Ann: Daily NAV, page-2

Steve's on track for another big year - current NAV of $1.83 vs. 30 June 2016 NAV of $1.46 has him on a running ~25% return for FY17. All his long-term return numbers (3-year, 5-year and since inception) are running at roughly double the benchmark.

Being the only managed fund i hold, i feel a little torn about what to do here. On the one hand, i feel like FOR could be "due" for an extended period of underperfomance (after years of repeatedly excellent results), which could lead to its ~10% NAV premium evaporating. On the other hand, his approach which has delivered the excellent historical results hasn't changed, and i'm not a trader, so i don't feel compelled to sell.