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Edinburgh Worldwide Investment Trust's half year results suggest the company's NAV increased over 20 per cent in the period.
By Jonathan Boyd, Editor-in-Chief, Financial Express Friday June 04, 2010
Baillie Gifford, manager of the Edinburgh Worldwide Investment Trust says the fund's share price increased 22.4 per cent in the six months to 30 April, spurred on by earning growth in companies held coupled with higher than usual turnover.
Shareholders' funds were reported in the balance sheet as £151.5m as at the end of April, compared to £102m at the same time a year ago. NAV per share increased to 309.19p from 210.66p.
Keeping a wary eye on macro events in the global economy have also helped, the trust's latest management report attached to its latest performance figures suggest. However, unlike some others it is not of the belief that different regions and economies are necessarily linked: "Despite the market's intense desire to link events we believe strongly, for instance, that the plight of Greek taxpayers has no bearing on the Chinese consumers' appetite for luxury goods," the trust's board states.
Instead it is looking to continued recovery in the US, and superior growth rates in Asian markets such as China, to carry the fund forward.
"Looking back on the last couple of years, it is our strong belief that many of the changes in the shape of the world's economies have been accelerated by the events of the financial crisis. The prevailing order of dominant Western economies has been challenged profoundly and we believe the next decade and beyond will continue to see radical shifts in global GDP which will continue to create exciting global investment opportunities," the board adds.
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