Overview of the half Year In the Annual Report for the year to 30 September 2020 we reported that the NAV total return was virtually flat but marginally better than the MSCI AC World ex-USA Total Return Index in sterling (the Comparator Benchmark ), which recorded a loss. I am pleased to report that in the six months under review, AGT s NAV increased by 26.8%. This result made AGT one of the top performers in its peer group of global investment trusts. Some of the strongest contributions over the period came from companies - such as Aker, Jardine Strategic and EXOR - that had been hardest hit by the COVID-19 pandemic, and subsequently rallied in November 2020, following the announcement of the Pfizer/BioNTech vaccine trial results. The manager increased exposure to these companies, and initiated positions in others, during 2020 when their valuations appeared particularly compelling. These companies, and other contributors to performance, are discussed