Email from McComas, page-3

Hi Nails,

I have emailed VGI as well. I got a response back straight away from their investor relations person.

She was very nice, and provided a very detailed reply. Unfortunately, it doesn't solve the ongoing issues.

If anything, I just came away feeling sorry for the poor woman having to deal with an army of disgruntled investors.

I think they know what the solution is. The current structure (closed-ended) is not working, and a conversion to an ETF is the only real option to bring the discount down.

But, like has been discussed, no manager wants to give up the permanent capital, collecting fees.

There is no doubt the brand is in damage control. The media articles keep mounting up - pointing to the egregious fee structure.

At the end of the day, I am not sure what to do. At this rate, I will probably just bite the bullet and sell at the ridiculous discount. Given the way their funds are performing - a 15% haircut probably won't seem that bad - when comparing to holding long term.

Fault lies with both parties. The fee structure was clearly articulated, and the ongoing issues with LICs are also well known. Notwithstanding, their performance has been really disappointing.

As the years go on... my patience with active management is deteriorating.

An off market buyback at NAV would be a sensible first step. The only problem for them would be... who would be left holding?