The Baillie Gifford-managed £830 million Edinburgh Worldwide Investment Trust plc (EWIT) said its net asset value (NAV) per share increased by 29.7% and the share price by 30.2% in the year to October 31, 2025.
The fund’s comparative index, the S&P Global Small Cap Index total return, increased by 12.8% in sterling terms.
Among the fund’s top contributors to performance over the financial year were SpaceX and Alnylam Pharmaceuticals, a drug developer focused on harnessing gene silencing technology.
EWIT has urged its shareholders to vote against proposals by New York activist hedge fund Saba Capital Management, which wants to remove all six of Edinburgh Worldwide’s independent non-executive directors and appoint three US-based individuals nominated by Saba.
Saba Capital says that “together with certain of its affiliates” it is the “beneficial owner of interests in approximately 30%” of Edinburgh Worldwide.
EWIT said that over the course of the financial year, the fund bought back approximately 24.4 million shares for treasury, representing approximately 6.6% of its issued share capital.
At the year end, EWIT held 14 private companies, accounting for 22% of total assets. No new private company investments were made during the year.
EWIT said: “The board remains excited by the opportunity ahead for this unique global mandate, its strategy focused on exceptional, disruptive and transformative companies, positioned for long-term growth, and its continued drive to build momentum from the Path for Growth strategy.”
Edinburgh Worldwide Investment Trust chair Jonathan Simpson-Dent said: “Following the Board’s extensive strategic review in 2024, shareholders endorsed our Path for Growth strategy, and I am pleased to report that its first year of implementation has delivered strong performance.
“Share price and NAV returns were more than double our comparative index, reflecting a more focused, resilient portfolio and the strength of Baillie Gifford’s specialist expertise and primary access to early-stage, high-potential, investment opportunities in emerging companies operating at the frontiers of scientific, technological and process innovation.
“The Board is resolutely focused on delivering superior outcomes for shareholders as performance momentum continues to build, and is excited by this unique portfolio that is well positioned for long-term growth.
“Against this backdrop, the unwelcome requisition by Saba Capital represents a clear threat to the Company’s independence, strategy and long-term value proposition.
“I thank the hundreds of shareholders who joined an open Question and Answer meeting last Friday and encourage all shareholders who wish to protect their investment trust and its unique mandate to vote against all of Saba’s resolutions before the rapidly approaching voting deadlines.”