Ann: Appendix 3B, page-7

For most of my portfolio, I would normally sell out if the initial thesis does not play out through 2-3 reporting periods, but there are a few holdings from the past that I have not maintained that discipline (MNS has been a 14yr holding so some irrational emotional attachment!).

At ~2% of the portfolio it makes less of an impact these days, but opportunity cost is opportunity cost, and I should have put it out to pasture a long time ago and used the funds elsewhere. At the moment it's a hold until I figure out whether I need the tax loss and likely to go before June.....on the other hand, I don't mind paying the tax if by some miraculous luck, they end up partnering/funding something by June.