Not that it means much, but a 9m$ investment (at cost, average...

Not that it means much, but a 9m$ investment (at cost, average price 1.41$) for a fund with a NAV of only 123m$ (of which 25% reportedly in cash) does denote a degree of conviction.

From the Samuel Terry AM website (June 2018 report):

“We added six new names to the portfolio during the quarter. They are a motley crew with little in common, except they are unloved by the investment community. Five of them trade at a large discount to net asset value (NAV). All six have risks and problems; indeed three of them have been targeted by short sellers. In each case, we see some merit in the short sellers’ theses, but think that the prices we paid compensate for the warts. One of our new names is a fast growing tech company backed by a very successful board and management.”

http://www.samuelterry.com.au/pdf-reports/2018-June-Quarter.pdf