Disclosure

81. Disclosure should be made, in respect of the Fund, of the following:–

• the carrying amount and cost at the reporting date and the previous reporting date of the investment portfolio as a whole and of each significant class of Investment;
  
• if the carrying amounts above include any Investments held other than at Fair Value (because Fair Value cannot be reliably measured), that fact, together with a description of the Investments, their carrying amount and an explanation of why Fair Value cannot be measured reliably;
  
• a description of the methodologies and significant assumptions made in estimating Fair Value for each significant class of Investment (and, where non-primary methodologies have been used, the rationale for so doing);
  
• a description of significant changes from the prior reporting date in either methodologies or significant assumptions;
  
• the extent to which the change in the value of the portfolio since the prior reporting date or, in the case of Investments made during the current reporting period, since the date of investment is due to foreign currency translation differences;
  
• in respect of Quoted Instruments, if Marketability Discount rates different from those specified in paragraphs 77 to 79 above have been used, that fact together with the rationale for so doing;
  
• a statement of compliance with these Guidelines, clearly highlighting any areas of non-compliance; and
  
• a description of the valuation review procedures applied.
  

82. Insofar as it is not limited by constraints of confidentiality and commercial sensitivity, disclosure should be made, in respect of each significant Investment, of the following:–

• the carrying amount at the reporting date and the previous reporting date and the cost, each analysed by financial instrument;
  
• if the carrying amount does not represent Fair Value (because Fair Value cannot be reliably measured), that fact and an explanation of why Fair Value cannot be measured reliably;
  
• the proportion of the company’s equity held by the Fund;
  
• the date of investment by the Fund;
  
• the valuation methodology used, together with significant assumptions (and, where a non-primary methodology has been used, the rationale for so doing);
  
• changes from the prior reporting date in either valuation methodology or significant assumptions;
  
• the extent to which the change in value of the Investment since the prior reporting date or, in the case of Investments made during the current period, since the date of investment is due to foreign currency translation differences; and
  
• in respect of a Quoted Instrument, if a Marketability Discount rate different from those specified in paragraphs 77 to 79 above has been used, that fact together with the rationale for so doing.
  

83. A significant Investment is an Investment that either has a carrying amount exceeding five per cent of the carrying amount of the Investment portfolio as a whole or is one of the largest 10 Investments ranked by carrying amount or is significant for some other reason.

84. Illustrative excerpts from a report to investors containing the disclosure information set out above is given in Appendix 1.