What is the difference between annualised and de-annualised returns?

For reporting periods longer than one year, performance is shown as an annualised return.

An annualised return represents the average return achieved each year over the selected period, taking into account the effect of compounding. For example, a 5-year annualised return of 8% means the investment delivered the equivalent of an 8% return per year for five consecutive years in a row.

For reporting periods of one year or less, performance is shown as a de-annualised (actual) return. This reflects the total return achieved over the selected timeframe without converting it into an annual rate.

As a general rule for performance reporting on InvestNow:

• Periods longer than one year show annualised returns.
• Periods of one year or less are shown as actual returns (de-annualised) for that period.