EP GLOBAL OPPORTUNITIES TRUST PLC
HALF YEARLY REPORT
Six months ended 30 June 2014
The Directors announce the unaudited Half Yearly Report for the period from
1 January 2014 to 30 June 2014 as follows:
Copies of the Half Yearly Report can be obtained from the Company's website at
www.epgot.com.
FINANCIAL SUMMARY
30 June 2014 31 December 2013 Change
Shareholders' funds £111,447,000 £112,580,000 (1.0)%
Net asset value per
ordinary share ("NAV") 232.2p 233.6p (0.6)%
Share price per ordinary
share 225.0p 230.0p (2.2)%
Share price discount to
NAV 3.1% 1.5%
Past performance is not a guide to future performance.
OBJECTIVE
The investment objective of the Company is to provide Shareholders
with an attractive real long-term total return by investing globally in
undervalued securities. The portfolio is managed without reference to the
composition of any stock market index.
INVESTMENT POLICY
The Company invests in a focused portfolio of approximately 30 to 40 securities
of issuers throughout the world, predominantly in quoted equities. The Company
may also invest in unquoted securities, which are not anticipated to exceed
10 per cent of the Company's total assets at the time of investment (excluding
shares held in Edinburgh Partners Limited). No investment in the Company's
portfolio may exceed 15 per cent of the Company's total assets at the time of
investment.
The Company has the ability to invest in other investment companies or funds but
will invest no more than 15 per cent of its gross assets in other listed investment
companies (including investment trusts).
The Company may also invest a substantial portion of its assets in debt instruments,
cash or cash equivalents when the Investment Manager believes market or economic
conditions make equity investment unattractive or while seeking appropriate investment
opportunities for the portfolio or to maintain liquidity. In addition, the Company may
purchase derivatives for the purposes of efficient portfolio management.
It is intended that, from time to time, when deemed appropriate, the Company will
borrow for investment purposes up to the equivalent of 25 per cent of its total assets.
By contrast, the Company's portfolio may from time to time have substantial holdings of
debt instruments, cash or short-term deposits.
The investment objective and policy are intended to distinguish the Company from other
investment vehicles which have relatively narrow investment objectives and which are
thus constrained in their decision making and asset allocation. The objective and
policy allow the Company to be constrained in its investment selection only by
valuation and to be pragmatic in portfolio construction by only investing in
securities which the Investment Manager considers to be undervalued on an absolute basis.
CHAIRMAN'S STATEMENT
Results
At 30 June 2014, our net asset value per share ("NAV") was 232.2p, fractionally
below the 2013 year end asset value of 233.6p. The NAV total return for the six
months was 0.6 per cent. This compares with a total return from the FTSE All-World
Index of 3.2 per cent, while the FTSE All-Share Index total return was 1.6 per cent.
At the half year end the share price was 225.0p, which was 2.2 per cent below the
year end price. The share price discount to NAV widened slightly from 1.5 per cent
to 3.1 per cent. We continued to buy-in shares with the objective of maintaining
the share price at close to the NAV. In the first six months of 2014, we bought in
200,000 shares at small discounts to the NAV.
Stock market and investment performance
Equity markets made further gains in the first half of 2014 following their strong
performance in 2013. A brief setback in January was followed by a steady recovery
for the stock market indices of the main geographical regions. However, the strength
of sterling, which gained 3.2 per cent against the US dollar and 3.9 per cent against
the euro, held back the performance of overseas markets when converted into sterling.
By contrast, the Japanese yen was virtually unchanged against sterling over the six month
period and the Japanese stock market index failed to recover all the ground it lost in
January. For the same period, the Topix Index's total return was a negative 1.5 per cent
in sterling terms.
Our own performance was held back by our holdings in Japan. These holdings had been
a major factor in our strong investment performance in 2013. The Topix Index increased
by 54.4 per cent last year (24.7 per cent when measured in sterling) and, not surprisingly,
paused for longer than other markets after the January setback. Despite the gains last year,
there is still good value to be found in individual Japanese companies. We added a net
£4.0 million during the first half of the year, taking the percentage of Japanese equities
to 34.4 per cent of our total investments.
