3rd Jun 2009 07:00
Ludgate Environmental Fund
Q4 2008/Q1 2009 Newsletter
This Newsletter of the Investment Adviser to the Ludgate Environmental Fund Ltd. ("LEF" or "Fund") covers the six month period from 1 October 2008 to 31 March 2009 as well as certain later investments. This was a period of severe difficulty for a number of listed private equity and venture capital funds with ever tighter bank finance, increasing NAV discounts and largely absent IPO markets. Against this background, the Net Assets of LEF at 31 December 2008 increased to £51.4 million from £32.5 million as at 30 September 2008. LEF successfully raised £18.0 million of new capital at the beginning of November 2008 in a placing of new shares to investors at a price equivalent to the prevailing NAV
and a premium to the market price of the shares.
In the quarter to 31 March 2009, the NAV per share decreased from 111.8p at the end of December 2008 to 101.0p. This compares with a NAV per share of 110.6p at the end of September 2008 and represents a decrease in NAV per share of 8.8% over the six month period. Over the same period, the FTSE AIM All Share Index fell by 33.6%. The reduction in NAV in the first quarter of 2009 resulted principally from a fall in the value of Hydrodec shares which have regained some of their value since, the weakness of sterling against the euro, and the decision by the Board of LEF to re-value its holding in Emergya Wind Technolgies ("EWT") to reflect current trading conditions.
During this period Ludgate Investments Limited, "Investment Adviser" to the Fund, has focused a significant amount of time on existing portfolio companies. This active management has seen the Investment Adviser closely review, and regularly test the strategy, performance and liquidity position of each of the Fund's investee companies. Where appropriate, further investment has been made by LEF, in the form of working capital facilities to support the continued growth of those companies.
Together with an increased focus on investee companies over the period, the Investment Adviser has continued to assess new opportunities and as a result, there is a strong pipeline of potential new investments for Q2 and Q3 2009.
Key Fund & Performance Data
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Q3 2008
as at 30 Sept 08
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Q4 2008
as at 31 Dec 08
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Q1 2009
as at 31 Mar 09
|
|
Share Price (pence)
|
103.5
|
106.0
|
96.5
|
|
Warrants Price (pence)
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12.5
|
12.5
|
12.5
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|
Net Assets (£m)
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32.5
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51.4
|
46.4
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|
Shares in Issue
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29,408,610
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45,966,417
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45,966,417
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|
NAV per Share (pence)
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110.6
|
111.8
|
101.0
|
|
Market Capitalisation (£m)
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30.4
|
48.7
|
44.4
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|
Exchange
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London - AIM
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Admission Date
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2nd August 2007
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||
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Currency
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GBP
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Investment Portfolio
As at 31 March 2009, the Investment Adviser had recommended and the Fund completed combined investments of £17.0 million across eight companies, representing 35.5% of total funds raised by LEF. Of the £17.0 million total, £10.8 million (63.5%) of investments made by the Fund were structured as convertible loan notes or preferred stock each carrying a coupon of 8% per annum. This yields over £800,000 of income to the Fund on an annualised basis.
The following table presents the Investment Portfolio as at 31 March 2009 based on historic costs (using the exchange rate at the point of investment):
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Investment Amount £m
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% of
LEF Funds (b)
|
||
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Company
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Activity
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Notes
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Equity
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Convertible
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Total
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|
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Hydrodec Group
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Oil Recycling
|
|
3.2
|
3.0
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6.2
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13.1
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|
agri.capital
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Biogas
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(a)
|
2.5
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-
|
2.5
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5.2
|
|
Rapid Action Packaging
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Food Packaging
|
|
1.5
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2.5
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4.0
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8.4
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|
Emergya Wind Technologies
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Turbine Manufacturer
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(a)
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2.8
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-
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2.8
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5.8
|
|
STX Services
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Environmental broking
|
|
0.6
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-
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0.6
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1.2
|
|
Phoslock Water Solutions
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Water Treatment
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0.3
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-
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0.3
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0.5
|
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Azure Dynamics
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Hybrid electric vehicles
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0.2
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-
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0.2
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0.3
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|
Renewable Energy Generation
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Wind developer
|
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0.5
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-
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0.5
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1.0
|
|
|
|
|
11.5
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5.5
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17.0
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35.5
|
|
Notes to table:
(a) Investment is in the form of an 8% Preference Shares
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|
|
|
|
||
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(b) LEF Funds - total funds raised for
investment (£M)
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£47.7
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|
|
|
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Hydrodec Group PLC (AIM:HYR)
Specialist Oils Recycling
Valuation at 31 March 2009 (method): £4.4m (quoted share price)
Amounts Invested: £3.25m (Ordinary shares), £3.0m (8% Convertible Unsecured Loan Stock)
Investment as % of LEF Funds Raised: 13.1%
LEF Ownership: 9.0% (assuming full conversion of all convertible loan notes)
Date(s) of Investment: November & December 2007; March, April & November 2008; February 2009
Company Summary:
Hydrodec's technology is a patented sustainable oil refining process that takes existing spent oil as feedstock to produce new specialty oils thus creating a virtuous "green" cycle. The process is closed loop and produces no harmful emissions. Hydrodec's first commercial process re-refines the used transformer oils that insulate and cool utility transformer boxes. It currently has commercially operating plants in Young, New South Wales in Australia and Canton, Ohio in the US, the largest market for transformer oil in the world.
