End November Post Tax diluted NTA of $1.62. Still appears to be outperforming the market.

Positives:

• Buying based on continual growth in NTA. Historical outperformance of indexes and other LICs
• I like the high conviction, absolute return, small cap, fundamental bottom up strategy.
• Flexible mandate - deep value or growth focus allowed
• Keeps cash available to use for opportunities. I think this is important in the small cap space.
• Managers own around 20% of the company, therefore they are aligned to shareholder expectations.

Negatives to watch:

• Low performance hurdle in current conditions resulting in higher fees
• Liquidity risk: Extremely thinly traded. Expect price jumps. Needs to be a long term hold and have the conviction to hold.
• Options will be dilutionary if there are significant gains. Current dilution appears to indicate around 4c of NTA.