Bruce, ripped off is an understatement.I bought in at the IPO,...

Bruce, ripped off is an understatement.

I bought in at the IPO, when Fat Prophets breathlessly said they were going to "hunt the herd" and other rubbish marketing hype.

For years I watched as the fund sank and sank in price, hoping it would turn around.

Then I went to their 2019 AGM and it was an absolute clown show. At the time I wrote:

Just left the FPC AGM. Angus showed up late. There were issues with the slideshow presentation. The secretary didn't know how to record votes. Seemed like amateur hour. There was a lot of outright anger throughout the meeting at the fund's underperformance. Shareholders asked Michael Gallagher if he would stand down. He essentially said he would consider it. He was asked if he felt embarrassed. He was accused of being glib in relation to over $1 million losses in foreign exchange last year. It was asked if Angus should be sacked as the investment manager. Angus talked over people trying to ask him genuine questions. He was challenged that the fund isn't actually contrarian (though it's certainly experienced sharper losses during market downturns). Multiple questions were asked about whether the fund would be liquidated based on it's severe underperformance to the major indices since inception and ongoing steep discount to NTA.

Eventually thankfully I exited the company entirely, which was good for my finances, and good for my sanity.

Consider this: Since the fund floated in March 2017 at $1.10, it has gone DOWN 23.6%. In the same period, the ASX200 has gone UP 23.8%, plus far higher dividends than the paltry amount FPC has given.

These FPC clowns have demonstrated over the past 6 and a half years all the things they promised are absolute rubbish. However, they've continued to scoop a nice fat outrageous 1.25% commission off the top the entire time.

When I realised I was paying them to underperform the market with my money, I certainly felt ripped off. So glad I exited.