Ann: August 2022 Investment Update, page-5

WAR is a bit of a strange one in terms of what value it actually offers shareholders because we could all quite easily like up LICS trading at a big NTA discount and buy them directly. I guess it's really based around Wilsons management actively getting on the board of these companies and pushing for them to be wound up or for strategy changes etc. but that's very much going to be a case by case basis and funnily enough I actually feel like they haven't been as active in doing that kind of thing since WAR launched. I've also seen other people on here mention the doubling up of fees whereby shareholders pay WAR a management fee which then buys into other funds that also charge a management fee. I've watched with interest since the IPO but have stayed away from purchasing shares so far.