While overall we believe equity values are now at least fairly valued, rather than cheap,
there are areas that have reached levels that appear expensive. This is particularly true
in the US, where we took advantage of the rise in share prices to realise some profits,
selling a net £9.1 million of US equities. This reduced the level of investment in the US
from 16.6 per cent at the year end to 9.9 per cent at the end of June. We also added a
number of more defensive shares with higher yields in both the pharmaceutical and energy
sectors.
Revenue account
The income statement below shows revenue per share of 2.5p for the first six months of
2014. This compares to 2.1p over the same period last year. Although most of our Japanese
and US shares pay little or no dividend, it has been a good twelve months for dividend
growth from our holdings. Our income has also benefitted from the addition of a number
of higher yielding shares. The Company is not paying an interim dividend. As in the past,
only one dividend will be paid for the year, an annual dividend which is normally paid in
May.
The income account is driven by our Investment Manager's well-defined investment
philosophy of focusing on value. While this does result in volatility in our annual
revenue per share, we believe it will produce a better total return over the longer term.
The Board
David Ross joined the Board on 1 June 2014, replacing Richard Burns who retired as a
Director at the Annual General Meeting in April. David was a founding partner of the
very successful Aberforth Partners, an investment management firm specialising in
investment in UK small quoted companies, from which he recently retired. It was
always going to be difficult to replace Richard Burns, with his extensive knowledge
of investment trusts and financial markets, so I am delighted that David, who has
very similar expertise, has agreed to become a Director.
Alternative Investment Fund Managers' Directive
In the 2013 Annual Report, I outlined the new regulatory requirement for certain
types of funds, including investment trusts, to have a depositary as well as a
custodian to provide additional security over the Company's assets. We have now
appointed Northern Trust Global Services Limited as the Company's depositary.
They have delegated the custody functions to Northern Trust Company who have
replaced The Bank of New York Mellon as the Company's custodian.
In addition, to comply with the new regulations, the Company has appointed
Edinburgh Partners AIFM Limited to act as its Alternative Investment Fund Manager
("AIFM"). The AIFM has delegated the function of managing the Company's investment
portfolio to Edinburgh Partners Limited, the manager of the Company's assets since
its launch in 2003. There have therefore been no changes in the individuals managing
the investments of the Company.
Outlook
Share prices have increased substantially since the depth of the financial crisis
in early 2009 and corporate profits have recovered strongly, as have the valuations
placed on those profits. Equities have benefitted from the policy of central banks
to keep interest rates low. It is anticipated that in due course, interest rates
will be raised to more normal levels, although any increases are likely to be
introduced very slowly for fear of stifling economic growth.
Share prices are now at levels where they are more vulnerable to external shocks,
although there is still room for them to move higher. We continue to be optimistic
on the outlook for equities, but believe there will be increasing need for caution
if valuations rise further. After the half year end, we repaid our relatively small
multi-currency loan and expect to become more cautious as markets rise. In the meantime,
we remain almost fully invested.
Teddy Tulloch
Chairman
19 August 2014
Distribution of investments
as at 30 June 2014 (% of investments)
Sector distribution
Sector %
Financials 20.3
Consumer Goods 18.6
Industrials 18.4
Health Care 12.7
Technology 12.1
Telecommunications 8.0
Oil & Gas 7.2
Consumer Services 2.7
100.0
Geographical distribution
Geographical area %
Japan 34.4
Europe 31.0
Asia Pacific 13.6
United Kingdom 11.1
United States 9.9
100.0
The figures detailed in the geographical distribution table
represent the Company's equity exposure to these countries or regional areas.
The geographical distribution is based on each investment's
principal stock exchange listing, except in instances where this would not
give a proper indication of where its activities predominate.
As at 30 June 2014, the Company's investments represented 98.1% of
Shareholders' funds.
