This report covers the period from 1 October 2019 to 30 September 2020.
Having reported at the half year stage a reduction in value of almost a quarter, I am pleased to be able to report that in the second half of our accounting year all of that fall was recovered and we ended the year with a virtually flat NAV total return. The return over the year outperformed our comparator benchmark index, whose total return was -1.8%. It may seem odd to present in such positive terms a year in which no overall gain was made, but in the circumstances the Board believes that the Investment Manager has performed well. As described in the Performance Review, gearing was reduced in the period leading up to the market sell off in reaction to the COVID-19 pandemic and this, along with some well executed portfolio sales, allowed us to buy some attractive companies at depressed prices. The recovery in asset value in the second half of the year is encouraging, as is the quality of the portfolio.
Susan Noble, Chairman
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