Ann: Change in substantial holding, page-7

Perennial commentary in January 2022 on Microcap fund:

"Other positions which were down 10-13% where we have high
conviction but whose positive attributes remain ignored by the
market are SciDev, RPM Global, Aerometrex, Cluey and Lark Distilling.
We are optimistic that results in February and throughout the year
will demonstrate the quality of these businesses and lead to a rerating.
This process may have already begun as sales updates late in the
month for both SciDev (revenue up 32% on pcp) and Lark (sales up
78% despite COVID impacts at their venues) were encouraging and
led to a partial recovery in the share price."