Investments During Period:
In November 2008, LEF invested £0.75 million subscribing for 3.0 million ordinary shares at as part of a Placing at 25p. In February 2009, LEF invested a further £0.25 million subscribing for 2.5 million ordinary shares at a placing price of 10p. The additional investment in the Placing in February 2009, brings LEF's total shareholding in Hydrodec to 28.0 million ordinary shares, assuming full conversion of the £3.0 million unsecured convertible loan note at 19p per share.
Recent Highlights Include:
October 2008 - The opening of the new plant in Canton, Ohio with a capacity of approximately 30 million litres (8 million US gallons) per year.
January 2009 - Hydrodec announced an agreement with Consolidated Edison Company of New York ("Con Edison") to receive all of Con Edison's used transformer oil, a minimum of 1.7 million litres per year. Con Edison is committed to eliminating the practice of burning used oil for its fuel value.
February 2009 - Hydrodec made an announcement noting that due to market conditions and the state of the credit market it had become difficult to secure debt financing for its proposed second plant in the US in Laurel Mississippi. Hydrodec also noted that whilst the price for transformer oil in the US had approximately halved since December 2008 in line with a drop in the WTI Index, there had not been a corresponding price drop in feedstock prices. The downward price movement had resulted partly from oversupply in the market, though demand for transformer oil, had remained stable. The effect of this was a working capital shortfall of c. £0.5 million.
February 2009 - Hydrodec announced that it had raised £1.9 million from the placing of new shares at 10p per share following the announcement of a working capital shortfall in the business. Hydrodec also said that it intended to secure additional working capital with a commercial bank or other parties to supplement the group's existing resources. The company also stated its intention to strengthen the Board with a number of candidates being considered to join as Non Executive Directors.
May 2009 - Hydrodec confirmed a three year agreement to receive all of Exelon's used transformer oil (c. 650,000 gallons per year). Exelon is one of the largest electric utilities in the US with annual revenues of US$19 billion and approximately 5.4 million customers. The Chicago-based electricity utility ComEd, an Exelon company, has committed to purchase back this re-refined SUPERfine oil, effectively creating a closed-loop supply chain for transformer oil, the first of its kind in the utility industry. It is estimated that this will eliminate the emission of c. 7,000 metric tons of carbon dioxide per year.
agri.capital GmbH
Leading German Biogas Company
Valuation at 31 March 2009 (method): £2.9m (minimum guaranteed return)
Investment: €3.0m (£2.5m) (8% Preference Shares with Detachable Warrants)
Investment as % of LEF Funds Raised: 5.2%
LEF Ownership: undetermined
Date(s) of Investment: December 2008
Company Summary:
agri.capital is a specialist developer, owner and operator of biogas plants in Germany, established in 2004. The business uses manure and various crop silages as feedstock to produce biogas as they decompose. This methane-rich gas mixture is either burned onsite to create electricity or cleaned to biomethane and fed into the existing German natural gas network. The fermentation residue is used as a high-quality fertilizer, returning nutrients to the soil.
agri.capital uses proven technology from leading German EPC contractors, has high and predictable cash flows and can rapidly roll-out fixed-price plants. The Company has secured locked-in feedstock contracts and plants have stable revenue streams. Their current portfolio includes more than 100 biogas plants in different project stages, working in partnership with over 200 farmers. Currently, there is 32.2MW of installed capacity under management across 44 sites.
