The chart below shows the growth of our net portfolio value since its inception in 1974.

The blue area reflects our portfolio valued on a mark to market basis, which is subject to greater volatility caused by external events.

The pink area reflects our shareholder equity. From the financial year ended 31 March 2006, the accounting standards require sub-20% investments to be marked to market.

The yellow dashed line reflects our shareholder equity excluding mark to market movement of our sub-20% investments. Its growth reflects the underlying profitability of our portfolio companies and returns from our investment activities.