The world continues to be unstable, with conflict in the Middle East and Ukraine. Elsewhere, geopolitical tensions particularly between the United States and China continue to make news headlines. On a more positive note, inflation appears to be better in check and we have seen central banks in the US and Europe begin the process of cutting interest rates, which should be positive for companies and markets.
Against this volatile background, the Company’s NAV total return for the year to 30 September 2024 (one of our three KPIs) was a creditable +13.7%, which was above the long-term average annual return and compares with +19.9% for our comparator benchmark index. Over the last five years the return has been +65.5%, compared to +63.3% for the current comparator benchmark (shareholders may recall that we changed the benchmark last year).
Graham Kitchen, Chairman
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* Net Liquidity is: the fixed income investments less the Debenture (at par value) plus or minus the net current assets/(liabilities), divided by the net assets of the Company.
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