Ann: AGM Presentation, page-6

Agree, i don't like either of their Wivenhoe or Westgem exposures - they've likely put way too much capital into both given how long and litigious each has been, so i don't think the payoff will be particularly exciting even if they win. If they lose, there'll be large losses (partly offset by the insurance they've arrange), but IMF will also be financially incentivized to seek leave to appeal to the High Court so the matters will continue to drag out.

It's a shame those two exposures are dragging on endlessly, because the funds business has terrific potential - the terms of the new US fund (Fund 4) are a huge improvement on the first US fund (as i had expected), and i expect the same transition will occur in the next Rest of World fund.