Ann: Investment Update & NTA May 2018, page-8

Not exclusively FGX/FGG, but currently almost.

What I like is:

You are getting a good spread of managers / capitalisations and investment styles.

Blended result, means you are never going to shoot the lights out, but you should be somewhat protected from one or two managers ‘getting it wrong’. Having recently retired, capital preservation has a new found importance to me.

Active management, yet no performance fee.

I’ve recently made a point of looking at the 6 monthly P&Ls of LICs. It’s really interesting seeing how much management and performance fees adds to the expenses of some funds. Sometimes a full quarter of revenue goes in manager’s fees. Limited costs seems to be a real bonus with these two funds.

I’m not a real believer in the theory that a fund of funds approach dilutes the impact of a good manager, because I think there is ample opportunity to have multiple good managers working their magic for you...each with their own particular styles.....In other words, there is no ‘one’ right way of achieving good performance.