Dunedin Enterprise’s net asset value declined slightly over the course of 2013 but, including income, the total return was just positive (0.6%). By contrast the FTSE Small Cap. index rose by 43.9%.
Gains in some investments, notably Practice Plan (sold) and CitySprint, (the same-day courier, now the largest holding) were offset by falls in the values of companies such as Premier Hytemp (falling demand for its product and falling nickel prices) and Weldex (contract delays).