| Discrete year performance (%) | Share price (total return) | NAV (total return) |
| 31/12/2024 to 31/12/2025 | 35.3 | 31.4 |
| 31/12/2023 to 31/12/2024 | 4.4 | 8.1 |
| 31/12/2022 to 31/12/2023 | 9.1 | 8.9 |
| 31/12/2021 to 31/12/2022 | -5.2 | -5.7 |
| 31/12/2020 to 31/12/2021 | 16.3 | 23.9 |
All performance, cumulative growth and annual growth data is sourced from Morningstar.
Source: at 31/12/25. © 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.
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.
FTSE All-Share Index
The FTSE All-Share Index, originally known as the FTSE Actuaries All Share Index, is a capitalisation-weighted index, comprising around 600 of more than 2,000 companies traded on the London Stock Exchange.
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’. For investment trusts: Market capitalisation is the share price multiplied by the number of shares in issue, excluding treasury shares, at month end. Shares are typically priced mid-market at month-end closing.
NAV total return (investment trusts)
The theoretical total return on shareholders’ funds per share reflecting the change in NAV assuming that dividends paid to shareholders were reinvested at NAV at the time the shares were quoted ex-dividend. A way of measuring investment management performance of investment trusts which is not affected by movements in discounts/premiums.
Portfolio
A grouping of financial assets such as equities, bonds, commodities, properties, or cash. Also often called a ‘fund’.
Profit margin
The amount by which the sales of a product or service exceeds business and production costs.
Special situations income fund
Special situations income funds focus on capital growth and income by investing in companies undergoing restructuring, takeovers, or turnaround situations, often with a focus on undervalued, small, or medium-sized firms.
Valuation metrics
Metrics used to gauge a company’s performance, financial health, and expectations for future earnings, e.g. P/E ratio and 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, in its simplest form, this is calculated as the coupon payment divided by the current bond price.
Important information
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned. There is no guarantee that past trends will continue, or forecasts will be realised.
Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketing communication. Please refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment decisions. Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes.
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