Ann: Investment Manager's Presentation to AGM, page-2

There is little in the presentation that makes me feel I should remain invested in TGG. The performance over 5 years is in line with the index and over the shorter term they have significantly under performed the index. There is no reference as to whether their performance numbers are net of fees. I expect not as they would have stated it if it were the case. If you consider the fairly hefty management fees then simply buying a global ETF or 2 could easily match this fund (at a lower cost). Add in the risk of more cap raises (favouring sophisticated investors) then I am inclined to think that it might make sense to sell and switch to a couple of ETFs. Even though it is trading at a small discount to NTA at the moment it might not be enough to compensate for the fees and dilution possibilities.