Ann: Becoming a substantial holder, page-6

Hi Tinwins,

No I don't have any knowledge on these guys but I have reached out to see whether they are prepared to chat about their general investment case for TOT.

That's a really good pick up from their monthly update Skram it does seem they've been on the register for quite some time.

Interesting comment in there about the TOT assets being below replacement value. It could just be a general comment on the broader office market or could also be interpreted that TOT did initially explore an asset sale but founds the expressions of interest to be very low.

I couldn't resist topping up again on market yesterday at 41.5c so between that purchase and participating in the capital raising TOT is up to 6% of my total portfolio and my average price is down to 55c.

In terms of my general strategy I think it's time to stop buying up the discounted property funds (DXC/TOT) considering my exposure to those two stocks plus BKW (which I essentially think about as a hybrid industrial property trust/LIC) has gotten pretty high.

I would love to allocate more capital into my 4 long term compounders that I will just hold forever (SOL/BKW/SVN/WES) but valuations on the really high quality stocks have gotten so stretched I've had to look a bit further afield for value.