I have an issue with the fact that the portfolio lacks any real conviction in any of the stocks selected. The highest % for any one stock is about 3%. If you are going to pay a fund manager to pick stocks, you want them to be bold enough to focus the portfolio on their best 10 to 15 stock picks. Otherwise they are not going to do much better than any one of a number of low cost index funds. Have a look at how concentrated Chris MacKays portfolio with MFF is, or even the Oracle of Omaha's portfolio is. That is what you pay a stock picker for. Not a thin safe spread of low % bets across a large number of securities.
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