Based on 28 Feb, 2019 Essex Fund had 374,601 shares and as of 31...

Based on 28 Feb, 2019 Essex Fund had 374,601 shares and as of 31 August 2019 have 523,266 shares.

Some key comments about Fluence from their 31 August Annual Report:

• Most of this underperformance occurred in the fourth quarter of calendar 2018; during that quarter, the Fund was down more than -18.2% and the Index shed -13.4%. This period was a time when investors were de-risking their portfolios due to concerns about slowing economic growth and amidst fears of the negative consequences of a trade war. Stocks of smaller companies and stocks of industrial companies, both areas of emphasis for the Fund, were among the worst performers in calendar Q4 of 2018. From a portfolio perspective, we used this heightened volatility to increase our weights in those stocks that we think were punished disproportionately but still had strong underlying company fundamentals and an investment thesis that remained intact........... Similarly, Fluence Corporation, an Australian-listed developer of de-centralized water treatment systems is growing rapidly globally with no impact from trade tariffs and no signs of slowing growth.
  
• Encouragingly, our decision to not panic in the face of the market downturn at the end of 2018, and indeed to add to certain high-conviction positions, has rewarded the portfolio thus far in calendar 2019. Year to date, through the end of August 2019, the Fund is up 15.96% versus 15.15% for the Index during the same period. The specific positions that we added to have been among our best performers: Sunrun is up 40.8% year to date through August 31, 2019, and Vivint Solar and Fluence are up 111.5% and 35.5% respectively over the same period. As evidenced by these examples, we believe that there are significant inefficiencies in the clean technology sector that can be exploited by experienced active managers. In contrast to the industry-wide trend towards investing in passively-managed investment portfolios, we believe that there are significant inefficiencies in the clean technology sector that can be exploited by experienced active managers
• The portfolio remains positioned to benefit from major secular growth trends. Currently, our heaviest thematic weights are in the Water and Renewable Energy themes. The world’s water challenges are well known and highly visible. We are invested across the spectrum of opportunities within the water segment: water management, water treatment, and water distribution. Portfolio companies such as Xylem, Inc., Fluence Corp., and Energy Recovery, Inc. are well-positioned to grow revenues and earnings by providing equipment that can process and treat water.