It’s a strange reaction by the market. A poor result rather than...

It’s a strange reaction by the market. A poor result rather than the expected terrible result. With rising equity markets over the last year I would have expected a far better result. The excuse by management of geopolitical tensions, particularly Europe are fairly lame. Also to try to direct attention to the long term returns of the fund aren’t convincing. Most reputable funds had acceptable returns over the year so why not PDL However the SP jump does offer an exit point should you choose.