new sub holder, page-9

O.K they appear to be averaging down their investment to minimise the losses on the books.

Apologies for branding them a trading fund but they have been selling the stock as well as buying. The ration may well more buys than sells in number but the $$ value of the sells has generally been higher than the buys.


In the new year, there has been some evidence that the achievements (or failings) of
individual stocks are more likely to affect investment returns than had been the case
through much of 2011 when macroeconomic conditions dominated movements in stock prices.

· The stocks that made the largest positive contributions to monthly investment
performance were Horizon Oil, Red 5 and Carrick Gold. These were the three
stocks in the portfolio with the shortest timelines to production.

· The stocks that detracted most from investment returns were 3D Oil, Pluton
Resources and Orocobre. In each case, the companies have been due to finalise
joint venture and financing arrangements critical to the project developments
being undertaken. The 3D Oil and Pluton Resources arrangements have been
delayed.


http://www.eimcapital.com.au/monthly%20reports/2012-02_ERCSF.pdf