| Discrete year performance (%) | Share price (total return) | NAV (total return) |
| 31/03/2025 to 31/03/2026 | 7.6 | 6.1 |
| 31/03/2024 to 31/03/2025 | 1.7 | -3.8 |
| 31/03/2023 to 31/03/2024 | -1.8 | 2.2 |
| 31/03/2022 to 31/03/2023 | -16.3 | -17.0 |
| 31/03/2021 to 31/03/2022 | -12.9 | -3.8 |
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
Balance sheet
A financial statement that summarises a company’s assets, liabilities, and shareholders’ equity at a particular point in time. Each segment gives investors an idea as to what the company owns and owes, as well as the amount invested by shareholders. It is called a balance sheet because of the accounting equation: assets = liabilities + shareholders’ equity.
Bottom-up (investing)
Bottom-up fund managers build portfolios by focusing on the analysis of individual securities rather than broader macroeconomic or market factors in order to identify the best opportunities in an industry, country, or region; the opposite of top-down investing.
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.
Equity
A security representing ownership, typically listed on a stock exchange. ‘Equities’ as an asset class means investments in shares, as opposed to, for instance, bond. To have ‘equity’ in a company means to hold shares in that company and therefore have part ownership.
Liquidity/Liquid assets
Liquidity is a measure of how easily an asset can be bought or sold in the market. Assets that can be easily traded in the market in high volumes (without causing a major price move) are referred to as ‘liquid’.
Macroeconomics
Macroeconomics is the branch of economics that considers large-scale factors related to the economy, such as inflation, unemployment, or productivity.
Mid caps
Companies with a valuation (market capitalisation) within a certain scale (e.g., $2 – 10 billion in the US), although these measures are generally an estimate. Mid-cap indices, such as the S&P MidCap 400 in the US, track the performance of these mid-sized, publicly-traded companies. Mid-cap stocks are generally perceived to offer better growth potential than their larger peers, but with some additional risk.
M&A
Mergers and Acquisitions (M&A) refers to the consolidation of companies or assets through various financial transactions, such as mergers, acquisitions, consolidations, or tender offers.
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.
Share price total return (investment trusts)
The theoretical total return to the investor assuming that all dividends received were reinvested in the shares of the company at the time the shares were quoted ex-dividend. Transaction costs are not taken into account.
Small-cap stocks
Companies with a valuation (market capitalisation) at the smaller end of the market scale.
