Loss of trust reflected in the share price, page-25

Latest update from tbf;
Even though we reduced our holding in FIG following the management sell down, the
market’s reaction to the downgrade was savage and did impact our monthly performance.
Investors now will struggle to regain confidence in the company and we expect the stock
to languish around current levels for a protracted period, unless there’s a material pickup
in sales next year. We exited our position completely post the downgrade and will watch
from the sidelines at this stage.