| Discrete year performance (%) | Share price (total return) | NAV (total return) |
| 31/03/2024 to 31/03/2025 | 17.2 | 14.8 |
| 31/03/2023 to 31/03/2024 | 2.9 | 8.6 |
| 31/03/2022 to 31/03/2023 | 4.5 | 4.1 |
| 31/03/2021 to 31/03/2022 | 15.0 | 16.3 |
| 31/03/2020 to 31/03/2021 | 23.4 | 25.7 |
All performance, cumulative growth and annual growth data is sourced from Morningstar.
Source: at 31/03/25. © 2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not predict future returns.
Glossary
Capital
When referring to a portfolio, the capital reflects the net asset value of a fund. More broadly, it can be used to refer to the financial value of an amount invested in a company or an investment portfolio.
Coupon
A regular interest payment that is paid on a bond, described as a percentage of the face value of an investment. For example, if a bond has a face value of £100 and a 5% annual coupon, the bond will pay £5 a year in interest.
Discount/premium (investment trusts)
The amount by which the price per share of an investment company is either lower (at a discount) or higher (at a premium) than the net asset value per share (cum income), expressed as a percentage of the net asset value per share.
Dividend
A variable discretionary payment made by a company to its shareholders.
Dividend payout ratio
The percentage of earnings (after tax) that are distributed to shareholders in the form of dividends in a year.
Earnings per share (EPS)
EPS is the bottom-line measure of a company’s profitability, defined as net income (profit after tax) divided by the number of outstanding shares.
Gearing
Gearing is a measure of a company’s debt relative to its equity, showing how far its operations are funded by lenders versus shareholders. Investment trusts: The effect of borrowing money for investment purposes (financial gearing). The amount a company can “gear” is the amount it can borrow in order to invest.
Gilts
UK government bonds sold by the Bank of England, used to finance public spending.
Market capitalisation (market cap)
The total market value of a company’s issued shares. It is calculated by multiplying the number of shares in issue by the current price of the shares. The figure is used to determine a company’s size and is often abbreviated to ‘market cap’.
Net assets (investment trusts)
Total assets minus any liabilities such as bank loans or creditors.
Net asset value (NAV)
The total value of a fund’s (or company’s) assets less its liabilities.
Ongoing charges (investment trusts)
The total expenses for the financial year (excluding performance fee), divided by the average daily net assets, multiplied by 100.
Secured loan
A loan where the borrower has promised to give the lender specific assets, such as a house or vehicle, if they fail to make repayments.
Share buybacks
Where a company buys back their own shares from the market, thereby reducing the number of shares in circulation, with a consequent increase in the value of each remaining share. It increases the stake that existing shareholders have in the company, including the amount due from any future dividend payments. It typically signals the company’s optimism about the future and a possible undervaluation of the company’s equity.
Valuation metrics
Metrics used to gauge a company’s performance, financial health and expectations for future earnings, eg. price to earnings (P/E) ratio and return on equity (ROE).
Volatility
The rate and extent at which the price of a portfolio, security or index, moves up and down. If the price swings up and down with large movements, it has high volatility. If the price moves more slowly and to a lesser extent, it has lower volatility. The higher the volatility the higher the risk of the investment.
Yield
The level of income on a security over a set period, typically expressed as a percentage rate. For equities, a common measure is the dividend yield, which divides recent dividend payments for each share by the share price. For a bond, this is calculated as the coupon payment divided by the current bond price.
Disclaimer
Yields may vary and are not guaranteed.
