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Share Price
$0.92
as at 15/08/2018
Warrant Price
$0.10
as at 15/08/2018
Latest NAV
$1.0415
as at 07/08/2018

Portfolio Performance

Performance to 31 July 2018

  1 Month 3 Months 1 Year 3 Years
(annualised)
Since Inception
(annualised)

Adjusted NAV Return

 +0.8% +5.7%  +22.7%  +8.8%  +7.0% 

Total Shareholder Return

+4.0% +10.8% +24.8% +9.6% +6.6%

Gross Performance Return

+1.1% +6.9%  +25.9% +12.7% +10.7% 
Benchmark Index^ +1.8%  +4.9%  +18.2% +10.1% +8.0% 

^Benchmark Index: World Small Cap Gross Index until 30 September 2015 & S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZD) from 1 October 2015.

Non-GAAP Financial Information

Marlin uses non-GAAP measures, including adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return. The rationale for using such non-GAAP measures is as follows:

  • adjusted net asset value – the underlying value of the investment portfolio adjusted for capital allocation decisions after fees and tax,
  • adjusted NAV return  the net return to an investor after fees and tax, 
  • gross performance return – the Manager’s portfolio performance in terms of stock selection and hedging of currency movements, and
  • total shareholder return – the return to an investor who reinvests their dividends, and if in the money, exercises their warrants at warrant maturity date for additional shares.

 All references to adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return on this website are to such non-GAAP measures. The calculations applied to non-GAAP measures are described in the Marlin Global Non-GAAP Financial Information Policy. A copy of the policy is available at http://marlin.co.nz/about-marlin/marlin-policies/




^Benchmark Index: World Small Cap Gross Index until 30 September 2015 & S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZD) from 1 October 2015.