Edinburgh IT posts decline in NAV

The Edinburgh Investment Trust has highlighted the impact of gearing and market weakness in its first set of results since the mandate moved to Fidelity in August 2002. The results for the 12 months to the end of March showed a decline in net asset value of 42.5%. The board said performance was adversely affected by 'a profound fall in the FTSE All-Share Index,' the impact of expensive gearing, which was a net 13% of assets at 22 May, and the one-off £9.3m cost of portfolio realignment after management moved across from Edinburgh Fund Managers. While paying out the £200m in debentures...