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Edinburgh Investment Trust

Share price 620.00 GBX
Company launch date 1889
Manager inception date 2020
Total assets £1.3 billion
Currently viewing:

Overview

Edinburgh Investment Trust, which was launched in 1889, offers a high-conviction portfolio of UK equities. James de Uphaugh aims to deliver long-term added value regardless of economic and market conditions.

Past performance is not a guide to future performance. The value of an investment and the income generated from it can fall as well as rise and is not guaranteed. You may get back less than you originally invested.
Key Information
Benchmark Index
FTSE All Share
AIC Sector
IT UK Equity Income
Net Asset Value per share
658.210p
Premium/Discount +/- (%)
-5.805
Historic dividend per share
24.00p
Historic share price yield
3.8%
Ongoing charges
0.51%
Active Share
65.7%
Gearing (gross)
10.1%
Gearing (net)
6.6%
Holdings
49

Shareholder Presentation

A shareholder presentation will be taking place in London on Thursday 22 September 2022, to register your interest please click below.

Register now
Meet the tea

Why invest in EIT?

  • The Trust is managed using a rigorous and proven investment process.

  • James de Uphaugh and Chris Field have nearly 70 years of combined investment experience.

  • The Trust offers a diversified and high conviction portfolio of typically 40 to 50 listed equities based on fundamental company research.

  • There are no in-built investment style biases. Instead, opportunities are sought across the market: growth, value and recovery stocks will all typically be held.

  • James’ aim is to deliver long-term added value regardless of economic and market conditions.

  • This work is underpinned by the research of an experienced team of investment analysts with a global perspective.

  • One of the advantages of an investment trust is the ability to borrow to enhance equity returns. It is therefore expected that gearing will boost investment returns over time.

Annual General Meeting

Thursday 21 July 2022

The last AGM was held at The Hawthornden Lecture Theatre, The National Galleries of Scotland, Weston Link, The Mound, Edinburgh, EH2 2EL at 11am on 21 July 2022. You can watch a recording on-demand using the button below.

Information about the next AGM will be available nearer the time.

Watch recording View results
Meet the tea

Awards & Ratings

Morningstar Analyst Rating Morningstar Analyst Rating: Bronze
Morningstar Sustainability rated 4 Morningstar Sustainability Rating: 4

Investment Process

The portfolio typically contains around 40 to 50 stocks. Holdings sizes reflect the conviction the fund managers have in each company and their assessment of the upside and downside potential of their share prices. The managers think of risk as permanent capital loss. To mitigate this, their analysis of a company’s valuation is the first line of defence.

The managers do not have dogmatic style biases, such as growth or value. They invest in companies that have scope for recovery through management change, business transformation or an improving business environment. Around three-quarters of the managers’ time is spent on in-depth stock research. The remainder is on macroeconomic and geopolitical analysis.

ESG-related issues have financial implications for the portfolio’s holdings. The managers prioritise and engage the holdings on their key, material issues, many of which are ESG-related. The outcomes from this in-depth analysis and engagements help form the conviction level and investment decisions.

Investor returns should derive over the long term from a total return comprising both capital appreciation and dividend income. The managers often prefer companies with organic investment opportunities. As such, they normally expect companies with growing profits – and share prices – to contribute to returns. They view income as an important component rather than the primary driver of investment return.

The typical holding period of stocks within the portfolio is 3 to 5 years. This is an appropriate period to ensure that underlying corporate fundamentals drive investment returns. It is therefore also a sensible period over which to measure an active manager.

Past performance is not a guide to future performance. The value of an investment and the income generated from it can fall as well as rise and is not guaranteed. You may get back less than you originally invested.

Share price performance

Performance

Discrete share price performance (%)

12 months to end of Jun 22 Jun 21 Jun 20 Jun 19 Jun 18
Edinburgh Investment Tst plc 2.1 37.7 -15.6 -10.9 -4.4
FTSE All Share 1.6 21.5 -13.0 0.6 9.0

Cumulative share price performance (%)

As at previous day end 1 month 3 months 6 months YTD 1 year 3 years 5 years 10 years Since Inception
Edinburgh Investment Tst plc 4.4 4.2 -3.0 1.7 6.4 32.2 5.9 79.7 482.4
FTSE All Share 5.0 4.5 -1.4 0.8 4.6 15.4 22.1 94.9 122.3

Source: FE fundinfo as at 10/08/2022. Performance figures are shown in GBX. Total return performance figures are calculated net of costs and charges, on a bid price to bid price basis with net income (dividends) reinvested.

Premium/Discount* history

Edinburgh Investment Trust Premium Discount History
Source: Bloomberg as at 31/07/2022. Updated monthly.

