Ann: Change in Portfolio Value, page-10

he is obviously backing the fund managers as being competent and capable.  Something which I have been advocating for some time in preference to just buying into an LIC which is trading at a discount to NAV.  Better to back a good manager with good results than to buy a fund at a discount to NAV (presumably on the basis that the Manager is not producing good results e.g. ALF) hoping that the SP and discount will close.