The Edinburgh Investment Trust plc

As at 31 December 2018

www.invesco.co.uk/edinburgh

Investment objective
The Company invests primarily in UK securities with the long term objective of
achieving:
1) an increase of the Net Asset Value per share in excess of the growth in the FTSE All-
Share Index; and
2) growth in dividends per share in excess of the rate of UK inflation.
Further details of the investment trust’s Investment Policy and Risk and Investment
Limits can be found in the Directors' Report contained within the investment trust’s
Annual Financial Report.

Portfolio Manager: Mark Barnett Market and economic review

and James Goldstone (Deputy Portfolio Manager) UK equity markets fell during the final month of 2018, continuing the downward trend
that characterised the second half of the year. UK equities fell alongside global equity
markets, amid rising concerns of a global economic slowdown and falling Brent crude oil
Key facts prices. Persistent Brexit uncertainty also continued to weigh on sterling and sentiment
Launched March 18891 toward domestic equities. December proved another dramatic month in UK politics, with
sterling continuing to act as a barometer for the perceived success of the UK’s Brexit
Ticker EDIN.L
negotiations and likelihood of a no-deal scenario. In corporate news, tobacco firm Altria
Total Assets £1419.8m announced it has agreed a multi-billion dollar deal to acquire a 35% stake in US e-cigarette
Ordinary shares firm Juul.
Share Price 599.0p
Cum-Income NAV (debt at fair 658.1p Portfolio review
value) Whilst the overall UK equity market is not expensive at present, the portfolio manager
believes that the most glaring opportunities rest within domestic sectors. He believes
Discount 9.0% that the negative sentiment towards sterling and domestic companies since the EU
Total Dividend2 26.6p Referendum will continue to improve as we gain greater clarity on the outcome of the
UK’s exit from the European Union. As such he maintains the portfolio’s UK domestic
Dividend Yield3 4.4% exposure. The portfolio manager remains convinced that in a changing global
Gearing 4
8.5% environment the interests of investors are best served by employing a well-tested
investment process, which is based on fundamental company analysis and a prudent
Fees and expenses
approach to valuation.
Ongoing charge (incl AMF) 0.56%
Annual Management Fee (AMF)
Ordinary share price, NAV and index cumulative % growth
based on Market Cap 0.55%
performance
Shares in issue 6 months 1 Year 3 Years 5 Years 10 Years
Ordinary shares 195,481,734
Share Price -11.3 -11.3 -6.9 19.3 181.4
Gearing facility
Net Asset Value -11.5 -11.9 2.2 29.7 182.1
£100m 7.75% debenture stock 2022
FTSE All-Share Index -11.0 -9.5 19.5 22.1 138.3
£150m 364 day credit facility with Bank of
New York Mellon Standardised rolling 12-month performance % growth
31.12.13 31.12.14 31.12.15 31.12.16 31.12.17
31.12.14 31.12.15 31.12.16 31.12.17 31.12.18

Ordinary Share Price 12.0 14.4 3.1 1.7 -11.3

Net Asset Value 11.1 14.2 6.8 8.7 -11.9
FTSE All-Share Index 1.2 1.0 16.8 13.1 -9.5
Past performance is not a guide to future returns. Ordinary share price performance
figures have been calculated using daily closing prices with dividends reinvested.
NAV performance figures have been calculated using daily NAV with dividends
reinvested. The NAV used includes current period revenue and values debt at fair. The
FTSE All-Share Index performance shown is total return.
All performance figures are in sterling as at 31 December 2018 except where
otherwise stated. Standardised past performance figures are updated on a quarterly
basis.
Source: Morningstar.

1 Invesco commenced management of this investment trust in September 2008.

2 Total dividend is made up of the previous financial year’s dividends declared by the Company (excluding any special dividends paid).
3 Dividend yield is the total dividend divided by the current share price (excluding any special dividends paid).
4 Gearing reflects the amount of net borrowings invested, i.e. borrowings less cash and investments in money market funds. It is based on
net borrowings as a percentage of net assets. The Company may borrow money to provide gearing to the equity portion up to 25% of net
assets.
Top 10 holdings % portfolio Industry breakdown % portfolio
The Edinburgh Investment Trust plc
BP 6.1 Financials 41.9
As at 31 December 2018
British American Tobacco 4.6 Industrials 12.4
Burford Capital 4.3 Consumer Goods 11.1
Investment risks
Legal & General 3.7 Health Care 9.8
Royal Dutch Shell - A Shares 3.5 Oil & Gas 9.6 The value of investments and any income will
fluctuate (this may partly be as a result of
BTG 3.4 Consumer Services 9.1 exchange rate fluctuations) and investors may
Imperial Brands 3.2 Telecommunications 4.0 not get back the full amount invested.
When making an investment in an investment
Altria - US common stock 3.2 Utilities 2.1 trust you are buying shares in a company that
Hiscox 3.2 Total 100.0 is listed on a stock exchange. The price of the
shares will be determined by supply and
Roche - Swiss common stock 3.0 demand. Consequently, the share price of an
Total 38.2 investment trust may be higher or lower than
the underlying net asset value of the
Portfolio breakdown % portfolio investments in its portfolio and there can be no
certainty that there will be liquidity in the
FTSE 100 44.1 shares.
FTSE 250 ex Inv Companies 31.7 The product uses derivatives for efficient
portfolio management which may result in
International Equities 8.7 increased volatility in the NAV.
FTSE Small Cap Fledgling AIM ex Inv Companies 9.3 The use of borrowings may increase the
volatility of the NAV and may reduce returns
Other Split Cap & Inv Companies 5.8 when asset values fall.
Cash & Cash Equivalent 0.4
Total 100.0 Important information

This document is marketing material and is not

10 year dividend payment history (pence/share) Dividend
intended as a recommendation to invest in any
Pence/Share particular asset class, security or strategy.
Regulatory requirements that require
30 impartiality of investment/investment strategy
22 22.8 23.5 23.85 24.35 25.35 26.6 recommendations are therefore not applicable
20.4 20.6 20.8 20 nor are any prohibitions to trade before
10 publication. The information provided is for
illustrative purposes only, it should not be relied
0 upon as recommendations to buy or sell
09 10 11 12 13 14 15 16 17 18 securities.
Financial Years Ending 31 March Where individuals or the business have
expressed opinions, they are based on current
Source: Morningstar. market conditions, they may differ from those
Past performance is not a guide to future returns. of other investment professionals and are
subject to change without notice.
Financial calendar and dividend information For more information on our products, please
refer to the relevant Key Information Document
Year End 31 March (KID), Alternative Investment Fund Managers
Annual Financial Report published June Directive document (AIFMD), and the latest
Annual or Half-Yearly Financial Reports. This
Half-Yearly Financial Report published November
information is available using the contact details
Dividend payment dates February, May, July and November shown.
Annual General Meeting July

General information
The ordinary shares of the Company are listed on the London Stock Exchange. On an
annual basis, shareholder approval is sought to authorise the buy back and issue of
shares. This enables the Company to respond to an excess of supply or demand for the
Company’s shares in the market.

Further information
Client Services
Telephone 0800 085 8677
Facsimile 01491 416000
Email enquiry@invesco.com
Telephone calls may be recorded.
www.invesco.co.uk/edinburgh
Issued by Invesco Fund Managers
Limited, Perpetual Park, Perpetual Park
Drive, Henley-on-Thames, Oxfordshire
RG9 1HH, UK
Authorised and regulated by the Financial
Conduct Authority