Ann: November 2022 Investment Update, page-12

Yep that was an important difference with the Fut Gen funds as you say. I also don't remember hearing Geoff in the public saying that buybacks don't solve the issue. However when Future Gen funds were gathering feedback from shareholders, for what it is worth, I discussed with them why they were not buying back FGG shares when they got to near a 25% discount. The feedback was more that Geoff thought they often didn't work as it shrinks liquidity and size, rather than the charity aspect. With the charity angle my argument was you need to solve the discount issue quickly to be able to at a later date conduct big share placements to grow the fund, if it trades too many years at a large discount you will lose that ability. Plus of course it would have been hugely accretive at no risk at that discount size in a fund that wasn't performing well. Anyway I eventually moved on from holding them which I think has been a good move they seem to be struggling a bit.

I would be quite interested to hear Geoff's response if pressed on whether to do a buyback at WGB, was this raised at the AGM? I would argue to not do one when the shares a greater than a 20% discount is simply manager greed, the reasons they will argue about size and liquidity are weak arguments that just happen to suit their AUM fee revenue.