Ann: July 2023 Investment Update, page-2

It's nice to see the cash holdings finally coming down. WAR has had a bit of an odd life so far. When it first listed I was imagining they'd be significantly more active in trying to unlock value at these discounted LICS but until this recent update they've been sitting with around 40 percent of their portfolio in cash and WGB shares from the Templeton takeover. To be the way to generate "alpha" for shareholders would be in getting more active and maybe seeing board representation or immediate strategy changes in some of these other funds. In my opinion if their going to be more passive then the average retail shareholder may as well pick out 3 or 4 LICS trading at a discount themselves and just hold them to avoid the doubling up of fees that we've discussed before on here (WAR charging fees to invest in other LICS which then charge them fees for underperforming funds).