Legal Entity Identifier: 213800UMIOUWXZPKE539
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.
CHAIRMAN’S STATEMENT
Since my statement with the last annual report, published in July, we have seen some progress in the battle against the coronavirus with the end of the first lockdown but then a setback with the second wave and, more recently, positive news in respect of vaccines which now suggests there is some light at the end of the tunnel. The pandemic has been disruptive for all businesses, but I believe the Company’s portfolio has generally weathered the storm well and many businesses have been able to adapt to the new conditions.
Unsurprisingly new investment activity fell to a reduced level in the early stages of the pandemic however, this has now recovered, and the Manager made good progress in continuing to deploy the Company’s funds later in the period.
Half-year report globenewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from globenewswire.com Daily Mail and Mail on Sunday newspapers.
I present the Company’s half-yearly report for the six-month period ended 30 September 2020.
When I last reported to shareholders in July, the UK was just starting to come out of the first lockdown, and it was clear that some of the portfolio companies had been significantly negatively impacted by the coronavirus pandemic. Since then, we have seen the setback of the second wave and a further government-imposed lockdown.
Although some investments have been further hindered by the ongoing pandemic, particularly those within the leisure and hospitality sectors, many have now been able to adapt to the conditions and some have been able to benefit from the new environment, for example in the education technology sector.