Mick, mate, they underperformed their benchmark by a full 1%....

Mick, mate, they underperformed their benchmark by a full 1%. Definitely not in line.

They should certainly instigate a buy-back. That is obvious. My guess is that they won't because that would decrease the size of fund and therefore their management fee, and seeing as they paid overs to take this thing over, they need every dollar they can get from that management fee, because they certainly won't be earning a performance fee for some time (if ever the way they're going). If they do announce one, it will just be a token effort, buying 1000-2000 here and there.

But sp is certainly starting to get to an attractive level. Been in and out of this few times now. Money to be made on the big fluctuations in sp.