Ann: AGM Presentation, page-5

I’m also a holder in SEC who are value managers. They were out in the cold for a long time as growth stocks got more attention. They too still trade at a significant discount to NTA, NTA I believe to be approx 2.12 and the shares trading at $1.78. I started buying again at $1.29 just trying to cover my losses, and ended up making a good profit. Buying LICs at a discount is all good as long as you know and have faith in the underlying management and that their strategy makes sense. Otherwise you are just buying undervalued assets and there’s no guarantee that the gap is going to close. I refer to ALF over the last approx 4 years.