Ann: Weekly NTA 12.01.2024, page-6

I reckon these guys have lost their edge.

Have you seen the performance of the Ophir Global High Conviction fund? Down 33% in total over the past 3 years. That's after big bounces in past couple of months. It was about 43% down.

It seems to me, they used to have a smaller pool of funds under management and have had some sort of strategy to try and grow their funds under management. I'm aware of a couple others that aren't on their website (They took the Ophir Global High Conviction Fund down after it went so shit). They went from managing a small pool of capital really f*ing well & collecting performance fees. Now they're managing a larger pool and have lost the plot.

There's no share buy back, despite the discount. The most recent dividend re-investment was done at the NAV, not the share price (share price was about 8% lower). A punch in the guts to investors.

Unless you're in their original fund, I'd recommend getting out. They clearly are only in it for themselves now. You used to invest alongside these guys, now they just want your management fees from the largest pool of capital they can get their hands on & pay themselves huge salaries.

Look at their linkedin. They obviously have a new business strategy that ain't friendly to investors. They've hired a fair few positions that just aren't necessary at a boutique investment firm - Sales & marketing associate (no other boutique firm has this), HR consultant & recruiter (why is a boutique firm using a recruiter - hiring should be done through connections), Chief operating officer (they already have a CEO). Why so many new positions?

They had a whole week in December where BOTH Directors did 30 minute webinars to investors. They both looked bored out of their f*ing mind. Why are they spending time doing this? Why not be out there finding the best stocks?

Andrew Mitchell is replying to every comment made on his linkedin posts... WTF man, you don't see Buffett, Phil King or any other respectable name doing this shit. Why aren't you spending time looking for investments instead?

TOO much time spent on marketing their name, not enough on getting their performance up. They've clearly got a growth strategy for Ophir (the funds management business) & they no longer give a f* about performance for any fund except for the original Opportunities fund, which they can point to & use as a marketing tool.

The moment I can exit at a fair price (close to the NTA), I AM OUT.