Ann: 2019 Full Year Results, page-6

You do have a point, although don’t forget that those meagre holdings can be turned over a number of times, either in full or in part. This also occurs with their Australian only funds. I would sooner prefer a prudent fund manager to make their own decisions in regard to portfolio weighting’s than to be significantly overweight in The wrong stock. Have a look at CDM where Karl Seigerling thought that he knew better and let ARQ get to almost 18% of the fund. He did have conviction......but it was in the wrong stock. ARQ now comprises 4% of the fund without any sales by CDM, a significant loss for CDM shareholders. Lord knows what Karl “thought” he saw in ARQ, but the resultant “conviction” and to let the portfolio become significantly overweight on one stock meant that if he got it right, shareholders benefited, but as he got it wrong, shareholders suffered. This as I see it, was more gambling than investing, not what I want in a fund manager. As I said, you do have a point; but if you look at the WAM funds management business, they must be doing something right to get to the number of SH and FUM, to get the long term results and to provide a reasonable dividend yield. ETFs ? LICs ? Take your pick and make your choice, I guess that’s the benefit of a free market economy. PS. I also hold MFF.