It's amusing to see the amazing and irrational price...

It's amusing to see the amazing and irrational price differential between CYA and WAM.

Read the booklet and you'll see that the investment strategy proposed for CYA is exactly the same as WAM's - a combo of Wilson's research and market driven strategies.

Fees will mirror those of WAM.

So for all intents and purposes, CYA = WAM. Oh except for one thing - CYA has a good slab of tax losses. Thus CYA should actually command a premium when compared to WAM.

But look at the SPs and the NTAs. WAM is at a 30% premium to NTA, and CYA is at a nil premium.

When the market works that out (and I do think it's 'when', not 'if'), the gap will close, either by CYA going up or by WAM coming down, or more likely by most of the former and a tiny bit of the latter.