Perennial "Mea Culpa"

Finally acknowledgement they got it wrong.

Investment strategy to be modified
Cost of hedging has proven expensive. That happens when volatility increases.
Portfolio no longer to carry permanent protection (they are now market timers, yet they educate investors about time in the market.
MER will reduce from 0.98% to 0.80%
Changes to performance fee (need to see the fine print)
Anthony Patterson will resign from Board

Am now more positive and upgrade sentiment, not based on the board or investment manager, but on relative value.

Investors who entered on the Initial Public Offering have been poorly advised on the merits of this investment.