Annual Report and
Financial Statements
Edinburgh
Worldwide
Investment
Trust plc
31 October 2025
Notes
None of the views expressed in this document
should be construed as advice to buy or sell a
particular investment.
Investment trusts are UK public listed companies
and as such comply with the requirements of the
Financial Conduct Authority (‘FCA’). They are not
authorised or regulated by the FCA.
Edinburgh Worldwide Investment Trust plc currently
conducts its affairs, and intends to continue to
conduct its affairs, so that the Company’s ordinary
shares can qualify to be considered as a mainstream
investment product and can be recommended by
IndependentFinancial Advisers to ordinary retail
investorsin accordance with the rules of the FCA in
relation to non‑mainstream investment products.
This document is important and requires your
immediate attention.
Investor disclosure document
The UK Alternative Investment Fund Managers
Regulations requires certain information to be
made available to investors prior to their making an
investment in the Company. The Company’s Investor
Disclosure Document is available for viewing at
edinburghworldwide.co.uk.
If you reside in the UK and are in any doubt as to
the action you should take, you should consult your
stockbroker, bank manager, solicitor, accountant
or other independent financial adviser authorised
under the Financial Services and Markets Act 2000
immediately. If you are outside the UK, you should
consult an appropriately authorised financial adviser.
If you have sold or otherwise transferred all of your
ordinary shares in Edinburgh Worldwide Investment
Trust plc, please forward this document, together
with any accompanying documents, but not your
personalised Forms of Proxy, as soon as possible to
the purchaser or transferee, or to the stockbroker,
bank or other agent through whom the sale or
transfer was or is being effected for delivery to the
purchaser or transferee.
01
Edinburgh Worldwide Investment Trust plc
Introduction
An introduction to Edinburgh Worldwide Investment Trust plc 02
Strategic report
Chair’s statement 05
One year summary 10
Managers’ biographies 12
Managers’ review 13
Baillie Gifford – valuing private companies 17
Review of investments 18
Twenty largest holdings and twelve month performance 22
List of investments 23
Distribution of total assets 28
Distribution of total assets by industry 29
Five year summary 30
Ten year record 32
Baillie Gifford stewardship principles 34
Environmental, social and governance engagement 35
Baillie Gifford proxy voting 39
Business review 40
Governance report
Directors’ biographies 55
Directors’ report 59
Corporate governance report 63
Audit and management engagement committee report 69
Directors’ remuneration report 72
Statement of Directors’ responsibilities 76
Financial report
Independent auditor’s report 79
Income statement 86
Balance sheet 87
Statement of changes in equity 88
Cash flow statement 89
Notes to the Financial Statements 90
Shareholder information
Further shareholder information 111
Third party data provider disclaimer 113
Communicating with shareholders 114
Sustainable Finance Disclosure Regulation 116
Glossary of terms and Alternative Performance Measures 117
Company information 120
Contents
Introduction
Annual Report and Financial Statements 2025
02
An introduction to
Edinburgh Worldwide
Investment Trust plc
Unearthing the next generation of great growth businesses
Edinburgh Worldwide offers
shareholders a unique
portfolio of publicly traded
and private businesses
operating at the frontiers
of technological innovation
and transformation. The
Company is a global smaller
companies specialist aiming
to generate long‑term
capital appreciation by
early access to emerging
businesses with significant
disruptive growth potential.
The opportunity
Edinburgh Worldwide captures investment
opportunities, from the global smaller companies
investment universe, which are enabled by the long‑
running super‑cycle of technological change.
We are in the middle of a period of profound change,
with previously established norms being disrupted by
new technologies. This is facilitated by decades‑long
exponential trends in cost reduction and capabilities
of key foundational technologies, such as processing
power, genomic sequencing and battery storage,
coming together to expand the frontiers of innovation.
This pace of change looks set to accelerate,
with explosions in areas such as data collection,
connected internet devices and renewable energy
ushering in a new societal paradigm.
The resulting decade will be shaped by artificial
intelligence, deeper biological understanding, and
electrification, while space exploration and quantum
computing will move from being theoretical to
operational. Companies which can best harness these
technologies will reframe society and become assets
of intense strategic importance.
Smaller, progressive companies present a unique
means, relative to larger slower moving competitors,
to access this technology‑led structural change.
Unencumbered by ‘the innovator’s dilemma’,
requirements to protect existing franchises, or
internal competing priorities, immature businesses
can design models and propositions from the ground
up to best utilise these exciting new technologies.
Meanwhile, established tools such as the internet,
cloud computing, and digital networks mean
smaller businesses can now reach more customers
or operationally scale at an unprecedented rate,
removing some historical advantages of larger
competitors. Smaller companies can now have
genuinely global ambitions and seek to disrupt the
largest end markets.
Edinburgh Worldwide Investment Trust plc
03
As demonstrated by the last three years, the market’s
attention to this may wax and wane. However, this is
a hugely vibrant opportunity set, propelled by restless
human ingenuity and entrepreneurialism.
Philosophy
Rare companies
Edinburgh Worldwide operates within the large global
smaller companies universe, the Managers’ best
estimates place this in the tens of thousands. Most of
these, however, are unremarkable businesses without
the disruptive potential sought by the Managers on
shareholders’ behalf. The portfolio is designed to
contain a special few early‑stage, immature businesses
with the potential to disrupt large end markets through
the creative use of innovation to facilitate propositions
that are both better, and cheaper, than the status quo.
The Managers have identified four traits as indicators of
a company’s ability to do this:
• problem-solving – innovating to solve significant
problems and to reshape their industry;
• emerging edge – early signs of a competitive
advantage that may compound over time;
• management – skilled individuals with a clear
strategy for growth; and
• scalability – a business model which facilitates
marginal returns becoming more attractive.
Qualitative assessment against these traits is crucial
to the manager’s ongoing idea generation and
investment decision‑making.
Long-term horizon
The Managers observe markets as fundamentally
ill‑suited to evaluating this type of mould‑breaking
business. The companies they seek are attempting
radical change, a process which takes many years
and where progress is rarely linear. To reflect the
wider range of outcomes for the earliest‑stage
companies, the Managers have introduced a higher
competition for capital among these holdings.
To appreciate this and what such businesses could
ultimately become, a long‑term horizon and patience
are prerequisites. Hence, the Managers are tasked
with assessing companies on a five-year-plus horizon
on shareholders’ behalf. Markets, however, generally
operate on a much shorter view. This is observable
when the release of news, which has little influence
on the likelihood of a company’s sustained long‑term
success, results in pronounced price movements.
The Board backs the Managers to maintain
holdings through periods of price volatility, provided
operational metrics remain in line with the Managers’
expectations. Tolerance of drawdowns (sharp but
temporary share price reductions) has been an
important feature for some of the most successful
portfolio holdings.
The Board and Managers believe that the
discrepancy between Edinburgh Worldwide’s
investment horizon and that of the market is a
crucial source of edge and how the Managers can
generate attractive long‑term investment returns.
Harnessing asymmetry
The portfolio attempts to harness the asymmetry
inherent to equity markets – losses being capped
at the amount invested, with returns potentially
limitless – to deliver overall portfolio returns.
The Managers acknowledge that they will not
be successful with all individual investments but
this risk tolerance is necessary to identify special
businesses early in their lifecycle. Once identified,
the intention is to hold businesses for the long term,
allowing them to contribute an outsized proportion
of overall portfolio returns. Essentially, it is not about
being right with the median investment but about
‘how right’ the Managers are with the top‑performing
holdings. This pattern is observable with past
holdings such as Tesla, Dexcom and Shockwave.
There are holdings with similar potential currently
within the portfolio and the Board is excited about
the prospects of the Managers identifying more in
time on behalf of the Company’s shareholders.
This Strategic report, which
includes pages 05 to 53
and incorporates the Chair’s
statement, has been prepared in
accordance with the Companies
Act 2006.
Strategic
report
05
Edinburgh Worldwide Investment Trust plc
Chair’s
statement
Jonathan
Simpson-Dent
Chair
Appointed to the
Board in 2020,
andas Chair in
March 2024
Introduction
The financial year to 31 October 2025 represents
a significant period for the Company. The Board
undertook a comprehensive review during 2024 to
validate the investment strategy, to assess Baillie
Gifford’s competitive advantage in managing the
Company, and to develop a plan to deliver improved
returns for Shareholders.
This review concluded with our Path for Growth
strategy that was communicated in November 2024,
with Shareholders approving the refined investment
policy in December 2024.
In addition, Shareholder engagement and excitement
in Edinburgh Worldwide’s unique mandate was
scrutinised and tested in February 2025, when
the Company’s largest Shareholder proposed a
fundamentally different future approach under an
entirely new board. It was extremely encouraging
that Shareholders overwhelmingly voted to
support the future of the Company against the
proposedalternative.
It is therefore particularly pleasing to report that
the Company has delivered strong returns for
Shareholders through the first year of the Path
for Growth strategy. While market volatility and
geopolitical uncertainty persist, the Board is
excited by the refocused portfolio of exceptional
entrepreneurial businesses and is resolutely focused
on seeing performance momentum build into the
new financial year and beyond.
Annual Report and Financial Statements 2025
06
* Alternative Performance Measure – see Glossary of terms and Alternative Performance Measures on pages 117 to 119.
†
Total return in sterling terms.
Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer on page 113.
For a definition of terms, see Glossary of terms and Alternative Performance Measures on pages 117 to 119.
Past performance is not a guide to future performance.
Strategic report
Review of the Year
The Board is pleased to report a strong recovery
for Edinburgh Worldwide during the Company’s
financial year. Our share price increased by 30.2%
in the 12 months to 31 October 2025, while the net
asset value (‘NAV’) per share grew by 29.7% and the
discount narrowed slightly from 7.6% to 7.2% over
the period. The comparative index, the S&P Global
Small Cap Index
†
, rose at a markedly lower rate,
12.8% in sterling terms during this same period.
The strong performance over the year builds on
the recovery that started in the second half of the
financial year to 31 October 2024.
Total return
* performance
Six
months to
30April
2025
Six
months to
31October
2025
Year to
31October
2025
Share price -1.9% +32.8% +30.2%
NAV -2.9% +33.6% +29.7%
S&P Global Small Cap Index
†
-7.2% +21.6% +12.8%
Executing on the Path for Growth Strategy
The Path for Growth strategy included rebalancing
the portfolio to improve focus and resilience, as
well as greater scrutiny on portfolio construction,
diversification and sell discipline. In addition, in
December 2024, Shareholders approved changes
to the investment policy, including: (i) raising the
market capitalisation limit at the point of initial
investment in an investee company from $5bn, set a
decade ago, to realign to the largest constituent of
the Company’s comparative index, the S&P Global
Small Cap Index; and (ii) reducing the target range of
companies in the portfolio to 60‑100 companies.
Number of holdings
60
70
80
90
100
110
31 October 2023 31 October 2024 31 October 2025
98
85
75
● Number of holdings
Key Sector mix
31 October
2023
%
31 October
2024
%
31 October
2025
%
Change
since
31 October
2023
Information
technology
24.5 27.0 30.4
Industrials
24.7 27.8 28.7
Healthcare
36.2 29.9 26.0
Financials
3.3 3.8 2.1
Real estate
– – 1.9
Consumer
discretionary
4.3 4.6 1.9
Materials
0.8 0.7 1.1
Consumer
staples
– – 1.1
Communication
services
3.8 3.3 –
Net liquid assets
2.4 2.9 6.8
EWIT Portfolio by Financial Resiliency Cohort
31 October
2023
%
31 October
2024
%
31 October
2025
%
Change
since
31 October
2023
Fledgling: not yet
delivering positive
gross profit
4.1 3.1 1.6
Initial
Commercialisation:
delivering gross
profit
25.2 16.0 14.6
De-Risking:
delivering free
cash flow (FCF)
margin between
-20% and 0%
30.8 16.2 17.7
Execution:
delivering positive
FCF
15.3 26.8 25.1
Proven Return:
delivering positive
FCF and earnings
per share (EPS)
24.6 37.9 41.0
07
Edinburgh Worldwide Investment Trust plc
Unlisted Investments
Some of the most disruptive and transformative
companies are not listed on public markets and we
believe that the Company’s Manager continues to
have a genuine edge in identifying and sourcing
opportunities that have yet to come to the attention
of a wider universe of investors, particularly those
focused on public companies.
As at the Company’s year end, the portfolio
weighting in private companies stood at 22.0% of
total assets, invested in fourteen private companies
including SpaceX and PsiQuantum (2024: 25.3% of
total assets in fourteen companies). The Company
currently has Shareholder authority to make
investments into unlisted investments of up to 25%
of total assets, measured at the time of investment.
When above this figure, the investments can
continue to be held, but new positions or additions
cannot be made. For this reason the Manager,
under scrutiny from the Board, closely monitors
the private company mix and actively assesses any
liquidity events where Shareholders could benefit
while creating headroom for potential new private
companyinvestments.
Share Buybacks
During the period, the Company bought 24,442,616
shares to be held in treasury at a total cost of
£42.6million. This represents 6.6% of the Company’s
issued share capital as at 31 October 2024.
The Board will continue to operate its share
buyback programme under its available authorities.
While being mindful of the interests of longer‑term
ongoing Shareholders as well as market liquidity
and sentiment, the Company may make purchases
under this programme at a discount to NAV for
Shareholders seeking enhanced liquidity. Whilst not
determining or prohibiting factors, the Board is also
mindful of and continuously monitors the level of
private company exposure and invested gearing.
Borrowings
The Company has a five-year £100 million
multicurrency revolving credit facility with The Royal
Bank of Scotland International that expires in June
2026. In addition, it also has a two‑year £36 million
multicurrency revolving credit facility with The Bank
of New York Mellon that expires in October 2026.
The Board intends to renew or replace the facilities
on the expiry of the current arrangements.
The extent and range of equity gearing is discussed
by the Board and Managers at each Board meeting.
Both agree that the Company should typically be
geared to equities to maximise potential returns,
with the current aspirational parameters set at +5%
to +15% of Shareholders’ funds. The invested equity
gearing stood at +2.4% of Shareholders’ funds at
the financial year end (2024: +10.9%).
Earnings and Dividend
The Company’s objective is to achieve long term
capital growth. This year the net revenue return per
share was negative 1.11p per share (2024 – negative
0.70p per share) and therefore no final dividend is
being recommended by the Board. Should the level
of underlying income increase in future years, the
Board will seek to distribute to Shareholders the
minimum permissible to maintain investment trust
status by way of a final dividend.
Sectoral and activist context
The investment trust sector has seen elevated
levels of corporate activity this year, reflecting the
industry’s ongoing response to a series of structural
and performance related challenges. These include
global market volatility, persistent discounts, rising
demand for liquidity and, notably, increased activism.
Against this backdrop, the Board has been proactive
in tackling these issues, maintaining a relentless
focus on performance through the Path for Growth
strategy, the share buy‑back programme, and
ensuring Shareholders’ views on the future of the
Company have been fully considered.
Annual Report and Financial Statements 2025
08
Strategic report
The Board acknowledges the differing perspectives
and lack of clear objectives expressed by its largest
Shareholder and reiterates its commitment to
engaging constructively with all Shareholders. Its
priority remains to deliver a truly differentiated
and relevant strategy, to continue its focus on
performance and to evaluate solutions to drive long‑
term Shareholderreturns.
Significant post-period end events
SpaceX revaluation
On 16 December 2025, the Company announced
that a trigger event led to a 98.6% upward
adjustment in the valuation of its holding in SpaceX,
in line with the Managers’ policy for valuing private
company investments. The trigger event followed
public confirmation by SpaceX of a tender offer
transaction at an increased valuation. Immediately
following the valuation uplift, SpaceX represented
15.9% of the Company’s total assets, up from
8.5%. In the period from first investment in SpaceX
(2018) by Edinburgh Worldwide to 30 November
2025, SpaceX has delivered an absolute return
of 947%. Following this event, private companies
represented 27.6% of the portfolio as at 19
December 2025 (22.0% as at the period end).
Requisitioned General Meeting
On 3 December 2025, Saba Capital Management
L.P. (‘Saba’), a US hedge fund, launched its second
aggressive campaign in less than a year, calling
for the entire independent Board of the Company
to be replaced with US directors chosen and
nominated by Saba. If successful, this campaign
would effectively hand control of the Company over
to Saba. It could be a step towards Saba both being
installed as investment manager and fundamentally
changing the Company’s unique strategy for its own
financial benefit. This was Saba’s explicitly stated
goal in its first campaign a year ago, but Saba has
failed to communicate its own objectives in this
secondcampaign.
The only way to stop this from happening is to vote
against all of Saba’s requisitioned resolutions before
the voting deadlines that, for some platforms, are
as early as 12 January 2026 and, in all cases, no
later than 12 noon on 17 January 2026. This time
your vote is more important than ever, since Saba’s
stake is even higher than in February 2025, so every
vote counts. Our Shareholders must protect the
Company’s independence to preserve access to
some of the world’s most exciting and transformative
public and private businesses.
The Requisitioned General Meeting will be held
in person at Baillie Gifford’s offices in Edinburgh
at 12noon on 20 January 2026. The Board looks
forward to seeing as many of you as possible who
are able to attend.
Further information, including the proposed
resolutions and information on the deadlines for
submitting votes by proxy should you not be able
to attend, can be found in the Circular on the
Company’s website at trustewit.com.
Shareholders who hold shares in their own name on
the main register will have been provided with Forms
of Proxy. All Shareholders are encouraged to VOTE
AGAINST all of the resolutions to be proposed at the
Requisitioned General Meeting.
Investors who hold their shares through an
investment platform provider or nominee are
encouraged to contact their investment platform
provider or nominee as soon as possible to arrange
for their votes to be lodged on their behalf. Guidance
notes for the voting process can be found at
www.trustewit.com.
Merger opportunity
On 2 December 2025, the Company announced
a proposed merger with Baillie Gifford US Growth
Trust plc. The proposal did not receive support from
Saba Capital, which holds a strategic interest of
30% of the Company’s issued share capital, and is
therefore not being progressed at thistime.
Annual General Meeting
It is anticipated that the Company will convene its
Annual General Meeting to be held in April 2026 at
the office of Baillie Gifford in Edinburgh. A separate
circular, including the Notice of Annual General
Meeting and voting instructions, will be sent to
Shareholders in due course.
09
Edinburgh Worldwide Investment Trust plc
Board Changes
I would like to extend my thanks to Mungo Wilson
who has served as a non‑executive Director to the
Company since 2016. Mungo will not be standing
for re‑election to the Board in 2026 as he reaches
the end of his nine year tenure. Mungo’s insight,
judgement and long‑term perspective have made
a meaningful difference to the Company. We are
deeply grateful for his commitment and wish him
every success to his next chapter.
Outlook
I am extremely excited by the opportunity ahead
for the Company and this unique global mandate,
focused on exceptional, disruptive and transformative
companies, positioned for long‑term growth. The
portfolio is starting to show its real potential. I thank
our investment managers for delivering a strong first
year of The Path for Growth strategy. I also thank the
Board for its unwavering commitment, challenge and
partnership. And finally, I thank our Shareholders for
being engaged, vocal and ultimately supportive as
the Company has been deeply tested and scrutinised
during the year.
Jonathan Simpson‑Dent
Chair
12 January 2026
Strategic report
Annual Report and Financial Statements 2025
10
31 October
2025
31 October
2024 change
Total assets
(before deduction of borrowings)
£847.0m £726.3m
Borrowings £78.1m £91.7m
Shareholders’ funds £769.0m £634.6m
Net asset value per ordinary share
(borrowings at book value)
220.97p 170.40p +29.7%
Share price 205.00p 157.40p +30.2%
S&P Global Small Cap Index
total return (in sterling terms)
+12.8%
Dividends paid and proposed
per ordinary share
Nil Nil
Revenue earnings per ordinary share (1.11p) (0.70p) -58.6%
Ongoing charges
*
0.85% 0.76%
Discount
(borrowings at book value)
*
(7.2%) (7.6%)
Active share
*
99% 99%
Year to 31 October 2025 2025 2024 2024
Year’s high and low High Low High Low
Share price 210.00p 143.00p 163.40p 125.40p
Net asset value
(after deducting borrowings
at book value)
221.86p 154.50p 183.65p 151.59p
Premium/(discount)
(borrowings at book value)
*
4.0% (11.3%) (4.4%) (17.7%)
The following information
illustrates how Edinburgh
Worldwide has performed over
the year to 31 October 2025.
*
Alternative Performance Measure – see Glossary of terms and Alternative Performance Measures on pages 117 to 119.
†
The comparative index is the S&P Global Small Cap Index total return (in sterling terms).
Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer on page 113.
For a definition of terms used see Glossary of terms and Alternative Performance Measures on pages 117 to 119.
Past performance is not a guide to future performance.
One year
summary
*
Share price
+30.2%
NAV
+29.7%
Comparative index
†
+12.8%
Total returns
*
11
Edinburgh Worldwide Investment Trust plc
Year to 31 October 2025 2024
Net return per ordinary share
Revenue (1.11p) (0.70p)
Capital 49.96p 19.48p
Total 48.85p 18.78p
*
Alternative Performance Measure, see Glossary of terms and Alternative Performance Measures on pages 117 to 119.
†
S&P Global Small Cap Index total return (in sterling terms).
Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer on page 113.
Past performance is not a guide to future performance.
NAV, share price and comparative index total return
*
(figures rebased to 100 at 31 October 2024)
(Discount)/premium to Net Asset Value
(figures plotted on a monthly basis)
OAS
2025
O
2024
NDJFMAMJJ
● Share price
total return*
● NAV
total return*
●
Comparative index
†
total return
80
90
100
110
120
130
140
OSA
2025
O
2024
NDJFMAMJJ
● (Discount)/premium (after deducting borrowings
at book value) plotted as at month end dates*
● Average discount
-10
-8
-6
-4
-2
0
2
Performance since broadening of
investment policy on 31 January 2014
31 October
2025
31 January
2014
‡
% change
capital
% change
total
return
11 years 9 months from 31 January 2014
Net asset value per ordinary share
(after deducting borrowings at fair value)
*
220.97p 87.34p 153.0% 153.9%
Net asset value per ordinary share
(after deducting borrowings at book value)
220.97p 87.43p 152.7% 153.8%
Share price 205.00p 81.00p 153.1% 151.3%
Comparative Index (in sterling terms)
†
143.1% 205.8%
Strategic report
Annual Report and Financial Statements 2025
12
Douglas joined Baillie Gifford in 2001 and became
a partner in 2015. He is head of the Discovery
Team and has led the strategy since its inception.
He graduated BSc in Molecular Biology and
Biochemistry from the University of Durham in 1997
and attained a DPhil in Molecular Immunology from
the University of Oxford in 2001.
Svetlana joined Baillie Gifford in 2012. She is an
investment manager in the Discovery Team. 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. She is a CFA
Charterholder. Svetlana was promoted to Manager
inNovember 2024.
Luke joined Baillie Gifford in 2012. Lukeis an
investment manager in the Private Companies
Team. He graduated MEng (Hons) in Mechanical
Engineering from the University of Edinburgh in 2012.
Luke was promoted to Manager in November 2024.
Kate Fox
Investment Manager
Appointed 2021
Douglas Brodie
Portfolio Manager
Svetlana Viteva
Portfolio Manager
Luke Ward
Portfolio Manager
Managers’ biographies
13
Edinburgh Worldwide Investment Trust plc
Managers’ review
A look back at the key developments and
themes that have shaped markets over the
past year
At a high level, the backdrop to the Trust’s year to
the end of October 2025 had a similar pattern to
the previous year: a further easing of inflation and
monetary policy angst, set against an escalation
of geopolitical and trade tensions. Donald Trump’s
re‑election in November 2024 served as a catalyst
for a pronounced reshaping of US foreign policy and
a recasting of alliances. While the new regime was
initially met with positive stock market sentiment
regarding pro‑growth policies on taxes and
deregulation, this quickly gave way to concerns over
the impacts on supply chains, imported inflation, and
how consumer demand would fare in a deglobalising
world. The “liberation day” tariff announcements
were the culmination of this and initially caused
shock waves across stock markets and the broader
business environment.
The stock market recovery from its April lows has
been robust. We believe this is reflective of the
abundant liquidity within the broader financial
system, a theme‑hungry investing environment,
and a relatively benign real‑world impact, at least
thus far, from the tit‑for‑tat national policy battles.
Against this hard‑to‑predict and still‑evolving
backdrop, the stock market has placed a renewed
emphasis on companies that can grow on their
own merits, regardless of the macroeconomic
environment. Moreover, our efforts over recent
years to identify pioneering companies innovating
in the areas of both business and nation‑state‑level
resilience and adaptability have been rewarded.
The geopolitical tussles discussed above have had
to contend with another theme that has captured
investor attention over the past year, a theme that
we believe will ultimately have much longer‑term
consequences for both society and investors.
AIhascaptured the mindshare of investors and
business alike. The enthusiasm of a few years ago,
as the initial LLMs emerged, has made way for
profound advancements in capabilities as the scaling
laws of GPU‑based computing continue unabated.
While AI deserves credit for these achievements, we
believe the bigger picture is that of a multi‑decade
reset in
how
computation is both performed
and
where
its use cases will reside. The how it’s
performed element relates to both the scale of the
compute facilities and data centres being built, but
also the transition from CPU’s to GPU’s (and we
suspect in time towards quantum computer chips).
The use case expansion captures the evolving role of
compute, from simple processing to deep, context‑
aware understanding.
This has catalysed a huge investment cycle in
bothAI chips and the facilities that host them,
led by the US hyperscalers such as Google and
Amazon, but also by the LLM builders like OpenAI
and Anthropic. The goal being chased is that of
AGI or artificial general intelligence, the ability
of AI models to surpass human problem‑solving
capabilities across virtually all cognitive tasks.
Aprize so great that the drive to chase it is driven
by an uncomfortable mix of existential angst and
must‑achieve‑at‑all‑costs mentality.
While we acknowledge there is an active debate
how the business models and profitability structures
for those companies might evolve, the prodigious
cashflows they already have access to at their core
give support to long‑term spend here. We think this
creates fantastic opportunities for companies that
cater to the build out of the broader ecosystem.
From enabling datacentres to access to power, their
efficient operation, how their GPUs are connected to
maximise usage, through to how the chips are tested
before being installed. Several of these are already
in the portfolio today.
Strategic report
Annual Report and Financial Statements 2025
14
Portfolio Update
In last year’s annual report, we introduced a new
framework for portfolio construction. This followed a
rigorous analysis of the overall portfolio positioning
during the challenging 2021‑2023 period. We
made significant enhancements to the investment
process, bolstering the investment decision‑making
structure, addressing the strategy’s key risk factor
with a new portfolio construction framework, and
strengthening diversification guidelines. The aim of
these adjustments was to foster greater competition
for capital amongst our earlier‑stage ideas and
encourage greater diversification and recycling of
capital from companies that had progressed along
the financial maturity spectrum. As expected, this
led to an increase in portfolio turnover, resulting
in the Trust exiting a higher number of holdings
where we felt the investment case no longer met the
more stringent hurdles. It also further reduced the
number of holdings to around 70, a level which we
think gives us both the focus to strongly express our
high conviction ideas, yet also allows incubation of
earlier‑stage, less proven businesses.
The largest positive contributors to performance
were SpaceX and Alnylam. Following a lull in
Starship launch activity, SpaceX launched its
10thStarship flight, demonstrating a successful
payload release and return to Earth for both its
“ship” and booster components. SpaceX also
announced a material expansion of its mobile
communication ambitions in acquiring the rights to
significant global mobile spectrum from EchoStar.
To date, SpaceX’s ability to provide services directly
to mobile devices, without specialist antennae, has
been limited. But when this spectrum is combined
with the next generation of Starlink ‘V3’ satellites
that Starship can launch, this limitation will fade
away and unlock bandwidth for a host of new and
excitingapplications.
We saw some highly encouraging early commercial
traction for Alnylam’s newly launched drug for TTR
Cardiomyopathy. Based on the compelling phase
3 clinical data, we think they have a robust case
to become the first-line therapy in this life-limiting
condition. With a growing consensus that this drug
could be a $10+bn annual peak sales opportunity, it
will become a key commercial underpinning to what
we believe could be one of the most productive and
transformative R&D pipelines in the industry.
Our hypothesis that the reshoring of key technologies
back to the US was rapidly becoming a deep strategic
imperative was validated when the US Department of
Defence (‘DoD’)
signed a public‑private partnership
with MP Materials to fund the expansion of its rare‑
earth‑derived magnet fabrication capabilities. In
conjunction with an expansion of MP Material’s
commercial‑focused magnet plant in Texas, the
new dedicated DoD magnet facility will see a 10x
expansion in MP Material’s total magnet production.
As part of this agreement, the DoD took an equity
position in MP Materials and committed to take or pay
contracts on high‑performing rare earth magnets with
a floor price materially above the prevailing spot price.
Shortly after, Apple announced an agreement with
MP Materials for the recycling of magnets from end‑
of‑life consumer electronics and the reincorporation
of this material back into fresh magnets for Apple
devices. Alongside the longstanding partnership with
General Motors, this incremental demand from Apple
results in around 50% of MP Materials’ non-DoD
capacity being pre‑allocated.
Other notable contributors to performance included
Astera Labs, IREN, Aehr Test Systems and American
Superconductor. While all these companies have
distinct growth drivers, they all have products and
opportunities that align with the huge surge in
AI‑related data centre build‑out.
The largest negative contributors to the Trust’s
performance included Sweetgreen, Ocado and
RxSight. These companies shared weak customer
demand and suboptimal execution. In the case
of Sweetgreen we felt these challenges were
sufficiently impactful that we exited the position.
Portfolio Activity
Over the year, EWIT has invested in 17 new holdings,
9 of which were discussed in the Interim report.
These ideas spanned diverse areas of business
activity, including companies pioneering advances
in automation, precision surgery, smart tracking
and advanced data centre capabilities – a timely
reminder of the breadth and global nature of
innovation, both in its origins and where long‑term
relevance resides.
* Sutro Biopharma, Ilika, LivePerson Inc, Codexis, Cosmo Pharmaceuticals, EverQuote Inc, Cellectis, Avacta and Beam.
15
Edinburgh Worldwide Investment Trust plc
Aspeed is a leading Taiwanese fabless
semiconductor designer focused on Baseboard
Management Controllers (BMCs). These are
independent chips that sit within servers, allowing
administrators to access, monitor, and repair them
remotely. Where once BMCs were a helpful option,
today they are ubiquitous across almost all servers.
The build out of AI data centres continues at a
prolific pace, and their optimisation demands put
increased requirement on to BMC’s, providing both
volume and pricing opportunities for Aspeed.
IREN
’s strategy is to lock up scarce real‑world
infrastructure – particularly power, land, and data
centre capacity – to capitalize on exponential digital
demand as it materialises. Whilst they have been
agnostic around where that digital demand might
originate, they have been naturally pulled to areas
where hosted process can generate the highest ROI.
For the past few years, that has been towards bitcoin
mining, ultimately a relatively low‑quality activity, but
one where their exceptionally low operating costs
confer a robust advantage. But digital demand is
changing and the highest ROI areas for incremental
vacant compute have very much pivoted to AI and
LLM’s driven by foundational model developers like
OpenAI, Meta, xAI, and Anthropic. The quest for
true artificial super intelligence, and the desire to be
the company that brings it to the world, has put in
motion an evolutionary arms race. Through amassing
a hugely relevant bank of land and associated
power, alongside critical knowledge on how to
build cutting‑edge data centres, we think IREN is
uniquely positioned to partner with digital leaders
either as a builder/operator of their cutting‑edge AI
infrastructure or as a deeper strategic partner.
The common perception of Horizon Robotics is
as one of the leading providers of hardware and
software for driver‑assistance and autonomous
driving solutions in China, but we believe the vision
is much broader and encompasses AI‑based vision
systems in a host of robotics and automation use
cases. The company has taken significant share
from Western advanced driver‑assistance system
providers, and their new products create a very
cost‑effective rival to the leading imported Nvidia
and Tesla‑based solutions. Strong demand for
autonomous driving solutions from the rapidly
growing Chinese car companies dovetails with a
favourable political and regulatory approach by the
Chinese government to this evolving technology,
together creating a very strong backdrop for
Horizon’s growing capabilities.
We took a position in Kratos as part of a broader
assessment into the changing shape of defence
spending and the burgeoning need for low‑cost
autonomous capabilities. Through building a unique
collection of capabilities across hypersonic missile
test systems and low‑cost attritable drones that
mimic hostile fighter jets, we believe Kratos has
a unique position to transition its capabilities into
more strategic forms of weaponry. This is perhaps
best exemplified by their autonomous Valkyrie “loyal
wingman” drones, which would be expected to fly
alongside manned fighter jets.
Guardant Health is a cancer diagnostics company
that provides tests based on blood samples. These
tests can be used to help guide treatment selection
where cancer has already been detected, check for
any residual signs of cancer following treatment and
in screening of asymptomatic patients to look for
early signs of cancer. Whilst the current screening
test is focused on their approved colorectal cancer
offering, Guardant’s strategy of bundling in other
cancer types (through simply incorporating more
markers into the same sample processing workflow)
provides an interesting and differentiated way to
extend the franchise and drive returns.
Universal Technical Institute (UTI) is a private
chain of trade schools across the US focused on
non‑degree skills‑based programs. The bulk of its
courses relate to job opportunities in transportation
and the energy sector, but recent years have seen
them expand into healthcare services. UTI has
been a high‑quality consolidator in this deep and
fragmented opportunity. Through focusing on
areas where there is a huge gap between demand
and supply, we think the opportunities to grow
are sizeable and the political policies of the US
administration could provide a further tailwind. By
expanding the footprint, the number of courses
offered and the links to industry (which typically
funds much of the students’ costs) we think the
growth outlook is robust and margins should benefit
from scale and growing national presence.
Ehang is a leading global manufacturer of electric
vertical take‑off and landing (eVTOL) aircraft. Their
flagship product is a fully autonomous, two-seat,
battery‑powered, multi‑copter eVTOL capable of
flying ~30 kilometres at ~130 kilometres per hour.
