Ann: Change of Director's Interest Notice - C Cuffe, page-7

Only just come across your post. Agreed - the original concept was just a bit too simplistic and ran against one of the basic rules of investing - the possibility of not diversifying your investments. I have stayed out for that reason until this year when I noticed that the investment selection ticked a few boxes for me. I tend to only like LICs when they have most of their investments in line with my investment thesis - diversification of risk or sector being a big one. I am also comforted by the fact that they do not continue to hold after catalysts have played out or there is material change in the investment thesis for holding originally. Quote from their investment policy "Should an investment thesis play out or change materially, the Company may closeout or replace the investment recommendation after consultation with the fund manager." Ticks my "feel good" needs generally and assists very much needed medical research to help those who are down on their luck - a win/win when the fund managers get it right.