Ann: Change of Director's Interest Notice, page-16

Tinwins just a slip - was supposed to be the previous poster.

I know it's got a global mandate but having been to the float of the global fund I got the impression that the leaders fund would stock pick a global match as a winner or loser but that the global fund would be the globally focussed fund.

As regards when does a market neutral fund make money - my opinion it is a preservation mode either when you are uncertain as a direction or as a strategy but Watermark have a neutral fund so I suspect its just whilst the investment team are waiting fir some directional move.

I am not unhappy wiyh any of their funds fundamentally but I am concerned about the stock picking abilities right now. I think they have list some of the edge they had in the past - purely my opinion and as a shareholder I hope to be proved wrong.