Ann: Investment Update and NTA June 2019, page-4

A 20% net loss for the year ? Jesus!!!!!! I probably could have done better at the craps table. No wonder ARQ SP has fallen (no particular allegiance anyway... and I reckon the stock was a dud from the start) with CDM selling down from almost 18% down to 4 1/2%. @spider5... good description of the funds performance of uninspiring and totally underwhelming. If I’d lost 20% of my families wealth in a year, I would have to leave town or at least explain why. Emeco, I can understand the loss, but I think the fundamentals are OK. Axcess was a total write off, but to have almost 18% of the fund in ARQ (IMHO) totally defied logic and It’s obvious that CDM had the wool pulled over their eyes by ARQ. I could see no catalyst on the horizon that would have justified either an investment in ARQ or the degree of percentage holding, that bode well for any significant rise in ARQ SP or significant gain for CDM. To have equal weighting’s of ARQ and Macquarie Bank also shows an interesting trend...... I think they have probably sold down Macca and realised significant gains in order to offset even “worse that could be believed” losses in ARQ, but to have equal weighting in ARQ and Macca is IMHO fairly “benign” management and has to cast doubt on their ability to analyse stocks to the degree they need to be considered investment grade. Long term holders lost out ? Yes I have..... big time !