No, not surprised. I think L1 have done irreparable harm to...

No, not surprised.

I think L1 have done irreparable harm to their brand and name.

The rate at which they lose money is truly indicative of reckless portfolio positions. There can be no doubt.

I know this fund is not a vanilla managed fund, buying up Apple and Visa stocks. If I wanted this, I would be going to Magellan.

They seem to smack of hubris and arrogance. Even their reports reflect an attitude of the market is wrong, we are right. I like confidence in a manager, but I don't like a manager who won't admit they got it wrong.

They definitely need to improve their engagement with Shareholders. I think they are still in private high wealth individuals mode. They need to realise, a listed closed fund, being highly susceptible to discounts, relies on shareholder engagement.

I am by no means a fan of Wilson asset management, and their deceptive pre-fee performance figures, but they have communication down pat. It's second to none with how they get their name out there.

If anything this fund needs an active and vocal shareholder base. The AGM is a time to put their egos back into check.

Overall, they seem to have followed every other fund to a closed product. Have a few years of great performance, and then raise a closed capital pool and live off the fees for the rest of your life.

I have said it before... I am giving them 12 more months. That's about as much as I can tolerate for a fund that doesn't perform in an upmarket, downmarket, side market or anything in between.