Performance
During the year the NAV total return, with borrowings calculated at fair value, was -1.6%. The share price total return was -7.0%, while the FTSE World Index returned +3.2%. This is a disappointing outcome against the backdrop of last year's declines. It is now eight years since the change in investment approach was implemented in March 2015. Since the end of March 2015, the NAV total return has been +126.7%* against the comparative index at +127.4%*. Over the same period, the share price total return was +131.3%*. Recent underperformance by growth stocks has wiped out the cumulative gains of the prior years. We are very mindful of the need to return to outperformance, in a variety of market conditions.
https://www.investegate.co.uk/announcem ... ts/7582372
Ian (No holding).