We aim to deliver long term growth to both shareholder capital and income by investing in a balanced, risk managed range of asset classes, across diversified sectors and regions. We focus on established businesses, where return on capital employed is a differentiator of longer term performance and where underlying real assets provide risk mitigation to the balance sheet. We use gearing cautiously and focus it within appropriate asset classes, principally to mitigate risk rather than to drive returns. This typically arises within the Private Capital portfolio, where the existence of preference share capital and structured loans provides both a level of additional security over assets and a mechanism for preferential annual income flows.

We have funding flexibility, through £225m of committed revolving credit facilities in the company, that are used to mitigate any short term illiquidity within the portfolio, facilitating the bridging of short term investment flows. We also have a £25m committed revolving credit facility in a subsidiary treasury company, used to provide long term funding to subsidiaries and for liquidity management.

Our business model has been developed over many years to deliver long term growth in capital and an increasing annual dividend to shareholders.