Ann: Net Tangible Asset Backing, page-14

.4% for a non hedged ETF that seems 2-3x more than competitors for their superior performance

the question is how is this even possible?

l believe the answer is if you align the ETF holdings side by side they can actually differ by country and holding. Also, maybe the top 100 shares outperforms the top 200 or 300?

on average high management fees do detract from performance LIC!s vs ETF's but their are some glaring exceptions so far LSF is one (and l reckon PGF also do ok?). measure the performance for me l thought there are better ETF's than the old IOO but l have changed my mind.
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personally l think we are in a negative (bear?) market. picking individual holdings aside from the top 20 (BHP CBA WES) is a bit like playing Russian Roulette you value can be shredded 50% overnight (IDX is the latest)

l don't mind being in hedged LIC's with solid cash reserves over ETF's and Direct Holdings outside the top 200. I preferred Bond ETF's but have changed my tune.

Management fees is less of a concern. these vehicle should perform in this environment but for me it's more of a good time than a long time.