HVPE uses a number of Key Performance Indicators ("KPIs") that seek to support its investment objective.

Below shows the Company's progress vs. its KPIs for the six months ended 31 July 2022. For more commentary, please find HVPE's latest Semi-Annual Report and Accounts in the Results Centre.

NAV per Share Return (six month, 12 months, and 10 years)

HVPE seeks to achieve growth in NAV per share materially ahead of public markets over the long term, as defined by the FTSE All World Total Return (“FTSE AW TR”) Index in US dollars. The FTSE AW TR is a global equity index with geographical weightings comparable to HVPE’s portfolio.

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Six months to 31 July 2022 (absolute performance) *Six months to 31 July 2021: +23%

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Six months to 31 July 2022 (relative performance) *Six months to 31 July 2021: +8.8%

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12 months to 31 July 2022 (absolute performance) *Six months to 31 July 2021: +57%

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12 months to 31 July 2022 (relative performance) *12 months to 31 July 2021: +23%

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10 years to 31 July 2022 (absolute performance) *10 years to 31 July 2021: +295%

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10 years to 31 July 2022 (relative performance annualised) *10 years to 31 July 2021: +4.0%

Total Shareholder Return (six month, 12 months, and 10 years)

The key measure of HVPE’s performance is ultimately the total return experienced by its shareholders. While NAV per share is the major driver, the level of any premium or discount to NAV at which HVPE’s shares trade is also important.

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Six months to 31 July 2022 *Six months to 31 July 2021: +20%

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12 months to 31 July 2022 *12 months to 31 July 2021: +47%

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10 years to 31 July 2022 *10 years to 31 July 2021: +364%

Balance Sheet Strength

The Board and the Investment Manager actively monitor HVPE’s balance sheet by means of a set of key ratios, with a view to maintaining a robust financial position under all plausible forecast scenarios.

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Total Commitment Ratio

At 31 July 2022

*31 July 2021: 148%

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Net Portfolio Cash Flow

Six months to 31 July 2022

*Six months to 31 July 2021: $61m

Liquidity in the Shares (Daily Trading Volume)

Current and prospective shareholders rightly place a high value on liquidity as it provides reassurance that there is a ready market in the shares should they wish to manage their position. The Board and the Investment Manager monitor liquidity on a regular basis using the daily mean.

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Change in mean daily trading volume

Six months to 31 July 2022

*Six months to 31 July 2021: +19%

Disclaimer: The value of your investment may go down as well as up, and you may not get back the amount you invested. Please bear in mind that past performance is not a guide to future performance.