Ann: Change in substantial holding for PAF, page-17

You were the one using revenue as the base for calculating your % of fees. My point was, if you use revenue as the base for fees, then do it for the divdend as well. Otherwise you're not comparing like-for-like. My preference would be to calculate both as a % of FUM, as Wilsons and mose other LICs do. In that case, the management fees are 1% and the dividend yield is ~7%. Total MER will be higher when you include performance fee and other expenses of course.

I suggest you practice what you preach "It is important to learn MATHS before investing else retail holder will get screwed easily with illogical arguments and justification of fees".

FYI, I don't hold Wilsons anymore because I don't like how they report everything pre-fees. Not all LICs and IMs are similar to these. Most report post fees. I sold out of all Wilson funds and invested in 1851 capital.