OverviewThe 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.
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.
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.
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.
Meet the Trust ManagersDouglas Brodie - Manager
Douglas graduated BSc in Molecular Biology & Biochemistry from Durham University in 1997 and with a DPhil in Molecular Immunology from Oxford University in 2001. He joined Baillie Gifford in 2001 and is Head of the Global Discovery Team. Douglas became a Partner in 2015 and is a CFA Charterholder.John MacDougall - Deputy Manager
John graduated BA in Ancient & Modern History from Oxford University in 2000. John joined Baillie Gifford in 2000 and is an Investment Manager in the Long Term Global Growth Team. John has been a CFA charterholder since 2003.
Meet the DirectorsHCT Strutt - Chairman
Henry Strutt was appointed a Director on 1 November 2011 and as 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 Harrods Bank Limited and 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 where he has a general civil practice, with a particular emphasis on public law. He is also a qualified barrister in England and Wales, a member of the Scottish Parliament and 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 and she is also a non-executive director of The Mercantile Investment Trust plc.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.
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.
ObjectiveEdinburgh Worldwide’s objective is the achievement of long term capital growth by investing primarily in listed companies throughout the world.
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 equity investments may be held. On acquisition of any unlisted equity investments, the Company’s aggregate holding in unlisted equity investments shall not exceed 5 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.