Ann: Investment Update & NTA August 2018, page-3

G'day newdart, 1.2% for the month is not flat, that is 15% per annum or thereabouts

If your not happy with that kind of return your in the wrong fund

In months of positive markets, the market neutral and in some cases the absolute bias
will make us underperform the market in general, but in flat or declining markets those
two sectors will allow us to outperform the general market, thus the lower SP volatility

Yes, FGG will outperform in the short term as the AUD$ has been trending downwards, but
that will turn around when we find the bottom of downtrend, we will then soon see the benefits of
a lower aussie dollars on the markets here IMO, then FGX will see that benefit

petrovski, I think FGX should be worth 10% to 15% over the NTA, considering its performance,
pedigree and the around 1% per annum benefit of the pro-bono work done by the fundies.
I personally would add another 1% to that because I value the donation to charity at it full
value, and then maybe add another 1% because of its very simple nature, I dont have to work
out which funds to put my money in, I will let Mr Wilson and co do that for me, he has a lot of
dollars invested here and so do some of the other fund managers that look after our money here
so there is a lot of skin in game going on here by all involved

When I say a 10% to 15% premium to NTA, I work out the NTA as a figure around half way
between pre and post tax, which at present is $1.30 and $1.25 so say $1.275
Add the 10-15% and that figure is say $1.40 to $1.45, which is what I believe what would
be a fair price range for FGX to trade in, so the current $1.31 is a bargain IMO

Obviously if they do a SPP or rights issue like FGG, then the SP will come back somewhat, I
don't think they will have to do this as most will take up the DRP.
With the 4.6c divvy growing over time and the high takeup of the DRP, the fund should
double in size in under say 8 years without any raisings

I am more than happy with the Divvy growing at .2c a year, if they can keep that up, by the
time I need the divvy it should be around 8c a year, which should allow me to retire comfortably

cheers grant