A twenty-year perspective
It is always valuable to place any single year’s performance in a longer-term context. Our investment manager at Allianz Global Investors, Simon Gergel, this year celebrates his twentieth as the lead manager of The Merchants Trust. A shareholder who invested at the beginning of his tenure in January 2006 would have seen significant share price appreciation and consistently growing dividends, which when combined, exceeded the value of their initial investment. In other words, Merchants shareholders today who have held their initial shares for twenty years effectively now have this shareholding for free !

Including dividends £3 > £12. Interesting to note how despite all the market blips, the share price recovers. You need to allow for inflation in the returns.