In May, the fund recorded a positive +1.5% net performance vs the S&P/ASX200 accumulation index
return of negative -2.8%. Cash available to invest represents 49% of portfolio value.

The largest contributors, in order, were Weight Watchers International (WTW.US), Elders (ELD.AU) and Afterpay
(AFY.AU). The largest detractor was our position in Silver Chef (SIV.AU).

It is worth calling out the significant changes in the portfolio.