Some Value Here, page-17

This is one of the worst performing LICs on the ASX. What concerns me are not only the management fees arrangement but the underlying investments. I read about the supposed great ability of management but I would have thought they would be closer to some of their investments, e.g AMA, and helped achieve better results, otherwise what is their role.
Yes, no doubt it would have been better investing with a passive Fund.
My only hope is that someone can apply pressure to wind it up, so that close to NTA results can be obtained, but no doubt management are canny enough to ensure their gravy train will continue.
I wonder whether the soon to be listed WAR will achieve anything here.