PORTFOLIO OF INVESTMENTS
as at 30 June 2014
Company Sector Country Valuation % of Net
£'000 Assets
Equity investments
KDDI Telecommunications Japan 3,620 3.2
Japan Tobacco Consumer Goods Japan 3,332 3.0
PostNL Industrials Netherlands 3,247 2.9
Toshiba Industrials Japan 3,202 2.9
Novartis Health Care Switzerland 3,188 2.9
Swire Pacific Industrials Hong Kong 3,160 2.8
AstraZeneca Health Care UK 3,107 2.8
Yamaha Motor Consumer Goods Japan 2,982 2.7
Panasonic Consumer Goods Japan 2,972 2.7
Sumitomo Mitsui
Trust Financials Japan 2,969 2.7
Mitsubishi Industrials Japan 2,959 2.6
East Japan Railway Consumer Services Japan 2,953 2.6
Sumitomo Mitsui
Financial Financials Japan 2,906 2.6
Royal Dutch Shell Oil & Gas UK 2,901 2.6
Qualcomm Technology US 2,773 2.5
Roche Health Care Switzerland 2,773 2.5
BG Oil & Gas UK 2,766 2.5
Microsoft Technology US 2,747 2.5
Hutchison Whampoa Industrials Hong Kong 2,733 2.5
Indra Sistemas Technology Spain 2,725 2.4
Toyota Consumer Goods Japan 2,704 2.4
Google Technology US 2,688 2.4
Terex Industrials US 2,600 2.3
Vodafone Telecommunications UK 2,597 2.3
Misawa Homes Consumer Goods Japan 2,593 2.3
DBS Financials Singapore 2,554 2.3
Fresenius Medical
Care Health Care Germany 2,541 2.3
KPN Telecommunications Netherlands 2,499 2.3
BNP Paribas Financials France 2,457 2.2
Bangkok Bank Financials Thailand 2,389 2.1
Dainippon Screen Technology Japan 2,335 2.1
Sanofi Health Care France 2,268 2.0
Intesa Sanpaulo Financials Italy 2,242 2.0
Samsung Electronics Consumer Goods South Korea 2,217 2.0
Gazprom Oil & Gas Russia 2,197 2.0
HSBC Financials UK 2,186 2.0
ABB Industrials Switzerland 2,174 2.0
Bridgestone Consumer Goods Japan 2,116 1.9
Bank Mandiri Financials Indonesia 1,784 1.6
Piaggio Consumer Goods Italy 1,459 1.3
Edinburgh Partners Financials -
unlisted UK 1,450 1.3
Edinburgh Partners
Prospect Fund Financials - OEIC Ireland 1,221 1.1
Total equity investments 109,286 98.1
Cash and net assets 2,161 1.9
Net assets 111,447 100.0
The geographical distribution is based on each investment's
principal stock exchange listing, except in instances where this would not
give a proper indication of where its activities predominate.
Directors' Statement of Principal Risks and Uncertainties
The important events that have occurred during the period under review and the
key factors influencing the financial statements are set out in the Chairman's
Statement above. The principal factors that could impact the remaining six months
of the financial year are also detailed in the Chairman's Statement. Additional
risk factors are set out below.
The Directors consider that the principal risks facing the Company are substantially
unchanged since the date of the Annual Report for the year ended 31 December 2013
and continue to be as set out in that report on pages 50 to 53.
Risks faced by the Company include, but are not limited to, investment and strategy
risk, discount volatility risk, market risk, liquidity risk, credit risk, interest
rate risk, foreign currency risk, gearing risk, regulatory risk, operational risk
and financial risk.
Directors' Statement of Responsibilities in respect of the Financial Statements
The Directors confirm that to the best of their knowledge:
- the condensed set of financial statements, prepared in accordance with the
Statement Half-Yearly Financial Reports issued by the UK Accounting Standards
Board, gives a true and fair view of the assets, liabilities, financial position
and profit of the Company; and
- this Half Yearly Report includes a fair review of the information required by:
(a) 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the financial
year and their impact on the condensed set of financial statements; and a
description of the principal risks and uncertainties for the remaining six months
of the year; and
(b) 4.2.8R of the Disclosure and Transparency Rules, being related party transactions
that have taken place in the first six months of the current financial year and that
have materially affected the financial position or performance of the Company during
that period; and any changes in the related party transactions described in the last
Annual Report that could do so.
