This report covers the period from 1 October 2020 to 30 September 2021.
I am pleased to report that the NAV total return for the year to 30 September 2021 was +36.2%, driven primarily by excellent stock selection, which compares very well with the comparator benchmark return of +18.8%. Performance during the year under review was naturally linked to the extent and timing of expected economic recovery from the effects of the COVID-19 pandemic but, as described in the Investment Manager’s Report, several other factors were also important drivers of investment returns. It was encouraging to note that returns were driven both by the active decision by the Investment Manager to position part of the portfolio for the post-COVID economic recovery and also by companies which are less directly economically sensitive, demonstrating the broad and balanced exposure of our investments.
Susan Noble, 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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