I understand what you're saying ryan0...I have been in and out...

I understand what you're saying ryan0...I have been in and out of Lion Selection over the years, and it has been a rough trot...going sideways whilst paying high fees. But I have still done ok, only because many, many years ago, the Lion management team spun out to shareholders one of their holdings that ultimately became Evolution Mining...so despite the crap return on LSX itself, I've still done acceptably well (not great) from owning Lion historically.
Things the Lion Management Team need to fix to improve image and outcomes include:

1. Improve their marketing and their visibility to investors. Without this being improved, the stock will continue to languish. Haven't seen Robin Widdup or Chris Melloy or any of the others doing the rounds for a long time...they can't just have Hedley doing all the front man stuff. Get out there fellas and market your socks off! The guys at Tribeca and Terra Capital get out there and people take notice, despite the very high fees...do likewise for LSX.

2. Grow the FUM and diversify the shareholder base of LSX to make the damn thing more liquid. They could do this by being more prominent in the press as per previous point, but also perhaps by increasing their investible universe to include the Americas...this may help attract more capital due to the greater opportunity set (though management may not like the time zone differences). Obviously they can't raise more capital right now since they currently trade at a discount, but doing the work now will leave them better placed to raise capital when the demand kicks in. Or convert to an unlisted fund that trades at NTA (not my preference, but it would get rid of the discount). Either way, if they grow the FUM then they can become more competitive by lowering their (currently high) fee.

3. Be more transparent about where the high water mark is for their performance fee...this performance fee is substantial so they need to be more transparent about where the HWM is, so investors can know what the deal is. Currently you have to scratch around on their website and find really old announcements then do your own calculations just to get half an idea. They may be underwater right now but being transparent will aid investor confidence in the management team and the value of LSX shares. Why hide it away? It should be disclosed in every annual report and quarterly report.

Unless they start addressing these things openly, people will continue to think LSX is a Lifestyle company for management insiders which is going nowhere...and the company will continue to lose followers, liquidity and relevance...which is a shame, since they are well positioned cash-wise at a decent valuation point in the junior mining cycle, and have a lot of potential to add/grow value over for shareholders this next decade. But they need to stop looking like they're just going through the motions...inject some passion into your work please Lion Manager. You owe it to yourselves and to your shareholders in LSX. I honestly hope that Lion Management are reading these boards and take this criticism in the right spirit (trying to be constructive).