Based on the hostility at the FPC 2019 AGM, I believe shareholders would be fully onboard to liquidate the fund.
To reiterate what I previously wrote, the whole AGM was amateur hour. Angus showed up late. There were issues with the slideshow presentation. The secretary didn't know how to record votes. 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 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).
Most importantly, 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. I'm fully onboard with moving to liquidate the fund. I know Angus, Michael and co are getting money out of the fund but the embarrassing underperformance is an ongoing hit to their professional credibility.... or lack of it.
FPC Price at posting:
$1.10 Sentiment: Sell Disclosure: Held
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