Definitions
Change in value of stocks
For stocks held at both the start and end of the year, the change in market value consists of the difference in value between these two points in time. For stocks sold during the year, the change in market value consists of the difference between the sales price of the shares and their value at the start of the year. For stocks acquired during the year, the change in market value consists of the difference between the cost of the shares and their value at the end of the year.
Debt-equities ratio
Interest-bearing net debt in relation to the market value of the equities portfolio.
Earnings per share
Net income for the year divided by the total number of shares outstanding.
Equity ratio
Interest-bearing net debt
Market value of equities portfolio
Net asset value
The market value of the equities portfolio less interest-bearing net debt.
Net asset value including reinvested dividend
Total return