I would tend to agree. I wouldn't describe it as too large or...

I would tend to agree. I wouldn't describe it as too large or cheap from a discount perspective, I have been a bit surprised to see threads here that keep saying the discount makes it attractive.

We have a fund manager without any successful track record in global equities. From that perspective perhaps we should not be surprised they have clearly underperformed the benchmark. They charge high fees, don't think there is much in the way of franking credits to be able to be confident of future dividends which is usually important in terms of getting the discount to close.

Also Wilson has spoken about not liking buybacks, when Future Gen Funds were at huge discounts there was never talks of a buyback. I also doubt activists would get involved here to try and change things as Wilson still has plenty of small investors fans, and the IMA is not that old.

On top of that they have shown manager greed in trying a bonus options issue a few years ago, there still might be frustrated holders with too much stock that got sucked into that.

Hang on maybe the discount should be 25%? What was the bull case again?