Strategic report
Annual Report and Financial Statements 2025
16
As of now, they are the only business in the world
to receive regulatory sign‑off for manufacture and
operation. In the near term, we see an opportunity
in time‑sensitive short trips such as airport
transfers. But over time, their technology has
the potential to revolutionise transport networks,
reducing congestion, improving access, enhancing
emergency response, and transforming urban
infrastructure. While several peers are addressing
the same opportunity, we believe Ehang has some
unique advantages. As the leading Chinese player,
they operate under a benign regulatory framework
and are surrounded by some of the most efficient
manufacturing facilities in the world. This has
allowed them to bring their vehicle to market faster
than their rivals and sell it at a fraction of the price.
Impinj designs RFID chips and reader chips for use
across various industries, including supply chain
management, authentication, and tracking. Its tiny
and flexible form factor has come down the cost
curve over time, unlocking applications in new
sectors and items. With more items being tagged
and RFID reading becoming accessible through
mobile devices, we anticipate new use cases
continuing to emerge across various industries and
commerce. Ultimately, as adoption expands, chip
tagging could become ubiquitous, enabling the
tracking of trillions of items each year.
During the year, we also completed the sale of
29holdings where we feel the opportunity cost has
become less compelling over time relative to the rest
of the portfolio (including Sprout Social, Quanterix,
Blackline) and trimmed a handful of holdings
following a run of strong performance (including
SpaceX, Doximity) to fund buybacks, de‑gearing,
new purchases and such other potential returns
ofcapital.
17
Edinburgh Worldwide Investment Trust plc
We hold our private company investments at ‘fair
value’ i.e. the price that would be paid in an open‑
market transaction. Valuations are adjusted both
during regular valuation cycles and on an ad hoc
basis in response to ‘trigger events’. Our valuation
process ensures that private companies are valued
in both a fair and timely manner.
The valuation process is overseen by a valuations
group at Baillie Gifford, which takes advice from an
independent third party (S&P Global). The valuations
group is independent from the investment team with
all voting members being from different operational
areas of the firm, and the investment managers
only receive final notifications once they have
beenapplied.
We revalue the private holdings on a three‑month
rolling cycle, with one third of the holdings
reassessed each month. During stable market
conditions, and assuming all else is equal, each
investment would be valued four times ina
twelve‑month period. For investment trusts,
theprices are also reviewed twice per year by the
respective investment trust boards and are subject
to the scrutiny of external auditors in the annual
audit process.
Beyond the regular cycle, the valuations group also
monitors the portfolio for certain ‘trigger events’.
These may include: changes in fundamentals;
atakeover approach; an intention to carry out an
Initial Public Offering (‘IPO’); company news which
is identified by the valuation team or by the portfolio
managers, or meaningful changes to the valuation of
comparable public companies. Any ad hoc change
to the fair valuation of any holding is implemented
swiftly and reflected in the next published net asset
value. There is no delay.
The valuations group also monitors relevant market
indices on a weekly basis and updates valuations
in a manner consistent with our external valuer’s
(S&P Global) most recent valuation report where
appropriate.
Periods of market volatility during the year have
meant that valuations continue to be reviewed more
frequently, in some instances resulting in a further
valuation movement. The data below quantifies the
revaluations carried out during the year to 31 October
2025, but does not reflect the ongoing monitoring of
the private investment portfolio that has not resulted
in a change invaluation.
Edinburgh Worldwide Investment Trust* %
Percentage of portfolio valued up to 4 times 17
Percentage of portfolio valued 5+ times 83
* Data reflecting period 1 November 2024 to 31 October 2025 to align with
the Company’s reporting period end.
The average movement in company valuations
and share prices across the portfolio in the year to
31October 2025 are shown below.
Valuation movement £’000
Value of private company investments
as at 31 October 2024
182,972
Sales – proceeds received (69,189)
Realised gains on sales 58,678
Change in categorisation – book cost* 6,673
Change in categorisation – revaluation loss* (6,673)
Investment revaluation gains 52,100
Investment revaluation losses (37,936)
Value of private company investments
as at 31 October 2025
186,625
Valuation movement %
Average movement in investee company securities price 8.6
Average movement in investee company valuation 34.4
* New Horizon Health delisted on 27 October 2025.
Baillie Gifford – valuing
private companies
Strategic report
Annual Report and Financial Statements 2025
18
Review of
investments
A review of the Company’s
ten largest investments as
at 31 October 2025.
Space Exploration
Technologies
An aerospace and space
transportation company that
manufactures advanced rockets,
like the Falcon 9, and satellites,
like Starlink, that provides global
broadband services. We’re excited
by its pursuit of reduced launch
costs, thus opening avenues
for growth, such as tourism and
transportation. A clear segment
leader, it looks positioned to
capture an attractive share of
the growing space industry, while
Starlink may become the first
globally relevant utility.
Alnylam Pharmaceuticals
A biotechnology company with a
dominant position in therapeutic
gene silencing. Alnylam’s drugs are
designed to specifically bind and
destroy the mRNA of a targeted
gene, preventing it from making
its protein product. This adaptable
and repeatable process can be
applied to any gene, representing
a singularly powerful drug
development platform. Alnylam
isnow increasingly targeting larger
disease populations, such as
haemophilia, alzheimer’s, diabetes,
hypertension and chronic heart
failure.
Geography USA
Valuation at
31 October 2025
£57,547,000
% of total assets 6.8%
Valuation at
31 October 2024
£41,779,000
% of total assets 5.8%
Net purchases/(sales)
in the year
(£9,834,000)
Geography USA
Valuation at
31 October 2025
£71,152,000
% of total assets 8.4%
Valuation at
31 October 2024
£90,073,000
% of total assets 12.4%
Net purchases/(sales)
in the year
(£69,110,000)
© Science Photo Library/Alamy Stock Photo.© SpaceX.
Denotes private company investment.
19
Edinburgh Worldwide Investment Trust plc
PsiQuantum
A technology business building
theworld’s first commercially
viable quantum computer. We
appreciate that its photonics‑based
approach enables manufacturing
in a conventional silicon chip
foundry. Although at an early
stage, if successful, it unlocks
a new paradigm in computing
and allows previously intractable
problems to be tackled. Examples
include the simulation of materials
at the atomic level, a new
encryption standard, or complex
financial modelling.
Geography USA
Valuation at
31 October 2025
£55,234,000
% of total assets 6.5%
Valuation at
31 October 2024
£35,923,000
% of total assets 4.9%
Net purchases/(sales)
in the year
–
© AeroVironment.
AeroVironment
A robotics and defence business,
it manufactures small Unmanned
Aircraft Systems (UAS) used
by US military forces and allies,
to establish intelligence and
reconnaissance superiority.
We foresee UASs increasing
their share of military budgets.
AeroVironment is a segment
leader, its product edge cemented
by years of accumulated
knowledge and protected by
numerous patents. Its relationship,
and trusted supplier status, with
the US Federal Government are
additional advantages.
Geography USA
Valuation at
31 October 2025
£39,629,000
% of total assets 4.7%
Valuation at
31 October 2024
£30,325,000
% of total assets 4.2%
Net purchases/(sales)
in the year
(£7,396,000)
American Superconductor
Utilising its patented
superconductor materials to
become a leading provider of
power components for wind
turbines and grid applications
which smooth voltage volatility
and increase power efficiency.
AMSC’s competitive edge lies in
its patent portfolio and superior
technology. The upgrading
of electrical grids, increased
renewable capacity and the
nearshoring of manufacturing all
leave it well‑positioned for success
in the evolving energy sector.
Geography USA
Valuation at
31 October 2025
£27,373,000
% of total assets 3.2%
Valuation at
31 October 2024
£15,886,000
% of total assets 2.2%
Net purchases/(sales)
in the year
(£4,983,000)
Strategic report
Annual Report and Financial Statements 2025
20
© Oxford Nanopore.
Oxford Nanopore
Technologies
A genetic sequencing business,
commercialising a sensitive
molecular sensor that can
‘read’ long strands of DNA.
Researchers are currently using
this to reveal unique scientific
insights and develop genomic‑
related applications and clinical
diagnostics. ONT is differentiated
due to its pioneering of a low‑
cost, decentralised model which
seeks to democratise DNA
sequencing. This could be pivotal
in transitioning the technology into
daily applications, significantly
increasing the addressable market.
Geography UK
Valuation at
31 October 2025
£21,076,000
% of total assets 2.5%
Valuation at
31 October 2024
£21,445,000
% of total assets 3.0%
Net purchases/(sales)
in the year
(£1,056,000)
Axon Enterprise
The company is best known for
selling tasers and body cameras
to law enforcement agencies
around the world. It has exploited
its dominant position in police
hardware to develop and sell a
range of best‑in‑class software
products to make their job easier.
Looking ahead, Axon’s ventures
into drone‑based law enforcement
and counter‑drone technology
signal its readiness to tackle the
next frontiers of surveillance and
analytics. Axon embodies the
attributes of our most successful
investments: continuous innovation,
expanding market opportunities,
and scalable growth.
Geography USA
Valuation at
31 October 2025
£27,354,000
% of total assets 3.2%
Valuation at
31 October 2024
£20,801,000
% of total assets 2.9%
Net purchases/(sales)
in the year
(£6,694,000)
Xometry
Xometry operates an online
marketplace connecting buyers
of custom industrial parts with
a large, fragmented network of
machine shops and manufacturers.
Its platform provides suppliers with
efficient price discovery and steady
demand flow, while giving buyers
instant, frictionless quotes across
a wide range of manufacturing
processes. As businesses enhance
the resilience and flexibility of
their supply chains, Xometry’s
digital marketplace and expanding
enterprise relationships position
it well to capture greater share
within the custom manufacturing
valuechain.
Geography USA
Valuation at
31 October 2025
£22,440,000
% of total assets 2.6%
Valuation at
31 October 2024
–
% of total assets –
Net purchases/(sales)
in the year
£13,871,000
21
Edinburgh Worldwide Investment Trust plc
Astera labs
Astera Labs is a key enabler
of AI data centres through its
purpose‑built semiconductors
and connectivity solutions.
Asconnectivity and data
networking become increasingly
important as data centres scale
to millions of GPUs, Astera’s core
competencies and products should
see growing demand. By layering
intelligent software on top of its
hardware, the company is evolving
from a component supplier into a
full‑stack connectivity platform, well
placed to become a key networking
provider in the accelerated
computing ecosystem.
Geography USA
Valuation at
31 October 2025
£14,372,000
% of total assets 1.7%
Valuation at
31 October 2024
–
% of total assets –
Net purchases/(sales)
in the year
£4,596,000
Zillow
Zillow is a leading digital real
estate platform, positioned at the
centre of the US housing market’s
shift toward online transactions. Its
data scale, consumer reach and
trusted brand underpin growing
demand for its services as more of
the home‑buying journey moves
online. With continued expansion
into rentals, agent tools and
housing finance, Zillow is evolving
into a more integrated real‑estate
operating system, well placed to
benefit from increasing digital
adoption across the sector.
Geography USA
Valuation at
31 October 2025
£16,263,000
% of total assets 1.9%
Valuation at
31 October 2024
£23,601,000
% of total assets 3.0%
Net purchases/(sales)
in the year
(£12,002,000)
© Zillow.
Strategic report
Annual Report and Financial Statements 2025
22
Twenty largest holdings and
twelve month performance
Year to 31 October 2025
Name
Business
Country
Fair value
2025
£’000
% of
total
assets *
Absolute
†
performance
%
Relative
†
performance
%
Space Exploration
Technologies Series N
Preferred
Designs, manufactures and launches
advanced rockets and spacecraft
USA 71,152 8.4 85.5 64.5
Alnylam Pharmaceuticals Drug developer focussed on harnessing
gene silencing technology
USA 57,547 6.8 67.2 48.2
PsiQuantum
#
Developer of commercial quantum
computing
USA 55,234 6.5 53.8 36.3
Aerovironment Small unmanned aircraft and tactical
missile systems
USA 39,629 4.7 67.9 48.9
American
Superconductor
Designs and manufactures power systems
and superconducting wire
USA 27,373 3.2 136.8 110.0
Axon Enterprise Law enforcement equipment and
software provider
USA 27,354 3.2 69.6 50.4
Xometry
On‑demand digital manufacturing
marketplace
USA 22,440 2.6 35.8
‡
27.5
‡
Oxford Nanopore
Technologies
Novel DNA sequencing technology UK 21,076 2.5 1.9 (9.6)
Zillow
#
US online real estate portal USA 16,263 1.9 21.9 8.1
Astera labs Connectivity hardware for cloud and AI
infrastructure
USA 14,372 1.7 212.8
‡
148.8
‡
Exact Sciences Non‑invasive molecular tests for early
cancer detection
USA 14,121 1.7 (8.2) (18.6)
Guardant Health
Blood‑based cancer diagnostics USA 13,931 1.6 92.2
‡
74.2
‡
SkyWater Technology US specialist semiconductor fabrication
company
USA 13,169 1.6 74.4 54.7
Twist Bioscience Biotechnology company USA 12,630 1.5 (20.4) (29.4)
AEHR Test Systems Semiconductor testing systems provider USA 12,409 1.5 80.7 60.2
JFrog Software development tools and
management
Israel 12,094 1.4 58.6 40.7
dLocal Latin American developer of cross border
payments platform
Uruguay 11,728 1.4 71.3 51.9
IREN
Renewable energy and data‑centre
infrastructure provider
Australia 11,052 1.3 248.7
‡
227.5
‡
QuantumScape Solid‑state batteries for electric vehicles USA 10,143 1.2 249.5 209.9
TransMedics Group Medical device company USA 9,941 1.2 57.0 39.2
473,658 55.9
*
Total assets comprises all assets held less all liabilities other than liabilities in the form of borrowings.
†
Absolute and relative performance has been calculated on a total return basis over the period 1 November 2024 to 31 October 2025.
Absolute performance is in sterling terms; relative performance is against S&P Global Small Cap Index (in sterling terms).
#
More than one line of stock held. Holding information represents the aggregate of both lines of stock.
‡
Figures relate to part‑period returns where security has been purchased or added to during the period.
Denotes private company investment.
Source: Baillie Gifford/Revolution and relevant underlying index providers. See disclaimer on page 113.
Past performance is not a guide to future performance.
23
Edinburgh Worldwide Investment Trust plc
List of investments
as at 31 October 2025
Name
Business
Country
Fair value
2025
£’000
% of
total
assets
Fair value
2024
£’000
Space Exploration
Technologies Series N
Preferred
Designs, manufactures and launches
advanced rockets and spacecraft
USA 71,152 8.4 51,624
Alnylam Pharmaceuticals Drug developer focussed on harnessing
gene silencing technology
USA 57,547 6.8 41,779
PsiQuantum Series C
Preferred
Developer of commercial quantum
computing
USA 33,748 4.0 21,936
PsiQuantum Series D
Preferred
Developer of commercial quantum
computing
USA 21,486 2.5 13,987
55,234 6.5 35,923
Aerovironment Small unmanned aircraft and tactical
missile systems
USA 39,629 4.7 30,325
American Superconductor Designs and manufactures power
systems and superconducting wire
USA 27,373 3.2 15,886
Axon Enterprise Law enforcement equipment and
software provider
USA 27,354 3.2 20,801
Xometry
On‑demand digital manufacturing
marketplace
USA 22,440 2.6 –
Oxford Nanopore
Technologies
Novel DNA sequencing technology UK 21,076 2.5 21,445
Zillow Class C US online real estate portal USA 13,768 1.6 21,531
Zillow Class A US online real estate portal USA 2,495 0.3 2,070
16,263 1.9 23,601
Astera labs Connectivity hardware for cloud and AI
infrastructure
USA 14,372 1.7 –
Exact Sciences
Non‑invasive molecular tests for early
cancer detection
USA 14,121 1.7 17,407
Guardiant Health
Blood‑based cancer diagnostics USA 13,931 1.6 –
SkyWater Technology US specialist semiconductor fabrication
company
USA 13,169 1.6 7,545
Twist Bioscience Biotechnology company USA 12,630 1.5 8,562
AEHR Test Systems Semiconductor testing systems
provider
USA 12,409 1.5 8,211
JFrog Software development tools and
management
Israel 12,094 1.4 10,551
Strategic report
Annual Report and Financial Statements 2025
24
Name
Business
Country
Fair value
2025
£’000
% of
total
assets
Fair value
2024
£’000
dLocal Latin American developer of cross
border payments platform
Uruguay 11,728 1.4 7,163
Iren
Renewable energy and data‑centre
infrastructure provider
Australia 11,052 1.3 –
Shine Technologies
(Illuminated Holdings)
SeriesC-5 Preferred
Medical radioisotope production USA 7,226 0.9 6,955
Shine Technologies
(Illuminated Holdings)
SeriesConvertible
PromissoryNote
Medical radioisotope production USA 3,044 0.4 3,111
Shine Technologies
(Illuminated Holdings) Series
Convertible Loan Note
Medical radioisotope production USA 761 0.1 778
11,031 0.5 10,844
QuantumScape
Solid‑state batteries for electric
vehicles
USA 10,143 1.2 3,457
TransMedics Group Medical device company USA 9,941 1.2 6,800
ASPEED Technology Server management SoCs and remote
management solutions
Taiwan 9,869 1.2 –
MP Materials Rare Earth Materials Company USA 9,595 1.1 5,203
BillionToOne Series C
Preferred
Pre‑natal diagnostics USA 8,359 1.0 4,810
BillionToOne Series C‑1
Preferred
Pre‑natal diagnostics USA 1,139 0.1 655
9,498 1.1 5,465
Ocado Group Online grocery retailer and technology
provider
UK 9,117 1.1 14,472
LiveRamp Holdings Marketing technology company USA 8,878 1.0 8,300
Kingdee International
Software Group
Enterprise management software
provider
China 8,738 1.0 9,684
Amplitude Product analytics software USA 8,710 1.0 –
Genmab Antibody based drug development Denmark 8,569 1.0 6,852
IPG Photonics High-power fibre lasers USA 8,488 1.0 8,261
Silex Systems Australian pioneer of laser enrichment
technology
Australia 8,468 1.0 3,887
Horizon Robotics Edge AI chips and autonomous driving
solutions
China 8,440 1.0 –
Appian Enterprise software developer USA 8,366 1.0 11,972
Doximity Online healthcare resource and
interactive platform developer
USA 8,234 1.0 12,268
Astranis Space Technologies
Series C Preferred
Communication satellite manufacturing
and operation
USA 7,371 0.9 7,175
Astranis Space Technologies
Series C Prime Preferred
Communication satellite manufacturing
and operation
USA 614 0.1 598
7,985 1.0 7,773
25
Edinburgh Worldwide Investment Trust plc
Name
Business
Country
Fair value
2025
£’000
% of
total
assets
Fair value
2024
£’000
Epic Games
Video game platform and software
developer
USA 7,904 0.9 6,970
Park Systems Manufacturer of atomic force
microscopy systems
South Korea 7,591 0.9 –
Catapult Group International Analytics and data collection
technology for sports teams and
athletes
Australia 7,443 0.9 2,402
Echodyne Corp. Series C
Preferred
Metamaterial radar sensors and
software
USA 7,426 0.9 3,719
E Ink Holdings Develops, manufactures and sells
electronic paper technology‑related
materials and display products
Taiwan 7,132 0.8 –
Impinj RFID solutions conneacting physical
items to the cloud
USA 6,832 0.8 –
Lightning Labs
Lightning software that enables users
to send and receive money
USA 6,820 0.8 5,915
Progyny Fertility benefits management company USA 6,800 0.8 5,592
Wireless Facilities Wireless network engineering and
deployment services
USA 6,762 0.8 –
PureTech Health IP commercialisation focused on
healthcare
UK 6,677 0.8 7,719
Confluent
Data‑streaming platform based on
Apache Kafka
USA 6,451 0.8 –
Harmonic Drive Systems
Precision motion‑control components Japan 6,415 0.8 –
Upwork Online freelancing and recruitment
services platform
USA 6,270 0.7 12,590
Schrödinger Drug discovery and simulation software USA 6,024 0.7 5,149
Raspberry Pi Technology company UK 5,755 0.7 3,480
MarketAxess Holdings Electronic bond trading platform USA 5,451 0.6 13,267
Universal Technical Institute Technical education for automotive and
skilled trades
USA 5,540 0.7 –
PeptiDream Peptide based drug discovery platform Japan 5,306 0.6 9,980
EHang Holdings Autonomous aerial vehicle developer China 5,239 0.6 –
InfoMart Online platform for restaurant supplies Japan 5,141 0.6 7,774
Ceres Power Holdings Developer of fuel cells UK 5,066 0.6 3,781
Tandem Diabetes Care Manufacturer of insulin pumps for
diabetic patients
USA 5,015 0.6 4,319
Veeco Instruments Semiconductor equipment company USA 4,832 0.6 4,945
Novocure Manufacturer of medical devices for
cancer treatment
USA 4,487 0.5 5,435
Snyk Ordinary Shares
Security software UK 1,263 0.1 2,517
Snyk Series F Preferred
Security software UK 3,011 0.4 4,219
4,274 0.5 6,736
Strategic report
Annual Report and Financial Statements 2025
26
Name
Business
Country
Fair value
2025
£’000
% of
total
assets
Fair value
2024
£’000
Silergy Designs and manufactures a broad
range of high performance analog
integrated circuits
China 4,225 0.5 7,481
Kornit Digital Manufacturer of digital inkjet printers Israel 4,117 0.5 –
Cryoport Chain logistics solutions provider for
the life sciences industry
USA 4,103 0.5 3,017
Zai Lab – HK Line
Chinese bio‑pharmaceutical
development and distribution company
China 4,006 0.5 6,733
Procept BioRobotics Robotics for minimally invasive
urological procedures
USA 3,846 0.5 –
KSQ Therapeutics
Biotechnology target identification
company
USA 2,922 0.3 4,965
RxSight Implantable adjustable lens provider
after cataract surgery
USA 2,035 0.2 6,259
Sensirion Holding Manufacturer of gas and flow sensors Switzerland 1,926 0.2 1,997
DNA Script Series C
Preferred
Synthetic DNA fabricator France 1,260 0.1 1,177
C4X Discovery Holdings
Software to aid drug design UK 1,118 0.1 1,377
C4X Discovery – Warrants
Software to aid drug design UK – – –
1,118 0.1 1,377
New Horizon Health
†
Cancer screening company China – – 1,106
Reaction Engines
Advanced heat exchange company UK – – –
Relativity Space
3D printing and aerospace launch
company
USA – – –
Chinook Therapeutics –
CVRLine
Immunotherapy drug development USA – – –
China Lumena New Materials
– Delisted
Mines, processes and manufactures
natural thenardite products
China – – –
4D Pharma – Delisted Microbiome biology therapeutics UK – – –
Total equities 789,855 93.2
Net liquid assets 57,193 6.8
Total assets* 847,048 100.0 726,347
*
Total assets comprises all assets held less all liabilities in the form of borrowings.
Denotes private company investment.
†
Delisted on 27 October 2025.
Listed
equities
%
Unlisted
securities
#
%
Net liquid
assets
%
Total
assets
%
31 October 2025 71.2 22.0 6.8 100.0
31 October 2024 71.8 25.3 2.9 100.0
Figures represent percentage of total assets.
#
Includes holdings in preference shares, ordinary shares, suspended shares and convertible promissory notes.
27
Edinburgh Worldwide Investment Trust plc
Strategic report
Annual Report and Financial Statements 2025
28
Geographical 2025
Sectoral 2025
3
4
5
2
6
10
1
1
3
4
6
2
Geographical
2025
%
2024
%
1 North America 70.6 73.5
USA 70.6 73.5
2 Europe
9.5 15.1
United Kingdom 6.3 10.5
Eurozone 1.3 0.7
Developed Europe (non
euro)
1.9 3.9
3 Asia
8.5 5.9
China 3.6 3.4
Taiwan 2.0 –
Japan 2.0 2.5
South Korea 0.9 –
4 Australasia
3.2 1.6
Australia 3.2 0.9
New Zealand – 0.7
5 South America
1.4 1.0
Uruguay 1.4 1.0
6 Net liquid assets
6.8 2.9
Distribution
of total assets
At 31 October
Sectoral
2025
%
2024
%
1 Information technology
30.4 27.0
2 Industrials
28.7 27.8
3 Healthcare
26.0 29.9
4 Financials
2.1 3.8
5 Real estate
1.9 –
6
Consumer
discretionary
1.9 4.6
7
Materials 1.1 0.7
8 Consumer staples
1.1 –
9
Communication
services
– 3.3
10
Net liquid assets
6.8 2.9
29
Edinburgh Worldwide Investment Trust plc
Distribution of total
assets
*
by industry
At 31 October 2025
Industry analysis Portfolio weightings
(relative to comparative index
†
)
*
Total assets comprises all assets held less all liabilities other than liabilities in the form of borrowings.
†
S&P Global Small Cap Index (in sterling terms). Weightings exclude industries where the Company has no exposure.
See disclaimer on page 113.
●
% of total assets
● % points overweight ●
% points underweight
20.7%
19.3%
12.1%
4.4%
4.1%
3.8%
3.3%
2.7%
2.4%
2.2%
2.2%
2.0%
1.6%
1.6%
1.2%
1.1%
1.1%
1.0%
1.0%
0.9%
0.8%
0.6%
0.6%
0.4%
17.6%
19.4%
9.5%
1.4%
1.9%
2.3%
2.4%
2.5%
0.6%
0.6%
-2.0%
1.9%
0.2%
0.2%
-2.7%
-2.5%
-0.6%
1.1%
-0.6%
-2.1%
0.2%
0.6%
-0.8%
6.8%
2.1%
-1.9%
Net liquid assets
Automobile components
Technology hardware,
storage and peripherals
Metals and mining
Pharmaceuticals
Cash
IT services
Insurance
Hotels, restaurants and leisure
Capital markets
Trading companies and distributors
Consumer staples
distribution and retail
Professional services
Machinery
Real estate management
and development
Health care providers and services
Electrical equipment
Life sciences tools and services
Health care equipment and supplies
Semiconductors and
semiconductor equipment
Electronic equipment, instruments
and components
Biotechnology
Software
Aerospace and defence
Fixed
Healthcare technology
Strategic report
Annual Report and Financial Statements 2025
30
* Alternative Performance Measure – see Glossary of terms and Alternative Performance Measures on pages 117 to 119.
†
The comparative index is the S&P Global Small Cap Index total return (in sterling terms).
#
See disclaimer on page 113.
Past performance is not a guide to future performance.
Five year
summary
Five year total return performance* share price,
net asset value and comparative index
†
(figures rebased to 100 at 31 October 2020)
2025
2020 2021 2022 2023 2024
Cumulative to 31 October
● NAV (after deducting
borrowings at fair value)
total return*
● Share price
total return*
● Comparative index
†
total return
Source: LSEG and relevant underlying index providers
#
.
0
20
40
60
80
100
120
140
160
180
The following charts indicate
how Edinburgh Worldwide
has performed relative to its
comparative index
*
and the
relationship between share
price and net asset value
overthe five year period to
31October 2025.
(Discount)/premium
* to net asset value
(plotted on a monthly basis)
20252020 2021 2022 2023 2024
Years to 31 October
● Edinburgh Worldwide (discount)/premium*
(after deducting borrowings at market value)*
Source: Baillie Gifford/LSEG.
The (discount)/premium* is the difference between Edinburgh Worldwide’s
quoted share price and its underlying net asset value (after deducting
borrowings at fair value).
(25%)
(20%)
(15%)
(10%)
(5%)
0%
5%
10%
31
Edinburgh Worldwide Investment Trust plc
2021 2022 2023 2024 2025
Years to 31 October
● NAV (after deducting borrowings at
fair value) total return
†
relative to the
comparative index*
● Share price total return*
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
Source: Baillie Gifford/LSEG and relevant underlying index providers
#
.
Relative annual net asset value and share price
totalreturns*
(relative to the comparative index total return)
*
Alternative Performance Measure – see Glossary of terms and Alternative Performance Measures on pages 117 to 119.
†
The comparative index is the S&P Global Small Cap Index total return (in sterling terms).
#
See disclaimer on page 113.
Past performance is not a guide to future performance.
Annual net asset value and share price
totalreturns*
20252022 2023 2024
Years to 31 October
● NAV (after deducting borrowings
at fair value) total return*
● Share price total return*
Source: Baillie Gifford/LSEG.
(60%)
(40%)
(20%)
0%
20%
40%
60%
80%
2020 2021
Strategic report
Annual Report and Financial Statements 2025
32
* For a definition of terms see Glossary of terms and Alternative Performance Measures on pages 117 to 119.
†
The calculation of earnings per ordinary share is based on the revenue from ordinary activities after taxation and the weighted average number
of ordinary shares (excluding treasury shares) (see note 07 on page 95).
Past performance is not a guide to future performance.
Capital
At
31 October
Total
assets *
£’000
Borrowings
£’000
Shareholders’
funds *
£’000
NAV per
share (fair) *
p
NAV
per share
(book) *
p
Share
price
p
Premium/
(discount)
(fair) *
%
Premium/
(discount)
(book) *
%
2015 258,155 (30,799) 227,356 92.55 92.79 87.60 (5.3) (5.6)
2016 305,520 (36,908) 268,612 109.23 109.63 96.60 (11.6) (11.9)
2017 387,863 (35,024) 352,839 143.78 144.00 138.10 (3.9) (4.1)
2018 521,102 (48,628) 472,474 165.14 165.16 164.40 (0.5) (0.5)
2019 585,314 (48,596) 536,718 177.37 177.37 175.40 (1.1) (1.1)
2020 1,040,462 (48,728) 991,734 279.90 279.90 287.50 2.7 2.7
2021 1,407,507 (66,153) 1,341,355 331.03 331.03 319.50 (3.5) (3.5)
2022 879,393 (103,827) 775,566 197.70 197.70 172.60 (12.7) (12.7)
2023 687,986 (103,249) 584,737 151.06 151.06 124.80 (17.4) (17.4)
2024 726,347 (91,744) 634,603 170.40 170.40 157.40 (7.6) (7.6)
2025 847,048 (78,091) 768,957 220.97 220.97 205.00 (7.2) (7.2)
Revenue Gearing ratios
Year to
31 October
Income
£’000
Net return
after tax
£’000
Revenue
earnings per
ordinary
share
†
p
Dividend paid
and proposed
per ordinary
share (net)
p
Ongoing
charges *
%
Gearing *
%
Potential
gearing *
%
2015 1,106 (90) (0.04) Nil 0.93 10 14
2016 1,178 (61) (0.02) Nil 0.92 9 14
2017 1,268 149 0.06 Nil 0.87 9 10
2018 1,270 (497) (0.19) Nil 0.81 5 10
2019 1,229 (684) (0.23) Nil 0.75 7 9
2020 773 (1,479) (0.46) Nil 0.72 1 5
2021 827 (2,422) (0.62) Nil 0.66 2 5
2022 986 (1,976) (0.49) Nil 0.63 12 13
2023 1,077 (2,527) (0.65) Nil 0.70 14 18
2024 1,301 (2,665) (0.70) Nil 0.76 11 14
2025 1,448 (4,017) (1.1) Nil 0.85 3 10
Ten year
record
33
Edinburgh Worldwide Investment Trust plc
Cumulative performance (taking 2015 as 100)
At
31 October
Netasset
valueper
share
(fair) *
Netasset
valuetotal
return
(fair) *
Comparative
index
†
Comparative
index
†
total
return
Share
price
Share
pricetotal
return *
Retail
price
index
2015 100 100 100 100 100 100 100
2016 118 118 129 132 110 110 102
2017 155 155 146 152 158 158 106
2018 178 179 144 152 188 188 110
2019 192 192 151 163 200 200 112
2020 302 303 149 164 328 328 113
2021 358 358 199 223 365 365 120
2022 214 214 182 208 197 197 137
2023 163 164 170 199 142 142 146
2024 184 185 203 242 180 180 151
2025 239 240 224 273 234 234 156
Compound annual returns (%)
5 year (4.6%) (4.6%) 8.6% 10.7% (6.5%) (6.5%) 6.7%
10 year 9.1% 9.1% 8.4% 10.6% 8.9% 8.9% 4.6%
Ten year total return performance
*
Cumulative to 31 October
2025
2015 2017 2020 2022 20242016 20192018 2021 2023
● Share price total return*
●
NAV total return*
●
Comparative index† total return (in sterling terms)
0
500
200
100
300
400
* Alternative Performance Measure see Glossary of terms and Alternative Performance Measures on pages 117 to 119.
†
The comparative index is the S&P Global Small Cap Index total return (in sterling terms).
Source: LSEG and relevant underlying index providers. See disclaimer on page 113.
All per share figures have been restated for the five for one share split on 28 January 2019.
Past performance is not a guide to future performance.
Strategic report
Annual Report and Financial Statements 2025
34
Baillie Gifford
stewardship principles
Baillie Gifford’s overarching ethos is that we are
‘Actual’ investors. That means we seek to invest
for the long term. Our role as an engaged owner
is core to our mission to be effective stewards
for our clients. As an active manager, we invest in
companies at different stages of their evolution
across many industries and geographies, and focus
on their unique circumstances and opportunities.
Ourapproach favours a small number of simple
principles rather than overly prescriptive policies.
This helps shape our interactions with holdings and
ensures our investment teams have the freedom
and retain the responsibility to act in clients’
bestinterests.
Long-term value creation
We believe that companies that are run for the
long term are more likely to be better investments
over our clients’ time horizons. We encourage our
holdings to be ambitious, focusing on long‑term
value creation and capital deployment for growth.
We know events will not always run according to
plan. In these instances we expect management
to act deliberately and to provide appropriate
transparency. We think helping management to
resist short‑term demands from shareholders often
protects returns. We regard it as our responsibility to
encourage holdings away from destructive financial
engineering towards activities that create genuine
value over the long run. Our value will often be in
supporting management when others don’t.
