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 12 months ended 31 January 2023. For more commentary, please find HVPE's latest Annual Report and Accounts in the Results Centre.

NAV per Share Return (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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12 months to 31 January 2023 (absolute performance) *12 months to 31 January 2022: +37%

+ 0 %

12 months to 31 January 2023 (relative performance) *12 months to 31 January 2022: +23%

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10 years to 31 January 2023 (absolute performance) *10 years to 31 January 2022: +330%

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10 years to 31 January 2023 (relative performance annualised) *10 years to 31 January 2022: +4.4%

Total Shareholder Return (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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12 months to 31 January 2023 *12 months to 31 January 2022: +48%

+ 0 %

10 years to 31 January 2023 *10 years to 31 January 2022: +570%

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 January 2023

*31 January 2022: 155%

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Net Portfolio Cash Flow

12 months to 31 January 2023

*12 months to 31 January 2022: $320m

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

12 months to 31 January 2023

*12 months to 31 January 2022: +40%

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.