CHAIRMAN S STATEMENT While the global economy continued to be disrupted during the first half of the Company s financial year by the COVID-19 pandemic, the unprecedented fiscal and monetary support provided by governments and central banks helped to underpin global equity markets. As markets looked ahead to successful vaccine campaigns stock prices were generally firm; in the half year to 31st December 2020 the MSCI World All Countries Index (in sterling terms) - the Company s benchmark - rose by 12.1%. Against this background I am pleased to report that, as a result of astute stock picking by the Investment Managers, the Company s total return on net assets over this period was +15.4% and the total return to shareholders including dividends reinvested was +17.1%.