That investor is Boaz Weinstein, whose activist hedge fund Saba Capital owns around 30% of the trust’s shares. He wrote a scathing open letter to Edinburgh Worldwide’s board on 27 November.

Let’s unpack this drama to see if there might be a potential buying opportunity to consider.

Dispruptive growth trust

Edinburgh Worldwide is a £715m investment trust managed by Baillie Gifford. It aims to discover “the next generation of disruptive growth companies…and hold them as they scale, capturing transformational growth opportunities“. These can be public or private businesses.

Now, this makes it higher risk because these “next-generation” companies are by definition less established. Half my own portfolio contains such stocks and I know how unpredictable and volatile they can be. It’s the nature of the beast.

Over time though, the strategy should work, as there’s no shortage of transformational growth opportunities out there. But this is where the problem lies, as the trust has underperformed its benchmark (the S&P Global Small Cap index) over three, five and 10 years.

The share price is down 50% since February 2021.

Back-and-forth drama

Saba Capital wrote that the trust has “massively underperformed its self-selected benchmark, the FTSE All-Share Index (+71.4%), by more than 100 percentage points! The magnitude of this value destruction is unprecedented among peer UK equity investment trusts over this [five-year] period“.

Elsewhere, Weinstein criticised the “inadequate” share buyback activity to close the ongoing discount to net asset value (NAV). In other words, the shares continue to trade for less than the trust’s underlying NAV.

Responding to the letter, Edinburgh Worldwide’s chair Jonathan Simpson-Dent pointed out three things. First, the benchmark isn’t the FTSE All-Share index, as it “makes little sense to judge a global small-cap trust against a UK all-cap benchmark“.

Second, the NAV discount’s currently 5.6%, which is significantly narrower than the peer group weighted average discount of 10.9%.

Finally, performance has been very strong over the past year, easily outperforming the index.

While we are open to discuss Board composition with Saba, we would strongly reject any proposal to replace the entire Board and the ambiguity that would follow. Edinburgh Worldwide.

A change in approach

In the second half of 2024, the trust tweaked its approach. Two new co-managers were appointed alongside the existing lead manager. And it reduced the number of holdings, while bringing in the flexibility to hold larger, more stable growth companies.

This change seems to be working, as the share price is up 40% since mid-2024. And looking at the top of the portfolio, I see some names that I like long term, particularly SpaceX (the largest holding by far), Axon Enterprise, and Alnylam Pharmaceuticals (a biotech focused on RNA-interference therapeutics).

Unlisted quantum computing start-up Psiquantum is also intriguing, though still unproven.

Of course, the hedge fund’s attempt to replace the board adds uncertainty here. But for investors with a tolerance for risk, and who want oversized exposure to SpaceX’s incredible growth, then Edinburgh Worldwide is worth a look at 206p.

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A concentrated portfolio

Edinburgh Worldwide has a high-conviction approach, with a relatively concentrated portfolio — its top 10 holdings account for 46.2% of assets. The trust’s largest exposure is to SpaceX, representing 13.6% of the portfolio.

SpaceX’s valuation has surged in recent years, driven by its dominance in the space sector, including its Starlink satellite network and the development of its Starship rocket. The company’s ability to launch rockets at an unprecedented rate and its potential to revolutionise space travel have made it a cornerstone of Edinburgh Worldwide’s strategy.

Quantum computing’s another key theme, with PsiQuantum, the trust’s second-largest holding at 7.9%, leading the charge. PsiQuantum has attracted significant government funding and is at the forefront of developing commercially-viable quantum computing technology.

While PsiQuantum is privately held, this sector is highly volatile, as seen in the public markets, where quantum stocks have experienced incredible swings in value. The trust’s exposure to this nascent but transformative technology — the trust has additional quantum holdings — underscores its long-term growth focus, even if the sector remains speculative in the near term.

Performance lags

Performance-wise, Edinburgh Worldwide does stand out, with a 13.3% return over the past year but a 12.5% drop in the last month. Over five years, the trust has delivered a 23.9% return. That’s actually a vast underperformance of the FTSE 100 and FTSE 250.

However, it may just be the trust’s time to shine. It currently trades at a 5.7% discount to its net asset value (NAV), slightly narrower than its 12-month average discount of -7.92%. This discount may present an opportunity for investors seeking exposure to high-growth sectors at a reduced price.

