Ann: Investment Update and NTA April 2023, page-2

As a SH in CDO, am mightily Peed Off that the fund has performed so poorly ! I see they are holding over 45% in cash. Now correct me if I’m mistaken, but wasn’t the aim of CDO to be nimble and to take advantage of more frequent shorting and trading ? So if markets are going down, and CDO management are so good, why then aren’t they shorting the stocks in a declining market to take advantage of the situation ? So, holding over 45% cash, the fund specialising in trading and being able to short, underperforming the market…. WTF are these guys doing ? Trouble is also that liquidity is so low, one would have trouble exiting the fund at almost any price ! I thought that CDO would have been the exception, but I’m sure as hell not going to take up any more initial offerings in LICs. CDO has not done the LIC market any favours !!!! The best thing they could do is to wind the fund up and return cash to SH, or at least amalgamate the proceeds back into CDM. Is that why one of their fund managers jumped ship ?