Governance fit for purpose
Corporate governance is a combination of structures
and behaviours; a careful balance between
systems, processes and people. Good governance
is the essential foundation for long‑term company
success. We firmly believe that there is no single
governance model that delivers the best long‑term
outcomes. We therefore strive to push back against
one‑dimensional global governance principles in
favour of a deep understanding of each company
we invest in. We look, very simply, for structures,
people and processes which we think can maximise
the likelihood of long‑term success. We expect to
trust the boards and management teams of the
companies we select, but demand accountability
ifthat trust is broken.
Alignment in vision and practice
Alignment is at the heart of our stewardship
approach. We seek the fair and equitable treatment
of all shareholders alongside the interests of
management. While assessing alignment with
management often comes down to intangible factors
and an understanding built over time, we look for
clear evidence of alignment in everything from
capital allocation decisions in moments of stress
to the details of executive remuneration plans and
committed share ownership. We expect companies
to deepen alignment with us, rather than weaken it,
where the opportunity presents itself.
Sustainable business practices
A company’s ability to grow and generate value for
our clients relies on a network of interdependencies
between the company and the economy, society and
environment in which it operates. We expect holdings
to consider how their actions impact and rely on these
relationships. We believe long‑term success depends
on maintaining a social licence to operate and look for
holdings to work within the spirit and not just the
letter of the laws and regulations that govern them.
Material factors should be addressed at the board
level as appropriate.
35
Edinburgh Worldwide Investment Trust plc
Environmental, social and
governance engagement
The Company has given discretionary voting powers
to Baillie Gifford. The Managers vote against
resolutions they consider may damage shareholders’
rights or economic interests and report their actions
to the Board.
The Company believes that it is in the shareholders’
interests to consider environmental, social and
governance (‘ESG’) factors when selecting and
retaining investments and has asked the Managers
to take these issues into account. The Managers
do not exclude companies from their investment
universe purely on the grounds of ESG factors
butadopt a positive engagement approach
wherebymatters are discussed with management
with the aim of improving the relevant policies and
management systems and enabling theManagers
toconsider how ESG factors could impact
long-terminvestment returns. The Managers’
Statement of Compliance with the UK Stewardship
Code can be found on the Managers’ website:
bailliegifford.com. The Managers’ policy has been
reviewed and endorsed by the Board. The Managers
Baillie Gifford & Co, are signatories to the United
Nations Principles for Responsible Investment.
By engaging with companies, the Managers seeks
to build constructive relationships with them, to
better inform our investment activities and, where
necessary, effect change within our holdings,
ultimately with the goal of achieving better returns
forour shareholders. The Managers engaged with
25.2% of the companies in the portfolio on at
least one of environmental, social or governance
factors during the 12 months to 31 October 2025.
The examples on pages 37 and 38 demonstrate our
stewardship approach through constructive, ongoing
engagement.
Strategic report
Annual Report and Financial Statements 2025
36
The charts below set out engagement topics and the key engagement themes of meetings held with the
Company’s portfolio holdings.
Engagement Topics
● Environmental ● Social ● Governance
Climate
Number of engagements
Supply chain
Board effectiveness
and leadership
Risk management
Remuneration
Proxy voting
Board Independence
Governance of
strategy
Shareholder rights
Corporate culture
Business conduct
Environmental
dependencies
Environmental
impacts
0
5
10
15
20
30
25
Engagement Themes
0
5
10
15
20
EnvironmentalSocialGovernance
%
37
Edinburgh Worldwide Investment Trust plc
Zai Lab
Zai Lab is a biopharmaceutical company with
primary listings in both the United States and
HongKong. The company focuses on developing
and commercialising therapies licensed from global
partners in China, while advancing its own pipeline
of innovative drugs. We met with the company’s
Chief Legal Officer (‘CLO’) to discuss the board’s
judgment that director Leon O. Moulder Jr. remains
independent following a related‑party transaction
earlier in the year. Mr Moulder Jr. serves as Chair of
the firm’s Nomination Committee and as a member
of its Compensation Committee. Our concerns led us
to oppose his re‑election at this year’s AGM.
The CLO began the meeting by outlining the
board’s process for determining Mr Moulder Jr.’s
independence after a licensing agreement with
Zenas Biopharma, where he serves as Chief
Executive Officer. He explained that the board
classified Mr Moulder Jr. as independent in
accordance with Hong Kong listing standards,
acknowledging that he would likely not meet
Nasdaq’s bright‑line independence criteria.
Headded that the transaction was not material to
Zai Lab and that the company had relied on the
related party, Zenas Biopharma, to assess the
materiality of the deal from their perspective.
We reiterated our concerns regarding the board’s
decision to apply a potentially less stringent
independence standard and to rely on Zenas
Biopharma’s materiality assessment when evaluating
Mr Moulder Jr.’s independence. We asked that our
views be conveyed to the board and emphasised our
preference for key board committees to be chaired
by independent non‑executive directors. The CLO
committed to sharing this feedback with the board.
We will continue to monitor for related developments
ahead of the next AGM.
Oxford Nanopore Technologies
Oxford Nanopore Technologies develops and
manufactures nanopore‑based sequencing platforms
that enable real‑time analysis of DNA and RNA.
Itstechnology allows users to generate rich genomic
data across applications ranging from clinical
diagnostics to environmental testing. We engaged
with the company on three occasions following this
year’s AGM, with aspects of the firm’s governance
featuring prominently in each discussion.
Our initial meeting was held with the firm’s Chair,
Duncan Tatton‑Brown, and representatives from
Investor Relations (‘IR’). The discussion focused
on the board’s reaction to, and response following,
the 34 percent of shareholders who voted against
Mr Tatton‑Brown’s re‑election. Mr Tatton‑Brown
noted that the board had been surprised by the
level of dissent, given that shareholders had not
previously communicated concerns regarding board
composition. In the absence of a public campaign
against the Chair, we asked about subsequent
interactions between the board and those
shareholders who had voted against the resolution.
The Chair confirmed that early discussions
suggested dissent was primarily attributable to
concerns over the firm’s commercial strategy and
the executive team’s suitability for the next phase
ofgrowth.
Following the announcement that Gordon Sanghera
will step down as CEO before the end of 2026,
we held a brief call with IR and later an in‑person
meeting with management. During the latter,
Sanghera confirmed that the board is open to
external candidates and that a sub‑committee
of independent directors will lead the search
for his successor. Management added that the
ideal candidate would have a strong commercial
track record in applied and clinical markets.
Portfolio Company
Engagement Examples:
Strategic report
Annual Report and Financial Statements 2025
38
Wealsoasked about management’s relationship
with the firm’s largest shareholder, noting that the
Ellison Institute of Technology’s (‘EIT’) shareholding
had continued to rise since the AGM. Management
acknowledged the scale of EIT’s ambition within
the Oxford area but added that recent changes,
including the departure of Professor Sir John Bell
as President, had introduced uncertainty about the
future direction ofEIT.
We were encouraged to learn that the board had
proactively engaged with major shareholders
following dissent on the Chair’s re‑election at this
year’s AGM. Given the importance of the CEO
succession process and the outstanding questions
relating to the company’s largest shareholder,
we intend to continue engaging on related
developments
American Superconductor Corporation
American Superconductor Corporation is a leading
provider of megawatt‑scale power resiliency
solutions. Leveraging proprietary “smart materials,”
the company’s products are used by customers to
enhance grid reliability amid aging infrastructure
and rising system demands. The firm also offers
solutions for the wind power market. With limited
disclosure on certain topics in mind, we engaged
with the company to better understand its approach
to sustainability‑related risks, including physical
climate risk.
As a manufacturer of physical goods, our discussion
focused on the company’s business continuity
planning, the governance of that process, and its
plans for future sustainability‑related reporting.
Investor Relations explained that a team comprising
senior management is responsible for the review
process, with operational risks reported to the
AuditCommittee.
In response to our questions on reporting, the
company shared its first sustainability report,
whichhad been published following our initial query.
Wewere encouraged to learn that the company is
taking proactive steps to strengthen its resilience,
such as enhancing supplier due diligence processes
and completing its first emissions inventory.
Following up on this development, we asked when
the company intends to disclose its emissions data.
Representatives noted that they are still refining
methodologies before publishing baseline metrics.
Our engagement reinforced the view that the
company remains in the early stages of its
sustainability reporting journey. While the firm was
responsive to our enquiries, we believe related
disclosures could be improved and plan to request
an update on progress in the year ahead.
39
Edinburgh Worldwide Investment Trust plc
Baillie Gifford
proxy voting
We believe that ‘active ownership’ of our clients’
holdings is as important as selecting the right
investments in the first instance. These guidelines
are aligned with our stewardship principles and
describe our approach to proxy voting and company
engagement, the key levers of active ownership,
often described as ‘stewardship’.
While these guidelines are intended to provide an
insight into how we approach voting on our clients’
behalf, it is important to note that we assess every
company individually. In voting, we will always
evaluate proposals on a case‑by‑case basis, based
on what we believe to be in the best long‑term
interests of our clients, rather than rigidly applying
apolicy.
A broad cross section of our investment staff
areinvolved in our ongoing work on stewardship.
In the same way that our investment approach is
based around empowered and independent teams,
our voting and engagement is led by the individual
investment teams. In keeping with our decentralised
and autonomous culture, our investment teams will,
on occasion, elect to vote differently on the same
general meeting resolutions. Where this happens,
wereport accordingly in the proxy voting disclosure
on our website. We also have clear processes in
place to identify, prevent and manage potential
proxy voting related conflicts of interest to ensure
that in all cases the firm acts in the clients’ best
interest. Baillie Gifford’s firm-wide conflict of
interestdisclosure is available on our website.
Prior to taking any voting action, we usually address
specific ESG concerns by engaging directly with the
company, using voting as an escalation mechanism
ifwe have not seen sufficient progress.
Company meeting record
Voting distribution
Percentage of meetings voted
with management
96.2
Percentage of meetings with at least
one against, withhold or abstain
3.8
Number of votes for 89.8
Number of votes against 1.9
Number of votes abstain/withhold 8.3
Strategic report
Annual Report and Financial Statements 2025
40
Business model
Business and status
Edinburgh Worldwide Investment Trust plc (‘the
Company’) is a public company limited by shares
and incorporated in Scotland. The Company is an
investment company within the meaning of section
833 of the Companies Act 2006 and carries on
business as an investment trust. Investment trusts
are UK public listed companies and their shares are
traded on the London Stock Exchange. They invest
in a portfolio of assets in order to spread risk. The
Company has a fixed share capital although, subject
to shareholder approval sought annually, it may
purchase its own shares or issue shares. The price
ofthe Company’s shares is determined, like other
listed shares, by supply and demand.
The Company has been approved as an investment
trust by HM Revenue & Customs subject to
the Company continuing to meet the eligibility
conditions. The Directors are of the opinion that the
Company has continued to conduct its affairs so as
to enable it to comply with the ongoing requirements
of section 1158 of the Corporation Tax Act 2010 and
the Investment Trust (Approved Company) (Tax)
Regulations 2011.
The Company is an Alternative Investment Fund for
the purposes of the UK Alternative Investment Fund
Managers Regulations.
Purpose
Edinburgh Worldwide Investment Trust is a global
smaller companies specialist aiming to generate
long‑term capital appreciation by early access to
emerging businesses with significant disruptive
growth potential.
Business review
Change to investment policy
On 18 December 2024 shareholders approved a
resolution to amend the Company’s Investment
Objective and Policy. The amendments approved to
the Investment Objective and Policy were:
•
Investment in 60 – 100 companies (previously
75–125 companies);
•
Upper limit for portfolio company market
capitalisation raised from $5bn to the level of the
market capitalisation of the largest constituent of
the Company’s comparative index, the S&P Global
Small Cap Index.
The objective and policy is set out in full below:
Objective and policy
Edinburgh Worldwide’s investment 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 at the point of initial
investment have a market capitalisation no greater
than the market capitalisation of the largest
constituent of the Company’s comparative index
*
measured by market capitalisation. The portfolio is
actively managed and does not seek to track the
comparative index hence volatility against the index
isinevitable.
In constructing the equity portfolio a spread of risk
is achieved by diversifying the portfolio through
investment in:
• 60 to 100 companies;
• a minimum of 6 countries; and
• a minimum of 15 industries.
* The Company’s comparative index is the S&P Global Small Cap Index total return (in sterling terms).
41
Edinburgh Worldwide Investment Trust plc
On acquisition, no holding shall exceed 5% of total
assets. No more than 15% of the Company’s total
assets will be invested in other listed investment
companies. No more than 10% 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
ofany unlisted investment, the Company’s aggregate
holding in unlisted investments shall not exceed
25% 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,
incertain circumstances and with the prior approval
of the Board, their use may be considered either as
ahedge 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% 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.
Culture and values
In the context of an externally managed investment
company with no employees, culture and values
are expressed by the Company’s Directors and the
service providers with whom shareholders and other
stakeholders interact, and through the relationships
between the Board and those service providers,
including the Managers. As noted in more detail in
the section 172 statement on pages 49 to 52 the
Board seeks to engage with its Managers and other
service providers in a collaborative and collegiate
manner, to provide clear and timely communication
to the market and shareholders and to maintain
the highest standards of business conduct. The
Baillie Gifford Statement on Stewardship, which
describes the Managers’ culture of constructive
engagement, can be found on the Managers’
website; bailliegifford.com.
Borrowings
At 31 October 2025, the Company had a five year
£100 million multi‑currency revolving credit facility
with The Royal Bank of Scotland International Limited
with an expiry date of 9 June 2026 and a two year
£36 million multi‑currency revolving credit facility with
The Bank of New York Mellon (‘BNYM’) with an expiry
date of 30 October 2026. At 31 October 2025 the
drawings were £39,919,000, US$43,261,000 and
€5,969,000 under the £100 million multi‑currency
revolving credit facility. At 31October 2024 the
drawings were £28,060,000, US$71,166,000 and
€9,864,000 under the £100 million multi‑currency
revolving credit facility. There were no drawings
underthe £36 million multi-currency revolving credit
facilities with BNYM at 31 October 2025 or
31October 2024 (seenote 10 on page 99 for the
sterling equivalent ateach year end).
Strategic report
Annual Report and Financial Statements 2025
42
The Board uses key performance indicators (KPIs) to measure the progress and performance of the Company
over time when discharging its duties as setout onpage 63. These KPIs are established industry measures.
The performance measures below are to 31 October 2025.
Share price, net asset value and
comparative index total returns
*
The total return is the return to shareholders after
reinvesting the netdividend on the date that the
share price goes ex‑dividend.
-40
0
40
80
120
160
200
1 year 5 years10 years
%
● Net asset
value total
return*
● Share
price total
return*
● Comparative index
total return*
†
Share price (discount)/premium
As stock markets and share prices vary, an
investment trust’s share price is rarely the same as
its net asset value (NAV). When the share price is
lower than the NAV per share it is said to be trading
at a discount. If the share price is higher than the
NAV per share, this situation is called a premium.
-10
-8
-6
-4
-2
0
1 year 5 years10 years
%
● Average (discount)/premium* of NAV to share price over stated
period to 31 October 2025
Ongoing charges
*
Ongoing charges are the total recurring expenses
(excluding the Company’s cost of dealing in
investments and borrowing costs) incurred by the
Company as a percentage of the daily average
netasset value.
2015 2025
0.4
0.6
0.8
1.2
1.0
%
● Ongoing charges*
Key performance indicators
The Board also has regard to the total return of the
Company’s principal comparative index (S&P Global
Small Cap Index total return (in sterling terms))
and considers the performance of comparable
companies. Across these measures, the Board looks
for relative outperformance over the long term, while
remaining mindful that the nature of the investment
policy and the growth characteristics of the portfolio
investments may entail periods of underperformance
over the short and medium term.
*
Alternative Performance Measure – see Glossary of terms and Alternative Performance Measures on pages 117 to 119.
Past performance is not a guide to future performance.
43
Edinburgh Worldwide Investment Trust plc
Viability statement
In accordance with provision 31 of the UK Corporate
Governance Code, which requires the Directors to
assess the prospects of the Company over a defined
period, the Directors have elected to do so over
a period of five years. The Directors continue to
believe this period to be appropriate as it reflects the
longer‑term investment strategy of the Company and
represents a timeframe during which, in the absence
of any adverse change to the regulatory environment
or to the favourable tax treatment afforded to UK
investment trusts, they do not expect there to be
any significant change to the current principal and
emerging risks facing the Company, nor to the
adequacy of the mitigating controls in place.
In considering the viability of the Company, the
Directors have conducted a robust assessment of each
of the Company’s principal and emerging risks and
uncertainties, as detailed on pages 43 to 48, and in
particular the impact of market risk, where a significant
fall in global equity markets would adversely impact
the value of the Company’s investment portfolio.
The Directors have also considered the Company’s
leverage and liquidity in the context of the unsecured
multi‑currency revolving credit facilities which are
due to expire in June and October 2026, the income
and expenditure projections, and the fact that the
Company’s investments comprise mainly readily
realisable quoted equity securities which can be sold
to meet funding requirements if necessary. Specific
leverage and liquidity stress testing was conducted
during the year, including consideration of the risk
of further market volatility resulting from increasing
geopolitical tensions and the impact of the Company’s
intention to return up to £130 million to shareholders.
The stress testing did not indicate any matters of
concern. The Company’s primary third‑party suppliers,
including its Managers and Secretaries, Custodian
and Depositary, Registrar, Auditor and Broker, are
not experiencing significant operational difficulties
affecting their respective services to the Company.
In addition, all of the key operations required by
the Company are outsourced to third‑party service
providers, and it is considered that alternative providers
could be engaged at relatively short notice, if required.
Based on the Company’s processes for monitoring
operating costs, share price discount/premium, the
Managers’ compliance with the investment objective,
asset allocation, the portfolio risk profile, leverage,
counterparty exposure, liquidity risk, financial controls
and the continuing support of shareholders, the
Directors have concluded that there is a reasonable
expectation that the Company will be able to continue
in operation and meet its liabilities as they fall due over
the next five years as a minimum.
As part of its strategic considerations to maximise
value for shareholders, the Board has also evaluated
a potential merger with Baillie Gifford US Growth.
Anysuch merger would require shareholder approval
by special resolution (75% of votes cast). A significant
minority shareholder, Saba Capital, with a strategic
interest in the shares of the Company, has indicated
that it would not support the merger and, as a result,
the Board considers it unlikely that the requisite level of
shareholder support would be achieved. The ability of a
shareholder to block special resolutions, such as those
required for mergers, could have a material impact on
the Company’s strategic direction and future prospects.
In this case, the opposition from Saba Capital means
that the proposed merger is unlikely to proceed,
potentially limiting opportunities for growth, synergies
and enhanced market positioning that the merger
was expected to deliver in the future. The Directors
have considered these factors as part of their viability
assessment and concluded that, notwithstanding the
potential strategic implications, this outcome does not
materially affect the Company’s financial or operational
forecasts, its risk profile, or its ability to meet liabilities
as they fall due. The Directors note that, were
shareholders to approve a merger in the future, the
Company could transfer its assets and liabilities under
a section 110 arrangement and subsequently cease
to exist and, in those circumstances, the appropriate
period over which the Company’s viability should
be assessed would be shorter than five years. This
consideration does not affect the underlying viability of
the Company.
As set out in the Chair’s Statement on page08
and detailed in a Circular to shareholders dated
23December 2025, Saba Capital has requisitioned a
general meeting and is seeking shareholder approval to
replace the Board and appoint alternative directors. The
Directors do not support the proposals. However, in the
event that shareholders approve these arrangements,
the principal risks of the Company, its investment
strategy, asset classes held, loan facilities and business
model are likely to change significantly, and the period
over which it would be reasonable to assess the viability
of the Company may be substantially different.
Principal and emerging risks
As explained on pages 66 and 67 there is an ongoing
process for identifying, evaluating and managing the
risks faced by the Company on a regular basis. The
Directors have carried out a robust assessment of
the principal and emerging risks facing the Company,
including those that would threaten its business
model, future performance, regulatory compliance,
solvency or liquidity. There have been some changes
to the principal risks during the year including the
requisitioned general meeting (as noted above) and
ongoing geopolitical tensions which have increased risk
levels in some key areas. A description of these risks,
an assessment of the risk level and how they are being
managed or mitigated together with the change in
assessment of any increase or decrease in risk during
the year is set out on pages 43 to 48.
Strategic report
Annual Report and Financial Statements 2025
44
Investment and strategic risks
Investment strategy risk
What is the risk?
Pursuing an investment strategy to
fulfil the Company’s objective which
the market perceives to be unattractive
or inappropriate, or the ineffective
implementation of an attractive or
appropriate strategy, may lead to reduced
returns for shareholders and, as a result,
a decreased demand for the Company’s
shares. This may lead to the Company’s
shares trading at a widening discount to
their net asset value.
How is it managed?
To mitigate this risk, the Board regularly
reviews and monitors the Company’s objective
and investment policy and strategy, the
investment portfolio and its absolute and
relative performance, the level of discount/
premium to net asset value at which the
shares trade and movements in the share
register and raises any matters of concern
with the Managers. In 2024, the Board
initiated a detailed review of the Company’s
strategy, execution and performance resulting
in a comprehensive action plan to improve
shareholder returns. Shareholders approved
amendments to the investment policy at
the General Meeting held on 18 December
2024. The Board monitors performance and
compliance with the investment policy in light
of these changes.
Rating and
change
Current assessment of risk
Risk level: High
This risk is considered to have
increased during the year.
While there are signs that the
market’s appetite for growth
stocks, typically held by the
Company, is recovering and the
Company has outperformed
its benchmark over the year to
31October 2025; and
1. A requisition notice from
a significant minority
shareholder Saba Capital
holding a strategic interest in
the shares of the Company,
proposing the replacement
of the existing Directors with
alternate directors of its
ownchoosing.
2. A proposed merger with
Baillie Gifford US Growth
Trust plc has not received
support from Saba Capital
and is therefore not being
progressed at this time,
therefore increasing
uncertainty regarding
the strategic outlook for
theCompany.
Financial risk
What is the risk?
The Company’s assets are listed and
unlisted securities and its principal
and emerging financial risks therefore
include market risk (comprising currency
risk, interest rate risk and other price
risk), liquidity risk and credit risk. An
explanation of those risks and how they
are managed is contained in note 17 to the
Financial Statements on pages 101 to109.
How is it managed?
The Board has considered the impact of
market volatility driven by macroeconomic
factors such as higher interest rates and
geopolitical concerns. To manage this risk,
the Board regularly reviews metrics on
portfolio composition and diversification
alongside investment transactions.
Discussions with the portfolio manager
cover individual investments and market
insights. An annual strategy meeting is
conducted. Following a detailed review
in 2024 of the Company’s strategy and
performance involving independent
advisors, the Board continues to actively
monitor the execution of the ‘Path for
Growth’ action plan for improved execution
and performance.
Rating and
change
Current assessment of risk
Risk level: High
This risk is considered to
be unchanged and remains
high due to the heightened
macroeconomic and
geopolitical concerns and the
threat to trade from increased
protectionism which continue
to create a challenging
environment for businesses.
Decreasing RiskIncreasing Risk Stable Risk
Moderate RiskHigh Risk Low Risk
45
Edinburgh Worldwide Investment Trust plc
Smaller company risk
What is the risk?
The Company has investments in smaller,
immature companies which are 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.
How is it managed?
To mitigate this risk, the Board reviews the
investment portfolio at each meeting and
discusses the merits and characteristics of
individual investments with the Managers.
A spread of risk is achieved by holding
stocks classified across at least fifteen
industries and six countries.
Rating and
change
Current assessment of risk
Risk level: High
This risk is considered to be
stable but remains elevated as
market volatility from ongoing
geopolitical instability has a
greater impact on the share
prices of smaller companies
which are typically more
sensitive to market sentiment
and macroeconomic shocks.
Private company (unlisted) investments risk
What is the risk?
The Company’s risk is increased by its
investment inprivate company securities.
These investments may be more difficult
to buy or sell, assessment of their value
is more subjective than for investments
listed on a recognised stock exchange and
their valuations may be perceived to be
more volatile or out of date.
How is it managed?
To mitigate this risk, the Board considers
the private company securities in
the context of the overall investment
strategyand provides guidancetothe
Managersonthe maximum exposure
to unlisted investments. Valuations of
private companies are carried out on
a frequent basis by the manager and
updated regularly for identified changes
in operational developments or recent
transactions in shares. The Board reviews
the valuations in detail which are carried
out by a third party valuation specialist,
subject to the Managers’ private company
valuation specialist input and is also
subject to external audit scrutiny annually.
Rating and
change
Current assessment of risk
Risk level: Moderate
This risk is considered to be
stable but remains elevated
as private company valuations
continue to be sensitive to
volatile market conditions and
a challenging fundraising and
IPO environment, although
these have been improving
recently. The reduced
availability of external capital
and limited transaction activity
increases uncertainty around
valuation inputs and exit
assumptions. These factors
contribute to higher overall
investment risk for private
companies within the portfolio.
Discount risk
What is the risk?
The discount/premium at which the
Company’s shares trade relative to its
net asset value can change. The risk of a
widening discount is that it may undermine
investor confidence in the Company.
How is it managed?
The Board monitors the level of discount/
premium at which the shares trade and
the Company has authority to buy back its
existing shares or issue shares (including
authority to sell shares held in treasury),
when deemed by the Board to be in the
best interests of the Company and its
shareholders. During the year the Board
significantly increased the level of buybacks
and announced its intention to return up
to £130m to shareholders. The Board also
evaluated a proposed merger with the Baillie
Gifford US Growth Trust plc (see page 68)
which included a 40% return of capital at a
narrow discount to net asset value.
Rating and
change
Current assessment of risk
Risk level: High
This risk remains elevated as,
despite discount narrowing
and enhanced buybacks,
sentiment influenced by
market conditions and
activist activity could lead to
continuing discount volatility.
Decreasing RiskIncreasing Risk Stable Risk
Moderate RiskHigh Risk Low Risk
Strategic report
Annual Report and Financial Statements 2025
46
Political and associated economic financial risk
What is the risk?
The Board is of the view that political
change in areas in which the Company
invests ormay invest may have practical
consequences forthe Company.
How is it managed?
Political developments are closely
monitored and considered by the Board.
It monitors portfolio diversification by
investee companies’ primary location
and considers the potential for negative
impacts arising from military action, trade
barriers or other political factors.
Rating and
change
Current assessment of risk
Risk level: High
This risk is considered to be
increasing as deteriorating
geopolitical stability increases
the prospect of further trade
conflict and sanctions.
Cyber security risk
What is the risk?
A cyber-attack on BaillieGifford’s network
or that of a third party service provider
could impact the confidentiality, integrity
or availability of data and systems.
Emerging technologies, including AI and
quantum computing capabilities, may
introduce new, and increase existing
information security risks that impact
operations.
How is it managed?
To mitigate this risk, the Audit and
Management Engagement Committee
review Reports on Internal Controls
published by Baillie Gifford and other third
party service providers. Baillie Gifford’s
Business Risk Department report to the
Audit and Management Engagement
Committee on the effectiveness of
information security controls in place at
Baillie Gifford and its business continuity
framework. Cyber security due diligence
is performed by Baillie Gifford on third
party service providers which includes a
review of crisis management and business
continuity frameworks.
Rating and
change
Current assessment of risk
Risk level: Moderate
Cyber attacks are increasing
globally and could proliferate
further. Emerging technologies,
including AI, could potentially
increase information security
risks.
Climate and governance risk
What is the risk?
Perceived problems on environmental,
social and governance (‘ESG’) matters in
an investee company could lead to that
company’s shares being less attractive
to investors, adversely affecting its share
price, in addition to potential valuation
issues arising from any direct impact of
the failure to address the ESG weakness
on the operations or management of the
investee company (for example in the
event of an industrial accident or spillage).
Repeated failure by the Managers to
identify ESG weaknesses in investee
companies could lead to the Company’s
own shares being less attractive to
investors, adversely affecting its own
share price. In addition, the valuation
of investments could be impacted by
climatechange.
How is it managed?
This is mitigated by the Managers’ strong
ESG stewardship and engagement policies
which are integrated into the investment
process which includes the risk inherent
in climate change (see page 53), and
discussed regularly by the Board with the
Managers. Further details of the Managers’
approach are set out on page34
and also on the Managers’ website
bailliegifford.com/esg. TheDirectors
have considered the impact of climate
change on the Financial Statements of the
Company and this is included in note 1a to
the Financial Statements on page 90.
Rating and
change
Current assessment of risk
Risk level: Moderate
This risk is considered to be
unchanged. The Managers
continue to employ strong ESG
stewardship and engagement
policies.
Decreasing RiskIncreasing Risk Stable Risk
Moderate RiskHigh Risk Low Risk
47
Edinburgh Worldwide Investment Trust plc
Regulatory risk
What is the risk?
Failure to comply with applicable legal
and regulatory requirements such as the
tax rules for investment trust companies,
the FCA Listing Rules and the Companies
Act could lead to suspension of the
Company’s Stock Exchange listing,
financial penalties, a qualified audit report
or the Company being subject to tax on
capital gains. Changes to the regulatory
environment could negatively impact the
Company.
How is it managed?
To mitigate this risk, Baillie Gifford’s
Business Risk, Internal Audit and
Compliance Departments provide regular
reports to the Audit and Management
Engagement Committee on Baillie
Gifford’s monitoring programmes.
Should major regulatory change seem
likely to impose disproportionate
compliance burdens on the Company,
representations are made to the relevant
authorities to ensure that the special
circumstances of investment trusts are
recognised. Shareholder documents
and announcements, including the
Company’s published Interimand Annual
Report and Financial Statements, are
subject to stringent review processes,
and procedures are in place to ensure
adherence to the Transparency Directive
with reference to inside information.
Rating and
change
Current assessment of risk
Risk level: Low
This risk is considered to
be unchanged. All control
procedures are working
effectively. There have been
no material regulatory changes
that have impacted the
Company during the year.
Custody and Depositary risk
What is the risk?
Safe custody of the Company’s assets
maybe compromised through control
failures by the Depositary, including
cybersecurity incidents.
How is it managed?
To mitigate this risk, the Audit and
Management Engagement Committee
receives six monthly reports from the
Depositary confirming safe custody
of the Company’s assets held by the
Custodian. Cash and portfolio holdings
are independently reconciled to the
Custodian’s records by the Managers who
also agree uncertificated unlisted portfolio
holdings to confirmations from investee
companies. In addition, the existence of
assets is subject to annual external audit
and the Custodian’s internal controls
assurance reports are reviewed by Baillie
Gifford’s business risk department and a
summary of the key points is reported to
the Audit and Management Engagement
Committee and any concerns investigated.
Rating and
change
Current assessment of risk
Risk level: Low
This risk is considered to
be unchanged. All control
procedures are working
effectively.
Decreasing RiskIncreasing Risk Stable Risk
Moderate RiskHigh Risk Low Risk
Strategic report
Annual Report and Financial Statements 2025
48
Operational risk
What is the risk?
Failure of Baillie Gifford’s systems or
those of other third party service providers
could lead to an inability to provide
accurate reporting and monitoring or a
misappropriation of assets.
How is it managed?
To mitigate this risk, BaillieGifford has a
comprehensive business continuity plan
which facilitates continued operation of
the business in the event of a service
disruption or major disaster. The Audit
and Management Engagement Committee
reviews Baillie Gifford’s Report on Internal
Controls and the reports by other key
third party providers are reviewed by
BaillieGifford on behalf of the Board and
a summary of the key points is reported to
the Audit and Management Engagement
Committee and any concerns investigated.
Rating and
change
Current assessment of risk
Risk level: Low
This risk is considered to
be unchanged. All control
procedures are working
effectively.
Leverage risk
What is the risk?
The Company may borrow money for
investment purposes (sometimes known as
‘gearing’ or ‘leverage’). Iftheinvestments
fall in value, any borrowings will magnify
the impact of this loss. If borrowing
facilities are not renewed, the Company
may have to sell investments to repay
borrowings.
How is it managed?
To mitigate this risk, all borrowings require
the prior approval of the Board and
leverage levels are discussed by the Board
and Managers at every meeting. Covenant
levels are monitored regularly. Details of
the Company’s current borrowing facilities
and drawings can be found in note 10 on
page 99. The majority of the Company’s
investments are in quoted securities that
are readily realisable. Further information
on leverage can be found on page 112 and
in theGlossary of terms and Alternative
Performance Measures on pages 117
to119.
Rating and
change
Current assessment of risk
Risk level: Low
This risk is considered to be
lower as gearing has been
reduced over the year. The
Company has two revolving
credit facilities inplace which
expire in 2026.
Emerging risks
As explained on page 66 the Board has regular discussions on principal risks and uncertainties, including any risks which are not an
immediate threat but could arise in the longer term.
Decreasing RiskIncreasing Risk Stable Risk
Moderate RiskHigh Risk Low Risk
49
Edinburgh Worldwide Investment Trust plc
Promoting the success of the Company
(section 172 statement)
Under section 172 of the Companies Act 2006,
the directors of a company must act in the way
they consider, in good faith, would be most likely
to promote the success of the company for the
benefit of its members as a whole, and in doing
so have regard (amongst other matters and to the
extent applicable) to: a) the likely consequences
of any decision in the long term, b) the interests
of the company’s employees, c) the need to
foster the company’s business relationships with
suppliers, customers and others, d) the impact of
the company’s operations on the community and
the environment, e) the desirability of the company
maintaining a reputation for high standards of
business conduct, and f) the need to act fairly as
between members of the company.
In this context, having regard to the Company being
an externally‑managed investment company with
no employees, the Board considers the Company’s
key stakeholders to be: its existing and potential new
shareholders; its externally‑appointed Managers
and Secretaries (Baillie Gifford); other professional
service providers (corporate broker, registrar, auditor
and Depositary); lenders; wider society and the
environment.
