Ann: 2023 Half-Year Financial Results Analyst Presentation, page-38

Thanks for your well made and respectful comments.

IMO, you are 100% correct in relation to your "light" approach to HC. Opinions here tend to get taken to extremes and I understand my vulnerability to be guilty of that, especially when I read what I consider to be quite stupid comments.

When it comes to managing my capital, my strategy includes natural limiters to ensure I take profits and stop losses. I have always held a very concentrated portfolio of businesses, that I attempt to know very, very well. Warts and all.

I allow myself overweights where I have high conviction. PTM is just one of them, others have reaped some quite strong gains in recent months, causing me to lighten and releasing a fair amount of cash. I have some rough diamonds that have not done so well, and merely hold. Thus, I find myself attracted in the current market sell-off to add PTM with low downside risk and better than bank returns. I am very happy to sell down some PTM if another opportunity presents itself as it produces a favourable CGT outcome for me. At the moment, it is my best lower risk buy, so I do what I do.

Each to their own.

GLTASH