We measure Total Shareholder Return (TSR) by market value and by shareholder funds.

TSR by market value is the compounded annual return over a specified period. It includes changes in the market value of our portfolio, dividends we paid, and nets off any new capital we receive. For unlisted investments, we track the movements in shareholder funds in lieu of market price changes.

Since inception, we have delivered a TSR of over 18%. Our 10-year TSR was 9%, reflecting the economic environment since the Asian financial crisis in 1997. Recent one-, two- and three-year TSR by market value were weakened by the global credit crisis last year to 7%, 16% and 19% respectively.

TSR by shareholder funds measures the growth compounded annually due to the underlying profitability of our portfolio companies and the returns from our investment activities.

Our TSR by shareholder funds is more than 17% since inception. Despite the various crises over the last 10 years, TSR by shareholder funds was a steady 13% over this period, made possible by the strong fundamentals of our portfolio companies coupled with robust returns from our investments in Asia.