Ann: Half Year Webcast December 2018, page-25

Sergeant
Despite Karl being a jolly good chap I think your disclosed holding says it all
I;m a mug punter but in 20 years of investing have rarely turned in results as bad as like the average LIC
I've learnt my lesson about listening to "experts." who rely on pea and thimbles to justify their fees.
Unfortunately reporting brilliant results have to be backed up by the  share price.This is rarely the case.
I guess what I am saying is that a professional fund manager investing other peoples money should not leave himself exposed to a black swan event of this magnitude.
Appalling ineptitude.