b'50 Mercia asset Management PLc Annual Report and Accounts 2021Chief Financial Officers review continuedThe table below lists the Groups top 20 direct investments by fair value as at 31 March 2021, including a breakdown of the net cash invested during the period, investment realisations, realised gains, net fair value movements and the fully diluted equity percentage of each company invested in at the year end. The Groups top 20 direct investments represent 98.5% of the total direct investment portfolio value (2020: 98.3%).net netinvestment Net cash Investment Realised Fair value investment Percentagevalueinvested realisations gains movement value heldYear ofas at year to year to year to year to as at 31as atfirst1 april31 March 31 March 31 March 31 March March 31 Marchdirect2020 2021 2021 2021 2021 2021 2021investment 000 000 000 000 000 000 %nDreams Ltd 2014 16,120 1,000 606 17,726 35.4Intechnica Group Ltd 2017 7,177 1,250 1,569 9,996 27.5Voxpopme Ltd 2018 6,030 1,191 1,624 8,845 17.6Impression Technologies Ltd 2015 4,294 2,401 1,927 8,622 67.3Medherant Ltd 2016 6,705 1,4008,105 29.0Faradion Ltd 2017 4,025 500 1,168 5,693 15.6Ton UK Ltd t/a Intelligent Positioning 2015 4,354 750 (191) 4,913 29.9MyHealthChecked plc 2016 475 504 3,509 4,488 14.6Warwick Acoustics Ltd 2014 3,656 500 99 4,255 35.8Soccer Manager Ltd 2015 2,534 775 244 3,553 39.0Locate Bio Ltd 2018 2,250 750 6 3,006 16.7VirtTrade Ltd t/a Avid Games 2015 2,200 615 (3) 2,812 20.3sureCore Ltd 2016 2,167 2502,417 22.0PsiOxus Therapeutics Ltd 2015 2,193 250 (36) 2,407 1.4Edge Case Games Ltd 2015 2,300 2,300 21.2W2 Global Data Solutions Ltd 2018 2,000 3002,300 16.3Eyoto Group Ltd 2017 1,752 500 (439) 1,813 15.7Sense Biodetection Ltd 2020945945 1.2MIP Diagnostics Ltd 2020300 2 302 3.3LM Technologies Ltd 2015 250 250 47.4Oxford Genetics Ltd t/a OXGENE 2015 11,743 1,000 (30,696) 17,953 The Native Antigen Company Ltd 2014 3,493(5,248) 1,755 Clear Review Ltd 2019 500(1,043) 543 Other direct investments n/a 1,253 216 3 1,472 n/atotal 87,471 15,397 (36,987) 20,251 10,088 96,220 n/acash and short-term liquidity investmentsAt the year end, Mercia had cash and short-term liquidity investments totalling 54,725,000 (2020: 30,186,000) comprising cash of 54,491,000 (2020: 23,971,000) and short-term liquidity investments of 234,000 (2020: 6,215,000). The Group also separately held 2,484,000 (2020: 467,000) on behalf of third-party EIS investors. The overriding emphasis of the Groups treasury policy remains the preservation of its shareholders cash for investment, corporate and working capital purposes, not yield. At the year end the Groups cash and short-term liquidity investments (which is cash on deposit with maturities between three and six months) were spread across four leading United Kingdom banks.The summarised movement in the Groups cash position during the year is shown below.Year ended Year ended31 March 31 March2021 2020000 000Opening cash and short-term liquidity investments 30,186 29,769Net cash generated from operating activities 5,611 298Purchase of fund management contractsdeferred consideration (2,100) (12,400)Net cash generated/(used) in direct and other investing activities21,606 (15,456)Issue of new Ordinary shares30,000Ordinary share capital issue costs(1,879)Dividend paid (440) Net cash used in financing activities (138) (146)cash and short-term liquidity investments at the year end 54,725 30,186'