The Company's largest investments at 31 March 2017 were:
|Company||Geography||Sector||Book Value £'000||% of Net Asset Value|
|San Francisco Equity Partners|
Basis of valuation
- Quoted investments - bid price of security quoted on relevant securities exchange;
- Unquoted investments - multiple of revenues or earnings of comparable quoted companies with appropriate discounts for marketability;
- Fund investments - based on amounts reported by the general partner unless the reported value is not in line with the Company's valuation policy.