The Board considers that the interests of the
Company’s key stakeholders should be aligned,
in terms of wishing to see the Company deliver
sustainable long‑term growth, in line with the
Company’s stated objective and strategy, and meet
the highest standards of legal, regulatory, and
commercial conduct, with the differences between
stakeholders being merely a matter of emphasis on
those elements.
The Board recognises the importance of maintaining the interests of the Company and its stakeholders in
aggregate, firmly front of mind in its key decision making and Baillie Gifford & Co Limited, the Company
Secretaries are at all times available to the Board to ensure that suitable consideration is given to the range
of factors to which the Directors should have regard. In addition to ensuring that the Company’s stated
investment objective was being pursued, key decisions and actions during the year which required the
Directors to have regard to applicable section 172 factors included:
Key decision Action
Requisitioned General Meeting
(‘RGM’)
In December 2024, the Company received a requisition from Saba Capital, significant
minority shareholder with a strategic interest, seeking to remove the entire Board and appoint
its own nominees. The Board undertook a detailed assessment and concluded unanimously
that the proposals were not in the best interests of shareholders as a whole. To support
informed voting, the Board appointed specialist advisers and issued a comprehensive
circular explaining its analysis and recommendation to reject the resolutions. The Board also
engaged extensively with shareholders throughout the process. Shareholder participation
was significantly higher than in previous years and the resolutions were decisively rejected,
providing a clear mandate for the Board to continue its stewardship of the Company.
Capital Return The Board remained mindful of the commitment made in November 2024 to return up to
£130million of capital to shareholders. During the year, the Board implemented the necessary
steps to support this commitment, including the reduction of the share premium account to
increase the level of distributable reserves.
A tender offer was developed to provide a meaningful capital return to all shareholders.
However it became apparent through consultation with Saba Capital that the proposal
would not secure the required level of support. In order to avoid unnecessary costs the
Board therefore paused the tender process while maintaining its focus on disciplined and
shareholder‑aligned capital allocation.
Share Buybacks Share buybacks continued to play a central role in capital management and discount control.
Over the year:
•
The Company purchased 24,442,616 shares in treasury at a total cost of £42.6 million.
This represents 6.6% of the Company’s issued share capital as at 31 October 2024.
•
Between 1 November 2025 and 8 January 2026, a further 1,340,000 shares were
repurchased at a discount, again on value‑accretive terms.
These shares may, when conditions allow, be reissued at a premium to NAV, supporting
effective liquidity and discount management.
Strategic report
Annual Report and Financial Statements 2025
50
Key decision Action
Merger Proposal As part of its broader strategic engagement during the year, the Board explored the
potential for a merger with Baillie Gifford US Growth Trust plc, as set out in the Company’s
announcement of 2 December 2025.
Following engagement with Saba Capital, it became clear that Saba was not willing to
support the merger proposal. Given Saba’s dominant shareholding, its position alone meant
the proposal could not achieve the support required to proceed. Accordingly, the Board
determined that the merger should be put on hold.
The Board continues to work with Saba to seek a holistic and sustainable way forward that
balances the interests of all shareholders. This approach is consistent with the Board’s
long-standing commitment to constructive engagement, as reaffirmed in its public response
to Saba’s open letter dated 3 December 2025.
Review of Investment Performance
During the year, the Board concluded the follow‑up work arising from the comprehensive
Review of Investment Performance initiated in 2024, which led to the adoption of a
clear ‘Path for Growth’ strategy. After careful evaluation of performance, team structure,
investment process and the Company’s distinctive mandate, the Board resolved that retaining
Baillie Gifford as Manager remained in the best long‑term interests of shareholders. The
strategy focused on rebalancing the portfolio to improve focus and resilience, reducing
the number of holdings to allow for greater scrutiny, and, following shareholder approval in
December 2024, updating the investment policy to widen the opportunity set by increasing
the market capitalisation limit at the point of initial investment and narrowing the target
portfolio size to60–100 companies.
Board Composition
As part of its ongoing succession‑planning process, and following an external search
conducted by Cornforth Consulting Limited, the Board appointed Mr Greg Eckersley as a
Non‑Executive Director with effect from 15 February 2025.
Mr Eckersley brings significant international investment and leadership experience, including
senior roles at AllianceBernstein and as global head of internal equities at the Abu Dhabi
Investment Authority. His appointment strengthens the Board’s breadth of investment
expertise and enhances its ability to scrutinise the implementation of the Company’s
long‑term
investment strategy. The Board believes his skills and experience will add considerable value to
its deliberations.
Shareholder Engagement The year saw a marked increase in shareholder engagement as a result of the requisitioned
general meeting (‘RGM’), ongoing discussions around capital allocation, and broader interest
in the Company’s strategic direction. The Board met with a wide range of shareholders,
including Saba Capital, to understand their priorities and concerns, while the Company’s
website and electronic communications were used to keep shareholders informed on
performance, portfolio activity, and corporate announcements. The feedback received helped
inform several of the major decisions outlined in this statement.
Shareholder meetings – including both the RGM and AGM – provided important opportunities
for constructive dialogue. The Board also continued to expand its communication channels,
including enhancing its digital engagement and launching a refreshed Company website in
November 2025, designed to improve accessibility, transparency and understanding of the
Company’s long‑term mandate.
The Board remains committed to maintaining open, regular and constructive engagement
with shareholders and considers this central to its stewardship responsibilities.
51
Edinburgh Worldwide Investment Trust plc
The Board’s methods for assessing the Company’s progress in the context of its stakeholders’ interests are
set out below.
Stakeholder Why we engage How we engage and what we do
Shareholders Shareholders are, collectively, the
Company’s owners: providing them with a
return for their investment in accordance
with the Company’s investment policy and
objective is the reason for its existence.
The Board places great importance on communication with
shareholders. The Annual General Meeting provides the key
forum for the Board and Managers to present to shareholders on
the Company’s performance, future plans and prospects. It also
allows shareholders the opportunity to meet with the Board and
Managers and raise questions and concerns. The Chair is available
to meet with shareholders as appropriate. The Managers meet
regularly with shareholders and their representatives, reporting
their views back to the Board. During the year, the Board also
sought to engage with Saba Capital to listen to their concerns
and explore whether a meaningful dialogue could lead to a
constructive solution. Directors also attend certain shareholder
presentations, in order to gauge shareholder sentiment first hand.
Shareholders may also communicate with members of the Board
at any time by writing to them at the Company’s registered office
or to the Company’s broker. These communication opportunities
help inform the Board when considering how best to promote the
success of the Company for the benefit of all shareholders over
the long term.
Baillie Gifford –
Managers and
Secretaries
The Company’s Board has delegated the
management of the Company’s portfolio,
and the administration of the Company’s
operations including fulfilment of regulatory
and taxation reporting requirements, to
Baillie Gifford. Baillie Gifford is therefore
responsible for the substantial activities of
the Company and has the most immediate
influence on its conduct towards the other
stakeholders, subject to the oversight and
strategic direction provided by the Board.
The Board seeks to engage with its Managers and Secretaries,
and other service providers, in a collaborative and collegiate
manner, encouraging open and constructive discussion and
debate, while also ensuring that appropriate and regular
challenge is brought and evaluation conducted. This approach
aims to enhance service levels and strengthen relationships with
the Company’s providers, with a view to ensuring the interests
of the Company’s shareholders are best served by keeping cost
levels proportionate and competitive, and by maintaining the
highest standards of business conduct.
Portfolio
companies
As all of the Company’s operations are
conducted by third party professional
providers, it is the companies held in its
investment portfolio which have the primary
real‑world impact in terms of social and
environmental change, both positively
and negatively, as well as generating,
through their commercial success, the
investment growth sought by the Company’s
shareholders. The investee companies
have an interest in understanding their
shareholders’ investment rationale in
order to assure themselves that long‑term
business strategies will be supported.
The Board is cognisant of the need to consider the impact of
the Company’s investment strategy and policy on wider society
and the environment. The Board considers that its oversight
of environmental, social and governance (‘ESG’) matters is
an important part of its responsibility to all stakeholders. The
Board’s review of the Managers includes an assessment of
their ESG approach and its application in making investment
decisions. The Board regularly reviews Governance Engagement
reports, which document the Managers’ interactions with
investee companies on ESG matters (see pages 35 to 38).
Brokers The Company’s brokers provide an interface
between the Company’s Board and its
institutional shareholders.
The Company’s brokers regularly attend Board meetings, and
provide reports to those meetings, in order to keep the Board
apprised of shareholder and wider market sentiment regarding
the Company. They also arrange forums for shareholders to
meet the Chair, or other Directors, outwith the normal general
meeting cycle.
Registrars The Company’s registrars provide an
interface with those shareholders who hold
the Company’s shares directly.
The Company Secretaries liaise with the registrars to ensure the
frequency and accuracy of communications to shareholders is
appropriate, and monitor shareholder correspondence to ensure
that the level of service provided by the registrars is acceptable.
The Managers’ risk function reviews the registrars’ internal
controls report and reports on the outcome of this review to the
Audit and Management Engagement Committee.
Strategic report
Annual Report and Financial Statements 2025
52
Stakeholder Why we engage How we engage and what we do
Auditor The Company’s Auditor has a responsibility
to provide an opinion on whether the
Company’s financial statements as a whole
are free from material misstatement, as set
out in more detail in the Auditor’s Report to
the Members on pages 79 to 85.
The Company’s Auditor meets with the Audit and Management
Engagement Committee, in the absence of the Managers
where deemed necessary, and the Managers and the Directors
undertake to provide all information requested by the Auditor
in connection with the Company’s annual audit promptly and to
ensure that it is complete and accurate in all respects.
Depositary and
Custodian
The Depositary and Custodian are
responsible for the safekeeping of the
Company’s financial instruments, as set
outinmore detail on page 60.
The Depositary, the Board and Managers seek to engage with
the Depositary and Custodian in a collaborative and collegiate
manner, encouraging open and constructive discussion and
debate, while also ensuring that appropriate and regular
challenge is brought and evaluation conducted. This approach
aims to enhance service levels and strengthen relationships with
the Company’s providers, with a view to ensuring the interests
of the Company’s shareholders are best served by keeping cost
levels proportionate and competitive, and by maintaining the
highest standards of business conduct.
Lenders Banks providing revolving credit facilities
provide the Company’s gearing and have an
interest in the Company’s ongoing financial
health and viability.
The Company’s legal advisers review all legal agreements in
connection with the Company’s debt arrangements and advise
the Board on the appropriateness of the terms and covenants
therein. The Managers and Secretaries ensure that the
frequency and accuracy of reporting on, for example, covenant
certification, is appropriate and that correspondence from the
lenders receives a prompt response.
AIC/industry peers The Association of Investment Companies
(‘AIC’) and the Company’s investment
trust industry peers have an interest in the
Company’s conduct and performance, as
adverse market sentiment towards one
investment trust can affect attitudes towards
the wider industry.
The Company is a member of the AIC, and the Directors and/
or the Managers and Secretaries (as appropriate) participate in
technical reviews, requests for feedback on proposed legislation
or regulatory developments, corporate governance discussions
and/or training.
Investment
platforms
Investment platforms provide an interface
with shareholders who invest in the
Company indirectly.
The Managers liaise with the various investment platforms on
strategies for improving communications with the Company’s
shareholders who hold their shares via these platforms. An
annual timetable of key dates is published on the Company’s
website, for the ease of reference of such shareholders.
Wider society and
the environment
No entity, corporate or otherwise, can exist
without having an influence on the society
in which it operates or utilising the planet’s
resources. Through its third‑party relationships,
as noted above, the Company seeks to be a
positive influence and, in circumstances where
that is not possible, tomitigate its negative
impacts insofar as ispossible.
The Board and Managers’ interactions with the various
stakeholders as noted above form the principal forms of
direct engagement with wider society and in respect of the
environment (commercial, financial, and in terms of planetary
health and resources).
Employees, human rights and community
issues
The Board recognises the requirement to provide
information about employees, human rights
and community issues. As the Company has no
employees, all its Directors are non‑executive
and all its functions are outsourced, there are no
disclosures to be made in respect of employees,
human rights and community issues.
Gender representation
At 31 October 2025, the Board comprises six
Directors, three male and three female. The Board’s
policy on diversity is set out on page 65.
53
Edinburgh Worldwide Investment Trust plc
Environmental, social and governance policy
Details of the Company’s policy on socially responsible
investment can be found under Corporate Governance
and Stewardship on page68 with more details of the
Managers’ approachtosocially responsible investment
set outunderthe BaillieGifford statement on
stewardship set outonpage34.
The Company considers that it does not fall within
the scope of the Modern Slavery Act 2015 and it
is not, therefore, obliged to make a slavery and
human trafficking statement. In any event, the
Company considers its supply chains to be of
low risk as its suppliers are typically professional
advisers. Astatement by the Managers under the
Act has been published on the Managers’ website at
bailliegifford.com.
Climate change
The Board recognises that climate change poses
aserious threat to our environment, our society and
to economies and companies around the globe.
Addressing the underlying causes is likely to result
incompanies that are high emitters of carbon facing
greater societal and regulatory scrutiny and higher
costs to account for the true environmental impact
oftheir activities. Baillie Gifford’s Task Force on
Climate‑Related Financial Disclosures (‘TCFD’)
Climate Report is available on the Managers’ website
at bailliegifford.com. An Edinburgh Worldwide
specific TCFD climate report is also available on the
Company’s website at edinburghworldwide.co.uk
and is a means by which the portfolio’s carbon
footprint and exposure to climate risk are measured
and reported. Companies disclosing their emissions
and communicating emissions plans will be a helpful
place from which to begin more useful discussions
with management teams, industry experts and
regulators. Although this can direct our efforts, the
Managers believe that carbon footprint metrics in
isolation are unhelpful and must be considered in
the relevant context. More significant is the
Managers pursuit of long term growth opportunities
typically involves investment in entrepreneurial,
disruptive and technology‑driven businesses. These
companies are often capital‑light with a low carbon
footprint. More information on climate change is
available on the Company’s website at
edinburghworldwide.co.uk.
The Managers utilise data sourced from a third party
provider (MSCI via the Factset platform) to map the
carbon footprint of Edinburgh Worldwide’s portfolio
which is estimated to be 76.2% lower than the
Company’s comparative index (S&P Global Small
Cap Index) and is based on the 71.6% of the value
of the Company’s portfolio which reports on carbon
emissions and other carbon related characteristics.
The Managers, Baillie Gifford & Co, are signatories
to the United Nations Principles for Responsible
Investment and the Carbon Disclosure Project
and are also members of the Asian Corporate
Governance Association and International Corporate
Governance Network.
Future developments of the Company
The outlook for the Company for the next 12 months
is set out in the Chair’s statement on page 09 and
the Managers’ review on page13.
The Strategic report which includes pages 05 to 53
was approved by the Board of Directors and signed
on its behalf on 12 January 2026.
Jonathan Simpson‑Dent
Chair
Governance
report
This Governance report, which includes
pages 55 to 77 outlines the Board’s
approach to the governance of your
Company. We believe that good governance
builds better outcomes and we are
committed to high standards of corporate
governance and transparency.
55
Edinburgh Worldwide Investment Trust plc
Directors’ biographies
Directors
Jonathan
Simpson-Dent
Chair
Date of appointment
1February 2020
Jonathan Simpson‑Dent is an experienced board
director who has spent the majority of his career running
entrepreneurial private equity and listed mid‑cap
international growth businesses.
Jonathan’s extensive experience in privately financed
ventures with a strong focus on valuation and expertise
in risk management frameworks are valuable to the
Board when assessing, monitoring and valuing the
Company’s private company investments
Jonathan has been instrumental in developing the
comprehensive action plan to improve execution since
taking on the Chair role on 5 March 2024. In addition, his
board and chair experience has helped to ensure that the
Company has the highest corporate governance standards.
Jonathan currently chairs three private equity
portfolio companies: Danx Carousel Group, Andwis
Group and Easby Group. He previously worked at
PricewaterhouseCoopers LLP, McKinsey & Company
and PepsiCo. He is a Fellow of the Institute of Chartered
Accountants.
Jane McCracken
Senior Independent
Director
Date of appointment
1November 2022
Jane McCracken was appointed Senior Independent
Director on 5 March 2024. She has spent her career
working with high growth technology businesses based
in her native USA, along with the UK, as an entrepreneur,
equity investor, board member and advisor, specialising
in scaling up venture‑backed and public technology
companies. This includes her CFO role of London‑listed
in-vitro diagnostics firm Axis-Shield Plc.
Jane possesses deep expertise and experience in the
technology sector and has a wide network of industry
contacts assisting the Board in making informed decisions
in the technology sector.
Jane served as a member of the Research Faculty and
Entrepreneur‑in‑Residence at the Georgia Institute of
Technology in Atlanta, USA, for eight years where she
worked with a variety of deep tech startups as well as
those in healthcare technology, fintech, software, and
e‑commerce.
Jane is currently serving as a Non‑Executive Director
of Radyus Research LLC and Tern Plc, and is the Chief
Growth Officer for Corps Team LLC.
Governance report
Annual Report and Financial Statements 2025
56
Caroline Roxburgh
Audit and
Management
Engagement
Committee Chair
Date of appointment
1February 2020
Caroline Roxburgh was appointed Chair of the Audit and
Management Engagement Committee on 2 February
2022. She is a Chartered Accountant and was a partner
at PricewaterhouseCoopers LLP until 2016. Caroline has
extensive experience working with investment trusts and
has spent seven years as Chair of the Audit Committee
of Montanaro European Smaller Companies Trust Plc and
four years as its Senior Independent Director.
Caroline’s background as a senior board advisor,
Assurance Partner, and Chartered Accountant brings
valuable expertise in business, finance, governance,
and risk management to the Board. This enables her
to effectively assess the Company’s viability, lead
discussions on the risk management framework and risk
appetite, contribute to the development of the Company’s
strategy and chair the Company’s Audit and Management
Engagement Committee.
She is Vice Chair of the Royal Conservatoire of Scotland.
She previously served as a Board Member and Chair
of the Audit & Risk Committee of VisitScotland, an
appointment she held for eight years, and stood down
from her role as Non‑Executive Director and Chair of the
Audit and Risk Committee of the Edinburgh International
Festival Society in June 2025.
Gregory Eckersley
Director
Date of appointment
15 February 2025
Gregory Eckersley was appointed to the Board on
15 February 2025. Gregory is an experienced equity
investor with a professional executive career in a mix of
leadership and asset management roles. Having begun
his investment career at Cigna International Investment
Limited, he gained international experience at Draycott
Partners, Alliance Capital and AllianceBernstein,
managing and overseeing teams investing in emerging
market and global portfolios and, until 2019, was the
Global Head of Internal Equities at the Abu Dhabi
Investment Authority. Gregory is a non‑executive director
of Murray International Trust PLC.
57
Edinburgh Worldwide Investment Trust plc
Mary Gunn
Director
Date of appointment
1 March 2023
Mary Gunn has over 30 years of public and private
governance experience in high growth life science,
financial services, and education sectors, both in the
UK and her native USA. Mary is also CEO of George
Clinical, Independent Director of Burst Diagnostics
and sits on The University of Edinburgh’s Business
Committee and International Standing Committee.
Mary possesses a deep pharmaceutical expertise
and a wide industry network, with her insight
assisting the Board in making informed decisions
within the life sciences sector.
Mary’s professional experience includes C‑level
executive roles at various life science companies,
including previously at Pfizer, Crucell, ICON Plc, and
Health Decisions, as well as acting in an advisory
capacity for private equity transactions.
Mungo Wilson is Professor of Financial Economics at
Saïd Business School, University of Oxford and a
former solicitor. Mungo is an expert on asset pricing,
credit ratings and mutual funds which is invaluable
when conducting rigorous investment analysis and
investment performance evaluations of the Company.
Mungo has extensive experience working with
investment companies and is Non‑Executive Director
of Neo Risk Reap Asia Equity Fund Limited,
Embedded Insurance Inc., and Carbon Insurance Inc.
He is also an Associate Member of the Oxford Man
Institute of Quantitative Finance.
Mungo will retire from the Board following the
2026AGM.
Mungo Wilson
Director
Date of appointment
8December 2016
All Directors are members of the Audit and Management Engagement
Committee and the Nomination Committee.
Governance report
Annual Report and Financial Statements 2025
58
Board of Directors
Comprises independent
non-executive directors
Chair: Jonathan Simpson-Dent
Senior Independent Director:
Jane McCracken
Audit and Management
Engagement Committee
Chair: Caroline Roxburgh
Purpose:
To provide oversight of:
• the financial reporting process;
• the audit process;
• the Company’s system of internal controls;
• compliance with laws and regulations;
• ensuring that the Manager remains suitable to
manage the portfolio;
• the management contract is competitive and
reasonable for shareholders; and,
• the Company maintains appropriate administrative
andcompany secretarial support.
Nomination
Committee
Chair: Jonathan Simpson‑Dent
Purpose:
To oversee:
• Board recruitment;
• succession planning; and
• Board appraisals including identifying training needs.
Third‑party service providers appointed
by the Board
Alternative Investment Fund Manager and Company Secretary:
Baillie Gifford & Co Limited
(wholly owned subsidiary of Baillie Gifford & Co)
Dealing activity and transaction reporting:
Baillie Gifford Overseas Limited and
Baillie Gifford Asia (Hong Kong) Limited
Ernst & Young LLP
Auditor
The Bank of
New York Mellon
(International) Limited
Depositary
Computershare
Investor Services
PLC
Registrar
Deutsche Numis
Company Broker
59
Edinburgh Worldwide Investment Trust plc
The Directors present their
report together with the Financial
Statements of the Company for
the year to 31 October 2025.
Directors’ report
Corporate governance
The Corporate governance report is set out on pages
55 to 77 and forms part of this report.
Managers and Company Secretaries
Baillie Gifford is one of the largest investment trust
managers in the UK and currently manages eleven
investment trusts. Baillie Gifford also manages a listed
investment company and open ended investment
companies,together with investment portfolios on
behalfof pension funds, charities and other institutional
clients, both in the UK and overseas. Funds under the
management or advice of BaillieGiffordtotalledover
£208.0billion at 8 January 2026. Based in Edinburgh,
it is one of the leading privately owned investment
management firms in the UK, with 59 partners and a
staff of around 1,626.
Baillie Gifford & Co Limited, a wholly owned subsidiary
of Baillie Gifford & Co, has been appointed as the
Company’s Alternative Investment Fund Manager
(‘AIFM’) and Company Secretaries. Baillie Gifford & Co
Limited has delegated portfolio management services
to Baillie Gifford & Co. Dealing activity and transaction
reporting have been further sub‑delegated to Baillie
Gifford Overseas Limited and Baillie Gifford Asia
(HongKong) Limited.
Baillie Gifford & Co is an investment management
firmformed in 1927 out of the legal firm
BaillieGifford,WS, which had been involved in
investment management since 1908. Baillie Gifford
& Co Limited and Baillie Gifford & Co are both
authorised and regulated by the Financial Conduct
Authority.
Governance report
Annual Report and Financial Statements 2025
60
The Investment Management Agreement between
the AIFM and the Company sets out the matters over
which the Managers have authority in accordance
with the policies and directions of, and subject to
restrictions imposed by, the Board. The Investment
Management Agreement is terminable on not less
than three months’ notice. Compensation fees would
only be payable in respect of the notice period if
termination by the Company were to occur within a
shorter notice period.
The annual management fee is 0.75% on the
first £50million of net assets, 0.65% on the next
£200million of net assets and 0.55% on the
remaining net assets. Management fees are calculated
and payable quarterly. The Board is of the view that
calculating the fee with reference to performance
would be unlikely to exert a positive influence on
performance.
The Board considers the Company’s investment
management and secretarial arrangements on a
continuing basis and a formal review is conducted by
the Audit and Management Engagement Committee
annually. The Committee considered the following
topics amongst others in its review:
• investment process;
• investment performance;
• the quality of the personnel assigned to handle
theCompany’s affairs;
• developments at the Managers, including staff
turnover;
• the administrative services provided by the
Secretaries;
• share price and discount; and
• charges and fees.
Following the most recent review which considered
the implementation of the action plan to improve
execution and performance, the Audit and
Management Engagement Committee concluded
that the continuing appointment of Baillie
Gifford &CoLimited as AIFM and Secretaries,
the delegation of the investment management
services to Baillie Gifford & Co and the further
sub‑delegation of dealing activity and transaction
reporting to Baillie Gifford Overseas Limited and
Baillie Gifford Asia (Hong Kong) Limited, on the
terms agreed, is in the interests of the Company
andthe shareholders as a whole.
Depositary
In accordance with the Alternative Investment
Fund Managers Directive, the AIFM must appoint a
Depositary to the Company. The Bank of New York
Mellon (International) Limited has been appointed
asthe Company’s Depository.
The Depositary’s responsibilities include cash
monitoring, safe keeping of the Company’s financial
instruments, verifying ownership and maintaining
a record of other assets and monitoring the
Company’s compliance with investment limits and
leverage requirements. The custody function is
also undertaken by The Bank of New York Mellon
(International) Limited (the ‘Custodian’).
Directors
Information about the Directors including their
relevant experience can be found on pages 55 to 57.
All of the Directors are retiring at the Annual General
Meeting and
offering themselves for re‑election,
with the exception of Mungo Wilson who will be
standing down from the Board at the conclusion of
the forthcoming Annual General Meeting to be held
in April 2026.
Following formal performance evaluation, theBoard
concluded that the performance of each of the
Directors continues to be effective and that
they remain committed to the Company. Their
contribution to the Board is greatly valued and the
Board recommends their re‑election to shareholders.
Directors’ indemnity and insurance
The Company has entered into qualifying third party
deeds of indemnity in favour of each of its Directors.
The deeds, which were in force during the year to
31 October 2025 and up to the date of approval of
this Report, cover any liabilities that may arise to a
third party, other than the Company, for negligence,
default or breach of trust or duty. The Directors are not
indemnified in respect of liabilities to the Company,
any regulatory or criminal fines, any costs incurred
in connection with criminal proceedings in which the
Director is convicted or civil proceedings brought by the
Company in which judgement is given against him/her.
In addition, the indemnity does not apply to any liability
to the extent that it is recovered from another person.
The Company maintains Directors’ and Officers’
liability insurance.
61
Edinburgh Worldwide Investment Trust plc
Conflicts of interest
Each Director submits a list of potential conflicts of
interest to the Nomination Committee on an annual
basis. The Committee considers these carefully, taking
into account the circumstances surrounding them and
makes a recommendation to the Board on whether or
not the potential conflicts should be authorised. Board
authorisation is for a period of oneyear.
Having considered the lists of potential conflicts
there were no situations which gave rise to a direct
or indirect interest of a Director which conflicted
with the interests of the Company.
Dividends
The Company’s objective is that of generating
capital growth. Consequently, the Managers do not
invest in companies based on the level of income
they may payout as dividends.
As highlighted previously, the Board does not intend
to draw on the Company’s revenue reserve to pay or
maintain dividends. This year the net revenue return
was a deficit of £4,017,000. There is no requirement
under section 1158 of the Corporation Tax Act 2010
to pay a dividend as the net revenue return is below
the level which would trigger the requirement to pay
a dividend hence the Board is recommending that no
final dividend be paid. Should the level of underlying
income increase in future years, the Board will seek
to distribute the minimum permissible to maintain
investment trust status by way of a final dividend.
Share capital
Capital structure
The Company’s capital structure (excluding
treasury shares) as at 31 October 2025 consists
of 347,984,292 ordinary shares of 1p each (2024
– 372,426,908 ordinary shares of 1p each), see
note11 on page 99. There are no restrictions
concerning the holding or transfer of the Company’s
ordinary shares and there are no special rights
attached to any of the shares.
Following a five for one share split on 28 January
2019, each ordinary share of 5p was replaced with
five new ordinary shares of 1p each.
On 11 February 2025 The Court of Session approved
the cancellation of the amount standing to the credit
of the Company’s share premium account and the
crediting of an equivalent amount to the Company’s
Distributable Capital Reserve. The Court Order
became effective when it was filed with the Registrar
of Companies on 20 February 2025.
Dividends
The ordinary shares carry a right to receive
dividends. Interim dividends are determined by the
Directors, whereas any proposed final dividend is
subject to shareholder approval.
Capital entitlement
On a winding up, after meeting the liabilities of the
Company, the surplus assets will be paid to ordinary
shareholders in proportion to their shareholdings.
Voting
Each ordinary shareholder present in person or by
proxy is entitled to one vote on a show of hands and,
on a poll, to one vote for every share held.
Major interests disclosed in the Company’s shares
Name
Ordinary 1p
shares held
at 31 October
2025
% of
issue
Saba Capital Management L.P. (direct) 86,926,292 24.9
Saba Capital Management L.P. (indirect) 14,559,617 4.2
Barclays PLC (direct) 21,028,002 6.0
In the period from 31October 2025 to 8January
2026, the Company was notified that Saba Capital
Management L.P. held 104,183,531 shares (25.0
direct and 5.0 indirect) (30.0% of shares in issue as
at 8 January 2026) and Barclays PLC notified that
their shareholding fell below the notifiable threshold.
Analysis of shareholders at 31 October
2025
Number of
shares held
2025
%
2024
Number of
shares held
2024
%
Institutions 109,623,704 31.5 33,495,751 9.0
Intermediaries 209,564,964 60.2 260,308,929 69.9
Individuals 10,098,983 2.9 13,066,926 3.5
Marketmakers 18,696,641 5.4 65,555,302 17.6
347,984,292 100.0 372,426,908 100.0
Governance report
Annual Report and Financial Statements 2025
62
Annual General Meeting
It is anticipated that the Company will convene its
Annual General Meeting to be held in April 2026 at
the offices of Baillie Gifford in Edinburgh. A separate
circular, including the Notice of AGM and voting
instructions, will be sent to shareholders in due course.
Financial instruments
The Company’s financial instruments comprise
its investment portfolio, cash balances, bank
borrowings and debtors and creditors that arise
directly from its operations such as sales and
purchases awaiting settlement and accrued income.
The financial risk management objectives and
policies arising from its financial instruments and
theexposure of the Company to risk are disclosed
innote17 to the Financial Statements.
Articles of Association
The Company’s Articles of Association may only be
amended by special resolution at a general meeting
of shareholders.
Disclosure of information to Auditor
The Directors confirm that so far as each of
the Directors is aware there is no relevant audit
information of which the Company’s Auditor is
unaware and the Directors have taken all the steps
thatthey ought to have taken as Directors in order
to make themselves aware of any relevant audit
information and to establish that the Company’s
Auditor is aware of that information.
Independent Auditor
The Auditor, Ernst & Young LLP, is willing to
continue in office and in accordance with section
489 and section 491(1) of the Companies Act
2006, resolutions concerning Ernst & Young LLP’s
reappointment and remuneration will be submitted
to the forthcoming Annual General Meeting.
Post Balance Sheet events
On 3 December 2025, a valid requisition to hold a
Requistioned General Meeting (‘RGM’) was received
from Saba Capital, a significant minority shareholder
with a strategic interest, further details of which
can be found in the Chair’s statement on page 08
and in the RGM Circular which can be found at
edinburghworldwide.co.uk
On 2 December 2025, the Company announced a
proposed merger with the Baillie Gifford US Growth
Trust plc. This proposal did not receive support from
Saba Capital, and is not being progressed at this time.
On 16 December 2025, the Company was advised
of a trigger event requiring an upward adjustment to
the valuation of its largest holding, Space Exploration
Technologies (‘SpaceX’), in accordance with the
valuation process as described on page17 for
valuing private company investments. The valuation
of SpaceX was increased by 98.6% representing
an increase in net asset value of 3.3% relative to
shareholders’ funds at 31 October 2025.
The Directors confirm that there have been no post
Balance Sheet events which require adjustment of,
or disclosure in, the Financial Statements or notes
thereto up to 8 January 2026.
Greenhouse Gas Emissions and Streamlined
Energy and Carbon Report (‘SECR’)
All of the Company’s activities are outsourced to third
parties. The Company therefore has no greenhouse
gas emissions to report from its operations, nor does it
have responsibility for any other emissions producing
sources under the Companies Act 2006 (Strategic
report and Directors’ reports) Regulations 2013. For
the same reasons as set out above, the Company is a
low energy user under the SECR regulations and has
no energy and carbon information to disclose.
Bribery Act
The Company has a zero tolerance policy towards
bribery and is committed to carrying out business
fairly, honestly and openly. The Managers also adopt
a zero tolerance approach and have policies and
procedures in place to prevent bribery.
Criminal Finances Act 2017
The Company has a commitment to zero tolerance
towards the criminal facilitation of tax evasion.
On behalf of the Board
Jonathan Simpson‑Dent
Chair
12 January 2026
63
Edinburgh Worldwide Investment Trust plc
Compliance
The Financial Reporting Council (‘FRC’) has
confirmed that AIC member companies who
report against the AIC Code will be meeting their
obligations in relation to the UK Code.
The Board confirms that the Company has complied
throughout the year under review with the relevant
provisions of the Code and the recommendations of
the AIC Code with the exception that the Company
does not have a separate internal audit function
as explained on page 70. Given that the Company
is an externally managed investment trust, the
Board considers the provisions relating to the role
of the chief executive and executive directors’
remuneration are not relevant.
The Board
The Board has overall responsibility for the Company’s
affairs. It has a number of matters reserved for
its approval including strategy, investment policy,
currency hedging, borrowings, gearing, treasury
matters, dividend and corporate governance policy. A
separate strategy session is held annually. The Board
also reviews the Financial Statements, investment
transactions, revenue budgets and performance of the
Company. Full and timely information is provided to the
Board to enable it to function effectively and to allow
Directors to discharge their responsibilities.
The Board comprises six Directors as at
31October2025
all of whom are non‑executive.
The Chair, Jonathan Simpson‑Dent, is responsible
for organising the business of the Board, ensuring its
effectiveness and setting its agenda.
The executive responsibilities for investment
management have been delegated to the Company’s
Alternative Investment Fund Manager (‘AIFM’),
BaillieGifford & Co Limited, and in the context of
aBoard comprising entirely non-executive Directors,
there is no chief executive officer. Jane McCracken
isthe Senior Independent Director.
