Ann: Indicative NAV COB 12/04/2021, page-34

Their International Fund has definitely had a great run of performance. But I still cannot get over them introducing a performance fee at the bottom of a long period of severe underperformance. After doing so, they then completely changed their style and start to swing for the fences buying increasingly more speculatively stocks. You can see that now the Fund tracks more closely the small growth factor (https://www.morningstar.com.au/Funds/FundReport/19793). Because they didn't have to recover the prior underperformance in order to be eligible to earn a performance fee they captured large performance fees over the past couple of years. Don't get me wrong recent performance was great and they deserve to be paid for it but the way they went about it, in my opinion, revealed their true character. For this reason despite holding shares in FOR (some of the underlying stocks were so cheap a few months ago) I am not keen about adding/participating in any of their other products. Will look to exit FOR at the right price. Holding for now.