Wax and Wam have elderly retirees to thank for the premiums they...

Wax and Wam have elderly retirees to thank for the premiums they hold. There is very little liquidity/turn over - so those wanting to get in on the action have to pay up. I have also noticed those premiums slowly evaporating thanks to ongoing ordinary performance. There is only so far someone is willing to sacrifice, performance wise, for ongoing franked dividends. At the end of the day, the dividends might be good but you are still underperforming the market, especially post fees. That being said, there are plenty of far worse investments out there and Wilson are very good at shareholder engagement - much like Ophir.

Yes, the premium is only small but given the performance and strongly out of favour investment style - I am still surprised/impressed. There is a lot of belief in the managers, otherwise this would be sitting at a 10% discount minimum.