Hi mate. Don't mean to be devil's advocate, but on many small...

Hi mate. Don't mean to be devil's advocate, but on many small caps I think the Ukraine line is thrown around as a bit of an excuse for overall poor SP performance. Remember, Ukraine only really kicked off in January. I think interest rate rises have had a far bigger impact, but even that is somewhat sector-specific: tech and unprofitable growth companies have been punished, but the last 3-6 months has been generally OK for commodities and a few other sectors. In general (and not meaning MGT here by the way) I think when you hold a stock you need to be rightly skeptical when others keep coming up with convenient excuses for why it's not going anywhere - in June it was "tax loss selling!", in September it was "Evergrande!", in January it was "FED raising rates!", in February it was "Ukraine!" and so on. In April there will probably be a new reason thrown around. It's not to say it hasn't been a challenging 6 months, but overall many good companies have managed to weather the storm and slowly march upwards. Cheers