The NITL portfolio grew 11% to MWK12.9bln, outperforming the MSE which rose 7.08% in 2020. The portfolio which is 100% invested in MSE listed equities, with cash resources amounting to just MWK277mln had a fair value (FV) gain of MWK1.4bln, compared with MWK1.7bln in the prior year. This ultimately affected the PAT growth rate.