The total value of all assets held less all liabilities (other than liabilities in the form of borrowings).

Shareholders' Funds is the value of all assets held less all liabilities, with borrowings deducted at book cost. Net Asset Value (NAV) is the value of all assets held less all liabilities, with borrowings deducted at either fair value or par value. Per share amounts are calculated by dividing the relevant figure by the number of ordinary shares in issue.

Net liquid assets comprise current assets less current liabilities (excluding borrowings).

As stock markets and share prices vary, an investment company's share price is rarely the same as its NAV. When the share price is lower than the NAV per share it is said to be trading at a discount. The size of the discount is calculated by subtracting the share price from the NAV per share and is usually expressed as a percentage of the NAV per share. If the share price is higher than the NAV per share, it is said to be trading at a premium.

Ordinary shares 31 July 2022 31 January 2022

Closing NAV per share (a) 130.37¢ 158.20¢

Closing share price (b) 125.00¢ 212.00¢

(Discount)/premium expressed as a percentage (b - a) ÷ a (4.1%) 34.0%

Closing NAV per share (a) 86.53¢ 97.26¢

C shares 31 July 2022 31 January 2022

Closing share price (b) 73.00¢ 118.00¢

(Discount)/premium expressed as a percentage (b - a) ÷ a (15.6%) 21.3%