My friend, you are delusional if you think that the “gains” have...

My friend, you are delusional if you think that the “gains” have come from dividends… for 20 (twenty !!!!)
years ????? TWENTY YEARS without a capital gain ????? And yes, timing IS everything but if you are paying a fund manager to “manage” your investment, and they have just bumbled along without picking the right stocks, and then selling at the appropriate time, then you are a fund managers dream ! This last year has been an absolute dream for most fund managers with gains commonly between 20% and 30% !
I hold because WAM took over Westoz, who were performing well. @Pup is correct. An 11% gain last year is almost acceptable, a Minus 4% averaged over the last 3 years is more akin to mismanagement, rather than management. And that dividend ? They’re just paying you back you capital and your “gains” in the form of dividends ! Geoff earnt $60million in WAM dividends last year, but the difference between you and him, is that he’s also collecting management fees. I’m only a holder while I wait (not so patiently) for the Wilson LICs to increase in price, so I can sell and get a more reasonable, consistent and reliable investment that actually has capital that increases along with either the SP or unit price. Summary ? Over 5 years, WAM funds have been a serial underperformer. Old saying, Water the flowers and pull the weeds !