During the six months to 30 November 2020, the Company's share price and NAV (after deducting borrowings at fair value) returned 50.8 per cent. and 53.8 per cent. respectively. This compares with a total return of 11.1 per cent. for the S&P 500 Index* (in sterling terms).
¾ Moderna, held in the Company since 2018, is one of the biotechnology companies which has been at the forefront of coronavirus vaccine development.
¾ In the energy sector, there's been an acceleration in the shift towards electric vehicles.
¾ SpaceX, a private company investment, has been innovating at a breath-taking pace.
¾ We are optimistic about what the future holds. The pace of innovation is speeding up and spreading out. This ought to be a fruitful environment for growth investors.