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Annual report 2005

Download the 2005 annual report here.

LD delivered a set of highly satisfactory financial results in 2005. The investment return on LD Discretionary Investments' portfolio was 16.2%. The overall result was, to a great extent, attributable to the very high gross returns on listed equities. The gross return on listed equities reached 39.9%, while the gross return on total equity investments amounted to 35.5%. The gross return on total bond investments amounted to 4.7%, which was satisfactory given the relatively low interest rate exposure of these investments. Detailed financial reviews for LD Discretionary Investments and the investment pools are set out in the annual report.