Ann: Net Tangible Assets as at 31 May 2023, page-4

FWD ended the week $2.28 - up from approx. $1.77 at end of May - certainly a mixed bag is SNC holding - will be interesting to see what the EOFY NTA delivers - quite a few swings & round-a-bouts!

In the past I've had considerable respect for much of SNC stock selection, is the intrinsic value of some of their holdings being mis-judged by the market?, is SNC just being caught up with the general market instability?

Will the EOFY bring some confidence to the market? I'm concerned the RBA might over-step the mark with interest rates?, so many yet to come off fixed term mortgages - I'm aware some fixed mortgages will run into early next year. How many fixed term mortgages holders are complacent about what is approaching them?

Then we hear of possible price gouging where companies have passed on the increasing unit costs, while not reducing the same as some items supplied are dropping somewhat as improved supply develops.

Then there's the well-off, the transfer of inter-generational wealth must be enormous as Baby Boomers inherit, some pass away & in turn pass wealth onto the next generation - this group - many have healthy levels of cash & are merrily spending their way through life in defiance of RBA actions!

So, can the RBA get us through the current cycle without crashing the economy?

Is much of the above already priced into SNC?

How do others expect SNC to perform in the 12 months? have they anything to add ? ie. The challenges facing SNC +ve OR -ve.

Looking forward to the next NTA update!