There were no related party transactions during the period. Under the AIC Statement of
Recommended Practice issued in January 2009, the Investment Manager is not considered
to be a related party of the Company.
This Half Yearly Report was approved by the Board of Directors on 19 August 2014 and
the above responsibility statement was signed on its behalf by Teddy Tulloch, Chairman.
INCOME STATEMENT (UNAUDITED)
for the six months to 30 June 2014
Six months Six months Year to
to 30 June 2014 to 30 June 2013 31 December 2013
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Losses)/gains on
investments at
fair value through
profit or loss 3 - (454) (454) - 14,635 14,635 - 24,716 24,716
Foreign exchange - (151) (151)
(losses)/gains
on capital items - 111 111 - 448 448
Income 2 1,972 - 1,972 1,718 - 1,718 2,711 - 2,711
Investment management fee (398) - (398) (357) - (357) (757) - (757)
Other expenses (203) - (203) (193) - (193) (391) - (391)
Net return before finance
costs and taxation 1,371 (605) 766 1,168 14,746 15,914 1,563 25,164 26,727
Finance costs
Interest payable and other
charges (35) - (35) (41) - (41) (77) - (77)
Net return before taxation 1,336 (605) 731 1,127 14,746 15,873 1,486 25,164 26,650
Taxation 4 (129) - (129) (71) - (71) (154) - (154)
Net return after taxation 1,207 (605) 602 1,056 14,746 15,802 1,332 25,164 26,496
pence pence pence pence pence pence pence pence pence
Return per ordinary share 5 2.5 (1.3) 1.2 2.1 30.0 32.1 2.7 51.7 54.4
All revenue and capital items in the above statement derive from continuing operations.
The total column of this statement is the profit and loss account
of the Company. The revenue and capital return columns are prepared in
accordance with guidance issued by the Association of Investment Companies
("AIC").
A separate Statement of Total Recognised Gains and Losses has not
been prepared as all such gains and losses are included in the Income
Statement.
BALANCE SHEET (UNAUDITED)
as at 30 June 2014
30 June 30 June 31 December
2014 2013 2013
Note £'000 £'000 £'000
Fixed asset investments
Investments at fair value
through
profit or loss 109,286 105,534 115,443
Current assets
Debtors 4,712 1,918 121
Cash at bank and short-term
deposits 1,482 1,209 1,079
6,194 3,127 1,200
Creditors: amounts falling due
within one year
Creditors 323 2,399 372
Loans 3,710 4,266 3,691
4,033 6,665 4,063
Net current
assets/(liabilities) 2,161 (3,538) (2,863)
Net assets 111,447 101,996 112,580
Capital and reserves
Called-up share capital 645 645 645
Capital redemption reserve 14 14 14
Special reserve 68,390 68,939 68,829
Capital reserve 39,771 29,959 40,376
Revenue reserve 2,627 2,439 2,716
Total Shareholders' funds 111,447 101,996 112,580
pence pence pence
Net asset value per ordinary
share 6 232.2 211.4 233.6
Reconciliation of Movements in Shareholders' Funds (unaudited)
for the six months to 30 June 2014
Six months to Six months to Year to
30 June 2014 30 June 2013 31 December 2013
£'000 £'000 £'000
Opening Shareholders'
funds 112,580 91,766 91,766
Net return after taxation 602 15,802 26,496
Dividends paid (1,296) (1,896) (1,896)
Share purchases for
treasury (439) (3,676) (3,786)
Closing Shareholders'
funds 111,447 101,996 112,580
CASH FLOW STATEMENT (UNAUDITED)
for the six months to 30 June 2014
Six months to Six months to Year to
30 June 2014 30 June 2013 31 December 2013
Note £'000 £'000 £'000
Operating activities
Investment income
received 1,896 1,691 2,811
Investment management
fees paid (400) (334) (719)
Administration fees
paid (61) (51) (111)
Other expenses paid (155) (179) (280)
Net cash inflow from
operating activities 7 1,280 1,127 1,701
