Ann: Response to ASX Query, page-7

I find it amazing they have only $6 million invested in listed securities out of $64.5 million. The rest is cash and unlisted holdings in JB financial and Bartholomew Roberts. How have they been earning such great returns with so little exposure? They have just cashed out of some successful exposures I suppose, but basically future returns depend on very little exposure (and the unlisted investments of course).