Ann: On-market share buy back, page-13

It doesn't trade at a premium because its fees are exorbitant. You pay not only a fixed (high) management fee of 1.54%, but also a performance fee of 20% on anything about the previous year. i.e. if the share price increases from $3 to $3.30 in a financial year, you pay a management fee of 1.54% (5 cents per share), plus 20% of the 30 cent gain 6 cents. so you pay 11 cents for a 30 cent gain, or around 3.3%.
If the indicie went up the same amount (10%), then LSF hasn't outperformed the market but you pay a perfomance fee of 20% on that gain anyway. That is the probelm! the watermark needs to be a comparison to something, not its historical share price.
If LSF outperforms the market it is worth owning. Remember it has to significantly outperform the market to pay its fees. If the market is falling and LSF falls less, that is good too, as you will not pay a performance fee, but still pay 1.54%.
Some etf's charge a fixed management fee of nearly nothing. i.e. A200 is 0.04%. That would have been 1.3 cents compared to LSF 11 cents. Compare the after cost performance of an etf like A200 or NDQ or IVV to LSF with its fees and you may be surprised. Also remember compounding...
Disclosure, I bought shares at the IPO and have increased my holding over time, but will probably offload after a large market correction and buy indicie ETF's.