*If a trust’s share price is higher than its net asset value (NAV) then it is said to be trading at a ‘premium’; if the share price is below the NAV then it is trading at a ‘discount’. A figure above 0 is a premium and one below 0 is a discount. 

Current positioning

Top 10 Holdings (% of assets)

SHELL PLC 7.40
BAE SYSTEMS 5.09
TESCO CORP 5.00
ASTRAZENECA PLC 4.80
UNILEVER PLC 4.80
NATWEST GROUP PLC 4.09
GSK PLC 3.80
ANGLO AMERICAN 3.70
KONINKLIJKE KPN NV 2.90
HSBC HOLDINGS PLC 2.70

Source: Liontrust as at 31/05/2022

Sector Breakdown (% of assets)

Retailers - General 12.30
Oil & Gas 10.10
Biotechnology/Medical 9.40
Banks 8.69
Industrials 6.90
Aerospace & Defence 6.20
Mineral Extraction 4.59
Money Market 3.70
Industrials 3.50
Healthcare & Medical Products 3.50
Transport 3.00

Source: Liontrust as at 31/05/2022

Geographic Breakdown (% of assets)

UK
85.60
International
12.60
Money Market
1.80

Source: Liontrust as at 30/06/2022.

Results

Select a year to view:
Select a year to view:
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
26/05/22
Edinburgh Investment Trust Annual Financial Report 2022
22/11/21
Edinburgh Investment Trust Half-Yearly Financial Report 2021
28/05/21
Edinburgh Investment Trust Annual Financial Report 2021
20/11/20
Edinburgh Investment Trust Half-Yearly Financial Report 2020
28/05/20
Edinburgh Investment Trust Annual Financial Report 2020
20/11/19
Edinburgh Investment Trust Half-Yearly Financial Report 2019
28/05/19
Edinburgh Investment Trust Annual Financial Report 2019
20/11/18
Edinburgh Investment Trust Half-Yearly Financial Report 2018
28/05/18
Edinburgh Investment Trust Annual Financial Report 2018
20/11/17
Edinburgh Investment Trust Half-Yearly Financial Report 2017
28/05/17
Edinburgh Investment Trust Annual Financial Report 2017
20/11/16
Edinburgh Investment Trust Half-Yearly Financial Report 2016
28/05/16
Edinburgh Investment Trust Annual Financial Report 2016
20/11/15
Edinburgh Investment Trust Half-Yearly Financial Report 2015
28/05/15
Edinburgh Investment Trust Annual Financial Report 2015
20/11/14
Edinburgh Investment Trust Half-Yearly Financial Report 2014
28/05/14
Edinburgh Investment Trust Annual Financial Report 2014
20/11/13
Edinburgh Investment Trust Half-Yearly Financial Report 2013
28/05/13
Edinburgh Investment Trust Annual Financial Report 2013
20/11/12
Edinburgh Investment Trust Half-Yearly Financial Report 2012
28/05/12
Edinburgh Investment Trust Annual Financial Report 2012
20/11/11
Edinburgh Investment Trust Half-Yearly Financial Report 2011
28/05/11
Edinburgh Investment Trust Annual Financial Report 2011
Additional Information
ISIN Number
SEDOL Number
GB0003052338
0305233

Edinburgh Investment Trust Directors

Elisabeth Stheeman (Chair)

Elisabeth Stheeman was appointed to the Board on 23 May 2019 and became Chair on 21 July 2022. Elisabeth is currently an External Member of the Financial Policy Committee (FPC) and Financial Markets Infrastructure (FMI) board of the Bank of England. She is a member of the supervisory board of Aareal Bank AG in Germany, an External Member of the Audit and Risk Committee of The Asian Infrastructure Investment Bank (effective from April 2021), and a member of Council at The London School of Economics and a member of Council of the German British Chamber of Industry and Commerce. Previously, she was a senior advisor to the Bank of England/Prudential Regulation Authority.
Patrick Edwardson

Patrick Edwardson was appointed to the Board on 11 February 2021. Patrick joined Baillie Gifford in 1993 and became a partner in 2005. In a wide-ranging investment career, he managed bond, equity and multi-asset portfolios, was manager of the Scottish American Investment Company plc between 2004 and 2014 and led Baillie Gifford’s multi-asset investment team until his retirement in 2020. He is currently managing director of Atheian Ltd, a family investment office, and also a non-executive director of JPMorgan Multi Asset Growth and Income plc.
Steve Baldwin

Steven Baldwin was appointed to the Board on 10 September 2018. Steve is a Chartered Accountant. He is currently Chairman of TruFin plc, a non-executive director at Plus500 Ltd and a Trustee at Howard de Walden Estates Limited. He was formerly a non-executive director of Elegant Hotels Group plc and Panmure Gordon & Co plc. He was the Head of European Equity Capital Markets and Corporate Broking at Macquarie Capital until February 2015. Prior to this Steve was a Director at JPMorgan Cazenove for ten years and was a Vice President of Corporate Finance at UBS from 1995-1998.
Victoria Hastings

