Ann: Daily share buy-back notice - Appendix 3E, page-11

I suspect part of the upside gain and downside avoidance is exactly what happens with MG. In my discussions, I get the feeling that they have triggers and when they hit those they sell down and buy again when it falls. They can get it wrong but in June there was a lot of noise about APT and threats so I would suspect that APT has been sold up and down to lock in upside at times.

I think that is a very good active manager and that is what I see in MG and his team.

You need high flyers but they probably need to have stop-loss points that are very tight as holding through the challenge can get you caught. I don't mind the CGT if you are a LIC as I also want a dividend. Most of the high flyers don't pay Dividends so a little bit of trading can help that.

CVF is interesting, must spend some time looking at it - I am not keen on stocks at the moment, however you have to factor everything in. I like some of their portfolio picks but again it has APT. There had better be no hiccups for APT or all the LIC managers will be looking for new jobs.