Servicing of finance (36) (42) (79)
Taxation
Taxation paid (154) (73) (154)
Capital expenditure and
financial investment
Purchases of
investments (28,903) (19,056) (49,800)
Sales of investments 30,077 23,066 53,571
Exchange (losses)/gains
on settlement (3) 16 (42)
Net cash inflow from
investing activities 1,171 4,026 3,729
Net cash inflow before
equity dividend paid
and financing 2,261 5,038 5,197
Equity dividend paid (1,296) (1,896) (1,896)
Financing
Ordinary shares
purchased and held in
treasury (439) (4,149) (4,259)
Net cash outflow from
financing (439) (4,149) (4,259)
Increase/(decrease) in
cash 8 526 (1,007) (958)
NOTES TO THE FINANCIAL STATEMENTS
for the six months to 30 June 2014
1. Accounting policies
a) Statement of compliance
The Company's financial statements for the six months to 30 June 2014 have been
prepared in compliance with Financial Reporting Standard ("FRS") 102.
The financial statements are prepared in accordance with the Accounting Standards
Board's Statement Half-Yearly Financial Reports, the Companies Act 2006 and with
the AIC Statement of Recommended Practice issued in January 2009 relating to the
Financial Statements of Investment Trust Companies and Venture Capital Trusts ("SORP").
Where presentational guidance set out in the SORP is consistent with FRS 102,
the Directors have sought to prepare the financial statements on a consistent basis
compliant with the recommendations of the SORP.
b) Financial information
The financial information contained in this report does not constitute full statutory
accounts as defined in Section 434 of the Companies Act 2006. The financial information
for the six months to 30 June 2014 and 30 June 2013 has not been audited or reviewed
by the Company's Auditor pursuant to the Auditing Practices Board guidance on such reviews.
The information for the year ended 31 December 2013 has been extracted from the latest published
audited Annual Report and Financial Statements, which have been filed with the Registrar of
Companies. The report of the Auditor on those financial statements contained no qualification
or statement under Sections 498(2) or (3) of the Companies Act 2006.
c) Going concern
The Company has considerable financial resources and as a consequence, the Directors believe
that the Company is well placed to manage its business risks successfully. After making enquiries,
the Directors have a reasonable expectation that the Company will have adequate resources to continue
in operational existence for the foreseeable future. Accordingly, they continue to adopt the going
concern basis in preparing the Half Yearly Report.
2. Income
Six months to Six months to Year to
30 June 2014 30 June 2013 31 December 2013
£'000 £'000 £'000
Income from investments
UK net dividend income 494 495 588
Overseas dividend
income 1,478 1,223 2,122
Liquidity fund income - - 1
1,972 1,718 2,711
Income comprises
Dividends 1,972 1,718 2,711
3. Gains/(losses) on investments
Six months to Six months to Year to
30 June 2014 30 June 2013 31 December 2013
£'000 £'000 £'000
Realised gains on sales 6,312 5,308 10,619
Changes in fair value
of
investments (6,766) 9,327 14,097
(454) 14,635 24,716
4. Taxation
The taxation charge for the six months to 30 June 2014 is £129,000
(six months to 30 June 2013: £71,000; year to 31 December 2013: £154,000).
The taxation charge comprises a corporation tax charge for the six months to 30 June 2014
of £nil (six months to 30 June 2013: £nil; year to 31 December 2013: £nil) and irrecoverable
withholding tax suffered of £129,000 (six months to 30 June 2013: £71,000;
year to 31 December 2013: £154,000).
