The LIC is new, yes. The unlisted fund, not so much. Given the similar philosophy employed this is not tantamount to a new inexperienced LIC starting from scratch. The building blocks were there.
Reflecting on price increases of 15% for the year, without noting the fact they floated at $1 tends to overstate their growth. The fact remains initial investors are sitting on in excess of a 13% loss (market price).
I do concede calling it a failure at this stage was overstated. Maybe the tide will turn.
I stand by my comments with regard to their fees and performance payments. Outrageous that any fund/LIC can justify setting a performance hurdle so low. I am sure if this was more clearly indicated, and by this I mean not just written in the prospectus, people would think twice. I don't know anyone who would be happy paying a performance fee for beating the 1.5% cash rate. It's beyond ridiculous.
I don't want to criticise anyone for investing in this stock, but it does amaze me given its performance, and for that matter the performance of its longer running unlisted managed fund, why anyone would.
MA1 Price at posting:
86.5¢ Sentiment: Sell Disclosure: Not Held
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