Ann: Weekly NTA 24 December 2018, page-10

I’ve been watching Emeco for a while and it’s not just CDM that’s been caught on that one.....just at the moment anyway.   There are quite a number of competent and capable fund managers that have picked this stock, are underwater, but still have faith in the company.  Perhaps it’s a smaller cap that has been bashed for no good reason.  Time will tell, but it’s not only CDM that has been punished for THIS pick anyway!  Altho CDM certainly has been punished for their lack of stock picking skills lately !  At this rate, I would think that the new fund should be abandoned, rather than deferred.   The pain of loss is remembered for a long time !