I dont agree and I think you may soon find out why ETF's have a flaw as well. The ETF mirrors the sector or the broader market. The higher growth no profits companies have been flying for the past two decades. Easy money based on valuing revenue growth. The WeWork debacle is now playing out and plenty of investors are going to lose a lot of money. APT has a very high valuation based upon the opportunity rather than the past. I dont mind an LIC that doesn't hit the index as the index has some of the flyers baked in. What I am looking for is a reasonable return with less downside - I think your example ARG is exactly that and it is low cost and no outperformance fee. I dont mind that over 10 and 15 years (at present) they are around 1% per annum less than the index- the next large correction should fix that. Overseas I think unicorns may well end up as that mythical creature when some of these outrageous valuations get killed and then it will be interesting to see how many very large superfunds have been favouring these self valued assets and bumping up performance on the back of an untested valuation. You are correct that the boutique LIC that tries to convince you they will outperform the market is probably dead and now its a way to lock in annual fees. These must logically disappear.
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