Ann: Monthly Performance Report - June 2022, page-4

And yet despite the awful performance FOR is only trading at 5% discount to NTA...
Goes to show that discount to NTA is not always correlated to performance and buybacks do work when they are done meaningfully!

Like Steve I wish I took more drastic measures and reduced significantly my stake when Facebook came into the Top #5.
I did sold off some FOR but not enough.

Now I will not buy again into FOR with the discount to NTA being so small now.
I am worried they are trying to recoup the money where they lost it (Whispr, BTH, NTO and other unprofitable tech stocks....).
I prefer the Intelligent Investors portfolios (INIF, IIGF) which have lower mangement fees and no performance fees!

For my International investments, I was putting my money into Spheria Global Microcap. However the portfolio manager Gino Rossi left in May without much communication. The fund has performed much better than Forager but in current times I don't like being on a ship without captain. I am pondering topping up the Forager International fund.