High-risk, but potentially high-reward

As alluded to, Edinburgh Worldwide isn’t without risks. Its concentrated portfolio and focus on early-stage companies make it susceptible to volatility. What’s more, the trust borrows to fund investments (called gearing). This increases risk by amplifying losses if investments fall (or gains if an investment performs well), as borrowed funds must be repaid regardless of performance.

However, for investors with a long-term horizon and a tolerance for risk, the trust offers a unique opportunity to consider to access transformative technologies, from space exploration to quantum computing, via a single investment vehicle.

Personally, I’m not sure if this is the right investment for my portfolio. However, it’s something I’m going to watch very closely. There’s certainly massive potential within the Edinburgh Worldwide portfolio. But I prefer investing in companies where I can see a margin of safety. That’s not possible here.

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This alone tells us that in order to earn £5,000 a month in passive income, I’ll need a pot of money worth at least 100 times more than the average size of a UK Stocks and Shares ISA. To be precise, assuming a 5% dividend yield, I’d aim for £1.2m invested to earn £60,000 a year, or £5,000 a month.

What’s more, an ISA income’s tax-free. As such, a £60,000 ISA income is the equivalent of a £90,000 taxable salary.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

Consistency’s key

I imagine I may have lost some readers’ interest when I noted that an investor would need £1.2m in an ISA to generate the stated passive income. However, the path to £1.2m’s a bit more simple and more achievable that many people would anticipate. The answer lies in consistent contributions to an ISA and a research-driven investment strategy.

And by constantly contributing and registering modest returns year after year, I can benefit from compound returns. Over time, this steady growth can significantly amplify wealth, turning small gains into substantial long-term rewards.

So let’s do the maths. If I were to invest £500 a month over 30 years and achieve 10.3% growth in my investments every year, I’d have £1.2m at the end of the period. Obviously, the stronger the investment and the longer the period, the more I’d have.

The building blocks

Of course, all of this is hypothetical without a real investment. And if I were starting afresh today building towards £1.2m, I’d first look to achieve some diversification. And a great way to do this is through an exchange-traded fund (ETF).

One stock I’ve bought for my daughter’s Self-Invested Personal Pension (SIPP) is Edinburgh Worldwide Investment Trust (LSE:EWI). This Baillie Gifford-operated trust focuses on growth-oriented companies, initially targeting those with market-caps under $5bn, now expanded to $25bn. I find its portfolio fascinating, albeit a risky, with SpaceX as the largest holding at 12.3%, followed by PsiQuantum and Alnylam Pharmaceuticals.

What excites me most is Edinburgh Worldwide’s exposure to cutting-edge sectors like space exploration and quantum computing. However, I’m well aware of the risks involved. Many of these early-stage companies, despite their potential, have limited public financial data. The trust’s performance has been volatile, with a 24% share price return in 2024, but a -33.5% return over three years.

Despite recent challenges, I’m drawn to the ETF’s long-term growth potential. Its focus on innovative companies at the forefront of technological transformation aligns with my investment strategy, and its diversification provides some relief in a sector where many company’s fail. The trust’s current discount to NAV of 4.9% also makes for an attractive entry point.

However, investors should be wary of this ETF’s volatility. Big brother ETF Scottish Mortgage would be a more sensible option to consider for low-risk investors.

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So, what’s the exciting alternative to think about? Well, it’s another Baillie Gifford-managed trust. And it’s called Edinburgh Worldwide Investment Trust (LSE:EWI). This global investment trust typically focuses on smaller and entrepreneurial companies. Management’s previous policy was to make the first investment in these companies when their market value was under $5bn. But that was recently upped to $25bn to provide more opportunities.

What does it invest in?

The Edinburgh Worldwide portfolio contains a blend of listed and unlisted holdings, with its top two positions — SpaceX (12.3%) and PsiQuantum (7.5%) — comprising nearly 20% of total assets. While these innovative private companies present significant growth potential. their lack of financial transparency — only listed companies need to publish earnings — and presumed pre-profit nature adds a layer of risk.