Investments During Period:
In December 2008, LEF invested €3.0 million in the form of 8% preferred stock with detachable warrants as part of a €10 million funding round. See also Post Period Events section.
Recent Highlights Include:
Q1 2009: A further nine plants at three sites with 4.5 MW are under construction. A significant proportion of new projects will feed biomethane into the existing German natural gas network rather than their current practice of using the biomethane principally for local combined heat and power generation.
April 2009: Further fund raising of €60 million in order to triple capacity by 2010 through 100 further plants bringing generation capacity to a total of 115MW under management.
LEF has observer status on the Board of agri.capital.
Rapid Action Packaging Limited
Food Packaging Solutions
Valuation at 31 March 2008 (method): £4.0m (cost)
Investment: £1.5m (Ordinary Shares) and £2.5m (8% Unsecured Convertible Notes)
Investment as % of LEF Funds Raised: 8.4%
LEF Ownership: 28.3% (assuming full conversion of Unsecured Convertible Notes)
Date(s) of Investment: April 2008
Company Summary:
Rapid Action Packaging Ltd ("RAP") specialises in the design, manufacture and supply of innovative, ergonomic, cost effective and environmentally responsible packaging systems particularly for the "food on the move" marketplace. RAP's unique packaging solutions combine the benefits of both paper and film technologies to improve packaging as a vital tool in sales growth for food retailers whilst also putting a strong emphasis on environmental performance and responsibility. All RAP's products are available in fully recyclable materials. It has licensed production of certain of its products to third parties in the US and Asia. In Europe, product design, sales and production are based in Ireland and the UK.
Investments During Period:
None
Recent Highlights Include:
A new supply agreement has recently been signed with two food manufacturers securing the supply to a large UK high street retailer for a further two years.
Manufacturing equipment, valued at approximately €3.3m, needed for the launch of new products is scheduled to be installed in the Company's factory in Ireland in the three months ending 30 September 2009.
New products have passed technical trials and are to be launched in September 2009 followed by customer trials with a view to entering into full production in the spring of 2010, the seasonally traditional time for product launches in the food market.
Nick Pople, a director of the Investment Advisor, is a non-executive director of RAP.
Emergya Wind Technologies B.V.
Wind Turbine Manufacturing
Valuation at 31 March 2009 (method): £2.8m (re-valued at cost)
Investment: £2.8m (8% Preference Shares with warrants)
Investment as % of LEF Funds Raised: 5.8%
LEF Ownership: 2.5%
Date(s) of Investment: December 2007, September 2008
Company Summary:
EWT is a Dutch-based manufacturer and supplier of wind turbines and turnkey wind parks. It specialises in the development and manufacture of advanced direct-drive (gearless) wind turbines. EWT was established in 2004 by the acquisition of the intellectual property of Dutch wind turbines manufacturer Lagerwey. The current product consists of the 750 KW and the 900 KW series and EWT is also developing larger wind turbines for onshore applications.
Investments During Period:
None - See Post Period Events section
Recent Highlights Include:
The pipeline of orders for EWT continues to grow but the availability of debt financing has slowed the growth rate.
EWT is using the current slower demand for wind turbines as an opportunity to improve and optimize its current 900kW offering.
EWT has setup a subsidiary in North America, EWT Inc. The subsidiary is making excellent progress with a number of contracts already signed and the wind market, particularly with the recent Recovery & Reinvestment Act, remains highly attractive in the US.
EWT has now completed the setup of a Chinese joint venture with the Chinese Academy of Launch Technology. The JV consists of sales and marketing, assembly and rotor blade manufacturing entities; production of the first blades has begun. Two contracts for 100MW have already been signed and a target of 500MW of installed turbines remains in place.
STX Services B.V.
Environmental Product Broking / Trading
Valuation at 31 March 2009 (method): £0.8m (further funding round)
Investment: €0.8m (£0.6m)
Ordinary Shares
Investment as % of LEF Funds Raised: 1.2%
LEF Ownership: 19.2%
Date(s) of Investment: December 2007, January 2008 and June 2008
Company Summary:
STX is an Amsterdam-based company specialising in the broking and trading of environmental financial products with a particular focus on the carbon markets. STX has mostly been active in broking and trading EU Emission Allowances ("EUAs") but has diversified into transactions in Certified Emission Reduction ("CERs"), Voluntary Emissions Reduction ("VERs"), Biofuel Tickets, Green Certificates and Electricity Load-Profile Arbitrage. STX is active across the European markets.
