Ann: MGF Fund Update - February 2021, page-496

I’m content with the buyback.

The buyback has added 0.8% to returns in the past year.
MGOC 5.5% vs MGF 6.3%.

They continue to de-risk the portfolio, with much lower concentration than usual.

Top 10 holdings now represent 41.5% vs 49.8% a year ago. Top holding in Microsoft is now only 4.9% vs 8.2% (despite relative outperformance). It seems they have been selling down the Microsoft position.

Everything is going to plan for me so far:
1. Hold a diversified portfolio at a 15-20% discount to NAV
2. Benefit for a mean reversion in returns for the fund (the first signs of this have shown this CY)
3. Benefit from the increased returns from the use of the buyback (relative to open class fund)
4. Benefit from a new and engaged CEO/CIO that seems focused on the returns of the global fund. He is clearly less of a risk taker than Hamish. Their now won’t be any stock specific blow-ups while I wait for the options expire, like there may have been with Hamish in charge. I am not holding MGF for market beating returns at this point, I just want something close.
5. Wait for the options of expire in March 2024 and sell at NAV.