5. Return per ordinary share
Six months to Six months to Year to
30 June 2014 30 June 2013 31 December 2013
Net Per Net Per Net Per
return share return share return share
£'000 pence £'000 pence £'000 pence
Revenue return
after
taxation 1,207 2.5 1,056 2.1 1,332 2.7
Capital return
after
taxation (605) (1.3) 14,746 30.0 25,164 51.7
Total return 602 1.2 15,802 32.1 26,496 54.4
The returns per share for the six months to 30 June 2014 are based on 48,098,138
shares (six months to 30 June 2013: 49,161,622 shares; year to 31 December 2013:
48,688,710 shares) being the weighted average number of ordinary shares, excluding
shares held in treasury, in circulation during the period.
6. Net asset value per ordinary share and share capital
The net asset value per ordinary share is based on net assets at 30 June 2014 of
£111,447,000 (30 June 2013: £101,996,000; 31 December 2013: £112,580,000) and on
48,002,725 ordinary shares (30 June 2013: 48,252,725; 31 December 2013: 48,202,725)
being the number of ordinary shares, excluding shares held in treasury, at the period
end. Net asset values calculated include current period revenue.
A total of 200,000 ordinary shares were repurchased for treasury at a cost of £439,000
during the six months to 30 June 2014.
As at 30 June 2014, there were 64,509,642 ordinary shares in issue, of which 16,506,917
ordinary shares were held in treasury, resulting in there being 48,002,725 ordinary
shares in circulation.
7. Reconciliation of net return before finance costs and taxation to net cash
inflow from operating activities
Six months to Six months to Year to
30 June 2014 30 June 2013 31 December 2013
£'000 £'000 £'000
Net return before finance
costs and taxation 766 15,914 26,727
Net losses/(gains) on
capital items 605 (14,746) (25,164)
(Decrease)/increase in
creditors (15) 3 47
(Increase)/decrease in
debtors and accrued income (76) (44) 91
Net cash inflow from
operating activities 1,280 1,127 1,701
8. Reconciliation of net cash flow to movement in net debt
Six months to Six months to Year to
30 June 2014 30 June 2013 31 December 2013
£'000 £'000 £'000
Increase/(decrease) in cash 526 (1,007) (958)
Realised exchange
(losses)/gains (142) 95 491
384 (912) (467)
Net debt at start of period (2,612) (2,145) (2,145)
Net debt at end of period (2,228) (3,057) (2,612)
9. Post Balance Sheet Events
Bank Loan
The Company announced on 1 July 2014 that it had repaid in full the
amount drawn down under the £10m secured multi-currency revolving loan
facility with Scotiabank Europe PLC and the facility was cancelled with effect
from 3 July 2014.
Alternative Investment Fund Managers' Directive
In order to comply with the Alternative Investment Fund Managers' Directive,
with effect from 21 July 2014, the Company appointed Edinburgh Partners AIFM
Limited to act as its AIFM, and Northern Trust Global Services Limited to act
as the Company's depositary. Custody services, which were previously supplied
by The Bank of New York Mellon, are now being provided by The Northern Trust
Company. The AIFM has delegated the function of managing the Company's investment
portfolio to Edinburgh Partners Limited, the manager of the Company's assets
since its launch in 2003.
SHAREHOLDER INFORMATION
Investing in the Company
The Company's ordinary shares are traded on the London Stock Exchange and can be
bought or sold through a stockbroker or financial adviser. The ordinary shares
are eligible for inclusion in New ISAs, Junior ISAs and SIPPs. These are available
through Alliance Trust Savings, who also offer the opportunity to invest in the
Company through a Dealing Account. The Company's shares are also available on
other share trading platforms.
Frequency of NAV publication
The Company's ordinary share NAV is released daily to the London Stock Exchange
and published on the Company's website at www.epgot.com and on the Edinburgh Partners'
website at www.edinburghpartners.com.
Share price and sources of other information
The Company's ordinary share price is quoted daily in the Financial Times and the
Daily Telegraph. Previous day closing price, daily net asset value and other portfolio
information is published on the Company's website at www.epgot.com and on the Edinburgh
Partners' website at www.edinburghpartners.com. Other useful information on investment trusts,
such as share prices, net asset values and company announcements, can be found on the websites
of the London Stock Exchange at www.londonstockexchange.com and the AIC at www.theaic.co.uk.
