I can see why it's attractive for some but it really comes down to faith in the management and investment team and (as we've seen with Magellan) performance and investment styles can variously outperform or underperform in different markets. Looks like they started poorly then made hay during Covid and the recovery, probably a period when it paid to be bold.
To be honest I'd prefer to avoid the potential volatility that might come with a few bad calls (and those sizeable fees).
My interest is really in obtaining the underlying holdings at a discount combined with a level of reinvestment so very much the AFI model but thanks for the reference and yeah I can see how it might be attractive for some.
Ann: NTA & Top 25 Investments as at 31 August 2023, page-14
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