Investments During Period:
In March 2009, LEF converted its Convertible Loan Stock into Ordinary Shares, increasing the percentage ownership to 19.2% from 10.0%.
Recent Highlights Include:
STX's revenues remain strong. The brokerage activity of STX continues to enjoy significant volumes in the trading of spot EUAs by STX's industrial clients. The number of spot CER transactions in particular also continues to grow and the range of products, broked by STX, performed above or around the budgeted levels in April.
The load-profile trading activity was closed in November 2008 following a period of underperformance due to a combination of huge volatility in power prices and decreasing liquidity in these markets related to the credit crisis.
The Company paid an interim dividend for the financial year ended 31 March 2009 and the expectations are that a final dividend will also be paid.
STX plans to expand its team from six full time employees to ten.
Nick Pople, a director of the Investment Advisor, is a member of the supervisory committee of STX, and Nigel Meir, a director of the Investment Advisor, is a member of the credit committee of STX.
Phoslock Water Solutions Ltd (ASX: PHK)
Water Treatment Technology
Valuation at 31 March 2009 (method): £0.2m
(quoted share price)
Investment: A$0.6m (£0.3m)
(Ordinary Shares with Warrants)
Investment as % of LEF Funds Raised: 0.5%
LEF Ownership: 3.0%
Date(s) of Investment: September 2008
Company Summary:
Phoslock is a unique water treatment product, invented and developed by the Commonwealth Scientific & Industrial Research Organisation (CSIRO), Australia's national scientific organization. Phoslock retains phosphorus and provides a protective capping to sediments preventing re-release, improving water quality for human use and aquatic life as well as preventing harmful algae blooms. Phoslock is used for lakes, drinking water reservoirs and other high value water bodies. PWS is headquartered in Sydney, Australia, with offices in Kunming, China and Bremen, Germany, and is represented by licensees and agents in another ten countries.
Investments During Period:
None - See Post Period Events section
Recent Highlights Include:
Europe - Phoslock has completed applications for eight lakes since the start of the year, three of significant size: Scotland; Holland; and a trial on Lake Varese in Italy. The pipeline of applications in the second half of 2009 is strong, with projects in Germany, Holland and Poland committed.
China - PWS has also made significant progress on contracts and in April, was granted "948" product status by the Ministry of Water. PWS was awarded government grants of approximately US$300,000 for a project near Tianjin.
Australia - PWS is awaiting decisions on two large projects. PWS has received approval to apply Phoslock on a 500 hectare drinking water reservoir in August/September 2009.
N. America - The Ontario Ministry of Environment approval to use Phoslock is nearly finalised.
Azure Dynamics Corporation (TSX:AZD)
Electric and Hybrid Electric Drive Technology
Valuation at 31 March 2009 (method): £0.04m
(quoted share price)
Investment: £0.2m (Equity)
Investment as % of LEF Funds Raised: 0.31%
LEF Ownership: 0.3%
Date(s) of Investment: August & September 2008
Company Summary:
Azure Dynamics Corporation (TSX: AZD) is a world leader in the development and production of hybrid electric and electric components and powertrain systems. Azure is strategically targeting the commercial delivery vehicle and shuttle bus markets and is currently working internationally with various partners and customers. The company states that in new shuttle lines fuel consumption is cut by up to 40%, greenhouse gas emissions are reduced by more than 30% and vehicle maintenance costs can be reduced by 30%. AZD is headquartered in Detroit with offices in four centres across North America.
Investments During Period:
None
Recent Highlights Include:
January 2009 - Azure Dynamics announced that its Balance Hybrid Electric shuttle bus had been certified following rigorous testing on the Ford-E450 chassis, enabling purchasers of these hybrid vehicles to apply for financial assistance from the US federal government.
January 2009 - Azure Dynamics announced a new five-year supply agreement with Johnson Controls-Saft for the supply of advanced lithium-ion hybrid battery technology to power commercial vehicles in North America.
April 2009 - Azure Dynamics announced an exclusive partnership with Collins Bus Corp, the largest manufacturer of small school buses in North America and has received 16 orders for its Low Emission Electric Power system for refrigerated trucks.
