Ann: December 2022 Investment Update, page-8

It's hard to look at the share price in isolation when analysing Wilson funds.

They pay out next to all profit in franked dividends - so you always have to look at the total return when accounting for that.

Given the fixation on yield, there will always be a tendency to take profits, rather than sit on capital gains.

If this continues, I would expect the share price to be the same in another ten years as well.

It can be very misleading to simply look at the SP - that's all I am saying.

I have always voiced my displeasure at the many "old school" approaches to funds management still being used by Wilson funds.

The performance figures before fees is the biggest joke in the industry (I can't think of any other manager who tries to get away with this). It is plain embarrassing. The delayed NTA notifications is reminiscent of your grandma getting out the typewriter and abacus.

But to my surprise, investors seem to just take it.