Ocado and Upwork drive 'disappointing' results for Edinburgh Worldwide

NAV down 40.3% in year to October

Baillie Gifford’s Edinburgh Worldwide investment trust was hit by the rotation from growth to value in 2022, with names such as Ocado and Upwork contributing to its net asset value dropping over 40% in the year to October.

According to the results of the £893m trust its share price by 46% during the period. In comparison, the S&P Global Small Cap index total return, fell by 6.8%, in sterling terms. The trust's share price discount and premium to NAV ranged between a 20.1% discount and a 5.5% premium throughout the year, ending the period at a 12.7% discount. Portfolio turnover was 10.8% compared to 7.1% in 2021, and the ongoing charge fell to 0.63%. Chair Henry Strutt deemed the results "disappointing," noting that the significant underperformance had to do with markets focusing on the potential n...