**Summary**
Edinburgh Worldwide Investment Trust plc (EWIT) reported strong financial results for the year ending October 31, 2025, with a 29.7% increase in net asset value (NAV) per share and a 30.2% rise in share price, significantly outperforming the S&P Global Small Cap Index. Key contributors to this performance included investments in SpaceX and Alnylam Pharmaceuticals. The trust bought back 24.4 million shares, representing 6.6% of its issued share capital, and maintained a low invested equity gearing of 2.4%. Private company investments accounted for 22.0% of total assets, with no new private investments made during the year.
The trusts "Path for Growth" strategy, introduced in November 2024, focused on rebalancing the portfolio for resilience and diversification. Shareholders approved changes to the investment policy, including raising the market capitalization limit for initial investments and reducing the target number of holdings to 60-100. The trust also faced challenges, including a requisition by Saba Capital for board replacement, which the Board strongly opposed, urging shareholders to vote against Sabas resolutions.
Financial highlights include a net return after taxation of ยฃ177,003,000, with a net return per ordinary share of 48.85p. The trust held ยฃ789,855,000 in investments, with a significant portion in listed equities and private companies. The top 20 holdings, including SpaceX, Alnylam, and PsiQuantum, contributed substantially to the trusts performance. The trusts valuation process for private companies, overseen by an independent group, ensures fair and timely adjustments.
EWITs stewardship principles emphasize long-term value creation, governance, alignment, and sustainable practices. The trust actively engages with stakeholders, including shareholders, managers, and portfolio companies, to promote its success and maintain high standards of conduct. The Boards section 172 statement outlines its commitment to balancing the interests of all stakeholders, including shareholders, managers, and wider society.
In summary, EWITs annual results showcase robust performance, strategic portfolio adjustments, and a commitment to long-term growth, despite external challenges and activist investor actions.
Here is a comparison of the financials and debt year on year presented as an HTML table:
**Key Observations:** - **NAV and Share Price:** Both NAV per share and share price increased significantly year-on-year, with NAV up 29.7% and share price up 30.2%.
- **Discount/Premium:** The discount to NAV narrowed slightly from -7.6% to -7.2%.
- **Gearing:** Invested equity gearing decreased substantially from 10.9% to 2.4%.
- **Private Companies:** The percentage of total assets held in private companies decreased from 25.3% to 22.0%.
- **Borrowings and Cash:** Borrowings decreased by ยฃ13.653m, while cash and cash equivalents increased by ยฃ36.543m.
- **Net Revenue Return:** The net revenue return per share worsened from -0.70p to -1.11p. This table provides a concise comparison of key financial metrics and debt levels between 2024 and 2025 for Edinburgh Worldwide Investment Trust PLC.