In 2012 the NAV total return was 12.3%. This is satisfactory in the context of returns made from the wider indices, and in particular the decision to remain heavily weighted in the UK, where smaller companies proved one of the strongest asset classes, was vindicated again. The UK portfolio delivered a total return of 18.0%, but the Numis Smaller Companies Index returned 22.5%. In contrast the US portfolio returned only 1.4% (in £) compared with the Russell 2000 Technology Index rising 4.5%. In consequence the UK portfolio has now risen to the highest proportion of the equity portfolio this century at 70.9%, while the US portfolio has fallen to 20.9%. The European portfolio recovered by 17.5% (in £), but remains a modest weighting, while the Far East delivered a total return of 10.3%, including the Taiwan portfolio which returned 19.3% (in £) and the strongest component.