There are new companies emerging and those that actually have a plan. Both SOL and BKW are to a large degree what a LIC should be - It doesn't have to always have listed investments. This WMA also has the same mandate but in fact it doesn't have a restriction or a plan and as such the team can get it out of one area and into another. I think at one point there was a company URB which was taken over by TGP and they had the same problem as you noted here - a LIC that invests in other funds is in fact paying two sets of fees. They do get a discount for having a wholesale size investment but its still two sets of fees. I suspect that is probably why they have slowly been exiting from Argyle - to get out of probably a larger double fee situation...
I think this is becoming an investment which is hard to hold. NTA down year on year. Large drop in earnings year on year.
WMA Price at posting:
$1.05 Sentiment: None Disclosure: Held
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