Corporate
governance report
The Board is committed to
achieving and demonstrating
high standards of corporate
governance. The Association of
Investment Companies (‘AIC’)
Code of Corporate Governance
(‘AIC Code’) provides a framework
of best practice for investment
companies and can be found
at theaic.co.uk. The Financial
Reporting Council (‘FRC’) has
confirmed that AIC members who
report against the AIC Code, as is
the case with the Company, will
be meeting their obligations in
relation to the 2018 UK Corporate
Governance Code (the UK ‘Code’),
which can be found at frc.org.uk.
can be found at theaic.co.uk.
The Board is also mindful of
the updated UK Corporate
Governance Code 2024: the
majority of its provisions will
apply to the financial year ending
31October 2026.
Governance report
Annual Report and Financial Statements 2025
64
The Directors believe that the Board has a balance
of skills and experience which enable it to provide
effective strategic leadership and proper governance
of the Company. Information about the Directors,
including their relevant experience, can be found on
pages 55 to 57.
There is an agreed procedure for Directors to seek
independent professional advice if necessary at the
Company’s expense. No such advice was sought
by any individual Director in the year to 31 October
2025 or 31 October 2024.
Appointments to the Board
The terms and conditions of Directors’ appointments
are set out in formal letters of appointment which are
available for inspection on request.
Under the provisions of the Company’s Articles of
Association, a Director appointed during the year is
required to seek election by shareholders at the next
Annual General Meeting, unless appointed after the
notice for the AGM has been sent. In accordance
with the principles of the AIC Code all Directors will
offer themselves for re‑election annually.
Mungo Wilson is not standing for re‑election at the
upcoming AGM to be held in April 2026.
Directors are not entitled to any termination
payments in relation to their appointment.
Chair and Directors’ tenure
The Nomination Committee has considered the
question of tenure for Directors and has concluded
that there should not be a set maximum time
limit for a Director or Chair to serve on the Board.
The Nomination Committee keeps under review
the balance of skills, knowledge, experience,
performance and length of service of the Directors
ensuring the Board has the appropriate combination
of skills and Company knowledge and experience.
This is balanced against the appointment of new
Directors having fresh ideas and perspective.
Independence of Directors
All of the Directors are considered by the Board to
be independent of the Managers and free of any
business or other relationship which could interfere
with the exercise of their independent judgement.
The Directors recognise the importance of
succession planning for company boards and review
the Board composition annually. The Board is of
the view that length of service will not necessarily
compromise the independence or contribution of
Directors of an investment trust company, where
continuity and experience can be a benefit to the
Board. The Board concurs with the view expressed
in the AIC Code that long serving Directors
should not be prevented from being considered
independent.
Meetings
There is an annual cycle of Board meetings which
is designed to address, in a systematic way, overall
strategy, review of investment policy, investment
performance, marketing, revenue budgets, dividend
policy and communication with shareholders. The
Board considers that it meets sufficiently regularly
to discharge its duties effectively. The following
table shows the attendance record for the Board and
Committee Meetings held during the year, excluding
ancillary and sub‑committee meetings.
Directors’ attendance at meetings
Board
Audit and
Management
Engagement
Committee
Nomination
Committee
Number of meetings 4 4 1
Jonathan Simpson‑Dent 4 4 1
Mary Gunn 4 4 1
Jane McCracken 4 4 1
Caroline Roxburgh 4 4 1
Mungo Wilson 4 4 1
Gregory Eckersley 4 4 1
The Annual General Meeting was attended by all the Directors in office as
at 14 February 2025.
In addition to the formal Board meetings noted
above, regular meetings were held during the year
further to the detailed review of the Company’s
strategy, execution and performance and following
the requisition of a General Meeting received on
18December 2024. The Board is not seeking any
additional remuneration for thesemeetings.
65
Edinburgh Worldwide Investment Trust plc
Nomination Committee
The Nomination Committee consists of the whole
Board and the Chair of the Board is Chair of the
Committee except when the Committee is dealing
with the matter of succession to the Chairpersonship
of the Company. The Committee meets on an annual
basis and at such other times as may be required.
The Committee has written terms of reference
which include reviewing the composition of the
Board, identifying and nominating new candidates
for appointment to the Board, Board appraisal,
succession planning and training. The Committee
also considers whether Directors should be
recommended for re‑election by shareholders. The
Committee is responsible for considering Directors’
potential conflicts of interest and for making
recommendations to the Board on whether or not
the potential conflicts should be authorised.
The Committee’s terms of reference are available
onrequest from the Company and on the Company’s
page on the Managers’ website:
edinburghworldwide.co.uk.
Board diversity
The Board recognises the benefits of diversity,
and the Company’s policy on diversity is referred
to in the Strategic report. The Board’s priority
in appointing new Directors to the Board is to
identify candidates with the best range of skills
and experience to complement existing Directors.
The Board will not display any bias for age, gender,
race, sexual orientation, religion, ethnic or national
origins or disability in considering the appointment
of its Directors. However, it is the Board’s policy
to ensure that all appointments are made on the
basis of merit against the specification prepared for
each appointment. Accordingly the Board does not
consider it appropriate to set diversity targets.
Board composition
In order to fulfil its obligations, the Board recognises
the importance of having a range of skilled and
experienced Directors, balancing the benefits of
length of service and knowledge of the Company with
the desirability of ensuring regular refreshment of the
Board. The Board reviews its composition annually.
The Board continued to progress its succession
planning during the year, engaging the external
search consultancy Cornforth to assist in identifying
potential Non‑Executive Director candidates who
would complement and strengthen the Board’s
collective expertise. Cornforth was appointed
following a comprehensive selection process
undertaken by the Board, with a remit that included
actively supporting the promotion of diversity
throughout the recruitment exercise. In line with
best practice and the expectations of the Parker
Review, Cornforth was asked to consider diversity
of background, skills, experience and perspective,
alongside the balance of knowledge already
represented on the Board.
Following this process, Mr Greg Eckersley was
appointed to the Board with effect from 15 February
2025. The Board is confident that Mr Eckersley’s
experience and insight will contribute meaningfully to
the Company and has satisfied itself that he is able to
commit sufficient time to the role.
Mr Mungo Wilson has informed the Board of his
intention to retire at the conclusion of the Annual
General Meeting to be held in April 2026.
The following disclosures are provided in respect
of the FCA Listing Rules targets that: i) 40% of a
board should be women; ii) at least one senior role
should be held by a woman; and iii) at least one
board member should be from a non‑white ethnic
background, as defined by the Office of National
Statistics criteria.
As an externally managed investment company
with no chief executive officer or chief financial
officer, the roles which qualify as senior under FCA
guidance are Chair and Senior Independent Director.
The Board also considers the Audit Committee Chair
to represent a senior role within this context and this
role is performed by a woman.
The Board currently complies in all respects with the
FCA Listing Rules targets.
Gender identity Number %
Senior
roles
Men 3 50 1
Women 3 50 2
Ethnic background Number %
Senior
roles
White 4 66 2
Asian/Asian British 1 17 –
Mixed/multiple ethnic group 1 17 –
Governance report
Annual Report and Financial Statements 2025
66
Performance evaluation
An appraisal of the Chair, each Director and a
performance evaluation and review of the Board
as a whole and the Audit and Management
Engagement Committee was carried out during
the year. After considering and responding to an
evaluation questionnaire each Director had an
interview with the Chair. The Chair’s appraisal was
led by Jane McCracken, the Senior Independent
Director. The appraisals and evaluations considered,
amongst other criteria, the balance of skills of the
Board, training and development requirements, the
contribution of individual Directors and the overall
effectiveness of the Board and its Committees.
Following this process it was concluded that the
performance of each Director, the Chair, the Board
and its Committees continues to be effective and
that each Director and the Chair remain committed
to the Company. For its appraisal during 2024, the
Board secured the services of Lintstock Limited, an
independent corporate advisor which has no other
relationship with the Company or its Directors, in
accordance with the requirement for FTSE 350
companies to have Board evaluations externally
facilitated every three years. External facilitation will
next be considered for the Board evaluation in 2027.
A review of the Chair’s and other Directors’
commitments was carried out and the Nomination
Committee is satisfied that they are capable of
devoting sufficient time to the Company. There
were no significant changes to the Chair’s other
commitments during the year.
Induction and training
New Directors are provided with an induction
programme which is tailored to the particular
circumstances of the appointee. During the year
briefings on industry and regulatory matters
were provided to the Board by the Managers and
Secretaries. Directors receive other relevant training
as necessary.
Remuneration
As all the Directors are non‑executive, there is
no requirement for a separate Remuneration
Committee. Directors’ fees are considered by the
Board as a whole within the limits approved by
shareholders. The Company’s policy on remuneration
is set out in the Directors’ remuneration report on
page 72.
Audit and Management Engagement
Committee
The report of the Audit and Management
Engagement Committee is set out on pages 69
and71.
Internal controls and risk management
The Directors acknowledge their responsibility
for the Company’s risk management and
internal controls systems and for reviewing their
effectiveness. The systems are designed to manage
rather than eliminate the risk of failure to achieve
business objectives and can only provide reasonable
but not absolute assurance against material
misstatement or loss.
The Board confirms that there is a continuing
process for identifying, evaluating and managing
the significant risks faced by the Company in
accordance with the FRC guidance ‘Guidance on
Risk Management, Internal Control and Related
Financial and Business Reporting’.
The practical measures in relation to the design,
implementation and maintenance of control policies
and procedures to safeguard the Company’s
assets and to manage its affairs properly, including
the maintenance of effective operational and
compliance controls have been delegated to the
Managers and Secretaries.
The Board oversees the functions delegated to the
Managers and Secretaries and the controls managed
by the AIFM in accordance with the Alternative
Investment Fund Managers Directive (as detailed
below). Baillie Gifford & Co’s Internal Audit and
Compliance Departments and the AIFM’s permanent
risk function provide the Audit and Management
Engagement Committee with regular reports on their
monitoring programmes. The reporting procedures
for these departments are defined and formalised
within a service level agreement. Baillie Gifford & Co
conducts an annual review of its system of internal
controls which is documented within an internal
controls report which complies with ISAE 3402 and
Technical Release AAF 01/06 – Assurance Reports
on Internal Controls of Service Organisations
made available to Third Parties. This report is
independently reviewed by Baillie Gifford & Co’s
Auditor and a copy is submitted to the Audit and
Management Engagement Committee.
67
Edinburgh Worldwide Investment Trust plc
A report identifying the material risks faced by
the Company and the key controls employed to
manage these risks is reviewed by the Audit and
Management Engagement Committee.
These procedures ensure that consideration is
givenregularly to the nature and extent of risks
facing the Company and that they are being
actively monitored. Where changes in risk have
been identified during the year they also provide
a mechanism to assess whether further action is
required to manage these risks.
The Directors confirm that they have reviewed the
effectiveness of the Company’s risk management
and internal controls systems which accord with
the FRC guidance ‘Guidance on Risk Management,
Internal Control and Related Financial and Business
Reporting’ and they have procedures in place to
review their effectiveness on a regular basis. No
significant weaknesses were identified in the year
under review and up to the date of this report.
The Board confirms that these procedures have
been in place throughout the Company’s financial
year and continue to be in place up to the date of
approval of this report.
To comply with the Alternative Investment Fund
Managers Directive, The Bank of New York Mellon
(International) Limited act as the Company’s
Depositary and Baillie Gifford & Co Limited as
itsAIFM.
The Depositary’s responsibilities include cash
monitoring, safe keeping of the Company’s financial
instruments, verifying ownership and maintaining a
record of other assets and monitoring the Company’s
compliance with investment limits and leverage
requirements. The Depositary is liable for the loss of
financial instruments held in custody. The Depositary
will ensure that any delegate segregates the assets
oftheCompany. The Company’s Depositary also
actsas the Company’s Custodian. The Custodian
prepares reports on its key controls and safeguards
which are independently reviewed by KPMG LLP.
Thereports are reviewed by Baillie Gifford’s Business
Risk Department and a summary of the key points is
reported to the Audit and Management Engagement
Committee and any concerns are investigated.
The Depositary provides the Audit and Management
Engagement Committee with a report on its
monitoring activities.
The AIFM has established a permanent risk
management function to ensure that effective risk
management policies and procedures are in place
and to monitor compliance with risk limits. The AIFM
has a risk management policy which covers the risks
associated with the management of the portfolio,
and the adequacy and effectiveness of this policy is
reviewed and approved at least annually. Thisreview
includes the risk management processes and
systems and limits for each risk area.
The risk limits, which are set by the AIFM and
approved by the Board, take into account the
objectives, strategy and risk profile of the portfolio.
These limits, including leverage (see page112), are
monitored and the sensitivity of the portfolio to key
risks is undertaken periodically as appropriate to
ascertain the impact of changes inkey variables
in the portfolio. Exceptions from limits monitoring
and stress testing undertaken by Baillie Gifford’s
Business Risk Department are escalated to the AIFM
and reported to the Board along with any remedial
measures being taken.
Going concern
In accordance with the Financial Reporting Council’s
guidance on going concern and liquidity risk, the
Directors have undertaken a rigorous review of the
Company’s ability to continue as a going concern.
The Company’s principal risks are market related
andinclude market risk, liquidity risk and credit
risk. An explanation of these risks and how they are
reviewed and managed is set out on pages 43 to 48
and contained in note 17 to the Financial Statements.
The Directors have, in particular, considered the
impact of market volatility due to macroeconomic
and geopolitical concerns, but do not believe the
Company’s going concern status is affected.
Governance report
Annual Report and Financial Statements 2025
68
The Company’s assets, the majority of which are
investments in quoted securities which are readily
realisable, exceed its liabilities significantly. All
borrowings require the prior approval of the Board.
Gearing levels and compliance with borrowing
covenants are reviewed by the Board on a regular
basis. The Company has continued to comply with the
investment trust status requirements of section 1158
of the Corporation Tax Act 2010 and the Investment
Trust (Approved Company) (Tax) Regulations 2011.
The Company’s primary third party suppliers,
including its Managers and secretaries, Custodian
and Depositary, registrar, auditor and broker, are
not experiencing significant operational difficulties
affecting their respective services to the Company.
The Directors have also considered the requisition
notice from Saba Capital, a significant minority
shareholder holding a strategic interest in the shares
of the Company, to hold a general meeting. The
notice seeks to remove all of the existing independent
non‑executive Directors and appoint alternative
directors. After consideration of all available
information and taking professional advice, the Board
has carefully considered implications for the going
concern assumption if the resolutions are passed.
The Directors believe that although the outcome
of the requisition is uncertain, the going concern
assumption remains appropriate since the portfolio is
highly liquid, borrowings can be repaid in full (when
they become due in June and October 2026) and at
short notice and they have no reason to believe that
there is an intention or indication to wind up or cease
the Company’s operations. On 2 December 2025,
the Company announced a proposed merger with
the Baillie Gifford US Growth Trust plc. This proposal
did not receive support from Saba Capital, and is not
being progressed at this time.
Accordingly, the Financial Statements have been
prepared on the going concern basis as it is the
Directors’ opinion, having assessed the principal
and emerging risks and other matters set out in the
Viability statement on page 43, which assesses
the prospects of the Company over a period of
five years, that the Company will be able to meet
its liabilities as they fall due until 31 January 2027,
being for a period of at least twelve months from
the date of approval of these Financial Statements.
This assessment takes into account the Directors’
consideration of a range of outcomes, including the
possibility of an orderly transaction.
Relations with shareholders
The Board places great importance on communication
with shareholders. The Company’s Managers
communicate regularly with shareholders and their
representatives and report shareholders’ views
to the Board. The Chair is available to meet with
shareholders as appropriate. Shareholders wishing
to communicate with any member of the Board may
do so by writing to them at the Company’s registered
office or through the Company’s broker Deutsche
Numis (seecontactdetails on page 120).
The Company’s Annual General Meeting provides
a forum for communication with all shareholders.
The level of proxies lodged for each resolution
is announced at the meeting and is published on
the Company’s page of the Managers’ website
edinburghworldwide.co.uk subsequent to the
meeting. Shareholders and potential investors
mayobtain up-to-date information on the Company
at edinburghworldwide.co.uk.
Corporate governance and stewardship
The Company has given discretionary voting powers
to Baillie Gifford & Co. The Managers vote against
resolutions they consider may damage shareholders’
rights or economic interests and report their actions
to the Board.
The Board believes that it is in the shareholders’
interests to consider environmental, social and
governance (‘ESG’) factors, including climate
change, when selecting and retaining investments
and has asked the Managers to take these issues
into account as long as the investment objectives
are not compromised. The Managers do not exclude
companies from their investment universe purely
on the grounds of ESG factors but adopt a positive
engagement approach whereby matters are discussed
with management with the aim of improving the
relevant policies and management systems and
enabling the Managers to consider how ESG factors
could impact long term investment returns. The
Managers’ statement of compliance with the UK
Stewardship Code can be found on the Managers’
website at bailliegifford.com. The Managers’ policy
has been reviewed and endorsed by the Board. Baillie
Gifford & Co, the Managers, has considered the
Sustainable Finance Disclosures Regulation (‘SFDR’)
and further details can be found on page 116.
On behalf of the Board
Jonathan Simpson‑Dent
Chair
12 January 2026
69
Edinburgh Worldwide Investment Trust plc
The Audit and Management
Engagement Committee consists
of all current independent
Directors. With reference to the
guidance from the 2019 AIC
Code of Corporate Governanceit
is considered appropriatefor
Jonathan Simpson-Dent,
the Chair, to be a member of
the Audit and Management
Engagement Committee as he is
a qualified chartered accountant
and as such brings significant
financial experience to the
Committee. The members of
the Committee consider that
they have the requisite financial
skills and experience to fulfil the
responsibilities of the Committee.
Caroline Roxburgh is Chair
oftheCommittee.
Audit and management
engagement committee
report
The Committee’s authority and duties are clearly
defined within its written terms of reference
which are available on request from the Company
Secretaries and at edinburghworldwide.co.uk.
Theterms of reference are reviewed annually.
The Committee’s effectiveness is reviewed on an
annual basis as part of the Board’s performance
evaluation process.
At least once a year the Committee meets with the
external Auditor without any representative of the
Managers being present.
Main activities of the Committee
The Committee met four times during the year, and
the external Auditor, Ernst & Young LLP, attended
the January and June meetings. Baillie Gifford &
Co’s Internal Audit and Compliance Departments
and the AIFM’s permanent risk function provided
reports on their monitoring programmes for the
January and June meetings.
The matters considered, monitored and reviewed
by the Committee during the course of the year
included the following:
• the results announcement and the Annual and
Interim Reports;
• the Company’s accounting policies and practices;
• the valuation of private company investments;
• the regulatory changes impacting the Company;
• the fairness, balance and understandability of
the Annual Report and Financial Statements and
provide advice to the Board whether it provided
the information necessary for shareholders to
assess the Company’s performance, business
model and strategy;
• the effectiveness of the Company’s internal
control environment;
Governance report
Annual Report and Financial Statements 2025
70
• appointment/reappointment, remuneration and
terms of engagement of the external Auditor;
• whether the audit services contract should be put
out to tender;
• the policy on the engagement of the external
Auditor to supply non‑audit services;
• the independence and objectivity of the external
Auditor and the effectiveness of the external audit
process;
• the need for the Company to have its own internal
audit function;
• internal controls reports received from the
Managers, Custodian and the Registrar;
• the terms of the Investment Management
Agreement, as described on pages 59 and 60 and
the continuing appointment of the Managers; and
• the arrangements in place within Baillie Gifford
&Cowhereby their staff may, in confidence, raise
concerns about possible improprieties in matters
of financial reporting or other matters.
Internal audit
The Committee continues to believe that the
compliance and internal controls systems and the
internal audit function in place within the Investment
Managers provide sufficient assurance that a
sound system of internal control, which safeguards
shareholders’ investment and the Company’s assets,
is maintained. An internal audit function, specific to
the Company is therefore considered unnecessary.
Financial reporting
The Committee considers that the most significant
issue likely to affect the Financial Statements is
the existence and valuation of investments as they
represent 93.2% of total assets and the accuracy
and completeness of income from investments.
Unlisted investments
The Committee reviewed the Managers’ valuation
approach for investments in private companies (as
described on page 17) and approved the value of all
unlisted investments at 31 October 2025, following
a detailed review of the valuation of each investment
and relevant challenge where appropriate.
The Managers agreed the holdings in certificated
form to confirmations from the Company’s Custodian
and holdings of uncertificated unlisted investments
were agreed to confirmations from the relevant
investee companies.
The Committee reviewed the post balance event
disclosure regarding the uplift in the valuation of
Space Exploration Technologies following the year
end on 16 December 2025.
Listed investments
The majority of the investments are in quoted
securities and market prices are readily available
from independent external pricing sources. The
Committee reviewed the Managers’ Report on
Internal Controls which details the controls in place
regarding recording and pricing of investments and
the reconciliation of investment holdings to third
party data.
The Managers agreed the prices of all the listed
investments at 31 October 2025 to external
price sources and the holdings were agreed to
confirmations from the Company’s Custodian
ortransfer agent.
Other matters
The Committee reviewed the Managers’ Report on
Internal Controls which details the controls in place
regarding completeness and accurate recording of
investment income. The accounting treatment of
each special dividend received or receivable during
the year are reviewed by the Managers as they arise.
The Committee considered the factors, including
continuing geopolitical tensions, that might affect the
Company’s viability over a period of five years and its
ability to continue as a going concern untilat least
31January 2027, which is at least twelve months from
the date of approval of these Financial Statements,
together with reportsfrom theManagers on the cash
position and cashflow projectionsof the Company,
the liquidity of its investment portfolio, compliance
with debt covenants, availability of borrowing facilities,
and the Company’s ability to meet its obligations
as they fall due. The Committee also reviewed the
Viability statement on page 43 and statement on
Going concern on pages 67 and 68. Following this
assessment, the Committee recommended to the
Board the appropriateness of the going concern
basis in preparing the Financial Statements and
confirmed the accuracy of the Viability statement and
statement on going concern together with the detailed
disclosures in respect of these assessments.
71
Edinburgh Worldwide Investment Trust plc
The Auditor confirmed to the Committee that the
investments at 31 October 2025 had been valued in
accordance with the stated accounting policies. The
value of all the listed investments had been agreed to
external price sources and the portfolio holdings agreed
to confirmations from the Company’s Custodian. The
value of unlisted investments had been supported by
valuation papers produced by the Manager’s Private
Companies Valuations Group and portfolio holdings
agreed to confirmation of ownership obtained directly
from the investee company.
The Managers and Auditor confirmed to the
Committee that they were not aware of any material
misstatements in the context of the Financial
Statements as a whole and that the Financial
Statements are in accordance with applicable law
and accounting standards.
Internal controls and risk management
The Committee reviewed the effectiveness of the
Company’s risk management and internal controls
systems as described on pages 66 and 67. No
significant weaknesses were identified in the year
under review.
External Auditor
To fulfil its responsibility regarding the independence
of the external Auditor, the Committee reviewed:
• the Auditor’s audit plan for the current year which
includes a report from the Auditor describing their
arrangements to manage auditor independence and
received confirmation of their independence; and
• the extent of non-audit services provided by the
external Auditor. There were no non‑audit fees in
the year to 31 October 2025.
To assess the effectiveness of the external Auditor,
the Committee reviewed and considered:
• the Auditor’s fulfilment of the agreed audit plan;
• feedback from the Secretaries on the performance
of the audit team; and
• the Audit Quality Inspection Report on
Ernst & Young LLP issued by the FRC’s
Audit Quality Review team.
To fulfil its responsibility for oversight of the external
audit process the Committee considered and reviewed:
• the Auditor’s engagement letter;
• the Auditor’s proposed audit strategy;
• the audit fee; and
• a report from the Auditor on the conclusion of the
audit.
Ernst & Young LLP were appointed as the Company’s
Auditor at the Annual General Meeting held on
24January 2017. The audit partner responsible for
the audit is to be rotated at least every five years
in accordance with professional and regulatory
standards in order to protect independence and
objectivity and to provide fresh challenge to the
business. The year ending 31 October 2025 is the
fourth year out of a maximum of five for the current
audit partner, Ahmer Huda.
Ernst & Young LLP have confirmed that they believe
they are independent within the meaning of regulatory
and professional requirements and that the objectivity
of the audit partner and staff is not impaired.
Having carried out the review described above, the
Committee is satisfied that the Auditor remains
independent and effective for the purposes of this
year’s audit and, as such, has not considered it
necessary to put the audit services contract out
totender. The Committee expects to put the audit
services contract to be put out to tender in 2026 in
respect of the period ending October 2027.
There are no contractual obligations restricting the
Committee’s choice of Auditor.
Accountability and audit
The respective responsibilities of the Directors
and the Auditor in connection with the Financial
Statements are set out on pages 76 to 85.
On behalf of the Board
Caroline Roxburgh
Chair of the Audit and Management
Engagement Committee
12 January 2026
Governance report
Annual Report and Financial Statements 2025
72
Non‑executive Directors are not eligible for any
other remuneration or benefits apart from the
reimbursement of allowable expenses. There are
noperformance conditions relating to Directors’
feesand there are no long term incentive schemes
or pension schemes. There is no notice period and
no compensation is payable on loss of office.
Limits on Directors’ remuneration
The fees for the non‑executive Directors are
payable monthly in arrears and are determined
within the limit set out in the Company’s Articles of
Association which is currently £250,000 per annum
in aggregate. Any change to this limit requires
shareholder approval.
The basic and additional fees payable to Directors in
respect of the year ended 31 October 2025 and the
expected fees payable in respect of the year ending
31 October 2026 are set out in the table below.
Thefees payable to the Directors in the subsequent
financial periods will be determined following an
annual review of the Directors’ fees.
Expected
fees for the
year ending
31 October
2026
£
Fees for
the year
ending
31 October
2025
£
Chair’s fee 46,000 44,250
Non‑executive Director fee 31,000 29,500
Additional fee for Chair
oftheAuditand Management
Engagement Committee
7,000 6,500
Additional fee for the Senior
Independent Director
2,000 1,500
Total aggregate annual fees that can
be paid to the Directors in any year
under the Directors’ Remuneration
Policy, as set out in the Company’s
Articles of Association
250,000 250,000
Directors’
remuneration report
This report has been prepared in accordance with
the requirements of the Companies Act 2006.
Statement by the Chair
The Directors’ Remuneration Policy is subject
toshareholder approval every three years or
soonerif an alteration to the policy is proposed.
TheRemuneration Policy which is set out below
wasapproved at the Annual General Meeting inMarch
2023 and no changes are proposed tothepolicy at the
Annual General Meeting to beheld in 2026.
The Board reviewed the level of Directors’ fees
during the year and agreed that, with effect from
1November 2025, the Chairman’s fee will increase
from £44,250 to £46,000, and the other Directors’
fees will increase from £29,500 to £31,000. The
additional fee for the Chair of the Audit Committee
will rise to £7,000, and the additional fee for the
Senior Independent Director will rise to £2,000. The
fees were last increased on 1November 2023.
Directors’ remuneration policy
The Board is composed wholly of non‑executive
Directors, none of whom has a service contract with
the Company. There is no separate remuneration
committee and the Board as a whole considers
changes to Directors’ fees from time to time.
BaillieGifford & Co Limited, the Company
Secretaries, provide comparative information when
the Board considers the level of Directors’ fees.
The Board’s policy is that the remuneration of
Directors should be set at a reasonable level that is
commensurate with the duties and responsibilities of
the role and consistent with the requirement to attract
and retain Directors of the appropriate quality and
experience. The Board believes that the fees paid to the
Directors should reflect the experience of the Board as
a whole, be fair and should take account of the level of
fees paid by comparable investment trusts. Any views
expressed by shareholders on the fees being paid to
Directors will be taken into consideration by the Board
when reviewing the Board’s policy on remuneration.
73
Edinburgh Worldwide Investment Trust plc
Annual report on remuneration
An ordinary resolution for the approval of this report will be put to the members at the forthcoming Annual
General Meeting to be held in April 2026.
The law requires the Company’s Auditors to audit certain of the disclosures provided in this report.
Where disclosures have been audited, they are indicated as such. The Auditors’ opinion is included in the
Independent Auditors’ Report on pages 79 to 85.
Directors’ remuneration for the year (audited)
The Directors who served during the year received the following remuneration in the form of fees and
taxable benefits. This represents the entire remuneration paid to the Directors. The table below also sets out
the annual percentage changes in Directors’ fees to 31 October (where Directors have served for a full year
in each of the two years and therefore fees can be compared on a like‑for‑like basis).
2025
2024
Percentage change of basic fees
Name
Fees
£
Taxable
benefits*
£
Total
£
Fees
£
Taxable
benefits*
£
Total
£
2025
%
2024
%
2023
%
2022
%
2021
%
Jonathan
Simpson‑Dent
†
44,250 10,451 54,701 39,200 5,574 44,774 12.9 40.0 3.7 8.0 n/a
Jane
McCracken
‡
31,000 77,778 108,778 30,627 59,619 90,246 1.2 9.4 n/a n/a n/a
Caroline
Roxburgh
#
36,000 2,520 38,520 36,000 503 36,503 – 5.9 8.1 25.8 n/a
Mungo Wilson 29,500 5,667 35,167 29,500 3,466 32,966 – 5.4 3.7 8.0 4.2
Mary Gunn
¶
29,500 48,776 78,276 29,500 17,997 47,497 – n/a n/a n/a n/a
Gregory
Eckersley
$
21,014 3,694 24,708 – – – n/a n/a n/a n/a n/a
Helen James
π
8,486 2,036 10,522 30,014 4,285 34,299 n/a 9.4 3.6 12.0 4.2
199,750 150,922 350,672 194,841
91,444
286,285
* Comprises expenses incurred by Directors in the course of travel to attend Board and Committee meetings. These amounts have been grossed up
forincome tax.
†
Increase reflects appointment as Chair on 5 March 2024.
‡
Increase reflects appointment as Senior Independent Director on 5 March 2024.
#
Appointed Chair Audit and Management Engagement Committee 2 February 2022.
¶
Appointed a Director 1 March 2023.
$
Appointed a Director 15 February 2025.
π
Retired 14 February 2025 and served as Senior Independent Director to 5 March 2024.
Governance report
Annual Report and Financial Statements 2025
74
Directors’ interests (audited)
The Directors are not required to hold shares in the
Company. The Directors at the financial year end,
and their interests in the Company, were as shown
below. There have been no changes intimated in the
Directors’ interests up to 8 January 2026.
Name
Nature
of interest
Ordinary
shares held at
31 October
2025
Ordinary
shares held
at 31 October
2024
Jonathan
Simpson‑Dent
Beneficial 106,466 91,966
Mungo Wilson Beneficial 99,949 99,949
Gregory Eckersley Beneficial 45,000 n/a
Caroline Roxburgh Beneficial 28,812 28,812
Jane McCracken Beneficial 13,365 13,365
Mary Gunn Beneficial 5,610 5,610
Statement of voting at Annual General Meeting
At the Annual General Meeting held on 14 February
2025, of the proxy votes received in respect of
the Directors’ Remuneration Policy, 9 7. 2 % were in
favour, 2.0% were against and votes withheld were
0.8%. At the last Annual General Meeting at which
the Directors’ Remuneration Report was considered
(March 2024), 98.0% of the proxy votes received
were in favour, 1.6% were against and 0.4%
werewithheld.
Relative importance of spend on pay
As the Company has no employees, the Directors
do not consider it appropriate to present a table
comparing remuneration paid to employees with
distributions to shareholders. The table below shows
the actual expenditure (fees and taxable benefits)
during the year in relation to Directors’ remuneration
and distributions to shareholders.
2025
£’000
2024
£’000
Change
%
Directors’ remuneration 351 286 22.7
Share buy backs 42,649 21,815 95.5
75
Edinburgh Worldwide Investment Trust plc
Performance graph
(figures rebased to 100 at 31 October 2015)
Past performance is not a guide to future performance.
Approval
The Directors’ Remuneration Report on pages 72
to 75 was approved by the Board of Directors and
signed on its behalf on 12 January 2026.
Jonathan Simpson‑Dent
Chair
Cumulative to 31 October
20252015 2017 2020 2022 20242016 20192018 2021 2023
●
Edinburgh Worldwide
share price
Source:
Baillie Gifford/LSEG and relevant underlying index providers.
See disclaimer on page 113.
All figures are to
tal returns (see Glossary of terms and Alternative
Pe
rformance Measures on pages 117 to 119).
*
S&P Global Small Cap Index (in sterling terms)
● FTSE All-Share
Index
● Comparative Index
(in sterling terms)*
0
100
400
300
200
Directors’ service details
Name
Date of
appointment
Due date for
re-election
Jonathan
Simpson‑Dent
1 February 2020 AGM in 2026
Mary Gunn 1 March 2023 AGM in 2026
Jane McCracken 1 November 2022 AGM in 2026
Caroline Roxburgh 1 February 2020 AGM in 2026
Mungo Wilson 8 December 2016 Retiring, AGM in 2026
Gregory Eckersley 15 February 2025 AGM in 2026
Company performance
The following graph compares, for the ten financial
years ended 31 October 2025, the share price
total return (assuming all dividends are reinvested)
to Edinburgh Worldwide ordinary shareholders
compared to the total shareholder return on a
notional investment made up of shares in the
component parts of the FTSE All‑Share Index.
This index is used as a broad equity index for the
assessment of the directors pay policies. It is not
the Company’s comparative index. The Company’s
comparative index is provided for information
purposes only.
Governance report
Annual Report and Financial Statements 2025
76
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and
explain the Company’s transactions and disclose
with reasonable accuracy at any time the financial
position of the Company and enable them to ensure
that the Financial Statements comply with the
Companies Act 2006. They are also responsible for
safeguarding the assets of the Company and hence
for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
Under applicable laws and regulations, the Directors
are also responsible for preparing a Strategic
report, Directors’ report, a Directors’ remuneration
report and a Corporate governance statement that
complies with that law and those regulations.
