Ann: Half Yearly Report and Accounts, page-24

The focus should be and always have been in following the HML prospectus and providing us a lot more insight as to how the investment teams views are being turned into meaningful action.

TBH they got a lot of geopolitical calls right, but it seems they did not have the right investments / plays to yield the profit they should have.

This whole thing should be a lesson to get the fund back to some semblance of normality and begin to deliver some returns. Sure, the SP is no doubt fairly half of what it is now (or maybe less) but there has to be start somewhere.