Renewable Energy Generation (AIM:RWE)
UK/Canadian Wind Development Company
Valuation at 31 March 2009 (method): £0.1m (quoted share price)
Investment: £0.5m (Equity)
Investment as % of LEF Funds Raised: 1.0%
LEF Ownership: less than 1%
Date(s) of Investment: September 2008
Company Summary:
Renewable Energy Generation ("REG") is an international renewable energy group, quoted on AIM (RWE), principally involved with wind power generation and bio power. The Group develops, owns and operates UK and Canadian wind farms and generates power in the UK from refined, used vegetable cooking oil.
Investments During Period:
None
Recent Highlights Include:
January 2009 - REG announced that it had signed an 18-month, £20m general revolving credit facility with HBOS. This is in addition to the 15-year project finance facility put in place in 2008 with Fortis for Canadian projects, which has now been fully drawn down.
March 2009 - The Company announced that it now had 11 operating wind farms totalling 61MW as well as a 6MW plant run on vegetable oil. In addition, it also had a further 50MW of wind projects that will move into construction later in 2009.
March 2009 - The Company announced interim results for the 6 months ended 31 December 2009: revenue of £4.7 million; trading loss of £2.1 million; capital expenditure of £28 million; proposal to pay dividend of 0.5p per share; a pipeline of development projects in the UK of over 300 MW; and a pipeline in Canada of 5,000 MW.
Post Period Events
LEF has made the following three investments since 31 March 2009:
May 2009 - A further investment of €2.0 million into agri.capital structured as 10% yielding preferred equity with detachable warrants, bringing LEF's total investment in agri.capital to €5.0 million. LEF's additional investment is part of a total €60 million fund raising of new equity into agri.capital. The Company will use the new funds to further organic growth, expand its presence in Europe and explore acquisition opportunities. With 44 sites currently under management, agri.capital intends to have approximately 100 additional sites in operation by 2011 increasing installed capacity up to 115 MW.
April 2009 - LEF invested an additional €0.2 million into EWT as part of a €9.6 million convertible warranted loan into the company. Post conversion of the warranted loan and follow-on equity investment, LEF holds 4.1 million shares in EWT, representing 2.5% of the share capital of the company.
April 2009 - LEF acquired a further 596,000 shares in Phoslock at A$0.112 (5.5p) along with 149,000 warrants (at zero consideration).
The Market
The general downturn in economic conditions was felt strongly in the fourth quarter of 2008 and continued into the first quarter of 2009; investment activity in the environmental/cleantech sector, whilst affected, remained relatively strong. The global cleantech sector saw US$8.4 billion of investment in 2008, marking a seventh straight year of growth, according to the Cleantech Group. While fourth quarter deals were down 4% from the same period in 2007 to US$1.7 billion, the sector finished the year 38% above 2007 totals. The first quarter of 2009 saw a second consecutive decline, reaching 2006 levels. However the quarterly investment of US$1 billion is still a significant sum, given the recession.
2008 was a record one for cleantech investing in Europe and Israel, with 202 deals completed and a total disclosed amount invested, covering 161 deals, of US$1.8 billion according to the Cleantech Group. This represents an increase of 48% on the amounts invested in 2007, and a 25% increase in the number of deals done. Cleantech's share of total venture capital investment in Europe rose from 19% to 24% over the same period. Whilst the global economic crisis has reduced venture capital investment in European Cleantech, Cleantech's share of venture capital investment in Europe continues to rise. Investors remain largely optimistic about the cleantech sector's ability to withstand the global economic downturn. Long term drivers remain, with concerns over climate change and natural resources encouraging governments to become more actively involved.
Sector Focus
The allocation of investments across environmental/cleantech sectors differed widely throughout the period. According to Cleantech Group, solar accounted for roughly one-third of all investments in the period. Other leading sectors were energy efficiency with 8% of investments, recycling and waste at 6%, and energy storage making a strong showing in Q1 2009, reaching 12%. Water, manufacturing/industrial, green buildings and agriculture were also high on the list for the first quarter 2009. With the huge fluctuations in oil price, investor sentiment on biofuels has become increasingly bearish, with algae remaining the one bright spot seeing increased M&A activity as the sector consolidates. Clean coal, carbon capture and storage and nuclear remain areas of low interest to venture capital investors in the environmental/cleantech space.
Policy/Regulation
"We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together. We will harness the sun and the winds and the soil to fuel our cars and run our factories."
