Ann: Half Yearly Report and Accounts, page-5

Have a look at the holdings of WIC. Perenti which is a large holding is down by almost 12% ! Probably an over reaction and other stocks in the WIC stable up by good amounts so overall effect on the portfolio shouldn’t be that great. BUT obviously WIC has been sold down almost solely on the PRN profit downgrade, withdrawal from non profitable contracts and the effect of the strong Aussie dollar. Overall, they are still a good investment for WIC, but the market is far too focussed on “short term ism” at the moment. I have confidence in Dermot’s stock picking, and whilst I have enough WIC in my portfolio, probably think that this is potentially a buying opportunity.