DIVI’s interim accounts covering the six months ended 30 November 2013 show its net asset value rising by 19.2% – a good result when compared to the FTSE All-Share Index (up 2.1% or the FTSE Small cap ex Investment companies (up 15.9%). This translated into a 21.6% return for shareholders as the shares finished the period on a slightly higher premium. The company expanded during the period as it merged with Miton Income Opportunities Trust (which used to be Henderson Fledgling Trust) and, as the running costs are now spread over a larger base, the ongoing charges ratio is falling. One notable event during the period was the manager’s purchase of some downside protection in case of market falls. This cost 1.6% of the portfolio, covers an amount equivalent to about a third of the assets and is a put option on the FTSE100 Index with a strike price of 5800 and expiry in June 2015 (so if the FTSE100 falls below 5800 between now an June 2015 the put option will have some value – right now it is closer to 6600).