Ann: Unitholder Monthly Report for March 2022, page-17

Nice problem to have peejay... too many capital gains.

Sounds like you are loaded up on both RF1 and LSF.

You must be doing very well for yourself! Invested with arguably the two best managers in the country.

I have to say both are returning my confidence in active/hedge fund managers. You do have to accept the risks with the returns they produce - as we have seen the price can move violently up and down for both. Likewise, the discounts on these vehicles at stages has been large (if only I bought more!).

LSF had such a rocky start, but their early commentary on the economy was beyond brilliant. I only recently read back over some of their reports from over 18 months ago and they called the current market conditions exactly. Very impressive.

Likewise, Regal never fail to impress. They obviously have a lot of very talented people working there.

The current market conditions feel quite precarious, but also reassuring in some respects. A higher focus on earnings and quality - and finally less focus on anything tech or buy now pay later related. I only just finished reading the hundreds of millions in bad debt piling up against APT (Block). Is it finally the end of fad growth themes? Who knows.

All I know is both LSF and RF1 are proving their worth and importantly the premiums they charge.