| Discrete year performance (%) | Share price (total return) | NAV (total return) |
| 31/03/2025 to 31/03/2026 | 29.1 | 32.1 |
| 31/03/2024 to 31/03/2025 | 11.8 | 5.9 |
| 31/03/2023 to 31/03/2024 | 1.8 | 8.5 |
| 31/03/2022 to 31/03/2023 | -1.5 | -0.4 |
| 31/03/2021 to 31/03/2022 | 14.1 | 9.9 |
All performance, cumulative growth and annual growth data is sourced from Morningstar.
Source: at 31/03/26. © 2026 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.
Key terms defined
CAGR
Compounded annual growth rate – a measure of the average annual growth rate of an investment over a certain period of time.
Capital Growth
The increase in the market value of an asset or investment over time compared to its original purchase price.
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 per share (DPS)
The sum of declared dividends issued by a company for every ordinary share outstanding. Compounded annual growth rate – a measure of the average annual growth rate of an investment over a certain period of time.
Gearing
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. Gearing is used in the expectation that the returns on the investments bought will exceed the costs of the borrowings that funded the purchase. This Company can also use synthetic gearing through derivatives and foreign exchange hedging and/or other non-fully funded instruments or techniques.
Multi Cap
Invest in equity shares of companies across different market capitalisations.
Small Cap
A small-cap stock is generally that of a company with a market capitalisation of between $300 million and $2 billion.
NAV
Net asset value (NAV) is the value of an entity’s assets minus the value of its liabilities, divided by shares.
Share Price
The price to purchase (or sell) one share in a company, not including fees or taxes. For investment trusts: The closing mid-market share price at month end.
Price-to-earnings (P/E)
A popular ratio used to value a company’s shares compared to other stocks or a benchmark index. It is calculated by dividing the current share price by its earnings per share.
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.
Premium
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.
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, in its simplest form, this is calculated as the coupon payment divided by the current bond price.
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