Ann: Daily NAV, page-42

We have been pretty happy averaging about ten percent with forager Aussie fund and have been with them since the beginning. Will stick with them. Some of the current crop of companies they are heavily weighted to do give me a bit of concern though- Macmahon, Thorn, Freedom insurance etc. - not exactly quality companies.

The other worry is half our money is with the international fund which has underperformed for a long time now. Longer than what the forager crew advises as a minimum time frame for investing. Performance hasn’t been terrible, but there are a number of other deep value LIC’s that have outperformed for a while now and my wife is pressing me to consider them. To an outsider like me it appears they don’t have the necessary quality of staff on the international side of things.