This report covers the period from 1 October 2021 to 30 September 2022.
The clouds have darkened considerably since I wrote to you this time last year.
During this period it has become clear that inflation is not the transitory phenomenon that it was once hoped. All of this has been accentuated and exacerbated by Russia’s invasion of Ukraine, which has led to higher energy prices and a spiralling cost of living. Western Central banks have been steadfast in their determination to bring inflation back under control, raising interest rates and tightening financial conditions. This has put considerable downward pressure on asset prices – from high-flying tech stocks to index linked bonds – and on global economic growth. Within this context, over the twelve months under review the Company’s NAV Total Return was -7.3%. Over the same period, the comparator benchmark, the MSCI AC World ex-US, returned -9.6%. We always remind shareholders that our Investment Manager invests for the long term, and over five years the NAV total return was +41.9%, compared with a benchmark return of +15.4%, while over ten years the return was +144.6%, compared with 94.5%.
Susan Noble, Chairman
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For these purposes, documents relating to proxies include:
The Annual General Meeting (“AGM”) takes place each year in December. You will receive a Proxy Form prior to the AGM taking place, should you wish to appoint a proxy to vote at the AGM in accordance with your directions you will need to complete the Proxy Form and submit the same via post or via email to the Registrars at Proxy.Votes@equiniti.com.
Please ensure that that all identification numbers and any information completed by you on the Proxy Form is clearly legible, otherwise the Form may be rejected and your proxy instructions will not be accepted.
* 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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General risk warning: All investment is subject to risk. The value of the Shares may go down as well as go up. Past performance is no guarantee of future returns and there is no guarantee that the market price of the Shares will fully reflect their underlying net asset value. There is also no guarantee that the Company’s investment objective will be achieved.
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