Ann: Investment Update and NTA March 2020, page-2

The top 20 holdings actually look pretty good to me at the present time. There appear to be good stocks that have held up well during the drop, and those that have recovered quickly and significantly.
The real questions are..when were the actual stocks bought and what percentage of the portfolio do they comprise ? Of course, this does absolutely nothing to counteract the dismal performance over the last five years and the appalling decision ( which will affect the fund for years) to invest in ARQ. CDM is my biggest loss for any fund or share so I have an axe to grind.
CDM, not unlike many LICs is trading at a discount to pre tax NTA, (which is the only figure I look at as opposed to post tax,) but the discount is only about 20%, which is not great. Given Karl’s abjectly poor performance over the last 5 years, where he has managed to lose approx 5% per year; apart from trying to buy assets at a discount, does anyone else see anything in CDM that would even remotely suggest that it was worth pouring more money into ? Has anything changed ? I think the quality of the holdings have improved (although they would want to......) I wonder if the investment style has improved which will lead to an improved performance ?
Others thoughts ?