The Company ended Q4 2019 with robust positioning in EM currencies and equities. Accounting for GBP/USD exchange rate movements and the dividend paid, the Company returned 9.7% to its shareholders in the fourth quarter of 2019, measured in USD, bringing the year-to-date performance to 4.4%. The Company paid a quarterly dividend of $1.94 cents (1.5p) and the book value was $0.94 at quarter end.