Good comment on high mgmt/performance fees which do not include costs of running the fund (director fees, audit, legal, admin, insurance etc). A small LIC like this would usually rack up >1% pa of FUM in these fees on top of the other fees. It's so hard for a small LIC to outperform net of all this even though this manager seems very competent.
If he was just punting in his Commsec account like you and I am sure he'd do well. However the structure makes it very challenging for him.
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