Established in 1889, Edinburgh Investment Trust is one of the UK's oldest investment trusts. This short video explains how the Trust's flexible investment approach is used to build a high-conviction portfolio of advantaged UK companies.
Overview
The Company will aim to achieve long-term capital growth from investment in a diversified portfolio of UK micro cap companies, typically comprising companies with a free float market capitalisation of less than £100 million at the time of purchase.
Investing in small and micro-cap stocks presents a significant challenge due to their high illiquidity. Through its closed end structure, River UK Micro Cap Ltd provides access to companies with market caps under £100m, allowing investors to benefit as these companies grow and re-rate. The investment team targets early-stage growth businesses that are too small for institutional capital, aiming to own and compound their high growth and return on capital. They employ a high-conviction approach, holding around 40 stocks, and undertake proprietary research and disciplined risk management framework to construct the portfolio which has resulted in the trigger of its unique redemption facility, returning capital to investors when the Company grows to large, to maintain an optimal size for the strategy.
Key Information
Benchmark index
FTSE All Share
AIC sector
IT UK Equity Income
Share price
861.0p
Net Asset Value per share*
927.5p
Premium/Discount +/- (%)*
-7.168
Historic dividend per share
32.00p
Historic share price yield
4.0%
Ongoing charges
0.50%
Active share
67.67%
Gearing (gross)
6.1%
Gearing (net)
4.9%
Holdings
41
*Share Price, NAV and Premium/Discount updated daily. All other data is correct as at 30.06.2026.
Our Investment Process
The investment process is designed to perform through the cycle because the investment team considers the market environment and evolves weightings to growth, value and recovery companies accordingly. The relative performance of the Trust is driven by stock selection.
Pragmatic
The portfolio managers do not have dogmatic style biases, such as growth or value. They also invest in companies that have scope for recovery through management change, business transformation or an improving business environment. Around three-quarters of the managers’ time is spent on in-depth stock research, with the remainder spent on macroeconomic and geopolitical analysis.
Engagement
Our investment process seeks to take account of the significant variables that influence a company’s prospects. Whether these variables be financial, strategic, reputational or have any other feature, our process tracks the most material ones.
Longevity
Investor returns should derive over the long term from a total return comprising both capital appreciation and dividend income. The managers often prefer companies with organic investment opportunities. As such, they normally expect companies with growing profits – and share prices – to continue to generate returns. They view income as an important component rather than the primary driver of investment returns.
Imran Sattar
Portfolio Manager
Imran joined Liontrust in April 2022 as part of the acquisition of Majedie Asset Management, where he had managed funds for four years. Before joining Majedie in 2018, Imran was a Managing Director and Fund Manager at Blackrock, where he managed UK equity funds with combined UK equity assets of over £2 billion. Imran joined Mercury Asset Management in 1997 (subsequently acquired by Merrill Lynch, now Blackrock).
He holds a Bachelor of Sciences degree in Mathematics & Economics from the University of Warwick and is a CFA Charterholder.
Emily Barnard
Deputy Portfolio Manager
Emily Barnard is a Fund Manager on the Global Fundamental team. Emily joined Liontrust in April 2022 as part of the acquisition of Majedie Asset Management where she was an Equity Analyst for six years. Prior to joining Majedie in 2016, Emily completed a two year rotational graduate programme at the Wellcome Trust, focusing on equity analysis.
Emily holds a Master of Physics degree in Theoretical Physics from Durham University and is a CFA Charterholder.
Board of Directors
About Liontrust
The Edinburgh Investment Trust is managed by Imran Sattar (Portfolio Manager) and Emily Barnard (Deputy Portfolio Manager) of Liontrust.
Liontrust is a specialist asset management company that takes pride in having a distinct culture and approach to running money. The company launched in 1995 and was listed on the London Stock Exchange in 1999.
Liontrust’s fund managers have the courage of their convictions through their differentiated and rigorous investment processes. Liontrust believes investment processes are key to long-term performance and effective risk control.
Staying true to their documented investment processes helps to create an in-built risk control for fund managers by preventing them from investing in companies and funds for the wrong reasons and helping them to retain clarity of thought.
Liontrust is committed to integrating sustainability throughout the business including being a responsible investor; climate change and the environment; diversity and inclusion; human rights; and being a good corporate citizen. Good governance and stewardship, sustainability and social impact are important in delivering longer-term investment performance.
What is an investment trust?
The first investment trust launched in 1868 and Edinburgh Investment Trust started managing investors’ savings in 1889. This listed structure has stood the test of time because of its differentiated features and attractions from other types of investments.
