As At 30 November 2020

In November, the fund posted a return of 10.7% net of all costs and fees, while the S&P/ASX200 Accumulation Index rose by 10.2%.

Pre-tax NTA per share stood at $1.07 as at 30 November 2020.

Post-tax NTA per share stood at $1.06* as at 30 November 2020.

*The Company is required to estimate the tax that may arise should the entire portfolio be disposed of on the above date and show the result per share after deducting this theoretical provision. Any such tax would generate franking credits, whose value would not be lost but rather transferred to shareholders on payment of franked dividends.