Ann: Portfolio Briefing and VG1/VG8 AGM Chairman's Addresses, page-10

I get the feeling the ongoing review process into their two LICs is weighing down the share price. I don't think it will result in anything adverse to the FUM - but there is the risk they will engage in a share buyback, or otherwise implement a strategy that could result in mass redemptions. Given the horrible performance to date for both VG1 and VG8, any implementation of an off market buyback would result in a flood of redemptions. likewise, if they were to follow MA1, MHH and switch to an ETMF - the same outcome would follow suit. There is also the elephant in the room - performance fees collected without an appropriate benchmark. The reason for the media outing them...

No manager wants to relinquish capital. The most obvious outcome will be a renewed push into shareholder engagement, revised yield strategy... the usual we are trying - but nothing that affects our bottom line.

It seems like active managers are on the nose of late... just look at Magellan.