2025 Interim Results

After a hectic six months, in which President Trump’s on-off tariffs and conflict in the Middle East caused considerable uncertainty and sharp swings in equity markets, the Company’s investment performance has remained resilient. It produced a NAV Total Return of -0.7% in the six months to the end of June, which lagged the return of 0.6% from our benchmark, the MSCI All Country World Index, when measured in sterling. Returns from the index and the portfolio in US dollars were much stronger, but the appreciation of sterling versus the US dollar reduced the value of those returns when converted to sterling.

To view our press release and interim report, please click on the link below.