Increase in NAV during the year was driven by £73.9 million net realised and unrealised gains, offset by £23.3 million unrealised foreign exchange loss.
Net earnings in 2023
£47.5m
Movement in NAV (£m)
Decrease in investments was driven by a £221.0 million distribution following the IU Group disposal by Fund III during the year.
Realised and unrealised gains on investments
£50.6m
Movement in the value of investments (£m)
A resilient performance from a well-rounded portfolio of companies.
This chart summarises the ten largest movements in realised and unrealised gains/(losses) of the portfolio companies during the period on a look-through basis.
Movement in the value of portfolio companies (£m)
See ‘Attribution analysis’ definition within the Glossary for an explanation of methodology.