The remainder of the top 10 includes holdings in sectors like biotechnology (Alnylam Pharmaceuticals, Exact Sciences, Oxford Nanopore), technology (Zillow, Doximity), and defense (Axon Enterprise, AeroVironment). Together, the top 10 positions represent 42.8% of the portfolio. This means its investments are more concentrated than Scottish Mortgage. This mix could offer outsized returns but requires an appetite for higher risk and volatility.

I also appreciate that none of these companies are household names, perhaps with the exception of SpaceX. This reinforces the risk/reward nature of the trust. These are high-potential companies, which may become the household names of tomorrow. By comparison, Scottish Mortgage’s top holdings also include well-known companies like Nvidia, Amazon, Tesla, and even Ferrari. It’s also worth noting that SpaceX is Scottish Mortgage’s largest holding as well.

Diversification is still key

Baillie Gifford has an excellent track record and its trusts are some of the most popular in the UK. Moreover, Edinburgh Worldwide shares are currently trading at a 7.1% discount to the net asset value (NAV) of the trust. The NAV is the reported value of all the the fund’s holdings. As such, a discount is highly attractive.

However, Edinburgh Worldwide’s high-risk, high-reward profile may make it unsuitable as a sole investment, but it could be a valuable addition to a cautious portfolio. Its focus on innovative, growth-oriented companies offers diversification and the potential for outsized returns.

Moreover, investors should also consider their time horizon. Edinburgh Worldwide will likely demonstrate more volatility than Scottish Mortgage. The long-run trajectory may be upwards, but the could be lots of bumps on the way.

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Why start so young?

Starting a pension early harnesses the power of compounding, where investments grow exponentially over time as returns generate further returns. The earlier contributions begin, the more time there is for this effect to amplify savings. This means even modest early investments become highly valuable later. Additionally, the minimum age to access a pension will rise to 57 in 2028. Younger savers will have an extraordinarily long period of time to build wealth. By starting early, individuals can build a more substantial pot, ensuring a comfortable retirement and taking full advantage of the extended investment period before accessing their pension.

Let’s do the maths

With a possible 57 years of growth — or maybe longer given the direction of retirement ages — a SIPP could become a massive pot of money. In fact, £3,600 a year would compound to £1.2m with 5% annualised growth, £11m at 10%, and £127.3m at 15%. It goes without saying but there’s a huge disparity in end figures based on the annualised growth rate. That’s simply the way compounding works and it’s a reminder as to how investing, even in simple index-trackers, can help build wealth faster than with savings accounts.

Moreover, we need to recognise that the portfolio growth appears to accelerate in the later years. This can be seen in the below graph where we see the growth of £3,600 at 10% annualised.

Fuel for thought

My daughter’s SIPP hasn’t grown as fast as her ISA — which has seen about 60% growth over 12 months. One reason for that is that Hargreaves Lansdown offers fee-free trading on Junior ISAs, but not on SIPPs. In turn, given the relatively small figures involved in the SIPP, I have typically preferred investing in trusts and funds rather than individual stocks to gain diversification.

One of those stocks is growth-focused trust Edinburgh Worldwide Investment Trust (LSE:EWI), operated by Baillie Gifford — which also runs the better known Scottish Mortgage Investment Trust.

While this fund offers diversification, its investment strategy is inherently rather risky. That’s because it aims to invest in entrepreneurial companies before they’re anywhere near maturity. In fact, the trust’s policy was to make the first investment in companies only with a market cap below $5bn. That was actually raised last month to $25bn.

Interestingly, SpaceX represents a whopping 12.3% of the portfolio, which may actually present some concentration risk. That’s followed by another unlisted company, PsiQuantum, at 7.5%. With almost 20% of invested assets wrapped up in these two unlisted pre-profit companies, I appreciate why some investors will be hesitant.

However, Baillie Gifford has a great reputation for picking the next big winners and I’m personally very bullish on SpaceX and quantum stocks in the long run. I believe it will be a bumpy ride, but that’s fine when you’ve got 57 years for maturation.

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Sadly, most Britons still elect to build wealth through savings accounts, which with annualised returns typically below 3%, that money isn’t growing very quickly.

Stock markets typically perform better than savings

Investing in stock markets typically yields significantly higher returns compared to traditional savings accounts. Many individuals, particularly beginners, opt for index-tracking funds, which aim to replicate the performance of major market indexes. Historical data underscores the long-term growth potential of such investments.

