Ann: Monthly Performance Report - July 2022, page-6

I don't have much to add on the monthly but I spotted something one doesn't see very often. In fact, I have never seen this.

In previous post I pointed to how they shifted goal posts when it suited, https://hotcopper.com.au/threads/ann-monthly-performance-report-june-2022.6844246/#post-62639711

And now, there you have it. They have officially, albeit quietly, recognised the style drift from small cap 'finding opportunities in unlikely places' to large global companies! Same team, same process, but hey lets just tweak the javascript! I have attached images comparing previous marketing versus what you see today (hope it loads).

If the images don't load, following is what I mean.

This is on their website today ... "With some larger global companies, and a focus on small to medium sized businesses, this fund offers you access to a unique portfolio of global shares."

The word "some" is a bit undercooked though. The weight of companies with more than $5bn market cap were up to 37% in their portfolio last year.

I noticed most of their website has been tweaked as well, away from finding opportunities in unlikely places to generic GARPy *growth at reasonable price" mantra. Astute investors have and should continue to question where then is the edge? You have to be looking under the hood here - a spectrum shift (from value to GARP) in your investment philosophy is more than just tweaking words on your website.

Saw some recent comments/vids from Steve elsewhere providing explanation of poor performance ..." shoulda held more cash, shoulda been more defensive" does little to offer anyone comfort.