Ann: Media Release - Half Year Results, page-2

Less yield and profit than its big brother CDM, despite the promise of more active management and gains thru the more active shorting ! Well that didn’t work !

Karl Siegling added, “With inflation remaining elevated and interest rates substantially higher than they were a year ago, the investment environment continues to look significantly different to that of recent years. This tougher economic outlook we believe will lead to a greater dispersion of returns across stocks and sectors and will favour an active stock-picking approach that combines both fundamental and technical research such as the Cadence process.”

”The “Active Stock Picking Approach” strategy would seem to have been poor ! I have to ask where the gain is to be made over and above the investment in CDM ?