Ann: Appendix 4D and HY19 Financial Report, page-40

I think it's very unlikely, especially looking at the long term performance of the main deep value fund. Still 17%+ p/a over the last 10 years? Even including the last 2/3 years of underperformance, it's a big outperformer. The portfolio may simply have became overvalued by latter 2016 given the outstanding price growth prior to that. It fell to fair value and as is often the case, may have overshot to undervalued. I saw a few bad positions/mistakes mentioned here, but just the nature of active management I guess. The real risk has always been emotional investors jumping ship, but it seems less in this case with sophisticated investors, many of whom are long term orientated, see the bigger picture and may have done very well out of this manager. Although will be good to see the client numbers as you say. It seems late in the economic cycle, but the financial media is US-centric. In most world markets, without much of a boom, it's hard to expect too deep of a bust, although elevated debt levels are a risk. It looks like an undervalued portfolio (and SP), with excellent long term performance and track record. There is probably no point worrying about macro things.