You keep saying he doesn't want to lock in his losses until he has gains to count them against. That seems unlikely.
1. It's not a tax driven fund;
2. Fund managers try to preserve capital, not count losses against gains for tax reasons. If he had no more confidence in the company, it would mean he things it's a total loss, but he could have sold out at much much sooner than this, and would have preserved a huge amount of capital for reallocation to better opportunities.
3. They count the funds regular performance also by its Net Asset Value, which does NOT require a sale. You think it requires a sale, but again, that's a tax driven measure. Most funds are also measured by their NAV's, on an ongoing, basis, not by what they've bought and sold. IF he allows large amounts of assets dwindle to nothing before trying to recoup anything and is only looking to recover the tax dollars against his gains, he's also not fulfilling his fiduciary duties to his investors.
Again, you sound good, but you seem to have no real understanding of how funds are managed nor what they worry about, on a day-to-day or long-term basis.
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