profit upgrade, page-22

PIE hold AZV in both their emerging & growth funds which have been closed to new investors for some time. They will allow new investors into these funds but only if others withdraw (they call this fund status 'soft closed'). In their Jan '14 newsletter they said:

"Join the waiting list for one of our closed funds and when there is an opening, we will contact you. Recently, we filled a withdrawal for a few million from our list."

Looks like the recent sell-off could have been the due to outgoing investors; the emerging fund has clocked around a 60% return in less than 12 mths & some might have just wanted to lock in their gains. Just a thought.