Ann: Merger of PAF and PGF, page-36

Wouldn't say the portfolio is set up for the next few years? Will value investing continue to be on the nose? There's also a lot of sovereign, credit and as with everything else market risk within the holdings. Ben Graham's "net nets" style value investing in a modern market is dead IMO - why hold poor quality businesses so you can squeeze the last juice out, after which you are left holding the bag.

I'm out after a 5.5 year grind. The SP did fall back to my buy price in last year's drawdown and then as with most others went north east. IMO there is now no "margin of safety" in this. Why would it ever trade at post tax NTA (never has I recall) or beyond even with the "dividend guidance" which can always change.

Also with the merger proposal right after the capital raising was completed, directors not taking up or only partially taking up their allocation, and larger (upsized) funds having a history of lagging performance. It might work out if an income hungry market can recognise if FF dividends can be delivered consistently. But too many red flags for me, and I'm not prepared to wait it out any longer.

GLTAH.