NAV growth has been stellar during the year following several transactions demonstrating value creation (and realisation). We had expected NAVps at 820p based on several transactions already announced but the outturn has surpassed this with 847p NAVps at year end. The shares have fallen back of late, without company-specific reason, to a 25% discount to NAV. We continue to see potential for further value emergence in the portfolio, as well as new investments. Assuming a +20% risk-adjusted return, we see NAVps trajectory to 1000p and beyond which is where we set our Target Price BUY.