The $1.4 billion listed investment company that Mr Millner manages reported an 11.6 per cent total shareholder return (including franking credits) in the 12 months through June 30. That fell short of a 16 per cent return for its benchmark S & P/ASX Accumulation Index (franked at 70 per cent) over the same period. Mr Millner put the underperformance down to being underweight the mining sector – or more specifically, a lack of exposure to lithium. On a three- and five-year basis, he noted, the portfolio had beaten the benchmark. Iron ore giant BHP Billiton and coal miner New Hope...