Share register enquiries
The register for the ordinary shares is maintained by Computershare Investor Services PLC.
In the event of queries regarding your holding, please contact the Registrar on 0870 889 4069
or email web.queries@computershare.co.uk. Changes of name and/or address must be notified in
writing to the Registrar, at the address shown below. You can check your shareholding and find
practical help on transferring shares or updating your details at www.investorcentre.co.uk.
Key dates
Company's year end 31 December
Annual results announced March
Annual General Meeting April
Annual dividend paid May
Company's half year end 30 June
Half yearly results announced August
In accordance with the Disclosure and Transparency Rules, the Company will be releasing
Interim Management Statements for the quarters ending 31 March and 30 September. These
will be released to the London Stock Exchange and may be viewed on the Company's website
at www.epgot.com.
Risk factors
This document is not a recommendation, offer or invitation to buy, sell or hold ordinary
shares of the Company. If you wish to deal in the ordinary shares of the Company, you may
wish to contact an authorised professional investment adviser.
An investment in the Company should be regarded as long term and is only suitable for
investors who are capable of evaluating the risks and merits of such investment and who
have sufficient resources to bear any loss which might result from such investment.
The market value of, and the income derived from, the ordinary shares can fluctuate. The
Company's share price may go down as well as up. Past performance is not a guide to future
performance. There is no guarantee that the market price of the ordinary shares will fully
reflect their underlying net asset value. Fluctuations in exchange rates will affect the
value of overseas investments held by the Company. Investors may not get back the full value
of their investment. There can be no guarantee that the investment objective of the Company
will be met. The levels of, and reliefs from, taxation may change.
This Half Yearly Report contains "forward looking statements" with respect to the Company's
plans and its current goals and expectations relating to its future financial condition,
performance and results. By their nature, all forward looking statements involve risk and
uncertainty because they relate to future events that are beyond the Company's control.
As a result, the Company's actual future financial condition, performance and results may
differ materially from the plans, goals and expectations set forth in the Company's forward
looking statements. The Company undertakes no obligation to update the forward looking
statements contained within this Half Yearly Report or any other forward looking statements
it makes.
The Company is a public company. It is registered in Scotland and its shares are traded on
the London Stock Exchange. The Company is not regulated or authorised by the Financial
Conduct Authority.
The Directors of the Company and employees of Edinburgh Partners Limited may (subject to
applicable laws and regulations) hold shares in the Company and may buy, sell or offer to
deal in the Company's shares from time to time.
DIRECTORS AND ADVISERS
Directors (all Teddy Tulloch (Chairman)
non-executive) David Hough
David Ross
Giles Weaver
Secretary and Registered Kenneth J Greig
Office 27-31 Melville Street
Edinburgh EH3 7JF
Alternative Investment Fund Edinburgh Partners AIFM Limited
Manager 27-31 Melville Street
Edinburgh EH3 7JF
Auditor Ernst & Young LLP
Ten George Street
Edinburgh EH2 2DZ
Registrar and Transfer Computershare Investor Services PLC
Office The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
Solicitor and Sponsor Dickson Minto W.S.
16 Charlotte Square
Edinburgh EH2 4DF
Depositary Northern Trust Global Services Limited
50 Bank Street
Canary Wharf
London E14 5NT
Custodian and Banker The Northern Trust Company
50 Bank Street
Canary Wharf
London E14 5NT
Registered in Scotland No. 259207
An investment company as defined under Section 833 of the Companies Act 2006
The Company is a member of the Association of Investment Companies
Enquiries
Dr Sandy Nairn 0131 270 3800
Kenneth J Greig 0131 270 3800
Edinburgh Partners AIFM Limited
27-31 Melville Street
Edinburgh EH3 7JF
19 August 2014
END
Neither the contents of the Company's website nor the contents of any website accessible from
hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of this
announcement.