b'wwKey performance indicatorsStrategic prioritiesWe focus on UK regional opportunities where our strong capital position can help create material value for all our stakeholders over the medium term. Scaling FuM combined with tight cost control has also enabled the Group to reach trading profitability one year ahead of plan.Indicator How it was measured PerformanceGrowth in value of Measured in terms of the gross cash17.5mthe Groups portfolioinvested in direct investmentsthrough investment 2020 17.5mactivity 2019 19.4mThe Group has demonstrated continued investment activity resulting in growth inthe value of its direct investment portfolio through the gross amount of cash investedGrowth in value of Measured in terms of the net fair(15.8)mvalue (loss)/gain arising in the value the Groups portfolioof the portfolio using established through fair valuevaluation methodologies based on movements the International Private Equity and2020 (15.8)m 2019 3.9mVenture Capital Valuation Guidelines (IPEVCVG) Reflects a year of continuing positive overall momentum until impacted just before the year end by the significant correction in asset prices resulting from the COVID-19 pandemicNumber of companies Measured in terms of all companies18invested in (both existing and new invested in during direct investments) during the yearthe year2020 182019 17The Group has demonstrated continued growth in its direct investment activities through the number of companies in which it has invested during the yearUnrestricted cashMeasured in terms of cash, cash30.2mequivalents and short-term liquidity balances and investments held by the Group, short-term liquidityexcluding funds held on behalf of third-party EIS investors 2020 30.2minvestments held by the2019 29.8mGroup at the year end Mercia continues to have sufficient liquidity for its direct investing and operating activities22 Mercia Asset Management PLCAnnual Report and Accounts 2020'