Ann: Change in substantial holding for PAF, page-22

You didn't work on maths part of my comments:

WAM - Total outstanding shares for FY 2021

WAM - Earning per share
WAM - Dividend per share
WAM - Fees per share

Get this number for FY 2021 for any LIC not just WAM and then calculate fees % and dividend yield based on per share basis based on earnings and you will see the fees are not 1%. the calculation of fees and dividend both are based on earning. This will tell you how much out of total earning taken or eaten away by the fees which could have been given back to shareholders if fees are 1% of earning.

Just because LIC/ ETF are charging fees based on FUM for decades doesn't mean you accept it unless you like to live in slavery of old method adopted by so called fund managers.

Wilson charged you performance fees for FY2021 for the below performance which clearly demonstrate that you paid performance bonus of 20% for negative capital growth over 5 years now you can stay happy with that performance and pay the performance fees but in reality any fund manager who perform negative on capital growth perspective should not get any performance bonus until they provide you capital growth above inflation.