Ann: September 2022 Investment Update, page-12

I think you have picked the high 2018 up to end of September, 2018 was no doubt very good years on top of okay years. after that we had 2+ years of covid starting in 2019 making predictions in that period difficult and now interest rates raised very quickly. I would have thought Industrials and Consumer discretionary and financials (nearly 27%) would fluctuate quite a lot with that level of rates change.

IMO we have 10% cash which is a good level to have, and we are in categories that will recover once people adjust to higher interest rates. Also note September was a shocker when comparing NTA at end of august to end of september - i suspect most of that lost already recovered in October. Selling now may be premature - just my opinon - suggest others do their own thinking on this.