We have a large holding here and yes I am a bit disappointed....

We have a large holding here and yes I am a bit disappointed. However, if you look back at the past they really got taken by Axess today. Those things really hurt as it cost a lot to make that up. I also think that if the portfolio is not correct you have to work to get it back to where you want it to be. I have held the view that the dividends were far too high - a new fund needs a bit of balance between dividend and cash to grow.

I also suspect that there are many stocks that are unloved in the smaller area and those valuations will change as the market starts appreciating fundamental valuations and not revenue growth based models. I am happy that they took a great profit on Afterpay but I think we will look back at this time 18 months out and ask ourselves how some of these very high multiples of revenue companies are going to turn out. You must also remember that they went to cash probably about 6 to 9 months too early. That the market both here and overseas is too high everyone seems to agree yet each day someone steps up to pay more. That too shall pass and I think some of the funds will find a turnaround in fortunes. I would really like them to drop their annual dividend to around 3c and to keep going. I like the HIL stock I like the BKW - I think that that could well be an inspired stock because the USA could end up being the largest asset.

I don't think that BHD takes up that much time anymore and remember MG is no longer a director of CMI ( now ECL). I am prepared to give him this year and review performance at the end of calendar 2020.

It seems to have stabilised around 82 to 85c and I cannot see a reason to bail at these prices.

I would give it some time.