|1 Month||3 Months||1 Year||3 Years
MLN Adjusted NAV*
Total Shareholder Return*
^Gross of fees and tax and adjusting for capital management initiatives
^^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.
*Definitions of Non-GAAP measures:
Adjusted Net Asset Value (NAV)
The adjusted NAV per share represents the total assets of Marlin Global (investments and cash) minus any liabilities (expenses and tax), divided by the number of shares on issue. It adds back dividends paid to shareholders and adjusts for:
Adjusted NAV assumes all dividends are reinvested in the company's dividend reinvestment plan and excludes imputation credits.
The directors believe this metric to be useful as it reflects the underlying performance of the investment portfolio adjusted for dividends, share buybacks and warrants, which are a capital allocation decision and not a reflection of the portfolio's performance.
Total Shareholder Return (TSR)
The TSR combines the share price performance, the warrant price performance (when warrants are on issue), the net value in converting warrants into shares and dividends paid to shareholders.
The directors believe this metric to be useful as it reflects the return of an investor who reinvests their dividends and, if in the money, exercises their warrants at warrant maturity date for additional shares. No metric has been included for investors who choose other investment options.
^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.