Should HML investors be wary?, page-8

The basic answer is YES. But with qualifications;

1. I don't know of a LIC/Fund that doesn't use every trick available to ramp its gross value because that is either what their fees are based on directly or indirectly by attracting more shareholders/investors'.

Stewart, with a new paradigm of LIC's is challenging some of the boundaries and ASIC is rightly going to have their say. Ultimately we the shareholders, Stewart and ASIC will become satisfied and the future will be less opaque.

I am particularly disappointed with the flagrant use of NTA for everything other than true balance sheet NTA in all reports emanating from HML. i.e.
Gross assets are expressed as some form of NTA.
Assets minus tax is expressed as some form of NTA
Again, not illegal but part of the inflationary rhetoric that is part of the investment industry.

1. I have no objections with your input and I'm sure ASIC has it in hand. I see nothing illegal so far and have no fear for my investments in HML or BHD/BHDO. I was not aware of some of your analysis, do not disagree, but have no concerns.

3. All investments must be scrutinized for potential failings. I was a skeptic originally and posted negatively before ownership of HML. I am just happy someone has broken the mold of passive LIC management for potentially more robust growth/earnings.




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