The Directors have delegated responsibility to
the Managers for the maintenance and integrity
of the Company’s page of the Managers’ website.
Legislation in the United Kingdom governing
the preparation and dissemination of Financial
Statements may differ from legislation in other
jurisdictions. The work carried out by the Auditor
does not involve any consideration of these
matters and, accordingly, the Auditor accepts
no responsibility for any changes that may have
occurred to the Financial Statements since they
were initially presented on the website.
The Directors are responsible for preparing
the Annual Report and Financial Statements in
accordance with applicable law and regulations.
Company law requires the Directors to prepare
Financial Statements for each financial year. Under
that law they have elected to prepare the Financial
Statements in accordance with applicable law and
United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice)
including FRS 102 ‘The Financial Reporting Standard
applicable in the UK and Republic of Ireland’.
Under company law the Directors must not approve
the Financial Statements unless they are satisfied
that they give a true and fair view of the state of
affairs of the Company and of the profit or loss of
the Company for that period.
In preparing these Financial Statements, the
Directors are required to:
• select suitable accounting policies and then apply
them consistently;
• make judgements and accounting estimates that
are reasonable and prudent;
• state whether applicable United Kingdom
Accounting Standards have been followed, subject
to any material departures disclosed and explained
in the Financial Statements; and
• prepare the Financial Statements on the going
concern basis unless it is inappropriate to presume
that the Company will continue in business.
Statement of Directors’
responsibilities
in respect of the Annual Report and the Financial Statements
77
Edinburgh Worldwide Investment Trust plc
Each of the Directors, who were in office at the
date of approval of the Financial Statements whose
names and functions are listed within the Directors
and management section, confirm that, to the best
of their knowledge:
• the Financial Statements, which have been
prepared in accordance with applicable law and
United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting
Practice) including FRS 102 ‘The Financial
Reporting Standard applicable in the UK and
Republic of Ireland’, give a true and fair view of the
assets, liabilities, financial position and net return
of the Company;
• the Annual Report and Financial Statements taken
as a whole is fair, balanced and understandable
and provides the information necessaryfor
shareholdersto assess the Company’s
performance, business model and strategy; and
• the Strategic Report includes a fair review of the
development and performance of the business
and the position of the Company, together with a
description of the principal risks and uncertainties
that it faces.
On behalf of the Board
Jonathan Simpson‑Dent
Chair
12 January 2026
Financial
report
The Financial Statements for the
year to 31 October 2025 are set
out on pages 86 to 109 havebeen
prepared in accordancewith
FRS102 ‘The Financial Reporting
Standard applicable in the UK
andRepublic of Ireland’.
79
Edinburgh Worldwide Investment Trust plc
Independent
auditor’s report
to the Members of Edinburgh Worldwide Investment Trust plc
Emphasis of matter – Subsequent event
We draw attention to Note 18 of the financial
statements which details the new requisition notice
received from a significant minority shareholder
to hold a general meeting. The notice seeks to
remove all of the existing independent non‑executive
Directors and appoint alternate Directors.
Our opinion is not modified in respect of this matter.
Conclusions relating to going concern
In auditing the financial statements, we have
concluded that the Directors’ use of the going
concern basis of accounting in the preparation of the
financial statements is appropriate. Our evaluation
of the Directors’ assessment of the Company’s
ability to continue to adopt the going concern basis
of accounting included:
•
Confirming our understanding of the Company’s
going concern assessment process by challenging
the Directors and the Company Secretary to
determine if all key factors were considered in
their assessment which included the review of
market information and insights. We considered
whether the factors taken account of in the
Directors’ assessment addressed those matters
which we considered important.
•
Inspecting the Directors’ assessment of going
concern, including the revenue forecast, for
the period to 31 January 2027 which is at least
12months from the date the financial statements
were authorised for issue.
•
Challenging the factors and assumptions as
applied to the revenue forecast and the liquidity
assessment of the investments. We considered the
appropriateness of the methods used to calculate
the revenue forecast and the liquidity assessment.
•
Assessing the risk of breaching the debt
covenants as a result of a reduction in the value
of the Company’s portfolio. We calculated and
reviewed the Company’s compliance with debt
covenants as at year end, validated the inputs
Opinion
We have audited the financial statements of the
Edinburgh Worldwide Investment Trust PLC for
the year ended 31 October 2025 which comprise
the Income Statement, Balance Sheet, Statement
of Changes in Equity and Cash Flow Statement
and the related notes 1 to 18, including a summary
of significant accounting policies. The financial
reporting framework that has been applied in their
preparation is applicable law and United Kingdom
Accounting Standards including FRS 102 “The
Financial Reporting Standard applicable in the UK
and Republic of Ireland” (United Kingdom Generally
Accepted Accounting Practice).
In our opinion, the financial statements:
•
give a true and fair view of the Company’s affairs
as at 31 October 2025 and of its profit for the year
then ended;
•
have been properly prepared in accordance with
United Kingdom Generally Accepted Accounting
Practice; and
•
have been prepared in accordance with the
requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with
International Standards on Auditing (UK) (ISAs
(UK)) and applicable law. Our responsibilities
under those standards are further described in the
Auditor’s responsibilities for the audit of the financial
statements section of our report. We believe that the
audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independence
We are independent of the Company in accordance
with the ethical requirements that are relevant to
our audit of the financial statements in the UK,
including the FRC’s Ethical Standard as applied to
public interest entities, and we have fulfilled our
other ethical responsibilities in accordance with
theserequirements.
Financial report
Annual Report and Financial Statements 2025
80
predicted, this statement is not a guarantee as to the
Company’s ability to continue as a going concern.
Overview of our audit approach
Key audit matters • Risk of incorrect valuation or ownership of
the investment portfolio and the resultant
impact on unrealised gains/(losses)
•
Risk of incorrect or inaccurate revenue
recognition
•
Going concern
Materiality • Overall materiality of £7.69m which
represents 1% of shareholders’ funds.
An overview of the scope of our audit
Tailoring the scope
Our assessment of audit risk, our evaluation of
materiality and our allocation of performance
materiality determine our audit scope for the
Company. This enables us to form an opinion on
the financial statements. We take into account
size, risk profile, the organisation of the Company
and effectiveness of controls, the potential impact
of climate change and changes in the business
environment when assessing the level of work to be
performed. All audit work was performed directly by
the audit engagement team.
Climate change
Stakeholders are increasingly interested in how
climate change will impact the Company. The
Company has determined that the most significant
future impacts from climate change on their
investments and overall investment process. These
are explained on page 46 in the in the principal
and emerging risks section, which form part of the
“Other information,” rather than the audited financial
statements. Our procedures on these unaudited
disclosures therefore consisted solely of considering
whether they are materially inconsistent with the
financial statements or our knowledge obtained in
the course of the audit or otherwise appear to be
materially misstated, in line with our responsibilities
on “Other information”.
Our audit effort in considering the impact of climate
change on the financial statements was focused
on the adequacy of the Company’s disclosures in
the financial statements as set out in Note 1a and
concluded that there was no further material impact
of climate change to be taken into account as the
investments are valued based on market pricing as
required by FRS 102.
We also challenged the Directors’ considerations of
climate change in their assessment of going concern
and viability and associated disclosures.
used to the underlying information and agreed
covenant requirements to the debt agreement and
we performed reverse stress testing in order to
identify what factors would lead to the Company
breaching the financial covenants.
•
Challenging the Company’s ability to repay
the debt facilities considering the expiry of the
current debt facilities in 2026 (9 June 2026
and 30October 2026), and performing an
independent liquidity analysis of the Company’s
investment portfolio to determine its ability to
repay by selling investments.
•
Assessing available market information and news
events following the requisition notice from a
significant minority shareholder to hold a general
meeting. The notice seeks to remove all of the
existing independent non‑executive Directors
and appoint alternate Directors. We challenged
the Directors assessment of the implications of
the requisition notice by reviewing all publicly
available information available to determine any
impact on the Company’s ability to continue as a
goingconcern.
•
Considering the mitigating factors that are
within the control of the Company. We reviewed
the Company’s assessment of the liquidity of
investments held and evaluated the Company’s
ability to sell those investments in order to cover
working capital requirements and repay its debt
should revenue decline significantly.
• Reviewing the Company’s going concern
disclosures included in the annual report to assess
whether the disclosures were appropriate and in
conformity with the reporting standards.
Going concern has also been determined to be a key
audit matter.
Based on the work we have performed, we have
not identified any material uncertainties relating to
events or conditions that, individually or collectively,
may cast significant doubt on the Company’s ability
to continue as a going concern for a period to
31January 2027.
In relation to the Company’s reporting on how they
have applied the UK Corporate Governance Code,
we have nothing material to add or draw attention to
in relation to the Directors’ statement in the financial
statements about whether the Directors considered
it appropriate to adopt the going concern basis
ofaccounting.
Our responsibilities and the responsibilities of the
Directors with respect to going concern are described
in the relevant sections of this report. However,
because not all future events or conditions can be
81
Edinburgh Worldwide Investment Trust plc
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the financial statements of the current period and include the most significant assessed risks of material
misstatement (whether or not due to fraud) that we identified. These matters included those which had the
greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts
of the engagement team. These matters were addressed in the context of our audit of the financial statements
as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.
Risk Our response to the risk
Key observations
communicated
to the Audit and
Management
Engagement
Committee
Incorrect valuation or ownership of the
investment portfolio and the resultant
impact on unrealised gains/(losses)
(as described on page 69 in the
Report of the Audit and Management
Engagement Committee and as per the
accounting policy set out on pages 91
and 92).
The valuation of the investment
portfolio at 31 October 2025 was
£789.86m (2024: £705.03m)
consisting of quoted investments
with an aggregate value of £603.23m
(2024: £520.95m) and unquoted
investments with an aggregate value of
£186.63m (2024: £184.10m).
The valuation of the assets held in the
investment portfolio is the key driver
of the Company’s net asset value
and total return. Incorrect investment
pricing, or a failure to maintain proper
legal title to the investments held by
the Company could have a significant
impact on the portfolio valuation and
the return generated for shareholders.
The fair value of quoted investments is
determined by reference to bid value or
the last traded price depending on the
convention of the exchange on which
the investment is quoted.
Unquoted investments are valued at
fair value by the Directors following
a detailed review and appropriate
challenge of the valuations approved
by the Baillie Gifford Fair Value Pricing
Group. The unquoted investment policy
applies methodologies consistent with
the International Private Equity and
Venture Capital Valuation guidelines
(“IPEV”).
The valuation of the unquoted
investments, and the resultant impact
on the unrealised gains/(losses), is
the area requiring the most significant
judgment and estimation in the
preparation of the financial statements
and has been classified as an area of
fraud risk.
We performed the following procedures:
We obtained an understanding of Baillie Gifford’s processes and controls
surrounding legal title and pricing of quoted and unquoted investments by
performing walkthrough procedures in which we evaluated the design and
implementation of controls.
For all quoted investments in the portfolio, we compared the market
prices and exchange rates applied to an independent pricing vendor and
recalculated the investment valuations at the year end.
We reviewed the prices for all quoted investments in the portfolio to identify
prices that have not changed within five business days of year end to verify
whether the listed price is a valid fair value. Our testing did not identify any
prices which had not changed within the 5 days.
For the 12 unquoted investments held as at 31 October 2025 the audit team
or our valuations specialists reviewed and challenged the valuations:
•
Reviewed the valuation papers prepared by the Investment Manager’s
Private Companies Valuation Group and approved by the Fair Value
Pricing Group to gain an understanding of and assess the valuation
methodologies and assumptions.
•
Independently created an indicative range for the valuation of all the
unquoted investments.
•
Discussed the unquoted valuations with the Investment Manager’s
Private Companies Valuation Group to understand their valuation
approach and to challenge certain areas of their approach,
documentation and valuation conclusions;
•
Assessed whether the valuations have been performed in line with the
valuation approaches as set out in UK GAAP and the International Private
Equity and Venture capital (‘IPEV’) guidelines;
•
Assessed the appropriateness of the data inputs including foreign
exchange rates and challenged the assumptions used to support the
valuations, where appropriate.
•
Assessed other facts and circumstances, such as market movement and
comparative company information, that have an impact on the fair market
value of the investments; and assessed whether management’s valuation
is reasonable.
Where our testing identified instances where individual valuations were
outside the expected range, we held further discussions with Baillie
Gifford and the Audit and Management Engagement Committee. In those
discussions, we discussed market trends and the valuation process and
requested further support for the valuation assumptions where appropriate.
For all purchases of unquoted investments and a sample of quoted
investments in the period, we obtained supporting documents from Baillie
Gifford and have agreed these to the purchase cost per the accounting
records and to the bank statements.
We tested the unrealised gains/losses on all investments as at the year end
using the book‑cost reconciliation.
We compared the Company’s investment holdings at 31 October 2025
to independent confirmations received directly from the Company’s
Depositary or from the investee company.
The results of
our procedures
identified
no material
misstatement in
relation to the
risk of incorrect
valuation or
ownership of
the investment
portfolio and
the impact on
unrealised gains/
(losses).
Financial report
Annual Report and Financial Statements 2025
82
Risk Our response to the risk
Key observations
communicated
to the Audit and
Management
Engagement
Committee
Incomplete or inaccurate revenue
recognition (per the Audit
Committee report set out on
page69 and the accounting policy
set out on page 93).
The total revenue for the year
to 31October 2025 was £1.45m
(2024:£1.30m), consisting primarily
of dividend income from listed equity
investments. The total amount of
special dividends recognised was
£0.40m (2024: £0.01m) which was
classified as revenue in nature.
There is a risk of incomplete or
inaccurate recognition of revenue
through the failure to recognise
proper income entitlements or to
apply an appropriate accounting
treatment.
Additionally, in accordance with
the AIC SORP, special dividends
received by the Company can be
included in either the revenue or
capital columns of the Income
Statement depending on the
commercial circumstances behind
the payments.
We have performed the following procedures:
We obtained an understanding of Baillie Gifford’s processes and controls
surrounding revenue recognition including the classification of special
dividends by performing walkthrough procedures to evaluate the design
and implementation of controls.
For all dividends, we recalculated the income by multiplying the
investment holdings at the ex‑dividend date, traced from the accounting
records, by the dividend per share, which was agreed to an independent
data vendor. We agreed all exchange rates to an independent data vendor
and agreed all the dividends received to bank statements.
To test completeness of recorded income, we verified that dividends
had been recorded for each investee company held during the year
with reference to investee company announcements obtained from an
independent data vendor.
For all dividends accrued at the year end, we reviewed the investee
company announcements to assess whether the dividend obligation arose
prior to 31 October 2025. We agreed the dividend rate to corresponding
announcements made by the investee company, recalculated the dividend
amount receivable and confirmed this was consistent with cash received as
shown on post year‑end bank statements.
For all investments held during the year, we compared the type of
dividends paid with reference to an external data source to identify those
which were ‘special’. We confirmed one special dividend was received
during the year which was classified as revenue. We tested the special
dividend, by assessing the appropriateness of classification as revenue
and capital by reviewing the underlying rationale of the distribution.
The results of
our procedures
identified
no material
misstatement
in relation to
the risk of
incomplete
or inaccurate
revenue
recognition.
There have been no changes to the key audit matters from the prior year.
Our application of materiality
We apply the concept of materiality in planning and
performing the audit, in evaluating the effect of
identified misstatements on the audit and in forming
our audit opinion.
Materiality
The magnitude of an omission or misstatement that,
individually or in the aggregate, could reasonably
be expected to influence the economic decisions
of the users of the financial statements. Materiality
provides a basis for determining the nature and
extent of our audit procedures.
We determined materiality for the Company to be
£7.69m (2024: £6.35m), which is 1% (2024: 1%)
of shareholder funds. We believe that shareholder
funds provides us with a materiality aligned to the
key measure of the Company’s performance.
Performance materiality
The application of materiality at the individual
account or balance level. It is set at an amount to
reduce to an appropriately low level the probability
that the aggregate of uncorrected and undetected
misstatements exceeds materiality.
On the basis of our risk assessments, together with
our assessment of the Company’s overall control
environment, our judgement was that performance
materiality was 75% (2024: 75%) of our planning
materiality, namely £5.77m (2024: £4.76m). We
have set performance materiality at this percentage
due to our past experience of the audit that indicates
a lower risk of misstatements, both corrected and
uncorrected.
83
Edinburgh Worldwide Investment Trust plc
Reporting threshold
An amount below which identified misstatements are
considered as being clearly trivial.
We agreed with the Audit and Management
Engagement Committee that we would report to
them all uncorrected audit differences in excess
of £0.38m (2024: £0.32m), which is set at 5% of
planning materiality, as well as differences below
that threshold that, in our view, warranted reporting
on qualitative grounds.
We evaluate any uncorrected misstatements against
both the quantitative measures of materiality
discussed above and in light of other relevant
qualitative considerations in forming our opinion.
Other information
The other information comprises the information
included in the annual report other than the financial
statements and our auditor’s report thereon. The
Directors are responsible for the other information
contained within the annual report.
Our opinion on the financial statements does not
cover the other information and, except to the extent
otherwise explicitly stated in this report, we do not
express any form of assurance conclusion thereon.
Our responsibility is to read the other information
and, in doing so, consider whether the other
information is materially inconsistent with the
financial statements or our knowledge obtained in
the course of the audit or otherwise appears to be
materially misstated. If we identify such material
inconsistencies or apparent material misstatements,
we are required to determine whether this gives
rise to a material misstatement in the financial
statements themselves. If, based on the work we
have performed, we conclude that there is a material
misstatement of the other information, we are
required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the
Companies Act 2006
In our opinion the part of the Directors’ remuneration
report to be audited has been properly prepared in
accordance with the Companies Act 2006.
In our opinion, based on the work undertaken in the
course of the audit:
•
the information given in the strategic report and
the Directors’ report for the financial year for
which the financial statements are prepared is
consistent with the financial statements; and
•
the strategic report and Directors’ reports have
been prepared in accordance with applicable legal
requirements;
Matters on which we are required to report
by exception
In the light of the knowledge and understanding
of the Company and its environment obtained in
the course of the audit, we have not identified
material misstatements in the strategic report or
Directors’report.
We have nothing to report in respect of the following
matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion:
•
adequate accounting records have not been kept,
or returns adequate for our audit have not been
received from branches not visited by us; or
•
the financial statements and the part of the
Directors’ Remuneration Report to be audited are
not in agreement with the accounting records and
returns; or
•
certain disclosures of Directors’ remuneration
specified by law are not made; or
•
we have not received all the information and
explanations we require for our audit
Corporate Governance Statement
We have reviewed the Directors’ statement in
relation to going concern, longer‑term viability and
that part of the Corporate Governance Statement
relating to the Company’s compliance with the
provisions of the UK Corporate Governance Code
specified for our review by the UK Listing Rules.
Financial report
Annual Report and Financial Statements 2025
84
Based on the work undertaken as part of our audit,
we have concluded that each of the following
elements of the Corporate Governance Statement is
materially consistent with the financial statements or
our knowledge obtained during the audit:
•
Directors’ statement with regards to the
appropriateness of adopting the going concern
basis of accounting and any material uncertainties
identified set out on pages 67 and 68;
•
Directors’ explanation as to its assessment of the
Company’s prospects, the period this assessment
covers and why the period is appropriate set out
on page 43;
•
Director’s statement on whether it has a
reasonable expectation that the Company will
be able to continue in operation and meets its
liabilities set out on page 43;
•
Directors’ statement on fair, balanced and
understandable set out on page 77 ;
•
Board’s confirmation that it has carried out a
robust assessment of the emerging and principal
risks set out on pages 43 to 48;
•
The section of the annual report that describes the
review of effectiveness of risk management and
internal control systems set out on pages 66 and
67; and;
•
The section describing the work of the Audit and
Management Engagement Committee set out on
pages 69 and 70.
Responsibilities of Directors
As explained more fully in the Directors’ responsibilities
statement set out on page 76, the Directors are
responsible for the preparation of the financial
statements and for being satisfied that they give a
true and fair view, and for such internal control as
the Directors determine is necessary to enable the
preparation of financial statements that are free from
material misstatement, whether due to fraud orerror.
In preparing the financial statements, the Directors
are responsible for assessing the Company’s
ability to continue as a going concern, disclosing,
as applicable, matters related to going concern
and using the going concern basis of accounting
unless the Directors either intend to liquidate the
Company or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the
financial statements
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole
are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs (UK)
will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the
aggregate, they could reasonably be expected to
influence the economic decisions of users taken on
the basis of these financial statements.
Explanation as to what extent the audit
was considered capable of detecting
irregularities, including fraud
Irregularities, including fraud, are instances of non‑
compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined
above, to detect irregularities, including fraud. The
risk of not detecting a material misstatement due
to fraud is higher than the risk of not detecting one
resulting from error, as fraud may involve deliberate
concealment by, for example, forgery or intentional
misrepresentations, or through collusion. The extent
to which our procedures are capable of detecting
irregularities, including fraud is detailed below.
However, the primary responsibility for the
prevention and detection of fraud rests with both
those charged with governance of the Company and
management.
•
We obtained an understanding of the legal and
regulatory frameworks that are applicable to
the Company and determined that the most
significant are United Kingdom Generally
Accepted Accounting Practice, the Companies
Act 2006, the Association of Investment
Companies Code of Corporate Governance, The
Association of Investment Companies Statement
of Recommended Practice, the Listing Rules, the
UK Corporate Governance Code, Section 1158 of
the Corporation Tax Act 2010 and The Companies
(Miscellaneous Reporting) Regulations 2018.
85
Edinburgh Worldwide Investment Trust plc
• We understood how the Company is complying
with those frameworks by through discussions
with the Audit and Management Engagement
Committee and Company Secretary and review of
Board minutes and the Company’s documented
policies and procedures.
•
We assessed the susceptibility of the Company’s
financial statements to material misstatement,
including how fraud might occur by considering
the key risks impacting the financial statements.
We identified fraud risks with respect to the
incorrect valuation of the unquoted investments
and the resulting impact on the unrealised
gains/(losses) in the Income Statement. Further
discussion of our approach is set out in the section
on key audit matters above.
•
Based on this understanding we designed our
audit procedures to identify non‑compliance
with such laws and regulations. Our procedures
involved review of the reporting to the Directors by
the manager with respect to the application of the
documented policies and procedures and review
of the financial statements to ensure compliance
with the reporting requirements of the Company.
A further description of our responsibilities for the
audit of the financial statements is located on the
Financial Reporting Council’s website at
https://www.frc.org.uk/auditorsresponsibilities.
This description forms part of our auditor’s report.
Other matters we are required to address
• Following the recommendation from the Audit and
Management Engagement Committee, we were
appointed by the Company on 24 January 2017 to
audit the financial statements for the year ending
31 October 2017 and subsequent financial periods.
The period of total uninterrupted engagement
including previous renewals and reappointments
is 9 years, covering the years ending 31 October
2017 to 31 October 2025.
•
The audit opinion is consistent with the additional
report to the Audit and Management Engagement
Committee.
Use of our report
This report is made solely to the Company’s
members, as a body, in accordance with Chapter3
of Part 16 of the Companies Act 2006. Our audit
work has been undertaken so that we might state
to the Company’s members those matters we are
required to state to them in an auditor’s report and
for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to
anyone other than the Company and the Company’s
members as a body, for our audit work, for this
report, or for the opinions we have formed.
Ahmer Huda (Senior statutory auditor)
for and on behalf of Ernst & Young LLP,
Statutory Auditor
London
12 January 2026
Financial report
Annual Report and Financial Statements 2025
86
For the year ended 31 October
Notes
2025
Revenue
£’000
2025
Capital
£’000
2025
Total
£’000
2024
Revenue
£’000
2024
Capital
£’000
2024
Total
£’000
Gains on investments 8 – 185,912 185,912 – 77,573 77,573
Currency gains 12 – 1,444 1,444 – 3,975 3,975
Income 2 1,448 – 1,448 1,301 – 1,301
Investment management fee 3 (1,051) (3,152) (4,203) (829) (2,488) (3,317)
Other administrative expenses 4 (3,289) – (3,289) (1,520) – (1,520)
Net return before finance costs
and taxation
(2,892) 184,204 181,312 (1,048) 79,060 78,012
Finance costs of borrowings 5 (1,061) (3,184) (4,245) (1,571) (4,714) (6,285)
Return on ordinary activities
before taxation
(3,953) 181,020 177,067 (2,619) 74,346 71,727
Tax on ordinary activities 6 (64) – (64) (46) – (46)
Net return after taxation (4,017) 181,020 177,003 (2,665) 74,346 71,681
Net return per ordinary shares 7 (1.11p) 49.96p 48.85p (0.70p) 19.48p 18.78p
The total column of this Statement represents the profit and loss account of the Company. The supplementary revenue and capital columns
are prepared under guidance issued by the Association of Investment Companies.
All revenue and capital items in this Statement derive from continuing operations.
A Statement of Comprehensive Income is not required as the Company does not have any other comprehensive income and the net return after taxation
is both the (loss)/profit and total comprehensive (expense)/income for the year.
The accompanying notes on pages 90 to 109 are an integral part of the Financial Statements.
Income
statement
87
Edinburgh Worldwide Investment Trust plc
As at 31 October
Notes
2025
£’000
2025
£’000
2024
£’000
2024
£’000
Fixed assets
Investments held at fair value through profit or loss 8 789,855 705,032
Current assets
Debtors 9 1,218 1,172
Cash and cash equivalents 17 59,326 22,783
60,544 24,955
Creditors
Amounts falling due within one year
10 (81,442) (94,384)
Net current liabilities
(20,898) (70,429)
Net assets 768,957 634,603
Capital and reserves
Share capital 11 4,058 4,058
Share premium account 12 – 499,723
Distributable capital reserve 12 499,723 –
Special reserve 12 35,220 35,220
Capital reserve 12 245,254 106,883
Revenue reserve 12 (15,298) (11,281)
Total shareholders’ funds 768,957 634,603
Net asset value per ordinary share 13 220.97p 170.40p
The Financial Statements of Edinburgh Worldwide Investment Trust plc (Company registration number
SC184775) were approved and authorised for issue by the Board and were signed on 12 January 2026.
Jonathan Simpson‑Dent
Chair
The accompanying notes on pages 90 to 109 are an integral part of the Financial Statements.
Balance
sheet
Financial report
Annual Report and Financial Statements 2025
88
The accompanying notes on pages 90 to 109 are an integral part of the Financial Statements.
For the year ended 31 October 2025
Notes
Share
capital
£’000
Share
premium
account
£’000
Distributable
capital
reserve
£’000
Special
reserve
£’000
Capital
reserve
£’000
Revenue
reserve
£’000
Shareholders’
funds
£’000
Shareholders’ funds at 1 November 2024 4,058 499,723 – 35,220 106,883 (11,281) 634,603
Ordinary shares bought back into treasury 11 – – – – (42,649) – (42,649)
Cancellation of share premium account 12 (499,723) 499,723 – – – –
Net return after taxation 12 – – – – 181,020 (4,017) 177,003
Shareholders’ funds at 31 October 2025 4,058 – 499,723 35,220 245,254 (15,298) 768,957
For the year ended 31 October 2024
Notes
Share
capital
£’000
Share
premium
account
£’000
Special
reserve
£’000
Capital
reserve
£’000
Revenue
reserve
£’000
Shareholders’
funds
£’000
Shareholders’ funds at 1 November 2023 4,058 499,723 35,220 54,352 (8,616) 584,737
Ordinary shares bought back into treasury 11 – – – (21,815) – (21,815)
Net return after taxation 12 – – – 74,346 (2,665) 71,681
Shareholders’ funds at 31 October 2024 4,058 499,723 35,220 106,883 (11,281) 634,603
Statement of
changes in equity
89
Edinburgh Worldwide Investment Trust plc
The accompanying notes on pages 90 to 109 are an integral part of the Financial Statements.
For the year ended 31 October
Notes
2025
£’000
2025
£’000
2024
£’000
2024
£’000
Cash flows from operating activities
Net return before taxation 177,067 71,727
Adjustments to reconcile company profit before
tax to net cash flow from operating activities
Net gains on investments (185,912) (77,573)
Currency gains (1,444) (3,975)
Finance costs of borrowings 4,245 6,285
Working capital movements
Changes in debtors (201) (661)
Changes in creditors 534 (264)
Taxation
Overseas withholding tax incurred (64) (46)
Cash from operations* (5,775) (4,507)
Interest paid (4,474) (6,539)
Net cash outflow from operating activities (10,249) (11,046)
Cash flows from investing activities
Acquisitions of investments (156,210) (126,456)
Disposals of investments 257,142 170,441
Net cash inflow from investing activities 100,912 43,985
Cash flows from financing activities
Ordinary shares bought back into treasury
and stamp duty thereon
(41,910) (21,772)
Bank loans drawn down 279,583 365,783
Bank loans repaid (293,583) (373,783)
Net cash outflow from financing activities (55,910) (29,772)
Increase in cash and cash equivalents 34,753 3,167
Exchange movements 1,790 470
Cash and cash equivalents at 1 November 22,783 19,146
Cash and cash equivalents at 31 October 59,326 22,783
*
Cash from operations includes dividends received of £1,009,000 (2024 – £638,000) and interest received of £245,000 (2024 – £663,000).
Cash flow
statement
Financial report
Annual Report and Financial Statements 2025
90
The Company was incorporated under the Companies Act 2006
inScotland as a public limited company with registered number
SC184775. The Company is an investment company within the
meaning of section 833 of the Companies Act 2006 and carries
onbusiness as an investment trust.
01 Principal accounting policies
The Financial Statements for the year to 31 October 2025
have been prepared in accordance with FRS 102 ‘The
Financial Reporting Standard applicable in the UK and
Republic of Ireland’ and on the basis of the accounting
policies set out below which are unchanged from the prior
year and have been applied consistently.
The Financial Statements have been prepared in accordance
with the Companies Act 2006 and with the AIC’s Statement
of Recommended Practice ‘Financial Statements of
Investment Trust Companies and Venture Capital Trusts’
issued in November 2014 and updated in July 2022 with
consequential amendments, except for certain financial
information required by paragraph 82 regarding unquoted
holdings with a value greater than 5% of the portfolio or
included in the top 10, where information is not publicly
available (see note 8 on page 97).
a. Basis of accounting
All of the Company’s operations are of a continuing
nature and the Financial Statements are prepared on a
going concern basis under the historical cost convention,
modified to include the revaluation of fixed asset
investments at fair value through profit or loss, and on the
assumption that approval as an investment trust under
section 1158 of the Corporation Tax Act 2010 and the
Investment Trust (Approved Company) (Tax) Regulations
2011 will be retained. The Directors have, in particular,
considered the impact of heightened market volatility
due to macroeconomic and geopolitical concerns, but
do not believe the Company’s going concern status is
affected. The Company’s assets, the majority of which
are investments in quoted securities which are readily
realisable, exceed its liabilities significantly. All borrowings
require the prior approval of the Board. Gearing levels and
compliance with borrowing covenants are reviewed by the
Board on a regular basis. The Company has continued
to comply with the investment trust status requirements
of section 1158 of the Corporation Tax Act 2010 and the
Investment Trust (Approved Company) (Tax) Regulations
2011. TheCompany’s primary third party suppliers,
including its Managers and Secretaries, Depositary
and Custodian, Registrar, Auditor and Broker, are not
experiencing significant operational difficulties affecting
their respective services to the Company.
The Directors have also considered the requisition notice
from Saba Capital, a significant minority shareholder
holding a strategic interest in the shares of the Company,
to hold a general meeting. The notice seeks to remove
all of the existing independent non‑executive Directors
and appoint alternative directors. After consideration
of all available information and professional advice, the
Board has carefully considered any implications for the
going concern assumption if the resolutions are passed.
The Directors believe that although the outcome of the
requisition is uncertain, the going concern assumption
remains appropriate, since the portfolio is highly liquid,
borrowings can be repaid in full (when they become due
in June and October 2026) and at short notice and they
have no reason to believe that there is an intention or
indication to wind up or cease the Company’s operations.
On 2December 2025, the Company announced a
proposed merger with the Baillie Gifford US Growth Trust
plc. This proposal did not receive support from Saba
Capital, and is not being progressed at this time.
Accordingly, the Financial Statements have been
prepared on the going concern basis as it is the Directors’
opinion, having assessed the principal and emerging risks
and other matters set out in the Viability statement on
page43, which assesses the prospects of the Company
over a period of five years, that the Company will be able
to meet its liabilities as they fall due until 31 January
2027, being for a period of at least twelve months from
the date of approval of these Financial Statements.
This assessment takes into account the Directors’
consideration of a range of outcomes, including the
possibility of an orderlytransaction.
In order to better reflect the activities of the Company
and in accordance with guidance issued by the AIC,
supplementary information which analyses the profit
and loss account between items of a revenue and capital
nature has been presented in the Income statement.
Notes to the
Financial Statements
91
Edinburgh Worldwide Investment Trust plc
In preparing these Financial Statements the Directors
have considered the impact of climate change risk as a
principal risk as set out on page 46 and have concluded
that it does not have a material impact on the Company’s
investments. In line with FRS 102 investments are valued
at fair value, being primarily quoted prices for investments
in active markets at the balance sheet date, and therefore
reflect market participants’ view of climate change risk.
Unlisted investments, valued by reference to comparable
companies (see 1(e) below), similarly reflect market
participants’ view of climate change risk.
b. Functional currency
The Directors consider the Company’s functional and
presentational currency to be sterling as the Company’s
share capital is denominated in sterling, the entity is
listed on a stock exchange in the UK, the Company’s
shareholders are predominantly based in the UK and the
Company and its investment manager, who are subject to
the UK’s regulatory environment, are also UK based.
c. Financial instruments
Financial assets and financial liabilities are recognised
intheCompany’s Balance sheet when it becomes a party
to the contractual provisions of the instrument.
d. Accounting estimates, assumptions and judgements
The preparation of the Financial Statements requires the
use of estimates, assumptions and judgements. These
estimates, assumptions and judgements affect the reported
amounts of assets and liabilities, at the reporting date. While
estimates are based on best judgement using information
and financial data available, the actual outcome may differ
from these estimates. The key source of estimation and
uncertainty at the balance sheet date that could affect the
carrying value of assets and liabilities in the next financial
year pertains to the fair value of the unlisted investments.
