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If DPFDX only has $9.4M in AUM after 5 years of operation, even Charles Royce does not really believe in the fund as he obviously has not invested a significant amount of his net worth in the fund. As I see it, this fund continues to be a laggard and should have been liquidated by the directors a long time ago if they were doing their job. It would make much more sense for folks to invest in VOE (ER 0.10%) -- which has beaten DPFDX over all periods over the last 5 years -- and make tax-deductible donations to charities.
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Kevin