Ann: Fund Update, page-11

I have had quite a few winners following WAR activism - PAF, TGG, APL, AEG and I missed a few others.
It was easier for Geoff to offer scrip swap when its own LIC were trading at a premium. Which is why WAR now has investments in "regular" shares like AMP and LRK as opposed to funds trading at a discount.

In last year WAR annual report the last of the top #20 position represented only 0.5% of the fund so ~1M$.
With a market cap of ~$20M it represents less than 5% of TCF. However there are talks of merger/going private between the 360 entities - TGP, TOT, TCF and Geoff would have got a whiff of it