Ann: 1H19 results investor presentation, page-4

What % of your portfolio's capital is allocated to SDF @madamswer ? I was getting ready to buy in the mid 2s before the RC final report put a rocket under the shares

SDF = ~2.1% of my portfolio
But, AUB is really a SDF proxy, and I have 4.3% in AUB , so in a composite of SDF and AUB together, I have in excess of 6% of my capital invested.

Given I tend to own a bit of a zoo of stocks today (~45 by number), 6% exposure is quite a punchy position for me.

However, I don't think that is necessarily a reflection of the investment opportunity I see with these commercial insurance brokers; I actually think that are not that cheap.

My >6% position is mostly a legacy issue, having grown to that size due to decent out-performance from those two stocks of which I have not sold any, choosing instead to reduce my holdings over the past 12 months in other portfolio "winners" whose positions in my portfolio had become excessively large, in the context of those stocks' residual valuation appeal (i.e, . CSL, IAG (*), REH, NCK (*), TME (*), and this week, BRG and MND)


(*) Denotes entire holding sold.