Asset allocation adjustment
From time to we reassess our asset allocation procedures to determine individual investment positions in our portfolio. A recent such reassessment resulted in two companies being dropped from our list of preferred investments. This is not to say that they are not sound investments, it is just that they do not satisfy the high value standards we are seeking.
The companies to be dropped are Hansen Technologies and Macquarie Telecom. Shares continue to be held till an opportune time to sell. We will continue to monitor these companies for any improvement in their financial performance.
No new equity investments have been added.