For instance, the FTSE 100 has delivered an average annual return of 6.3% over the past 20 years, with the FTSE 250 outperforming its large-cap counterpart. In the US, the S&P 500‘s averaged an impressive 10.5% annually since its inception in 1957, climbing to an even higher average of 13.3% in the decade leading up to 2024. Similarly, the Nasdaq posted an exceptional 19.8% average return over the past decade.

These figures starkly contrast with the comparatively modest interest rates offered by savings accounts, emphasising the advantage of stock market investments for building wealth over the long term.

Doing the maths

Personally, I prefer to pick individual stocks, trusts and specific funds, over index-tracking funds. That’s because I believe I can beat the market — after all, researching stocks is essentially what I do.

However, if an investor had chosen a tracker of any of the above major indexes over the last decade, they would have vastly surpassed the returns they could have achieved in a savings account. Let’s assume an investor puts £500 a month into an index tracker. Here’s how that money could perform in an S&P 500 tracker, based on the previously noted historical growth rates (but note, past performance is no guarantee of future success).

Why did I use the S&P 500 data? Well, because it quite conveniently works out to just over £1.2m over 30 years. Putting that money in stocks with an average dividend yield of 5% would generate £5,000 of monthly passive income — and tax-free. This is what I’m aiming to do, but by cherry-picking stocks, I’m hoping to grow my money faster.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

One to consider for the growth phase

While index trackers are a great way to start investing, investors may want to consider an exciting growth-oriented trust like Edinburgh Worldwide Investment Trust (LSE:EWI). It’s a Baillie Gifford-run fund — like the well-known Scottish Mortgage Investment Trust — and it’s a really interesting, albeit risky proposition. The fund aims to invest initially in entrepreneurial companies when they’re still nascent.

The trust’s largest investment is SpaceX, which represents a significant 12.3% of the portfolio. This is followed by PsiQuantum at 7.5% and Alnylam Pharmaceuticals. These are fairly high-risk investments, but given supportive trends in artificial intelligence (AI), space exploration, and even quantum computing, this could be the right time to take a diversified approach to emerging technologies.

However, some of its holdings aren’t publicly listed, and only listed companies are required to disclose earnings reports, which means crucial data on these private entities is scarce, heightening uncertainty for investors.

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Hitting the target

A widely-used benchmark is the 4% rule. This suggests an investor can withdraw 4% of their portfolio annually without significantly depleting their capital long term — this could be achieved by investing in dividend-paying stocks with an average yield of 4%. Based on this, an investor would need £900,000 in their ISA to generate £3,000 a month.

Achieving this balance depends on several factors, including initial contributions, the time horizon, and investment returns. ISA allowances permit up to £20,000 a tax year to be contributed. By doing this and investing in assets with an average annual return of 7% (a typical expectation for shares), an investor starting from £0 could potentially accumulate around £900,000 in 25 years. Of course, that’s not guaranteed and said investor could lose money as well as making it.

There are other ways to aim for the target. One could invest in higher dividend-paying stocks in an effort to generate a larger yield from a smaller balance. The required balance could also be achieved sooner or with less capital if the investor’s shrewd. This is highlighted in the below graph.

The art of the possible

Many novices will buy into index-tracking funds. These aim to track the performance of major indexes. For example, the FTSE 100 averaged 6.3% annually over 20 years, while FTSE 250 outperformed it. America’s S&P 500 returned about 10.5% annually since 1957, averaging 13.3% in the decade to 2024. The Nasdaq achieved 19.8% over the past decade.

But some people, those buying into individual shares and funds, achieve stronger growth. While I’ve averaged strong double-digit returns over the last five years, brain-boxes like analyst J Mintzmyer have averaged over 40%. However, as great as this sounds, investors need to remember that poor investment decisions can result in losing money.

Consider this for the growth phase

I typically invest in individual shares, but in my daughter’s Self-Invested Personal Pension (SIPP), which involves smaller investments, I prefer funds or trusts that offer me diversification while only paying one platform trading fee.

One trust she recently bought and I think is worth considering is Edinburgh Worldwide Investment Trust (LSE:EWI). It’s operated by Baillie Gifford, which also runs the popular Scottish Mortgage Investment Trust.

