A BAILLIE Gifford investment trust that is likely to make a profit from its £2 million holding in travel booking site Skyscanner underperformed its index by 11 percentage points in the 12 months to the end of October.
Edinburgh Worldwide, which invested in Skyscanner in the first half of the year, saw its net asset value per share grow by 18 per cent while the S&P Global Small Cap Index grew by 29 per cent.
This is a reversal in fortunes for the trust, which broadened its investment criteria in January 2014 to allow it to allocate a small percentage of its assets to non-listed businesses such as Skyscanner and in the first full year after making the change outperformed its benchmark by 6.5 percentage points.
Skyscanner is one of four unlisted companies held by the trust during the last year. The £1.4 billion acquisition of Skyscanner by Chinese travel management group Ctrip completed this week, meaning all previous investors have now exited the business.
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