Ann: Half Year Webcast December 2018, page-19

I'm not sure how a chart can determine the quality of of a fund manager's decision making. For instance, I'm aware of a few smallcap stocks that have reported seriously good growth in earnings in the last six months, and yet their share prices have halved. Hand on my heart, I cant say that the share price being lower has anything to do with the performance of management of these companies.
On a slightly different matter, how do you stand on LIC's holding a very high percentage of cash during these times? If I invest in an LIC its because I want to see the capital deployed not sitting on the sidelines. I can easily sell some of my LIC holdings to achieve the same result without paying the management fee, thereby reducing my risk. I'm not saying Karl is overweight cash, (unlike some of his peers!) but isnt the job of a fund manager to invest?