Judgements
In accordance with the requirements of FRS102 the
Directors have considered the key judgements involved in
the preparation of the Financial Statements. The Directors
key judgements were as follows:
i. the determination of the functional currency of the
Company as sterling (see rationale in 1(b) above); and
ii. the fair valuation of the unlisted investments.
The key judgements in the fair valuation process are:
i. the Managers’ determination of the appropriate
application of the International Private Equity and
Venture Capital Guidelines 2022 (‘IPEV’) to each
unlisted investment; and
ii. the Directors’ consideration of whether each fair
value is appropriate following detailed review and
challenge. The judgement applied in the selection of
the methodology used (see 1(e) below) for determining
the fair value of each unlisted investment can have a
significant impact upon the valuation.
Estimates
The key estimate in the Financial Statements is the
determination of the fair value of the unlisted investments
by the Managers for consideration by the Directors. This
estimate is key as it significantly impacts the valuation of
the unlisted investments at the Balance Sheet date. The
fair valuation process involves estimation using subjective
inputs that are unobservable (for which market data is
unavailable). The main estimates (including key sources
ofuncertainty in accordance with FRS102) involved in the
selection of the valuation process inputs are:
i. the selection of appropriate comparable companies
in order to derive revenue multiples and meaningful
relationships between enterprise value, revenue and
earnings growth. Comparable companies are chosen
onthe basis of their business characteristics and
growth patterns;
ii. the selection of a revenue metric (either historical
orforecast);
iii. the application of an appropriate discount factor
toreflect the reduced liquidity of unlisted companies
versustheir listed peers and where appropriate for the
risk of insolvency;
iv. the estimation of the probability assigned to an exit
being through an initial public offering (‘IPO’) or a
company sale;
v. the selection of an appropriate industry benchmark
index to assist with the valuation validation or the
application of valuation adjustments, particularlyin
theabsence of established earnings or closely
comparable peers; and
Financial report
Annual Report and Financial Statements 2025
92
vi. the calculation of valuation adjustments derived from
milestone analysis (i.e. incorporating operational
success against the plan/forecasts of the business
intothe valuation).
Fair value estimates are cross‑checked to alternative
estimation methods where possible to improve the
robustness of the estimates. As the valuation outcomes
may differ from the fair value estimates a price sensitivity
analysis is provided in other price risk sensitivity in note
17 on pages 101 to 109 to illustrate the effect on the
Financial Statements of an over or under estimation of
fair values. The risk of an over or under estimation of fair
values is greater when methodologies are applied using
more subjective inputs.
Assumptions
The determination of fair value by the Managers involves
key assumptions dependent upon the valuation technique
used. As explained in 1(e) below, the primary technique
applied under the IPEV Guidelines is the Multiples
approach. Where the Multiples approach is used the
valuation process recognises also, as stated in the
IPEV Guidelines, that the price of a recent investment
may be an appropriate calibration for estimating fair
value. The Multiples approach involves subjective inputs
and therefore presents a greater risk of over or under
estimation and particularly in the absence of a recent
transaction.
The key assumptions for the Multiples approach are
that the selection of comparable companies provides a
reasonable basis for identifying relationships between
enterprise value, revenue and growth to apply in the
determination of fair value. Other assumptions include:
i. the discount applied for reduced liquidity versus listed
peers;
ii. the exit being through either an IPO or a company sale;
and
iii. that the application of milestone analysis and industry
benchmark indices are a reasonable basis for applying
appropriate adjustments to the valuations. Valuations
are cross‑checked for reasonableness to alternative
Multiples‑based approaches or benchmark index
movements as appropriate.
e. Investments
The Company’s investments are classified, recognised
and measured at fair value through profit or loss in
accordance with sections 11 and 12 of FRS 102. Changes
in the fair value of investments and gains and losses on
disposal are recognised as capital items in the Income
statement.
Recognition and initial measurement
Purchases and sales of investments are accounted for on
a trade date basis. Expenses incidental to purchase and
sale are written off to capital at the time of acquisition or
disposal. All investments are valued at fair value through
profit or loss upon initial recognition and are measured at
subsequent reporting dates at fair value.
Measurement and valuation
Listed investments – The fair value of listed security
investments is the last traded price on recognised
overseas exchanges.
Unlisted investments – unlisted investments are valued at
fair value by the Directors following a detailed review and
appropriate challenge of the valuations proposed by the
Managers. The Managers’ unlisted investment valuation
policy applies techniques consistent with the IPEV
Guidelines.
The techniques applied are predominantly market‑
based approaches. The market‑based approaches
available under IPEV Guidelines are set out below and
are followedby an explanation of how they are applied
totheCompany’s unlisted portfolio:
• Multiples;
• Industry valuation benchmarks; and
• Available market prices.
The nature of the unlisted portfolio currently will influence
the valuation technique applied. The valuation approach
recognises that, as stated in the IPEV Guidelines, the
price of a recent investment, if resulting from an orderly
transaction, generally represents fair value as at the
transaction date and may be an appropriate starting point
for estimating fair value at subsequent measurement
dates. However, consideration is given to the facts and
circumstances as at the subsequent measurement date,
including changes in the market or performance of the
investee company. Milestone analysis is used where
appropriate to incorporate the operational progress of
the investee company into the valuation. Additionally,
the background to the transaction must be considered.
As a result, various Multiples‑based techniques are
employed to assess the valuations particularly in those
companies with established revenues. Discounted
cashflows are used where appropriate. An absence of
relevant industry peers may preclude the application of
the Industry Valuation Benchmarks technique and an
absence of observable prices may preclude the Available
Market Prices approach. All valuations are cross‑checked
for reasonableness by employing relevant alternative
techniques.
The unlisted investments are valued according to a three
monthly cycle of measurement dates. The fair value of
the unlisted investments will also be reviewed before the
next scheduled three monthly measurement date on the
following occasions:
• at the year end and half year end of the Company; and
• where there is an indication of a change in fair value as
defined in the IPEV guidelines (commonly referred to as
‘trigger’ events).
93
Edinburgh Worldwide Investment Trust plc
Gains and losses
Gains and losses on investments, including those
arising from foreign currency exchange differences, are
recognised in the Income statement as capital items.
The Managers monitor the investment portfolio on a fair
value basis and uses the fair value basis for investments
in making investment decisions and monitoring financial
performance.
f. Cash and cash equivalents
Cash and cash equivalents include cash in hand and
deposits repayable on demand. Deposits are repayable
on demand if they can be withdrawn at any time without
notice and without penalty or if they have a maturity or
period of notice of not more than one working day.
g. Income
i. income from equity investments is brought into account
on the date on which the investments are quoted ex‑
dividend or, where no ex‑dividend date is quoted, when
the Company’s right to receive payment is established;
ii. if scrip dividends are taken in lieu of dividends in
cash, the net amount of the cash dividend declared
is credited to the revenue column of the Income
statement. Any excess in the value of the shares
received over the amount of the cash dividend foregone
is recognised in the capital column of the Income
statement;
iii. special dividends are treated as capital or revenue
depending on the facts of each particular case;
iv. unfranked investment income and overseas dividends
include the taxes deducted at source; and
v. interest receivable on deposits is recognised on an
accruals basis.
h. Expenses
All expenses are accounted for on an accruals basis.
Expenses are charged to the revenue column of the
Income statement except:
i. where they relate directly to the acquisition or disposal
of an investment (transaction costs), in which case
they are charged to the capital within gains/losses on
investments; and
ii. they relate directly to the buy‑back/issuance of shares,
in which case they are added to the buy‑back cost or
deducted from the share issuance proceeds.
The investment management fee is allocated 25% to
revenue and 75% to capital, in line with the Board’s
expectation of returns from the Company’s investments
over the long term in the form of revenue and capital
respectively.
i. Borrowings and finance costs
Any borrowings are carried in the Balance sheet at
amortised cost, representing the cumulative amount
ofnet proceeds after issue, plus accrued finance costs.
Thefinance costs of borrowings are allocated 25% to the
revenue account and 75% to the capital reserve. Gains
and losses on the repurchase or early settlement of debt
are wholly charged to capital.
j. Deferred taxation
Deferred taxation is provided on all timing differences
which have originated but not reversed by the Balance
Sheet date, calculated at the current tax rates expected to
apply when its timing differences reverse, based on what
has been enacted or substantially enacted, relevant to
the benefit or liability. Deferred tax assets are recognised
only to the extent that it will be more likely than not that
there will be taxable profits from which underlying timing
differences can be deducted.
k. Foreign currencies
Transactions involving foreign currencies are converted
at the rate ruling at the time of the transaction. Monetary
assets and liabilities in foreign currencies are translated at
the closing rates of exchange at the Balance sheet date.
Any gain or loss arising from a change in exchange rate
subsequent to the date of the transaction is included as
an exchange gain or loss in the Income statement and
classified as a revenue or capital item as appropriate.
l. Capital reserve
Gains and losses on disposal of investments, changes in
the fair value of investments held, exchange differences
of a capital nature and the amount by which other assets
and liabilities valued at fair value differ from their book
cost are dealt with in this reserve. Purchases of the
Company’s own shares can also be funded from this
reserve. 75% of management fees and finance costs are
allocated to the capital reserve in line with the Board’s
expectation of returns from the Company’s investments
over the long term in the form of revenue and capital
respectively.
m. Single segment reporting
The Company has only one material segment being that
of an investment trust company, investing primarily in
listed companies throughout the world.
Financial report
Annual Report and Financial Statements 2025
94
02 Income
2025
£’000
2024
£’000
Income from investments
UK dividends 84 358
Overseas dividends 829 280
Overseas interest 289 342
1,202 980
Other income
Deposit interest 246 321
Total income 1,448 1,301
Total income comprises:
Dividends from financial assets held at fair value through profit or loss 913 638
Interest from financial assets designated at fair value through profit or loss 289 342
Interest from financial assets not at fair value through profit or loss 246 321
1,448 1,301
03 Investment management fee
2025
Revenue
£’000
2025
Capital
£’000
2025
Total
£’000
2024
Revenue
£’000
2024
Capital
£’000
2024
Total
£’000
Investment management fee 1,051 3,152 4,203 829 2,488 3,317
Details of the Investment Management Agreement are disclosed on page 60. The annual management fee is 0.75% on the first
£50 million of net assets, 0.65% on the next £200 million of net assets and 0.55% on the remaining net assets. Management
fees are calculated and payable quarterly.
04 Other administrative expenses
2025
£’000
2024
£’000
General administrative expenses* 2,734 824
Directors’ fees (see Directors’ remuneration report page 73) 200 210
Custody charges 17 189
Auditor’s remuneration for audit services 117 102
Marketing
†
100 96
Depositary fees 67 71
Registrar fees 54 28
3,289 1,520
*
Includes elevated legal and professional costs arising from the Company’s response to engagement from Saba Capital, the strategic review
undertaken by the Board, and the associated work relating to the cancellation of the Share Premium Account.
†
The Company is part of a marketing programme which includes all the Investment Trusts managed by the Manager. The marketing strategy has an
ongoing objective to stimulate demand for the Company’s shares. The cost of this marketing strategy is borne in partnership by the Company and
the Manager. The Manager matches the Company’s marketing contribution and provides the resource to manage and run the programme.
There were no non‑audit fees in the years to 31 October 2025 or 31 October 2024.
95
Edinburgh Worldwide Investment Trust plc
05 Finance costs of borrowings
2025
Revenue
£’000
2025
Capital
£’000
2025
Total
£’000
2024
Revenue
£’000
2024
Capital
£’000
2024
Total
£’000
Interest on bank loan 1,061 3,184 4,245 1,571 4,714 6,285
06 Tax
2025
£’000
2024
£’000
Analysis of charge in year
Overseas withholding tax 64 46
Factors affecting tax charge for the year
The tax charge for the year is lower than the standard rate of corporation tax
in the UK of 25% (2024 – 25%). The differences are explained below:
Net return before taxation 177,067 71,727
Net return before taxation multiplied by the standard rate of corporation tax
in the UK of 25% (2024 – 25%)
44,267 17,932
Capital returns not taxable (46,839) (20,387)
Income not taxable (UK dividends) (21) (90)
Income not taxable (overseas dividends) (208) (70)
Current year management expenses and non-trade loan relationship deficit not utilised 2,801 2,615
Overseas withholding tax incurred 64 46
Tax charge for the year 64 46
As an investment trust, the Company’s capital gains are not taxable in the United Kingdom.
Factors that may affect future tax charges
At 31 October 2025
the Company had surplus management expenses and losses on non‑trading loan relationships of £92,226,000
(2024– £84,830,000). No deferred tax asset has been recognised in respect of these amounts because the Company is not
expected to generate taxable income in a future period in excess of the deductible expenses of that future period and, accordingly, it
is unlikely that the Company will be able to reduce future tax liabilities through the use of existing surplus expenses.
07 Net return per ordinary share
2025
Revenue
2025
Capital
2025
Total
2024
Revenue
2024
Capital
2024
Total
Net return after taxation (1.11p) 49.96p 48.85p (0.70p) 19.48p 18.78p
Revenue return per ordinary share is based on the net revenue loss after taxation of £4,017,000 (2024 – net revenue loss of
£2,665,000) and on 362,327,898 (2024 – 381,569,206) ordinary shares, being the weighted average number of ordinary shares
in issue (excluding treasury shares) during the year.
Capital return per ordinary share is based on the net capital gain for the financial year of £181,020,000 (2024 – net capital gain of
£74,346,000) and on 362,327,898 (2024 – 381,569,206) ordinary shares, being the weighted average number of ordinary shares
in issue (excluding treasury shares) during the year.
There are no dilutive or potentially dilutive shares in issue.
Financial report
Annual Report and Financial Statements 2025
96
08 Fixed assets – investments
As at 31 October 2025
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Listed equities 603,230 – – 603,230
Unlisted ordinary shares – – 10,285 10,285
Unlisted preference shares* – – 172,534 172,534
Unlisted convertible promissory note/convertible loan note – – 3,806 3,806
Total financial asset investments 603,230 – 186,625 789,855
As at 31 October 2024
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Listed equities 520,954 – – 520,954
Unlisted ordinary shares – – 15,220 15,220
Suspended ordinary shares
†
– – 1,106 1,106
Unlisted preference shares* – – 163,863 163,863
Unlisted convertible promissory note/convertible loan note – – 3,889 3,889
Total financial asset investments 520,954 – 184,078 705,032
*
The investments in preference shares are not classified as equity holdings as they include liquidation preference rights that determine the
repayment (or multiple thereof) of the original investment in the event of a liquidation event such as a take‑over.
†
New Horizon Health was delisted during the current financial year and is now classified as an unlisted company.
Fair value hierarchy
The fair value hierarchy used to analyse the fair values of financial assets is described below. The levels are determined by the
lowest (that is the least reliable or least independently observable) level of input that is significant to the fair value measurement
for the individual investment in its entirety as follows:
Level 1
– using unadjusted quoted prices for identical instruments in an active market;
Level 2 – using inputs, other than quoted prices included within Level 1, that are directly or indirectly observable
(based on market data); and
Level 3
– using inputs that are unobservable (for which market data is unavailable).
The valuation techniques used by the Company are explained in the accounting policies on page 92. A sensitivity analysis by
valuation technique of the unlisted securities is given on pages 105 to 107.
97
Edinburgh Worldwide Investment Trust plc
08 Fixed assets – investments (continued)
2025
Listed
securities
£’000
2025
Unlisted
securities *
£’000
2025
Total
securities
£’000
2024
Total
£’000
Cost of investments at 31 October 2024 521,882 129,490 651,372 820,579
Investment holding gains at 31 October 2024 (928) 54,588 53,660 (149,279)
Value of investments at 31 October 2024 520,954 184,078 705,032 671,300
Movements in year:
Purchases at cost 155,878 – 155,878 126,299
Sales – proceeds received (187,778) (69,189) (256,967) (170,140)
– realised gains/(losses) on sales (18,615) 58,678 40,063 (125,366)
Gains and losses on investments 132,791 13,058 145,849 202,939
Value of investments at end of year 603,230 186,625 789,855 705,032
Cost of investments at 31 October 2025
471,367 118,979 590,346 651,372
Investment holding gains at 31 October 2025 131,863 67,646 199,509 53,660
Value of investments at 31 October 2025 603,230 186,625 789,855 705,032
*
Includes holdings in ordinary shares, preference shares, suspended shares, convertible promissory notes and convertible notes.
The Company received £256,967,000 from investments sold in the year (2024 – £170,140,000). The book cost of these
investments when they were purchased was £216,904,000 (2024 – £295,506,000). These investments have been revalued over
time and until they were sold any unrealised gains/losses were included in the fair value of the investments.
The purchases and sales proceeds figures above include transaction costs of £96,000 (2024 – £158,000) and £70,000 (2024 –
£67,000) respectively.
2025
£’000
2024
£’000
Net gains on investments designated at fair value through profit or loss on initial recognition
Realised gains/(losses) on sales 40,063 (125,366)
Changes in investment holding gains 145,849 202,939
185,912 77,573
Financial report
Annual Report and Financial Statements 2025
98
08 Fixed assets – investments (continued)
Significant holdings disclosure requirements – AIC SORP
Details are disclosed below in accordance with the requirements of the AIC Statement of Recommended Practice ‘Financial
Statements of Investment Trust Companies and Venture Capital Trusts’ (updated in July 2022) in relation to unlisted investments
in the top twenty of the List of Investments on page 22. As required, this disclosure includes turnover, pre-tax profits and net
assets attributable to investors as reported within the most recently audited financial statements of the investee companies,
where possible.
As at 31 October 2025
Latest
Financial
Statements
Book cost
£’000
Market
value
£’000
Income
recognised
from holding
in the period
£’000
Turnover
£’000
Pre-tax
profit/
(loss)
£’000
Net assets
attributable to
shareholders
£’000Name Business
Space
Exploration
Technologies
Designs,
manufactures
and launches
advanced
rockets and
spacecraft
n/a 9,059 71,152 Nil Information not publicly available*
PsiQuantum Developer of
commercial
quantum
computing
n/a 16,762 55,234 Nil Information not publicly available*
As at 31 October 2024
Latest
Financial
Statements
Book cost
£’000
Market
value
£’000
Income
recognised
from holding
in the period
£’000
Turnover
£’000
Pre-tax
profit/
(loss)
£’000
Net assets
attributable to
shareholders
£’000Name Business
Space
Exploration
Technologies
Designs,
manufactures
and launches
advanced
rockets and
spacecraft
n/a 19,570 90,073 Nil Information not publicly available*
PsiQuantum Developer of
commercial
quantum
computing
n/a 16,762 35,923 Nil Information not publicly available*
*
Confidentiality agreements prevent the disclosure of this information.
09 Debtors
2025
£’000
2024
£’000
Amounts falling due within one year:
Income accrued (net of withholding taxes) 674 483
Other debtors and prepayments 531 501
Sales for subsequent settlement 13 188
1,218 1,172
None of the above debtors are financial assets designated at fair value through profit or loss. The carrying amount of debtors is a
reasonable approximation of fair value. There are no debtors that were past due or impaired at 31 October 2025 or 31 October 2024.
99
Edinburgh Worldwide Investment Trust plc
10 Creditors – amounts falling due within one year
2025
£’000
2024
£’000
The Royal Bank of Scotland International Limited
£100 million multi‑currency revolving credit facility
78,091 91,744
Purchases for subsequent settlement – 332
Investment management fee 1,132 468
Buybacks and related stamp duty awaiting settlement 909 171
Other creditors and accruals 1,310 1,669
81,442 94,384
Borrowing facilities at 31 October 2025:
A five year £100 million multi-currency revolving credit facility with The Royal Bank of Scotland International Limited
withanexpiry date of 9 June 2026.
A five year £36 million multi-currency revolving credit facility with The Bank of New York Mellon with an expiry date
of30October2026.
At 31 October 2025 drawings were as follows:
• £100 million multi-currency facility with The Royal Bank of Scotland International Limited: €5,969,393 at an interest rate
of3.47% per annum; US$43,261,318 at an interest rate of 5.67% per annum; and £39,919,370 at an interest rate of 5.42%
perannum. The next rollover/maturity date is 12 February 2026.
At 31 October 2024 drawings were as follows:
• £100 million multi‑currency facility with The Royal Bank of Scotland International Limited: €9,864,299 at an interest rate of
5.02% per annum; US$71,166,114 at an interest rate of 6.35% per annum; and £28,060,150 at an interest rate of 6.40%
perannum.
During the year the Company repaid £14m of the £100 million multi‑currency revolving credit facility.
The main covenants relating to both loan facilities with The Royal Bank of Scotland International Limited and The Bank of New
York Mellon Limited are: total borrowings shall not exceed 35% of the Company’s adjusted gross assets and the minimum
adjusted gross assets shall be £260 million. There were no breaches in the loan covenants during the year to 31 October 2025
(31October 2024 – none).
11 Share capital
2025
Number
2025
£’000
2024
Number
2024
£’000
Allotted, called up and fully paid ordinary shares of 1p each 347,984,292 3,725 372,426,908 3,725
Treasury shares of 1p each 57,769,403 333 33,326,787 333
405,753,695 4,058 405,753,695 4,058
In the year to 31 October 2025 no shares were issued from treasury (intheyear to 31October 2024 – no shares were issued from
treasury) and no shares were issued over the period from 31 October 2025 to 8 January 2026.
The Company also has authority to buy back shares. In the year to 31 October 2025, 24,442,616 shares with a nominal value
of £244,000 were bought back at a total cost of £42,649,000 and held in treasury (2024 – 14,667,733 shares with a nominal
value of £147,000 were bought back at a total cost of £21,815,000 and held in treasury). At 31 October 2025 the Company had
authority to buy back a further 33,178,738 ordinary shares.
Over the period from 31 October 2025 to 12 January 2026 the Company has bought back a further 1,340,000 shares at a total cost
of £2,721,000.
Financial report
Annual Report and Financial Statements 2025
100
12 Capital and reserves
Share
capital
£’000
Share
premium
account
£’000
Distributable
capital
reserve
£’000
Special
reserve
£’000
Capital
reserve
£’000
Revenue
reserve
£’000
Shareholders’
funds
£’000
At 1 November 2024 4,058 499,723 – 35,220 106,883 (11,281) 634,603
Cancellation of share premium account – (499,723) 499,723 – – – –
Net gains on sales of investments – – – – 40,063 – 40,063
Changes in investment holding gains – – – – 145,849 – 145,849
Exchange differences on bank loans – – – – (346) – (346)
Other exchange differences – – – – 1,790 – 1,790
Ordinary shares bought back
into treasury
– – – – (42,649) – (42,649)
Investment management fee
charged to capital
– – – – (3,152) – (3,152)
Finance cost of borrowings
charged to capital
– – – – (3,184) – (3,184)
Revenue return after taxation – – – – – (4,017) (4,017)
At 31 October 2025 4,058 – 499,723 35,220 245,254 (15,298) 768,957
Share
capital
£’000
Share
premium
account
£’000
Special
reserve
£’000
Capital
reserve
£’000
Revenue
reserve
£’000
Shareholders’
funds
£’000
At 1 November 2023 4,058 499,723 35,220 54,352 (8,616) 584,737
Net gains on sales of investments – – – (125,366) – (125,366)
Changes in investment holding gains – – – 202,939 – 202,939
Exchange differences on bank loans – – – 3,505 – 3,505
Other exchange differences – – – 470 – 470
Ordinary shares bought back
into treasury
– – – (21,815) – (21,815)
Investment management fee
charged to capital
– – – (2,488) – (2,488)
Finance cost of borrowings
charged to capital
– – – (4,714) – (4,714)
Revenue return after taxation – – – – (2,665) (2,665)
At 31 October 2024 4,058 499,723 35,220 106,883 (11,281) 634,603
The capital reserve includes investment holding gains on fixed asset investments of £199,509,000 (
2024 ‑ gains of £53,660,000)
as disclosed in note 8.
The special reserve arose following the court approval for the cancellation of 30% of the value of the share premium account
on29April 1999.
The special reserve may be utilised to finance any purchase of the Company’s ordinary shares.
On 11 February 2025 The Court of Session approved the cancellation of the amount standing to the credit of the Company’s share
premium account and the crediting of an equivalent amount to the Company’s Distributable Capital Reserve. The Court Order
became effective when it was filed with the Registrar of Companies on 20 February 2025.
The revenue reserve, special reserve, distributable capital reserve and the capital reserve (to the extent it constitutes realised
profits (£45,746,000)) are distributable. Total distributable reserves are therefore £565,400,000.
101
Edinburgh Worldwide Investment Trust plc
13 Net asset value per ordinary share
2025 2024
2025
£’000
2024
£’000
Shareholders’ funds 220.97p 170.40p 768,957 634,603
Net asset value per ordinary share is based on the net assets as shown above and 347,984,292 (2024 – 372,426,908) ordinary
shares (excluding treasury shares), being the number of ordinary shares in issue at each year end.
At 31 October 2025 and 31 October 2024 all borrowings are in the form of short term floating rate borrowings and their fair value
is considered equal to their book value, hence there is no difference in the net asset value per share between including debt at
book, or fair value, in the calculation.
14 Analysis of change in net debt
The net asset value per ordinary share and the net asset value attributable to the ordinary shareholders at the year end calculated
in accordance with the Articles of Association were as follows:
At 1 October
2024
£’000
Cash flows
£’000
Exchange
movement
£’000
At 31 October
2025
£’00
Cash and cash equivalents 22,783 34,753 1,790 59,326
Loans due within one year (91,744) 13,999 (346) (78,091)
(68,961) 48,752 1,444 (18,765)
15 Transactions with related parties and the Managers
The Directors’ fees for the year are detailed in the Directors’ remuneration report on page 73. No Director has a contract of service
with the Company. During the year no Director was interested in any contract or other matter requiring disclosure under section
412 of the Companies Act 2006.
Details of the management contract are set out in the Directors’ report on pages 59 and 60. The management fee payable to the
Managers by the Company for the year, as disclosed in note 3, was £4,203,000 (2024 – £3,317,000) of which £1,132,000 (2024 –
£468,000) was outstanding at the year end, as disclosed in note 10.
16 Contingencies, guarantees and financial commitments
There were no contingent liabilities, guarantees or financial commitments at either the current or prior year balance sheet date.
17 Financial instruments
As an Investment Trust, the Company invests in listed and unlisted securities and makes other investments so as to meet its
investment objective of achieving long term capital growth. The Company borrows money when the Board and Managers
have sufficient conviction that the assets funded by borrowed monies will generate a return in excess of the cost of borrowing.
In pursuing its investment objective, the Company is exposed to various types of risk that are associated with the financial
instruments and markets in which it invests.
These risks are categorised here as market risk (comprising currency risk, interest rate risk and other price risk), liquidity risk and
credit risk.
The Board monitors closely the Company’s exposures to these risks but does so in order to reduce the likelihood of a permanent
loss of capital rather than to minimise the short term volatility. Risk provides the potential for both losses and gains and in
assessing risk the Board encourages the Managers to exploit the opportunities that risk affords.
The risk management policies and procedures outlined in this note have not changed substantially from the previous accounting
period.
Financial report
Annual Report and Financial Statements 2025
102
17 Financial instruments (continued)
Market risk
The fair value or future cash flows of a financial instrument or other investment held by the Company may fluctuate because of
changes in market prices. This market risk comprises three elements – currency risk, interest rate risk and other price risk. The
Board of Directors reviews and agrees policies for managing these risks and the Company’s Investment Managers both assess
the exposure to market risk when making individual investment decisions and monitor the overall level of market risk across the
investment portfolio on an ongoing basis.
Details of the Company’s investment portfolio are shown in note 8 and on pages 97 to 98.
i. Currency risk
Certain of the Company’s assets, liabilities and income are denominated in currencies other than sterling (the Company’s
functional currency and that in which it reports its results). Consequently, movements in exchange rates may affect the sterling
value of those items.
The Managers monitor the Company’s exposure to foreign currencies and report to the Board on a regular basis. The Managers
assess the risk to the Company of the foreign currency exposure by considering the effect on the Company’s net asset value and
income of a movement in the rates of exchange to which the Company’s assets, liabilities, income and expenses are exposed.
However, the country in which a company is listed is not necessarily where it earns its profits. The movement in exchange rates
on overseas earnings may have a more significant impact upon a company’s valuation than a simple translation of the currency in
which the company is quoted.
Foreign currency borrowings can limit the Company’s exposure to anticipated future changes in exchange rates which might
otherwise adversely affect the value of the portfolio of investments.
Exposure to currency risk through asset allocation, which is calculated by reference to the currency in which the asset or liability
is quoted, is shown below.
At 31 October 2025
Investments
£’000
Cash and
deposits
£’000
Bank
loans
£’000
Other debtors
andcreditors
£’000
Net
exposure
£’000
US dollar 635,466 (460) (32,928) 252 602,330
Australian dollar 26,963 – – – 26,963
New Taiwan dollar 21,226 – – – 21,226
Chinese yuan 21,185 – – – 21,185
Japanese yen 16,862 – – 20 16,882
Danish krone 8,569 – – – 8,569
Korean won 7,591 – – – 7,591
Swiss franc 1,925 – – – 1,925
Euro 1,259 – (5,244) (40) (4,025)
Total exposure to currency risk 741,046 (460) (38,172) 232 702,646
Sterling 48,809 59,786 (39,919) (2,365) 66,311
789,855 59,326 (78,091) (2,133) 768,957
At 31 October 2024
Investments
£’000
Cash and
deposits
£’000
Bank
loans
£’000
Other debtors
andcreditors
£’000
Net
exposure
£’000
US dollar 570,590 21,820 (55,354) (749) 536,307
Japanese yen 17,821 – – – 17,821
New Taiwan dollar 7,481 – – – 7,481
Australian dollar 11,157 – – – 11,157
Hong Kong dollar 17,577 – – – 17,577
Danish krone 6,854 – – – 6,854
Swiss franc 1,997 – – 30 2,027
Euro 5,021 – (8,330) 63 (3,246)
Total exposure to currency risk 638,498 21,820 (63,684) (656) 595,978
Sterling 66,534 963 (28,060) (812) 38,625
705,032 22,783 (91,744) (1,468) 634,603
103
Edinburgh Worldwide Investment Trust plc
17 Financial instruments (continued)
i. Currency risk (continued)
Currency risk sensitivity
At 31 October 2025, if sterling had strengthened by 5% in relation to all currencies, with all other variables held constant, total
net assets and total return would have decreased by the amounts shown below. A 5% weakening of sterling against all currencies,
with all other variables held constant, would have had an equal but opposite effect on the Financial Statement amounts. The level
of change is considered to be reasonable based on observations of current market conditions. The analysis is performed on the
same basis for 2024.
2025
£’000
2024
£’000
US dollar 30,117 26,815
Australian dollar 1,348 558
New Taiwan dollar 1,061 374
Chinese yuan 1,059 –
Japanese yen 844 891
Danish krone 428 343
Korean won 380 –
Swiss franc 96 101
Euro (201) (162)
Hong Kong dollar – 879
35,132 29,799
ii. Interest rate risk
Interest rate movements may affect directly:
• the fair value of any investments in fixed interest rate securities;
• the level of income receivable on cash deposits;
• the fair value of any fixed-rate borrowings; and
• the interest payable on any variable rate borrowings.
Interest rate movements may also impact upon the market value of the Company’s investments other than any fixed income
securities. The effect of interest rate movements upon the earnings of an investee company may have a significant impact upon
the valuation of that company’s equity.
The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account
when making investment decisions and when entering borrowing agreements.
The Board reviews on a regular basis the amount of investments in cash and fixed income securities and the income receivable on
cash deposits, floating rate notes and other similar investments.
The Company finances part of its activities through borrowings at approved levels. The amount of such borrowings and the approved
levels are monitored and reviewed regularly by the Board. Movements in interest rates, to the extent that they affect the market
value of the Company’s fixed rate borrowings, may also affect the amount by which the Company’s share price is at a discount or a
premium to the net asset value (assuming that the Company’s share price is unaffected by movements in interest rates).
The interest rate risk profile of the Company’s financial assets and liabilities at 31 October is shown below:
Financial assets
2025
Fair value
£’000
2025
Weighted
average
interest rate
2025
Weighted
average period
untilmaturity *
2024
Fair value
£’000
2024
Weighted
average
interest rate
2024
Weighted
average period
untilmaturity *
Cash and short term deposits:
US dollar (460) 1.6 n/a 21,820 4.5% n/a
Sterling 59,786 1.6 n/a 963 4.2% n/a
*
Based on expected maturity date.
The cash deposits generally comprise overnight call or short term money market deposits of less than one month which are
repayable on demand. The comparative index rate which determines the interest payments received on cash balances is the
bankbaserate.
Financial report
Annual Report and Financial Statements 2025
104
17 Financial instruments (continued)
ii. Interest rate risk (continued)
Financial liabilities
The interest risk profile of the Company’s financial liabilities and the maturity profile of the undiscounted future cash flows
inrespectof the Company’s contractual financial liabilities at 31 October are shown below:
2025
Fair value
£’000
2025
Weighted
average
interest rate
2025
Weighted
average period
untilmaturity *
2024
Fair value
£’000
2024
Weighted
average
interest rate
2024
Weighted
average period
untilmaturity *
Bank loans:
Sterling 39,919 5.9% 9 months 28,060 6.5% 15 months
US dollar 32,928 5.7% 8 months 55,354 6.7% 29 months
Euro 5,244 4.2% 1 month 8,330 5.2% 4 months
*
Based on expected maturity date.
