Ann: May Monthly NTA and Investment Report, page-8

Pretty close… The problem with GC1 is that it has trawled the small and lower quality stocks for some time and chopped and changed holdings. A couple of speccies that didn’t deliver, didn’t help. GC1 also has extremely limited market depth with few trades. Yep, it’s trading at a near 40% discount to NAV, but who is brave enough to dip their toe in the water any deeper ? The quality of the portfolio has improved although there are still a couple of ? Stocks. The end of month reports have improved and become more detailed, so that’s good, but there is not much detail as to percentages held and there is the issue of Benjamin Hornigold (who is he again ?) as a holding. The cash holding is a positive IMHO. As you know, a 40% disc to NAV is good, but only if the SP rises to meet the NAV. And that will only happen via outperformance and confidence in the manager to perform. And I guess that’s why the SP is where it is !