Victoria (Vicky) Hastings was appointed to the Board on 23 May 2013 and became Senior Independent Director on 25 July 2019. She has over 30 years’ experience in the investment management industry and is a non-executive director of Impax Environmental Markets plc and is chair of Henderson European Focus Trust plc. In her executive career, she was a European Equity fund manager and then held investment leadership roles at Merrill Lynch Investment Managers and JOHambro Capital Management. Previously held non executive directorships include Investment Trusts as well as JPMorgan Asset Management UK Ltd and JPMorgan Asset Management International Ltd. She is currently also a trustee of Moorfields Eye Charity.
Aidan Lisser

Aidan Lisser was appointed to the Board on 27 May 2022. He has considerable experience as an investment trust non-executive director and has a background in investment and wealth management marketing. Aidan is currently a non-executive director of JPMorgan Emerging Markets Investment Trust plc where he is chair-designate, Henderson International Income Trust plc and a board member of Chapter Zero, an organisation to assist non-executive directors with the impact of climate change. He is also a marketing ambassador for the Association of Investment Companies.

Dividend timetable

1st interim payable November
2nd interim payable     February
3rd interim payable  May
4th interim payable July

Contacts and how to invest in the Edinburgh Investment Trust

The Company’s shares are quoted on the London Stock Exchange. There are a variety of ways by which investors can buy the shares. Shares may be purchased through discretionary wealth managers, banks, independent financial advisers and via a large number of execution-only trading platforms.

If you hold your shares direct and not through a Savings Scheme or ISA and have queries relating to your shareholding, you should contact the Registrars, Link Group. 

If you wish to contact members of the Edinburgh Investment Trust Board then please get in touch with the Company Secretary at Sanne Fund Services.

Link Group

10th Floor, Central Square 29 Wellington Street Leeds, LS1 4DL
Tel.
0871 664 0300 / +44 371 664 0300 if outside the UK

Sanne Fund Services (UK) Limited

6th Floor 125 London Wall London, EC2Y 5AS
Tel.
020 3327 9720 / +44 20 3327 9720 if outside the UK

Shareholders can also access their holding details via Link’s website: www.signalshares.com.

Link Group provide an on-line and telephone share dealing service to existing shareholders who are not seeking advice on buying or selling. This service is available at:

ww2.linkgroup.eu/share-deal or 0371 664 0445.

Calls are charged at the standard geographic rate and will vary by provider. From outside the UK please call +44 371 664 0445. Calls outside the UK will be charged at the applicable international rate. Lines are open from 09:00 – 17:30, Monday to Friday excluding public holidays in England and Wales.

Link Group is the business name of Link Market Services Limited.

Investment Manager Enquiries

Please contact us on +44 (0)20 7412 1700.

Key Risks


Past performance is not a guide to future performance. The value of an investment and the income generated from it can fall as well as rise and is not guaranteed. You may get back less than you originally invested.


The portfolio may invest in smaller companies. These stocks may be less liquid and the price swings greater than those in, for example, larger companies. The Company borrows money to invest in the stock market within prescribed limits with the aim of enhancing returns. The use of borrowings may increase the volatility of the NAV and may reduce returns when asset values fall. The Company may invest in derivatives. The use of derivatives may create leverage or gearing. A relatively small movement in the value of a derivative's underlying investment may have a larger impact, positive or negative, on the value of the company than if the underlying investment was held instead.


Disclaimer


This is a marketing communication. Before making an investment, you should read the relevant Articles of Association and Key Investor Information Document (KIID), which provide full product details including investment charges and risks. These documents can be obtained, free of charge, from www.liontrust.co.uk or direct from Liontrust. If you are not a professional investor please consult a regulated financial adviser regarding the suitability of such an investment for you and your personal circumstances.

This should not be construed as advice for investment in any product or security mentioned, an offer to buy or sell units/shares of Funds mentioned, or a solicitation to purchase securities in any company or investment product. Examples of stocks are provided for general information only to demonstrate our investment philosophy. It contains information and analysis that is believed to be accurate at the time of publication, but is subject to change without notice. Whilst care has been taken in compiling the content of this document, no representation or warranty, express or implied, is made by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified. It should not be copied, forwarded, reproduced, divulged or otherwise distributed in any form whether by way of fax, email, oral or otherwise, in whole or in part without the express and prior written consent of Liontrust. Always research your own investments and if you are not a professional investor please consult a regulated financial adviser regarding the suitability of such an investment for you and your personal circumstances.

 
Fund literature
Edinburgh Investment Trust plc
View latest fund update
Factsheets Factsheet
Dividend payment schedule Dividend payment schedule