If you exclude the figures from the previous incarnation of the...

If you exclude the figures from the previous incarnation of the fund (i.e., before it was listed), the results over the past six years as a listed entity have been utterly abysmal when considering that we do have legitimate stockpicking talent working for us.

The intervening period has seen a full bear-bull cycle, so you can't really use the defense that value investors are better suited to one point in the business cycle than another. I think that our prospective returns should be very good over the next few years, but beyond that, I'm no longer convinced that FOR is a 'buy and forget' ticker.