Monthly Archives: August 2014

Update No. 177 – 22/08/14

Investors received their copies of our statutory and management accounts this week. Such accounts can demonstrate the trickiness of valuation for the inexperienced, for on a per-share earnings basis, FY14 was substantially behind FY13 for the fund. The difference was almost solely created by one holding which was subject to a takeover in FY13, causing a meaningful spike in realised gains that year. Fortunately, underlying asset values are very simple to understand.