Like Scottish Mortgage, Edinburgh Worldwide invests in growth-oriented companies but focused on making an initial investment in companies when they are younger — originally companies with a market-cap smaller than $5bn, but this was recently upped to $25bn to broaden the field of play.

Its largest investment is SpaceX which represents a massive 12.3% of the portfolio. This is followed by PsiQuantum at 7.5% and Alnylam Pharmaceuticals. In short, it’s a very interesting portfolio, representing some of the most sought-after growth investments worldwide.

However, SpaceX and quantum computing go some way to highlighting the risky nature of the trust’s holdings. Not only are these early-stage companies — albeit one worth $350bn in the case of SpaceX — but there’s limited available data about their finances — only listed companies need to issue earnings reports.

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What is SpaceX?

First of all, and for those of you that don’t know, SpaceX is an American aerospace company founded by Elon Musk in 2002. It has revolutionised the space industry by developing reusable rockets and spacecraft.

It was the first private company to send a spacecraft to the International Space Station and has since become a leading provider of commercial launch services. SpaceX has also generated a reputation for staying one step ahead of its peers like Rocket Lab, with innovations like Starship, a fully-reusable heavy-lift launch system for interplanetary travel.

Beyond its launch services, there’s Starlink, a satellite internet constellation aimed at providing global broadband coverage. Reports suggest it’s cash flow positive and may be spun off at some point in the future.

Musk’s vision for the company is truly extraordinary, with the ultimate goal of enabling human colonisation of Mars and making space travel more accessible. And with Musk’s ally moving into the White House, it’s certainly a company to watch.

How can I get exposure to SpaceX?

Unfortunately, I can’t buy a piece of SpaceX directly, but there are trusts, funds, and ETFs I can invest in to gain exposure. These funds and ETFs have varying degrees of exposure to SpaceX.

Interestingly, the size of these holdings has surged in recent weeks as funds have revalued their investments in SpaceX, and there are compelling reasons for this revaluation.

SpaceX’s surging valuation

As SpaceX is a privately held company, we don’t know much about its financials. However, the company is reported valued at $350bn according to an upcoming tender. According to Morgan Stanley, this suggests price-to-sales ratio of 23.6 times. A year ago, the company was reported worth $180bn.

That’s incredibly expensive, and it might scare some investors off. But the same analysts at Morgan Stanley expect the growth curve to be so steep that the current valuation infers a forward price-to-earnings of 24 times and a P/S ratio of 5.2 times for FY2030.

Edinburgh Worldwide Investment Trust

Edinburgh Worldwide Investment Trust is another Baillie Gifford-run fund, and it’s a really interesting, albeit risky proposition. The fund aims to invest in initially immature entrepreneurial companies, typically with a market cap below $5bn.

The fund’s top holding is actually SpaceX, followed by Alnylam Pharmaceuticals at 5.9% and PsiQuantum at 4.8%. In fact, SpaceX is such a large proportion of the portfolio that it’s possible the fund could sell some of its holdings due to concentration risk.

More broadly, it’s a really exciting portfolio of companies that could change the world in sectors like space travel, quantum computing, and biotech. However, there’s a lot of risk associated with investing in relatively early companies — many fail. This, of course, could make EWI an attractive way to gain exposure to exciting companies for investors with the right level of risk appetite.

However, personally, my preferred exposure to SpaceX is via Scottish Mortgage. It’s a more balanced portfolio, and a great fit for my pension portfolio.

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The trust’s top holding today is Space Exploration Technologies (SpaceX), which makes up 9.3% of the portfolio.

I’m very bullish on the privately-held rocket firm led by Elon Musk. So should I buy this stock to gain exposure? Let’s discuss.

A disruptive company

SpaceX has radically lowered the cost of accessing space by flying and landing its rockets multiple times.

In 2023, it achieved 96 orbital rocket launches, as well as two test flights of its giant Starship Mars rocket. Both of them exploded but another Starship is ready and waiting for a third attempt.

Meanwhile, Starlink, its internet-from-space service, continues to progress rapidly. This was created to help the company make money while it works towards its founding mission of reaching Mars.

