| Discrete year performance (%) | Share price (total return) | NAV (total return) |
| 31/12/2023 to 31/12/2024 | 10.6 | 11.5 |
| 31/12/2022 to 31/12/2023 | 4.8 | 6.5 |
| 31/12/2021 to 31/12/2022 | 9.4 | 5.1 |
| 31/12/2020 to 31/12/2021 | 11.8 | 20.1 |
| 31/12/2019 to 31/12/2020 | -11.8 | -13.8 |
All performance, cumulative growth and annual growth data is sourced from Morningstar.
Source: at 31/12/24. © 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
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.
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.
OEIC (Open-Ended Investment Company)
An Open-Ended Investment Company (OEIC) is a type of collective investment scheme that pools the money of a group of investors, who count as shareholders. It is a common structure for UK-domiciled funds. Most are UCITS-compliant.
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).
