Ann: April Investment Update, page-10

The three year performance for this is pretty bad compared to the index so I think a hefty discount is probably justified. I think this is an interesting stock. The core holding are with some of the big names in Aussie and international fund managers. The conference stocks are the best ideas from a highly rated bunch of fund managers. So it's a bit like a report card for active fund managers generally. And unfortunately that report card isn't getting a pass mark at the moment. I still hold since it does have good intentions and a lot of people and companies are donating time and effort to hopefully make it perform.