If you are so against closed funds why buy into them? I stand buy my view of not over regulating what can and can’t list, whether something has support on a secondary market or not is a concern for investors not regulators.
There seems to be a real lack of ownership of responsibility when it comes to LICs, and not just LSF. Plenty of people are all happy to buy the in when they think there’s money to be made but cry foul when things don’t go so well. Volatility, mistakes, draw the downs , discounts to NTA are all part and parcel of investing in LICs. People start jumping up and down for buybacks or converting the LIC to a different vehicle or winding the LIC up. The manager, in my view, should never be regulated and forced to do this. LICs are what they are,they might be less than perfect , but people have a choice to put their money elsewhere. My advice is if you don’t like LICs or understand their vagaries, don’t invest in them.
LSF may not have performed how we would have liked but that is the risk of investing. Personally I’m on board for the long haul .
LSF Price at posting:
$1.10 Sentiment: Buy Disclosure: Held
(20min delay)