Ann: November 2022 Investment Update, page-21

You will actually find those who smashed the benchmark during covid mania - such as Hyperion, Ophir and other growth managers are all down significantly.

Hyperion is down near 40% - yet it was the winner of nearly every award when high growth and smalls caps were dominating.

It's all cyclical. If you said a little more than a year ago, don't go near tech - play the energy card - people would have laughed you out of the room.

The only issue for WGB is the fund is still in its infancy and manager has never shown its skills in international stocks.

Those who invested at the float, and I dare say those still invested, are of the belief the skill shown domestically would translate to international stocks.

This is yet to be seen.

I am more inclined to make a bet on the fact the discount is now a serious PR problem for Wilson.

I would usually never recommend betting on discounts being reduced - but in this case - it may make sense.

The whole marketing around the manager is not tolerating discounts and going after funds that do.

Interesting times.

I have no idea how they will remedy it though - if performance stays this way. There is a reluctance for buybacks, there aren't many other managers who put pressure on other managers when discounts persist...

We haven't seen any real focus from the media as yet... which is surprising. I think it becomes more known - we will see more overt action on improving its trading.

You would think this would serve as a warning to those who buy into closed funds at a premium... or even those that choose to sit tight when the premium becomes untenable (wax, wam).