Over the six months to end October 2013 MIGT delivered an NAV return of 6.8% – well ahead of its objective which is to beat 3 month LIBOR +3% with low volatility (MIGT’s annualised volatility was 8.3% over the period vs. 12.8% for the FTSE All-Share Index). MIGT’s Chairman has said that he believes the annual continuation vote is now the company’s principal discount control mechanism and buy-backs will be used in, undefined, “particular circumstances” – MIGT’s discount is currently 4.2% which is a little wider than the average for its peer group but narrower than it was at the start of the period.