Barack Obama, Inauguration Speech.
"Rather than pushing the environment into a lower order of priority, the environment is part of the solution."
Gordon Brown, on the impact of the recession.
Across Europe and the US came declarations that the support for environmental policies and investment would not flag in the downturn. Few expect a global accord on climate before 2011, though the US has stepped up its policy activity in the environmental space and will continue under the new administration. The key US Production Tax Credit for wind and Investment Tax Credit for solar were recently extended beyond the end of 2008. President Obama has begun to work with congress on the details of his much anticipated US$825 billion 'Green New Deal' stimulus package, including his pledge of US$150 billion for clean power over the next decade and other investments in water, green buildings and strengthening the grid. Further, he has nominated an array of scientists and eco-advocates for his cabinet.
Investment and Exit Activity
According to New Energy Finance ("NEF"), investment in clean energy firms via public markets remains significantly below 2007 levels, reflecting the wider stock market distress. In 2008 venture capital and private equity investment in clean energy companies was up sharply at US$13.0 billion from US$9.8 billion, mostly via convertible issues rather than IPOs.
Jefferies notes that cleantech IPOs had decreased by 55% during 2008, with only 21 IPOs globally raising slightly over US$5 billion. However, this is a smaller drop than the overall market, which suffered an 82% decline in IPOs with only 135 companies entering the public markets.
NEF also showed that merger and acquisition activity in clean energy was down 3% in 2008 versus 2007 to US$57.2 billion. NEF expects M&A to accelerate in coming quarters, however, as opportunistic buyers from both inside and outside the sector take advantage of lower valuations and the fact that some target firms may run short of capital to develop their technologies.
Deal Flow
Current market conditions have focused attention on existing portfolio companies and needs for capital to maintain growth. This has led to LEF making further investments into Hydrodec, EWT and agri.capital as well as converting CULS in STX.
LEF saw investment opportunities at more attractive valuations than earlier in 2008/2009. In some cases this has applied even more to small quoted companies than to private companies, though the latter are now starting to raise money at more realistic valuations. LEF expects this trend to continue in 2009. For funds with sufficient liquidity, such as LEF, this offers significant opportunities.
Current market trends are further reflected in the deal flow the Investment Adviser has seen and reviewed over the last sixth months: solar in all its various forms; energy efficiency; second generation biofuels; electric vehicles and sustainable building materials. The Investment Adviser continues to research and identify interesting investment opportunities in the areas of waste and recycling; water; biomass and biogas; smart grid/metering and novel HVAC (heating, ventilation and air conditioning) technologies.
With investments made in eight companies to date, the Investment Adviser is conducting due diligence on a number of UK and European companies, and expect to make additional investment recommendations and follow-on investments in Q2 and Q3 2009.
Board
On 24 April 2009, LEF announced the appointment of Sian Elizabeth Hansen as a non-executive and independent director. Sian is the Managing Director of The Policy Exchange, an educational charity promoting research and discourse on public policy, including environmental and climatic issues. She is also a director of The Women's Refugee Commission (USA) and a director of The Bush Theatre. Sian also currently provides a corporate governance proxy management service for fund investors. Sian was formerly Head of Sales for Asian equities at Société Générale. Prior to this Sian was an equity analyst and broker with Enskilda Securities in Europe.
Other Fund Data
ISIN Number - shares JE00BIYW3102
ISIN Number - warrants JE00BIYW3L02
Reuters RIC Code - shares LEF.L
Reuters RIC Code - warrants LEFW.L
Bloomberg code - shares LEFLN
Bloomberg code - warrants LEFWLN
Contact Details
Nigel Meir
Ludgate Investments Ltd
6th Floor, 80 Cannon Street, London EC4N 6HL
+44 20 7621 5770
www.ludgateenvironmental.com
Important Information
Past performance is not a guide to future performance. The value of investments and the income generated from them may go down as well as up and are not guaranteed. You may not get back the amount you originally invested. Changes in rates of exchange and stock market performance may cause the value of investments to fluctuate. Where investments are made in unquoted securities or smaller companies, their potential volatility may increase the risk to the value of, and the income from, the investments. Net Asset Value (NAV) performance is not the same as share price, and you may realize returns that are lower or higher than NAV performance.
http://www.rns-pdf.londonstockexchange.com/rns/2399T_-2009-6-2.pdf
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