Though there is a wide range of investment performance among charitable assets, 96 per cent of those UK charities holding £10 million or more in assets who responded to the survey on which this report is partly based declared themselves happy with recent returns on investment. According to Investment Matters, the importance of investment is often underestimated by charities, and consequently not enough time and energy is devoted to it. And, not surprisingly, those with investment committees and with a more diversified portfolio tend to enjoy higher returns.