Ann: Investment Update & NTA April 2018, page-13

Logco, agree with u that WLE is not another AFIC or Argo. I think that the Wilson team are more flexible and even though it states “Leaders” in the name, i think that they are prepared to invest in stocks which are “leaders” in their particular area of expertise rather than just picking those in the top 200. I think that their anaylists probably have more free rein in their approach to stock picking than the likes of Argo etc. Matt Haupt
said in the presentation that they had outperformed the index every month in this FY. He only had 2 months to go. I personnally picked up some more for myself and my wife, my wife selling TLS (to offset a capital gain in CSL) to be replaced by WLE. I would say that the reliability in the dividend and the probability of increase in the share price would be more certain with WLE than with TLS. Oh and dont forget, the meteroric rise in CSL today which WLE holds. That can’t do the NTA too much harm.