Please Explain, page-36

I would in no way defend the Fund's recent securities selections and positions because it is quite obvious that a steadily falling NTA proves they have been spectacularly unsuccessful.

That said, the fund is currently in neutral mode, so large NTA swings are unlikely to occur, except in exceptional circumstances. With no change in NTA I expect no change in market sentiment. This stock is plainly out of favour, and quite simply whilst it is trading 15% below NTA I will very comfortably load up as many as I can and then wait......1 year, 2 years, 3 years I really don't care. My well tried and tested experience with the stock, is that they don't get things wrong forever, and when they get things right, discounts turn to premiums, dividends start to come from profits, and yield hungry investors using bot filters will return, at which time I will ease out again to a neutral position. Realistically, over 3 years I'd expect a total investment return of 6%-10%p.a. for my patience. Should that come to pass I'd be happy. If they decide to shut up shop, I'll take the 15% gain recovering full NTA and move on.

Management have now correctly decided to re-engage in a share buy back plan that, of itself, will increase NTA.

I do not claim to be all knowing. I am simply offering the thoughts of a LIC investor with the scars of over 40 years of pain and gain.

If you need to sell right now to fund important living expenses, that is unfortunate but necessary. If you are selling (at a discount or a loss) to find a different greener pasture, good luck with that.

Some rules of investing just don't change. This is a diversified investment fund, not a trading business. It would be an error to get the two confused.