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The 26 May announcement noted i) in April, the NAV fell 2.3%, driven primarily by an adverse 1.8% forex effect, ii) despite the market rally that month, the manager’s provision, which was designed to reflect the timing gap between valuations received from underlying managers and market movements, was left unchanged, iii) the 8% of the portfolio whose valuations were updated saw a 5% fall, iv) its undrawn revolving credit facility was increased from £175m to £300m, and v) with available cash of £114m, ca.80% of undrawn commitments are covered. Investors could not get better proof of the company’s conservatism than its actions in April.
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