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Overall, quite happy with the portfolio rationalisation, from 160 or so stocks to 112 at Oct 31. Maybe the US loading could be a bit higher than the 50% (round figures) and Europe/UK lower than the 26% or so, given dysfunctional governments and damaging polices in some of those countries, though most of the companies do trade internationally. No Nvidia in the US but the managers have said they believe Broadcom will work out well, and good on them for fronting up on that. There are 50-dd stocks in the stg9 to stg1m range for total value of say stg320-stg350m. I'd like to see that cut to say 30 of the managers' best ideas, and the balance of funds put into the mid-top tier. Still reasonable value at the discount, and dividend champion status lives on. Nov 30 Factsheet will be interesting reading, post-US election.

Great returns based on excellent stock picking over multi-year cycle, gives me plenty of confidence; good boost in annual dividend. Indications that they might be getting merger proposals to boost scale and reduce ongoing charges for shareholders.

There's Rachel's black hole . . . In one hit !!

Any thoughts, anyone, on how the reduction in the number of share holdings is going, still more than 160 holdings at July 31, looks a bit slow, still a lot of very small holdings not adding value; they had said earlier the consolidation should be completed by end of October.

Have had great run with JGGI, and fascinated to see APPLE as fourth biggest investment as at March 29; wasn't on the list at Feb 29. Over the years, managers said they liked the stock but saw better value elsewhere. Now it's up there. Any thoughts, maybe contrarian play with Apple looking out of favour ?