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" class="glossary_term"liquidity for backers once the business is large and mature./p>" class="glossary_term"asset allocation section, changes were made to the portfolio to take advantage of the opportunities created as investors have rotated away from growth. EWI's managers have been out talking to companies and the message that they are receiving is that things are progressing as they should. The managers say that, despite the obvious macro headwinds, the output of innovation is alive and well but is yet (despite some recovery YTD, as signs emerge that the macro clouds may be beginning to clear) to shine through properly. The manager expects to see further volatility but feels that fundamentals will reassert themselves over the next 18 months or so./p>" class="glossary_term"private equity Limited Partnership/p>" class="glossary_term"LP funds./p>" class="glossary_term"stock selection decisions and reflecting this, it has a high active share (98% relative to the S&P Global Small Cap Index). As is illustrated in Figure 7, the portfolio is global, but has a heavy bias towards North America, which tends to account for about two-thirds of the fund's assets. Relative to its comparative index, EWI's portfolio is index/p>" class="glossary_term"overweight both North America and the UK and tends to be index and often refers to a benchmark./p>" class="glossary_term"underweight other geographical regions./p>" class="glossary_term"yield curve started to emerge, which was associated with higher inflation and an expectation of higher interest rates./p>" class="glossary_term"benchmark, which appears to have occurred as sentiment ebbed and flowed between growth and value. However, the general trend was one of a gradual re-opening of the global economy, which broadly appears to have favoured value stocks at the expense of growth and particularly small cap growth. This trend accelerated in 2022 as sharply rising inflation, in part a reaction to the considerable monetary and fiscal stimulus that central banks and governments around the world had previously poured into their economies, led to interest rate rises across the developed world./p>" class="glossary_term"myeloma, where it is migrating towards becoming the standard of care./p>" class="glossary_term"limited partnership funds advised by the management company, and has stakes in two investment companies: Oryx International Growth and Odyssean Investment Trust./p>" class="glossary_term"free cash flow yields and low levels of debt funding), which tends to help it in periods where investors are nervous about economic growth./p>" class="glossary_term"NAV total return terms. It is noteworthy that, while Herald suffered heavily from the growth sell-off during 2022, it benefited from a rebound in the final quarter of 2022 and for much of the first quarter of this year (its US portfolio was particularly resilient although this market had a better outlook than most and its UK portfolio, the largest allocation, outperformed its local benchmark)./p>" class="glossary_term"ongoing charges ratio in the peer group./p>" class="glossary_term"performance fee and, while it did not incur a performance fee in relation to its last financial year, its ongoing charges ratio inclusive of performance fees could, in a good year, cost up to an additional 50bp in round figures./p>" class="glossary_term"dividend during the last 12 months./p>" class="glossary_term"management fee is 0.75% on the first £50m of assets less any money owed/p>" class="glossary_term"net assets, 0.65% on the next £200m and 0.55% on any remaining net assets. The management fee is calculated and payable quarterly. The management agreement can be terminated on three months’ notice./p>" class="glossary_term"ordinary shares have a premium main market listing on the LSE and, as at12 May 2023, there were 389,419,641 of these with voting rights in issue with 16,334,054 held in treasury./p>" class="glossary_term"investment manager in the Global Discovery Team. She is a CFA Charterholder. Svetlana graduated with a BA in Economics and a BA in Business Administration from the American University in Bulgaria in 2008, MSc in Investment Analysis in 2009 and PhD in Accounting and Finance in 2012, both from the University of Stirling./p>" class="glossary_term"LLP until 2016. She is a non-executive director and chair of the audit committee of Montanaro European Smaller Companies Trust Plc, a non-executive director and chair of the audit and risk committee of Edinburgh International Festival Society, a non-executive director of the Royal Conservatoire of Scotland and a publicly appointed member of the board of directors and chair of the audit and risk committee of VisitScotland. Caroline was appointed as chairman of EWI's audit and management engagement committee at the AGM on 2 February 2022./p>

" class="glossary_term"Quantitative Finance./p>

" class="glossary_term"Financial Conduct Authority) was paid to produce this note on Edinburgh Worldwide Investment Trust Plc./p>