Ann: Investment Update and NTA March 2022, page-2

What amazes me about this report are two things. Firstly, the number of changes to the portfolio in what seems like a month. It’s almost as if CDM has turned into CDO which is in essence a trading stock. I have updated my CDM watchlist (and because I can’t accurately tell which ones have changed) it seems like there have been approx 15 new stocks in the list. That’s not necessarily bad, but I wonder how the 15 stocks that were out, actually performed. I would have thought that CDM would have had a greater conviction over a longe period of time for key stocks ie. letting stocks like eg, JLG, grow organically. That doesn’t (for now at least) seem to be the case. The second observation is how quickly CDM has been to adopt mining and resources into their top 20. I hope this is not locking the stable door after the horse has bolted ? looking at Aust stocks only, AKE, BHP, CIA, CRN, NHC, S32, WHC and WPL and now pretty much for the first time in the top 20. I am not complaining and I think it shows flexibility and a good response to the world demand situation, as well as in a number of cases, giving a great dividend. I see the report for CDO has come out today but I haven’t read it yet. I wonder how well it has performed and what the weightings are compared to CDM ? Just my observations and jottings……