It's starting to look quite interesting, about a 17% discount to NTA, seemingly a reflection of poor stock selection in recent years. A windup makes sense, but I suspect the management would fight tooth and nail to avoid one and, by extension, end their generous comp arrangements. Incredibly, the more so given the namesake of this LIC, WMK started life without a high watermark; one was added a few years back, so the 1/20 fee structure is no longer all that different from most other LICs.
