FAQs

Objective & Investment Policy

Edinburgh Partners believes that this is the optimal number to provide diversification without having a long tail of small holdings, which in aggregate tend to detract from performance.

There is no target but as Edinburgh Partners are long term investors, turnover tends to be relatively low.

Please refer to the monthly factsheet for the most up-to-date figure.

Active Share is the measure of the percentage of the holdings in the company's portfolio that differs from the value of the shares in the index.

An Active Share of 0% would be a portfolio that exactly matches the index.

As Edinburgh Partners follow an investment approach not constrained by a benchmark it tends to be high.

Please refer to the monthly factsheet for the most up-to-date figure.

The company is managed without reference to a benchmark. There is no measurable tracking error.

EP Global Opportunities Trust has no formal cash limit.

Governance

Under the leadership of the Chairman, the Board of Directors is collectively responsible for the long-term sustainable success of the Company, generating value for Shareholders and contributing to wider society. It establishes the purpose, values and strategic aims of the Company and satisfies itself that these and its culture are aligned. The Board ensures that the necessary resources are in place for the Company to meet its objectives and fulfil its obligations to shareholders within a framework of high standards of corporate governance and effective internal controls. The Directors are responsible for the determination of the Company’s investment policy and strategy and have the overall responsibility for the Company’s activities, including the review of investment activity and performance, and the control and supervision of the AIFM and the Investment Manager. A copy of the Schedule of Matters Reserved to the Board is available under Shareholder Information - Key Documents & Risk Information.

The Board consists of four non-executive Directors. It seeks to ensure that it has an appropriate balance of skills and experience, and considers that, collectively, it has substantial recent and relevant experience of investment trusts and financial and public company management. The Chairman, Mr Tulloch, is deemed by his fellow independent Board members to be independent and to have no conflicting relationships. He does not have any other significant commitments that would affect his Chairmanship of the Company and the time he can commit to the Company’s affairs.

The role and responsibilities of the Chairman are clearly defined and set out in writing, a copy of which is available under Shareholder Information - Key Documents & Risk Information.

The Directors of the Company meet formally at least four times a year to receive and review reports from the AIFM and the investment manager.

The Board regularly reviews its composition and effectiveness. As part of its review, it considers succession planning; identification of the skills and experience required to meet future opportunities; the challenges facing the Company; and those individuals who might best provide them. The Board has agreed that while the benefits of diversity, including gender and ethnicity, will be taken into account for any new Director appointments, the priority would be
appointment on merit. Therefore, no measurable targets in relation to Board diversity have been set.

Performance

The net asset value per share is shareholders’ funds expressed as an amount per individual share. Shareholders’ funds
are the total value of a company’s assets, at current market value, having deducted all prior charges at their par value
(or at their market value).

The share price data shown is for each day’s closing price. The information is historic and differs from the current share price.

Although the Company has no official benchmark, performance is show against the FTSE All-World Index.

If the share price is lower than the NAV per share, the shares are said to be trading on a discount. The size of the discount is calculated by subtracting the share price from the NAV per share and is usually expressed as a percentage of the NAV per share. If the share price is higher than the NAV per share, the shares are said to be trading on a premium.

Portfolio Holdings & Assets

The investment policy allows for approximately 30-40 stocks to be held.

No investment in the Company’s portfolio may exceed 15% of the Company’s total assets.

Edinburgh Partners has a range of guidelines it follows regarding the absolute exposure it takes to each sector or country. These vary depending on the individual size of each sector or geography and the diversity of the companies within them.

Edinburgh Partners uses MSCI’s Global Industry Classification Standard (GICS).

This sector contains companies whose goods or services are considered non-essential to consumers. These include Automobiles & Components; Consumer Durables & Apparel; Consumer Services; and Retailing.

This sector contains companies whose products are considered essential and which consumers will continue to purchase regardless of changing financial conditions. These include Food & Staples Retailing; Food, Beverage & Tobacco; and Household & Personal Products.

Glossary of Investment Trust Technical Terms

An alternative performance measure is a numerical measure of the Company's current, historical or future financial performance, financial position or cash flows, other than a financial measure defined or specified in the applicable financial framework

The capital return per share is the total capital gain or loss of a company divided by the weighted average number of shares in issue during the year, excluding own shares held in treasury.

Gearing is the process whereby changes in the total assets of a company have an exaggerated effect on the net assets of that company’s shares due to the presence of borrowings.

Individual Savings Accounts and Self-Invested Personal Pensions.

Leverage is defined in the AIFMD as any method by which an AIFM increases the exposure of an Alternative Investment Fund it manages, whether through borrowing of cash or securities, or leverage embedded in derivative positions or by any other means.

As recommended by the AIC in its guidance, ongoing charges are the company’s annualised revenue and capitalised expenses (excluding finance costs and certain non-recurring items) expressed as a percentage of the average monthly net assets of the company during the year.

The revenue return per share is the total revenue of the company, divided by the weighted average number of shares in issue during the year, excluding own shares held in treasury.

If the share price of an investment trust is lower than the NAV, the shares are said to be trading at a discount. The size of the discount is calculated by subtracting the share price from the NAV and is usually expressed as a
percentage of the NAV. If the share price is higher than the NAV, the shares are said to be trading at a premium.

Total assets less current liabilities before deducting prior charges. Prior charges include all loans used for investment purposes.

The combined effect of any dividends paid, together with the rise or fall in the share price or NAV. Total return performance comparisons between investment trusts with different dividend policies. Any dividends (after tax) received by a shareholder are assumed to have been reinvested in either additional shares of the investment trust at the time the shares go ex-dividend (the share price total return) or in the assets of the investment trust at its net asset value per share (the net asset value total return). Total return per share statistics are calculated on the basis of the weighted average number of shares in issue, excluding shares held in treasury.

Shares previously issued by a company that have been bought back from shareholders to be held by a company for potential sale at a later date or cancellation.