The network currently consists of more than 5,100 active satellites, with the latest ones capable of beaming services straight to smartphones. This promises no more internet dead zones on Earth.

As of December, Starlink had 2.3m subscribers.

SpaceX is aiming for a mega-constellation of 42,000 satellites, which would make it truly dominant. It’s already estimated to have launched 80% of all Earth payload into orbit last year. No company or government comes close to it.

That said, Starship remains critical to the company’s long-term ambitions. A catastrophe could set the firm back years from a regulatory standpoint.

Constant underperformance

Of course, there’s more to Edinburgh Worldwide than SpaceX.

Here are the top 10 holdings, as of 30 November:

Looking further down the portfolio, I see a lot of early-stage biotechs. Indeed, the healthcare sector accounts for over a third (34.2%) of assets.

Now, I do love healthcare stocks, but I’m not sure I’d want that much weighting towards them.

Another concern I have is underperformance. According to Baillie Gifford, the trust has multiple time periods in which it has lagged its benchmark (the S&P Global Small Cap index).

This is obviously very disappointing for shareholders. It means they would have been better off buying a low-cost index fund.

For me, I can stomach one, two, or even three years of underperformance. Markets can do strange things. But a 10-year period does worry me.

My move

Additionally, there are some stocks in the portfolio that I have specific doubts about:

• Chegg is an education firm providing online tutoring subscription services. But can’t students just use ChatGPT for homework nowadays without paying?
• Huya is a Chinese live-streaming platform. But regulators in China have just brought in strict rules to reduce spending within video games.

Of course, I could be proved wrong on these and they do collectively account for only 1% of assets. But, on balance, I’d rather keep my SpaceX exposure to Baillie Gifford stablemate Scottish Mortgage Investment Trust.

That said, I do think the Edinburgh Worldwide share price could perform strongly when interest rates start heading lower.

Plus, there’s currently a 13% discount to net asset value (NAV). In other words, I can buy £1 of assets for 87p. So it could be worth a look for growth investors wanting to nab a potential bargain.

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Pain ahead

Readers are probably fearful that the worst is yet to come for Edinburgh Worldwide, given the very real prospect of Fed tapering in November and of imminent interest rate hikes. One might ask: isn’t this a bad moment to jump into a trust consisting of small-cap tech holdings with valuations premised on future earnings, which are likely to be ultra-sensitive to hawkish monetary policy? But one could also ask: is the trust, with its emphasis on building relationships with immature companies, now a cheaper, more exciting alternative to the large-cap focused Scottish Mortgage?

The point that Svetlana Viteva, Edinburgh Worldwide’s Deputy Manager, made a couple of years ago that “if you do [recognise our holdings], frankly we’re probably not doing our job” could help me to decide. Inflationary pressures may persist for the early part of this cycle as the economy re-gears, and tech investors, large and small, could be in for a bumpy ride.

But it is becoming increasingly apparent that AI, robotics, autonomous vehicles, and next-generation internet, as well as innovative biotech and healthcare solutions, are ways out of the pandemic (and related supply-chain problems) as much as they are legacies of it. In the longer term, Edinburgh Worldwide’s holdings will almost certainly help to propel deflationary forces, and, if they can catch the right waves, allow me to outstrip CPI inflation massively, too. If I were to invest further, I could, in turn, benefit from resultant wealth generation.

Capturing long-term growth

Edinburgh Worldwide has a bold allocation to healthcare and biotech (currently around 30%) and stakes in hard-to-acquire private companies at the forefront of emergent autonomous fields (such as SpaceX and PsiQuantum). In fact, these private companies make up roughly 10% of the trust’s portfolio. By gaining access to exciting unlisted opportunities, I believe that increasing my stake in Edinburgh Worldwide would ideally place me to capture growth in the coming years.

I might have to put up with some short-term uncertainty and temper my immediate growth expectations, but I believe that Edinburgh Worldwide remains among the best alternatives to Cathy Wood’s iconic ARK Innovation ETF and is currently trading at a discount of roughly 7%. Given the bulging size of many of Scottish Mortgage’s top holdings, and with fears that a blow-off top is around the corner for mega-cap US equities that have grown fat on stimulus, perhaps it is time for me to once again turn my head to this rather demure younger brother.

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