Interest Rate Risk Profile
The interest rate risk profile of the Company’s financial liabilities at 31 October was:
2025
£’000
2024
£’000
Floating rate:
Sterling denominated 39,919 28,060
US$ denominated 32,928 55,354
Euro denominated 5,244 8,330
78,091 91,744
Maturity profile
The maturity profile of the Company’s financial liabilities at 31 October was:
2025
£’000
2024
£’000
In less than three months:
Repayment of loans 78,091 91,744
Accumulated interest 1,096 1,315
79,187 93,059
Interest rate risk sensitivity
An increase of 100 basis points in interest rates, with all other variables held constant, would have decreased the Company’s total
net assets and total return for the year ended 31 October 2025 by £561,000 (2024 – decreased by £1,058,000). This is due to the
Company’s exposure to interest rates on its revolving floating rate bank loans and cash balances. A decrease of 100 basis points
would have had an equal but opposite effect.
iii. Other price risk
Changes in market prices other than those arising from interest rate risk or currency risk may also affect the value of the Company’s
net assets. The Board manages the market price risks inherent in the investment portfolio by ensuring full and timely access to
relevant information from the Managers. The Company’s portfolio of unlisted level 3 investments is not necessarily affected by
market performance, however the valuations are affected by the performance of the underlying securities in line with the valuation
criteria in note 1(e). The Board meets regularly and at each meeting reviews investment performance, the investment portfolio and
the rationale for the current investment positioning to ensure consistency with the Company’s objectives and investment policies.
The portfolio does not seek to reproduce the comparative index: investments are selected based upon the merit of individual
companies and therefore performance may well diverge from the short term fluctuations of the comparative index.
Other price risk sensitivity
A full list of the Company’s investments is given on pages 23 to 26. In addition, a geographical analysis of the portfolio and an
analysis of the investment portfolio by broad industrial or commercial sector is given on pages 28 and 29.
105
Edinburgh Worldwide Investment Trust plc
17 Financial instruments (continued)
iii. Other price risk (continued)
Other Price Risk Sensitivity (continued)
78.4% (2024 – 82.1%) of the Company’s net assets are invested in quoted equities. A 10% increase in quoted equity valuations
at 31 October 2025 would have increased total assets and total return by £60,323,000 (2024 – increased total assets and total
return by £52,095,000). A decrease of 10% would have had an equal but opposite effect.
24.3% (2024 – 29.0%) of the Company’s net assets are invested in unlisted securities. The fair valuation of the unlisted investments
is influenced by the estimates, assumptions and judgements made in the fair valuation process (see 1(d) on pages 91 and 92).
A sensitivity analysis is provided below which recognises that the valuation methodologies employed involve subjectivity in their
significant unobservable inputs and illustrates the potential upside and downside risk resulting from the estimation uncertainty
associated with the fair valuation process. The inputs have been flexed by +/-10% to illustrate what the impact of movements
in these variables would have on the end valuations, with the exception of the Recent Transaction Price valuation approach as it
does not involve significant subjectivity.
As at
31 October 2025
Valuation technique
Significant unobservable inputs*
Fair value of
investments
£’000
Key
unobservable
inputs
Other
unobservable
inputs
†
Range
Weighted
average
range
#
Sensitivity
%
Sensitivity to changes
in significant
unobservable inputs
Recent transaction
price
133,114 n/a a,b n/a n/a n/a If the recent
transaction price
changed by +/10%,
the fair value would
change by £13,311,352
and (£13,311,352).
Comparable
company
performance
30,575 Selection of
comparable
companies
a.b.c.f (1.9%)
to 42%
17.4% 10% If input comparable
company performance
changed by +/- 10%,
the fair value would
change by £2,046,135
and (£2,053,328).
Market approach
using comparable
trading multiples
13,438 EV/LTM
revenue
multiple
a,b,c,d 3.56x –
12.33x
8.33x 10% If EV/LTM Revenue
multiples changed
by +/- 10%, the fair
value would change
by £864,977 and
(£864,595).
Discount
for lack of
liquidity
e (10%) (10%) 10% If the illiquidity
discount is changed
by +/- 10%, the fair
value would change
by £118,910 and
(£118,528).
Adjusted price of
recent transaction
9,498 Execution risk
discount
a,b n/a n/a 10%
A movement by +/‑
10% in the company
valuations for those
based on a recent
transaction would
change the fair
value by +£949,841/
(£949,841).
Financial report
Annual Report and Financial Statements 2025
106
17 Financial instruments (continued)
iii. Other price risk (continued)
Other Price Risk Sensitivity (continued)
As at
31 October 2024
Valuation technique
Significant unobservable inputs*
Fair value of
investments
£’000
Key
unobservable
inputs
Other
unobservable
inputs
†
Range
Weighted
average
range
#
Sensitivity
%
Sensitivity to changes
in significant
unobservable inputs
Recent transaction
price
95,338 n/a a,b n/a
n/a
n/a n/a
Comparable
company
performance
68,198 Selection of
comparable
companies
a.b.c.f (-21.8%)
to 12.8%
3.5% 10% If input comparable
company performance
changed by +/- 10%,
the fair value would
change by £5,437,367
and (£4,886,262).
Market approach
using comparable
trading multiples
17,401 EV/LTM
revenue
multiple
a,b,c,d 4.51x –
6.79x
5.29x 10% If EV/LTM Revenue
multiples changed
by +/- 10%, the fair
value would change
by £864,131 and
(£864,474).
EV/NTM
revenue
multiple
§
a,b,c,d 4.52x 4.52x 10% If EV/NTM Revenue
multiple changed
by +/- 10%, the fair
value would change
by £140,432 and
(£139,708).
Discount
for lack of
liquidity
e (10%) (10%) 10% If the illiquidity
discount is changed
by +/- 10%, the fair
value would change
by £138,713 and
(£137,513).
Transaction
implied
premiums and
discounts
g 8.7% –
140.0%
66.7%
10% If the transaction
implied premium/
discount is changed
by +/- 10%, the fair
value would change
by £241,034 and
(£238,811)
.
Adjusted price of
recent transaction
2,035
Insolvency risk
discount
a,b n/a 75.0% 10% If the weighting to
the insolvency risk
discount changed
by +/- 10%, the fair
value would change
by £805,641 and
(£805,641).
†
See explanation of significant unobservable inputs below (sections ‘a’ to ‘f’ as relevant).
# Weighted average is calculated by reference to the fair value of holdings as at the respective year end. This therefore gives a clearer indication of
the typical multiple or adjustment being applied across the portfolio.
‡ See explanation for the selection of comparable companies on page 107, section ‘c’. The percentage movements reflect the movement in overall
company value for the basket of comparable companies relevant to each holding since the most recent transaction or since the last assessed.
¶ Enterprise value (EV) divided by the last twelve months (LTM) revenue.
§ Enterprise value (EV) divided by the next twelve months (NTM) forecast revenue.
107
Edinburgh Worldwide Investment Trust plc
17 Financial instruments (continued)
iii. Other price risk (continued)
* Significant unobservable inputs
The variable inputs applicable to each broad category of valuation basis will vary dependent on the particular circumstances of
each unlisted company valuation. An explanation of each of the key variable inputs is provided below and includes an indication of
the range in value for each input, where relevant. The assumptions made in the production of the inputs are described in note 1(d)
on pages 91 and 92.
a. Application of valuation basis
Each investment is assessed independently, and the valuation basis applied will vary depending on the circumstances of each
investment. When an investment is pre‑revenue, the focus of the valuation will be on assessing the recent transaction and the
achievement of key milestones since investment. Adjustments may also be made depending on the performance of comparable
benchmarks and companies. For those investments where a trading Multiples approach can be taken, the methodology will
factor in revenue, earnings or net assets as appropriate for the investment, and where a suitable correlation can be identified
with the comparable companies then a regression analysis will be performed. Discounted cash flows will also be considered
where appropriate forecasts are available.
b. Probability estimation of liquidation events
The probability of a liquidation event such as a company sale, or alternatively an initial public offering (‘IPO’), is a key variable
input in the Transaction‑based and Multiples‑based valuation techniques. The probability of an IPO versus a company sale
is typically estimated from the outset to be 50:50 if there has been no indication by the company of pursuing either of these
routes. If the company has indicated an intention to IPO, the probability is increased accordingly to 75% and if an IPO has
become a certainty the probability is increased to 100%. Likewise, in a scenario where a company is pursuing a trade sale
the weightings will be adjusted accordingly in favour of a sale scenario, or in a situation where a company is underperforming
expectations significantly and therefore deemed very unlikely to pursue an IPO.
c. Selection of comparable companies
The selection of comparable companies is assessed individually for each investment at the point of investment, and the
relevance of the comparable companies is continually evaluated at each valuation. The key criteria used in selecting
appropriate comparable companies are the industry sector in which they operate, the geography of the company’s operations,
the respective revenue and earnings growth rates and the operating margins. Typically, between 4 and 10 comparable
companies will be selected for each investment, depending on how many relevant comparable companies are identified. The
resultant revenue or earnings multiples derived will vary depending on the companies selected and the industries they operate
in and can vary in the range of 1x to 10x.
d. Estimated sustainable earnings
The selection of sustainable revenue or earnings will depend on whether the company is sustainably profitable or not, and
where it is not then sustainable revenues will be used in the valuation. The valuation approach will typically assess companies
based on the last twelve months of revenue or earnings, as they are the most recent available and therefore viewed as the most
reliable. Where a company has reliably forecasted earnings previously or there is a change in circumstance at the business
which will impact earnings going forward, then forward estimated revenue or earnings may be used instead.
e. Application of liquidity discount
The application of a liquidity discount will be applied either through the calibration of a valuation against the most recent
transaction, or by application of a specific discount. The discount applied where a calibration is not appropriate is typically
10%, reflecting that the majority of the investments held are substantial companies with some secondary market activity.
f. Selection of appropriate benchmarks
The selection of appropriate benchmarks is assessed individually for each investment. The industry and geography of
each company are key inputs to the benchmark selection, with either one or two key indices or benchmarks being used for
comparison.
g. Transaction implied premium and discount
Where there is an implied company valuation available as a result of an external arm’s length transaction, the ongoing valuation
will be calibrated to this by deriving a company valuation with reference to the average multiple from a set of comparable
companies and comparing this to a transaction implied valuation, and could result in an implied premium or discount compared
to comparable companies at the point of transaction. This discount or premium will be considered in future valuations, and may
be reduced due to factors such as period of time since the transaction and company performance. Where a calibrated approach
is not appropriate, a discount for illiquidity will be applied as noted in ‘e’ above.
Financial report
Annual Report and Financial Statements 2025
108
17 Financial instruments (continued)
iii. Other price risk (continued)
Liquidity risk
This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities.
Liquidity risk is not significant as the majority of the Company’s assets are investments in quoted securities that are readily
realisable. The Board monitors the exposure to any one holding.
The Company has the power to take out borrowings, which gives it access to additional funding when required. The Company’s
borrowing facilities are detailed in note 10 and the maturity profile of its borrowings are set out on page 99.
Credit risk
This is the risk that a failure of a counterparty to a transaction to discharge its obligations under that transaction could result in
the Company suffering a loss.
This risk is managed as follows:
• where the Managers make an investment in a bond or other security with credit risk, that credit risk is assessed and then
compared to the prospective investment return of the security in question;
• the Depositary is liable for the loss of financial instruments held in custody. The Depositary will ensure that any delegate
segregates the assets of the Company. The Managers monitor the Company’s risk by reviewing the Custodian’s internal control
reports and reporting its findings to the Board;
• investment transactions are carried out with a large number of brokers whose creditworthiness is reviewed by the Managers.
Transactions are ordinarily undertaken on a delivery versus payment basis whereby the Company’s Custodian bank ensures
that the counterparty to any transaction entered into by the Company has delivered on its obligations before any transfer of
cash or securities away from the Company is completed; and
• cash is only held at banks that have been identified by the Managers as reputable and of high credit quality. Credit quality of
our banking provider is publicly available.
As at 31 October 2025 the Company owned unquoted preference share securities. Some of these may have been classified as
debt by the issuer. There are no material amounts past due in relation to these securities. As these instruments (alongside the
ordinary share securities) are measured at fair value through profit and loss, the fair value takes into account credit, market and
other price risk.
Credit risk exposure
The maximum exposure to credit risk at 31 October was:
2025
£’000
2024
£’000
Fixed interest investments 3,806 3,889
Cash and short term deposits 59,326 22,783
Debtors and prepayments 1,218 1,172
64,350 27,844
None of the Company’s financial assets are past due or impaired (2024 – none).
Fair value of financial assets and financial liabilities
The Directors are of the opinion that either the financial assets and liabilities of the Company are stated at fair value or where they
are measured at amortised cost, amortised cost is considered to be a reasonable approximation of fair value.
All short term floating rate borrowings are stated at book cost which is considered to be equal to their fair value given the facilities
are revolving credit facilities and as at 31 October 2025 amounted to £78,091,000 (2024 – £91,744,000).
109
Edinburgh Worldwide Investment Trust plc
17 Financial instruments (continued)
iii. Other price risk (continued)
Capital management
The capital of the Company is its share capital and reserves as set out in note 12 together with its borrowings (see note 10). The
objective of the Company is the achievement of long term capital growth by investing primarily in listed companies throughout
the world. The Company’s investment policy is set out on pages 40 to 41. In pursuit of the Company’s objective, the Board has a
responsibility for ensuring the Company’s ability to continue as a going concern and details of the related risks and how they are
managed are set out on page 68, pages 43 to 48 and pages 67 and 68, respectively. The Company has the authority to issue and
to buy back its shares and changes to the share capital during the year are set out in note 11.
The Company’s policies and processes for managing capital are unchanged from the previous accounting period. The Company is
subject to the following externally imposed capital requirements:
•
as a public company, the Company has a minimum share capital of £50,000;
• in order to be able to pay dividends out of profits available for distribution, the Company has to be able to meet one of the two
capital restriction tests imposed on investment companies by law.
These requirements are unchanged since last year and the Company has complied with them.
18 Subsequent events
On 2 December 2025, the Company announced a proposed merger with the Baillie Gifford US Growth Trust plc. This proposal did
not receive support from a significant minority shareholder with a strategic interest and is not being progressed at this time.
On 3 December 2025, a valid requisition to convene a general meeting was received from a significant minority shareholder with
a strategic interest in the shares of the Company, further details of which can be found in the Chair’s statement on page 08. The
notice seeks to remove all of the existing independent non‑executive Directors and appoint alternate directors.
On 16 December 2025, the Company was advised of a trigger event requiring an upward adjustment to the valuation of its largest
holding, Space Exploration Technologies (‘SpaceX’), in accordance with the valuation process as described on page 17 for valuing
private company investments. The valuation of SpaceX was increased by 98.6% representing an increase in NAV of 3.3% relative
to shareholders’ funds at 31 October 2025. This was a non‑adjusting post balance sheet event that did not require adjustment to
shareholders’ funds at 31 October 2025 as the triggering event arose after the balance sheet date and did not relate to a situation
that existed at the balance sheet date.
The Directors confirm that there have been no other post Balance Sheet events which require adjustment of, or disclosure in, the
Financial Statements or notes thereto up to 12January 2026.
Shareholder
information
111
Edinburgh Worldwide Investment Trust plc
Edinburgh Worldwide is an investment
trust. Investment trusts offer investors the
following:
• participation in a diversified portfolio of shares;
• constant supervision by experienced professional
managers; and
• the Company is free from capital gains tax on
capital profits realised within its portfolio although
investors are still liable for capital gains tax on
profits when selling their investment.
How to invest
The Company’s shares are traded on the London
Stock Exchange. They can be bought by placing an
order with a stockbroker or by asking a professional
adviser to do so. If you are interested in investing
directly in Edinburgh Worldwide, you can do so
online. There are a number of companies offering
real time online dealing services.
Sources of further information on the
Company
The ordinary shares of the Company are listed on the
London Stock Exchange and their price is shown in
the Financial Times and The Scotsman under ‘Equity
Investment Instruments’. The price of shares can also
be found on the Company’s page on Baillie Gifford’s
website at edinburghworldwide.co.uk, Trustnet
at trustnet.co.uk and on other financial websites.
Company factsheets are also available on the Baillie
Gifford website and are updated monthly. These are
available from Baillie Gifford on request.
Edinburgh Worldwide share identifiers
ISIN GB00BHSRZC82
Sedol BHSRZC8
Ticker EWI
Legal Entity Identifier 213800JUA8RKIDDLH380
Key dates
The Company pays the minimum permissible level of
final dividend and no interim dividend. No dividend
is payable in respect of the current financial year
to 31October 2025. If a dividend was payable
this would be due soon after the Annual General
Meeting.
Share register enquiries
Computershare Investor Services PLC maintains the
share register on behalf of the Company. In the event
of queries regarding shares registeredinyourown
name,please contact the Registrarson
03707071643.
This helpline also offers an automated self‑service
functionality (available 24 hours a day, 7 days a
week) which allows you to:
• hear the latest share price;
• confirm your current share holding balance;
• confirm your payment history; and
• order Change of Address, Dividend Bank Mandate
and Stock Transfer forms.
Further shareholder
information
Shareholder information
Annual Report and Financial Statements 2025
112
By quoting the reference number on your share
certificate you can check your holding on the
Registrar’s website at investorcentre.co.uk.
They also offer a free, secure, share management
website service which allows you to:
• view your share portfolio and see the latest market
price of your shares;
• calculate the total market price of each
shareholding;
• view price histories and trading graphs;
• register to receive communications from the
Company, including the Annual Report and
Financial Statements, in electronic format;
• update bank mandates and change address
details; and
• use online dealing services.
To take advantage of this service, please log in at
investorcentre.co.uk and enter your Shareholder
Reference Number and Company Code (this
information can be found on the last dividend
voucher or your share certificate).
Electronic proxy voting
If you hold stock in your own name you can choose
to vote by returning proxies electronically at
eproxyappointment.com.
If you have any questions about this service please
contact Computershare on 0370 707 1643.
CREST proxy voting
If you are a user of the CREST system (including a
CREST Personal Member), you may appoint one or
more proxies or give an instruction to a proxy by having
an appropriate CREST message transmitted. For
further information please refer to the CREST Manual.
Voting via an investment platform
If you are a shareholder who holds shares via a
platform, you should be able to exercise your right
to vote by contacting the platform provider directly.
You can instruct the platform how to vote your
shares or ask to be appointed as a proxy in respect
of your shareholding should you wish to attend,
speak and vote at any General Meeting convened
or the Annual General Meeting. Further guidance
can be obtained from your platform provider or
the Association of Investment Companies at
aic.co.uk/how-to-vote-your-shares.
Data protection
The Company is committed to ensuring the
confidentiality and security of any personal data
provided to it. Further details on how personal data
is held and processed on behalf of the Company
can be found in the privacy policy available on the
Company’s website edinburghworldwide.co.uk.
Alternative Investment Fund Managers
(AIFM) Directive
In accordance with the Alternative Investment
Fund Managers Directive, information in relation to
the Company’s leverage and the remuneration of
the Company’s AIFM, Baillie Gifford & Co Limited,
is required to be made available to investors.
In accordance with the Directive, the AIFM’s
remuneration policy is available at bailliegifford.com or
on request (see contact details on the back cover) and
the numerical remuneration disclosures in respect of
the AIFM’s relevant reporting period are also available
at bailliegifford.com. The Company’s maximum and
actual leverage levels (see Glossary of terms and
Alternative Performance Measures on pages 117 to
119) at 31 October 2025 are shown below:
Leverage
Gross
method
Commitment
method
Maximum limit 2.50:1 2.00:1
Actual 1.15:1 1.10:1
Automatic Exchange of Information
In order to fulfil its obligations under UK tax
legislation relating to the automatic exchange
ofinformation, Edinburgh Worldwide Investment
Trust plc is required to collect and report certain
information about certain shareholders.
The legislation requires investment trust companies
to provide personal information to HMRC on certain
investors who purchase shares in investment trusts.
Accordingly, Edinburgh Worldwide Investment Trust
plc will have to provide information annually to
the local tax authority on the tax residencies of a
number of non-UK based certificated shareholders
and corporate entities.
Shareholders, excluding those whose shares are
held in CREST, who come on to the share register
will be sent a certification form for the purposes
of collecting this information.
113
Edinburgh Worldwide Investment Trust plc
For further information, please see HMRC’s Quick
Guide: Automatic Exchange of Information –
information for account holders gov.uk/guidance/
automatic-exchange-of-information-account-holders.
Third party data provider disclaimer
No third party data provider (‘Provider’) makes any
warranty, express or implied, as to the accuracy,
completeness or timeliness of the data contained
herewith nor as to the results to be obtained by
recipients of the data. No Provider shall in any
way be liable to any recipient of the data for any
inaccuracies, errors or omissions in the index data
included in this document, regardless of cause,
or for any damages (whether direct or indirect)
resulting therefrom.
No Provider has any obligation to update, modify
or amend the data or to otherwise notify a recipient
thereof in the event that any matter stated herein
changes or subsequently becomes inaccurate.
Without limiting the foregoing, no Provider shall have
any liability whatsoever to you, whether in contract
(including under an indemnity), in tort (including
negligence), under a warranty, under statute or
otherwise, in respect of any loss or damage suffered
by you as a result of or in connection with any
opinions, recommendations, forecasts, judgements,
or any other conclusions, or any course of action
determined, by you or any third party, whether or
not based on the content, information or materials
contained herein.
S&P Index data
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.
MSCI Index data
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 of
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 (msci.com).
FTSE Index data
London Stock Exchange Group plc and its group
undertakings (collectively, the ‘LSE Group’).
©LSEGroup 2025. FTSE Russell is a trading
nameof certain of the LSE Group companies.
‘FTSE®’ ‘Russell®’, ‘FTSE Russell®’, is/are a trade
mark(s) of the relevant LSE Group companies and
is/are used by any other LSE Group company under
license. All rights in the FTSE Russell indexes or
data vest in the relevant LSE Group company which
owns the index or the data. Neither LSE Group
nor its licensors accept any liability for any errors
or omissions in the indexes or data and no party
may rely on any indexes or data contained in this
communication. No further distribution of data from
the LSE Group is permitted without the relevant
LSEGroup company’s express written consent.
TheLSE Group does not promote, sponsor or
endorse the content of this communication.
Shareholder information
Annual Report and Financial Statements 2025
114
Communicating
with shareholders
Trust magazine
Trust magazine
Trust is the Baillie Gifford investment trust magazine
which is published twice a year. It provides an insight
to our investment approach by including interviews
with our fund managers, as well as containing
investment trust news, investment features and
articles about the trusts managed by Baillie Gifford,
including Edinburgh Worldwide. Trust plays an
important role in helping to explain our products
sothat readers can really understand them.
You can subscribe to Trust magazine or view a digital
copy at bailliegifford.com/trust.
Suggestions and questions
Any suggestions on how communications with
shareholders can be improved are welcome. Please
contact the Baillie Gifford Client Relations Team
(see contact details in the ‘Further Information’ box
on the back cover) and give them your suggestions.
They will also be very happy to answer questions
that you may have about Edinburgh Worldwide.
Edinburgh Worldwide on the Web
Up‑to‑date information about Edinburgh Worldwide
can be found on the Company’s page of the
Managers’ website at edinburghworldwide.co.uk
and at www.trustewit.com. You will find full details
on Edinburgh Worldwide, including recent portfolio
information and performance figures.
Client relations team contact details
You can contact the Baillie Gifford Client Relations
Team by telephone, email or post:
Telephone: 0800 917 2113
Your call may be recorded for training or monitoring
purposes.
Email: enquiries@bailliegifford.com
Website: bailliegifford.com
Address:
Baillie Gifford Client Relations Team
Calton Square
1 Greenside Row
Edinburgh EH1 3AN
Please note that Baillie Gifford is not permitted
to give financial advice. If you would like advice,
please ask an authorised intermediary.
115
Edinburgh Worldwide Investment Trust plc
Edinburgh Worldwide
Investment Trust Q3
Investment Update
by Bill Chater
Investment specialist Bill Chater
reflects on recent performance,
portfolio changes and market
developments.
Bringing it home: the
companies winning from
deglobalisation
by Ian McGugan
How Edinburgh Worldwide
invests in companies such as
MP Materials, Silex Systems and
Xometry that strengthen resilience
amid geopolitical tension and
deglobalisation.
Edinburgh Worldwide
Investment Trust: the next
generation of companies
setto prosper
by Douglas Brodie
Douglas Brodie discusses
hisinvestment approach,
portfolio holdings and the
globalenvironment in a recent
media interview.
Shareholder information
Annual Report and Financial Statements 2025
116
The EU Sustainable Finance Disclosure Regulation
(‘SFDR’) does not have a direct impact in the UK
due to Brexit, however, it applies to third‑country
products marketed in the EU. As Edinburgh
Worldwide is marketed in the EU by the AIFM,
BaillieGifford & Co Limited, via the National Private
Placement Regime (‘NPPR’) the following disclosures
have been provided to comply with the high‑level
requirements of SFDR.
The AIFM has adopted Baillie Gifford & Co’s ESG
Principles and Guidelines as its policy on integration
of sustainability risks in investment decisions.
Baillie Gifford & Co believes that a companycannot
be financially sustainable in the long run if its
approach to business is fundamentally out of line
with changing societal expectations. It defines
‘sustainability’ as a deliberately broad concept which
encapsulates a company’s purpose, values, business
model, culture, and operating practices.
Baillie Gifford & Co’s approach to investment
isbased on identifying and holding high quality
growth businesses that enjoy sustainable
competitive advantages in their marketplace.
To dothis it looks beyond current financial
performance, undertaking proprietary research
tobuild up an in-depth knowledge of an individual
company and a view on its long‑term prospects.
This includes the consideration of sustainability
factors (environmental, social and/or governance
matters) which it believes will positively or negatively
influence the financial returns of an investment.
Thelikely impact on the return of the portfolio
fromapotential or actual material decline in the
Sustainable Finance Disclosure
Regulation (‘SFDR’)
value of investment due to the occurrence of
anenvironmental, social or governance event
orcondition will vary and will depend on several
factors including but not limited to the type,
extent,complexity and duration of an event
or condition, prevailing market conditions and
existence of any mitigating factors.
Whilst consideration is given to sustainability
matters, there are no restrictions on the investment
universe of the Company, unless otherwise
statedwithin in its Investment Objective & Policy.
Baillie Gifford & Co can invest in any companies it
believes could create beneficial long-term returns for
investors. However, this might result in investments
being made in companies that ultimately cause a
negative outcome for the environment or society.
More detail on the Investment Manager’s approach
to sustainability can be found in the ESG Principles
and Guidelines document, available publicly on the
Baillie Gifford website bailliegifford.com and by
scanning the QR code below.
The underlying investments do not take into account
the EU criteria for environmentally sustainable
economic activities established under the EU
Taxonomy Regulation.
117
Edinburgh Worldwide Investment Trust plc
An alternative performance measure is a financial measure of historical or future financial performance,
financial position, or cash flows, other than a financial measure defined or specified in the applicable
financial reporting framework.
Total assets
This is the Company’s definition of Adjusted Total Assets, being the total value of all assets held less all
liabilities (other than liabilities in the form of borrowings).
Net Asset Value (‘NAV’)
Also described as shareholders’ funds, net asset value is the value of total assets less liabilities (including
borrowings). Net asset value can be calculated on the basis of borrowings stated at book value and fair
value. An explanation of each basis is provided below. The net asset value per share is calculated by dividing
this amount by the number of ordinary shares in issue excluding any shares held in treasury.
Net Asset Value (borrowings at book value)
Borrowings are valued at their nominal book value. The value of the borrowings at book and fair value are
set out on page 104.
Net Asset Value (borrowings at fair value) (APM)
Borrowings are valued at an estimate of their market worth. The value of the borrowings at book and fair
value are set out on page 104.
Net Asset Value (reconciliation of NAV at book value to NAV at fair value)
2025
£’000
2024
£’000
Net asset value per ordinary share (borrowings at book value) 220.97p 170.40p
Shareholders’ funds (borrowings at book value) £768,957 £634,603
Add: book value of borrowings £78,091 £91,744
Less: fair value of borrowings (£78,091) (£91,744)
Shareholders’ funds (borrowings at fair value) £768,957 £634,603
Number of shares in issue 347,984,292 372,426,908
Net asset value per ordinary share (borrowings at fair value) 220.97p 170.40p
At 31 October 2025 and 31 October 2024 all borrowings are in the form of short term floating rate
borrowings and their fair value is considered equal to their book value, hence there is no difference in the
net asset value at book value and fair value.
Glossary of terms and Alternative
Performance Measures (‘APM’)
Shareholder information
Annual Report and Financial Statements 2025
118
Net liquid assets
Net liquid assets comprise current assets less current liabilities, excluding borrowings.
Discount/premium (APM)
As stock markets and share prices vary, an investment trust’s share price is rarely the same as its net asset
value. When the share price is lower than the net asset value per share it is said to be trading at a discount.
The size of the discount is calculated by subtracting the share price from the net asset value per share and
is usually expressed as a percentage of the net asset value per share. If the share price is higher than the
net asset value per share, this situation is called a premium.
2025 2024
Net asset value per ordinary share (a) 220.97p 170.40p
Share price (b) 205.00p 157.40p
Discount ((b) – (a)) ÷ (a) (7.2%) (7.6%)
Total return (APM)
The total return is the return to shareholders after reinvesting the net dividend on the date that the share
price goes ex‑dividend.
Compound annual return (APM)
The compound annual return converts the return over a period of longer than one year to a constant annual
rate of return applied to the compound value at the start of each year.
Leverage (APM)
For the purposes of the Alternative Investment Fund Managers (‘AIFM’) Regulations, leverage is any method
which increases the Company’s exposure, including the borrowing of cash and the use of derivatives. It is
expressed as a ratio between the Company’s exposure and its net asset value and can be calculated on a
gross and a commitment method. Under the gross method, exposure represents the sum of the Company’s
positions after the deduction of sterling cash balances, without taking into account any hedging and netting
arrangements. Under the commitment method, exposure is calculated without the deduction of sterling cash
balances and after certain hedging and netting positions are offset against each other. The leverage figures
at 31 October 2025 are detailed on page 112.
Active share (APM)
Active share, a measure of how actively a portfolio is managed, is the percentage of the portfolio that
differsfrom its comparative index. It is calculated by deducting from 100 the percentage of the portfolio
thatoverlaps with the comparative index. An active share of 100 indicates no overlap with the index and
anactive share of zero indicates a portfolio that tracks the index.
119
Edinburgh Worldwide Investment Trust plc
Gearing (APM)
At its simplest, gearing is borrowing. Just like any other public company, an investment trust can borrow
money to invest in additional investments for its portfolio. The effect of the borrowing on the shareholders’
assets is called ‘gearing’. If the Company’s assets grow, the shareholders’ assets grow proportionately more
because the debt remains the same. But if the value of the Company’s assets falls, the situation is reversed.
Gearing can therefore enhance performance in rising markets but can adversely impact performance in
falling markets.
Net gearing is the Company’s borrowings less cash and cash equivalents expressed as a percentage of
shareholders’ funds.
Gross Gearing is the Company’s borrowings at book value less cash and cash equivalents (including any
outstanding trade settlements) expressed as a percentage of shareholders’ funds.
2025 2024
Net
gearing*
£’000
Gross
gearing
†
£’000
Net
gearing*
£’000
Gross
gearing
†
£’000
Borrowings (a) 78,091 78,091 91,744 91,744
Cash and cash equivalents
(b) 59,326 – 22,783 –
Shareholders’ funds
(c) 768,957 768,957 634,603 634,603
Gearing
2.4% 10.2% 10.9% 14.5%
* Net gearing: ((a) – (b)) divided by (c), expressed as a percentage.
†
Gross gearing: (a) divided by (c), expressed as a percentage.
Ongoing charges (APM)
The total expenses (excluding dealing and borrowing costs) incurred by the Company as a percentage of the
daily average net asset value (with borrowings at market value), as detailed below.
2025
£’000
2024
£’000
Investment management fee £4,203 £3,317
Other administrative expenses £3,289 £1,520
Less: Non‑recurring expenses* (£1,673) –
Total expenses (a) £5,819 £4,837
Average daily cum‑income net asset value
(with debt at fair value)
(b) £687,833 £638,804
Ongoing charges (a) as a percentage of (b) 0.85% 0.76%
*
Comprises the total costs incurred in connection with the Requisitioned General Meeting held on 14 February 2025, together with legal costs incurred in
connection with the cancellation of the share premium account.
Share split
A share split (or stock split) is the process by which a company divides its existing shares into multiple
shares. Although the number of shares outstanding increases, the total value of the shares remains the
same with respect to the pre‑split value.
Unlisted (private) company
An unlisted company means a company whose shares are not available to the general public for trading
andnot listed on a stock exchange.
Shareholder information
Annual Report and Financial Statements 2025
120
Company
information
Directors
Chair: Jonathan Simpson‑Dent
Mary Gunn
Jane McCracken
Caroline Roxburgh
Mungo Wilson
Greg Eckersley
Registrar
Computershare Investor
Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
T: +44 (0)370 707 1643
Alternative Investment Fund
Managers, Secretaries and
Registered Office
Baillie Gifford & Co Limited
Calton Square
1 Greenside Row
Edinburgh EH1 3AN
T: +44 (0)131 275 2000
bailliegifford.com
Depositary
The Bank of New York Mellon
(International) Limited
1 Canada Square
London E14 5AL
Company Broker
Deutsche Numis
45 Gresham Street
London EC2V 7BF
Independent Auditor
Ernst & Young LLP
25 Churchill Place
Canary Wharf
London E14 5EY
Company details
edinburghworldwide.co.uk
Company Registration No. SC184775
ISIN: GB00BHSRZC82
Sedol: BHSRZC8
Ticker: EWI
Legal Entity Identifier:
213800JUA8RKIDDLH380
Further information
Client Relations Team
Baillie Gifford & Co
Calton Square
1 Greenside Row
Edinburgh EH1 3AN
T: +44 (0)800 917 2113
enquiries@bailliegifford.com
Calton Square, 1 Greenside Row, Edinburgh EH1 3AN
Telephone +44 (0)131 275 2000
edinburghworldwide.co.uk