2008 Fund Performance

Unfortunately, and as predicted last year, we had a lousy return of -17.3% for 2008. Whilst not unexpected and probably reasonable given the carnage on the share market, it is nonetheless disappointing. However, we have no intention of following the herd and selling out given that we feel the companies we are invested in are good quality and their performance will reflect that in the longer term.

But stay tuned for 2009 when I expect the result to be far worse...

Holdings include shares in the following companies, managed funds, listed and unlisted trusts and derivatives:

• ARB Corporation
• Asciano Group (split out from Toll)
• Austgrowth Property Syndicate No 23 (St Kilda Road)
• BHP Macquarie Self Funding Instalment Warrants
  
• BlueScope Steel
• ConnectEast Group
• Macquarie Equinox Class C
• Macquarie Group Limited
  
• Mirvac Real Estate Trust (formerly JF Meridian Trust)
• National Australia Bank
• OM-IP 140 Plus (Aud) Limited Fund (Man Group)
  
• OrotonGroup
• QBE Insurance Group
  
• The Reject Shop
• Toll Holdings
• Virgin Blue Holdings
  
• Wesfarmers Macquarie Self Funding Instalment Warrants
• Woolworths Macquarie Self Funding Instalment Warrants