Correct, and that's why all fund managers try to lock down capital in closed funds like LICs and LITs.
Magellan tried to lock more capital up when it was dying, but it was too late.
Now those poor investors are sitting in an under performing fund with a 20% discount to NAV.
The joys of active management.
Ann: Funds Under Management and Performance Fee Update - Dec 2022, page-103
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