Ann: Daily NAV, page-48

FOR is not a value fund, it is  DEEP value ,  often very deep,  and with a microcap bias.
hence the companies SJ chooses often are in a bit of strife,  under poor management,
are in danger of collapse, etc,  but by his reckoning things can be turned around to unlock great value.
this has its risks....
hence a very unique portfolio of stocks, which at various stages of the market will spectacularly underperform
but other times outperform.    did very well for 5 years as an unlisted fund ( which I held )  up until it listed.  
the past year has been terrible.
should only be a satellite fund for one's portfolio rather a major holding.
but I do like and will continue to hold it,  as long as SJ is leading it.