hi cutty unfortunately LSF is also a victim of the discounts to NTA which continually afflict most LICs. the unlisted L1 long short fund, which started about 4 years ago and which I own via Netwealth, has returned 25% for the past 12 months, versus only about 14% for the LSF LIC. I am therefore seriously thinking of exiting LSF but keeping the unlisted fund. I am yet to be convinced that the LIC format is the best way to run a managed fund that is active in style. I can see advantages for low turnover, low fee, index hugging conservative LICs, which LSF obviously is not.
