<p>Source: Morningstar, MSCI, share price, total return. Sterling.</p>
<p>Past performance is not a guide to future results. </p>
<p>Legal notices: The S&P 500, S&P Global SmallCap and Dow Jones Islamic Market World (index) are products of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Baillie Gifford & Co. S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Baillie Gifford & Co. Baillie Gifford & Co Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500, S&P Global Small Cap and Dow Jones Islamic Market World Index.</p>
<h3>Important information and risk factors</h3>
<p>This film was produced and approved in April 2025 and has not been updated subsequently. It represents views held at the time and may not reflect current thinking.</p>
<p>This communication does not constitute, and is not subject to the protections afforded to, independent research. Baillie Gifford and its staff may have dealt in the investments concerned. The views expressed are not statements of fact and should not be considered as advice or a recommendation to buy, sell or hold a particular investment.</p>
<p>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.</p>
<p>Baillie Gifford & Co and Baillie Gifford & Co Limited is authorised and regulated by the Financial Conduct Authority (FCA). </p>
<p>All information is sourced from Baillie Gifford & Co and is current unless otherwise stated.</p>
