Tom Burnet

This compares with a total return of 22.4% for the S&P 500 Index.

Over the period from 23 March 2018 (launch date and first trade date), the Company’s share price and net asset value, calculated by deducting borrowings at fair value, returned 206.5% and 202.3% respectively compared to a total return of 72.0% for the S&P 500 Index.

The company’s shares have continued to consistently trade at a premium to their net asset value and the Company has issued a further 45,070,000 shares in the year to 31 May 2021 at an average premium to net asset value of approximately 6.4%, raising further net proceeds of £132.9 million.

Seven additional private company investments were made over the last twelve months whilst four of the existing private company holdings went public in the period.

Throughout the period, Kirsty Gibson was appointed as co-manager of the trust, alongside Gary Robinson with effect from 1 March 2021.

Tom Burnet, chairman, said: “During the period, we have all lived through the twists and turns of the global Covid-19 pandemic, with equity markets experiencing some of the most significant instability in living memory.

“We continue to live in unusually uncertain times. Whilst we cannot yet predict the long-term impact of the world’s response to the pandemic or the ramifications of trade and political tensions in the United States and elsewhere, my Board colleagues and I believe we can be confident that seismic changes will continue in the ‘real world’ as new business models flourish and innovation impacts countless  industries, many as yet not fully disrupted by recent innovations.”

He added: “Significant changes in healthcare, transportation, ecommerce, finance, enterprise software and energy amongst other markets all present an opportunity to identify and support the exceptional growth companies of the future. It is pleasing to note that this growth has been well evidenced over the past year in the results of many of the companies in which we invest.

“All that being the case, the Board and the Managers remain confident in our outlook.”