OPH is a LIT not a LIC. It pays out all net income on an annual...

OPH is a LIT not a LIC. It pays out all net income on an annual basis untaxed. It pays trust distributions, not dividends.

Because it doesn't have the ability to bank retained earnings, for future payouts, the distributions will always be inconsistent to an extent.

Lastly, nearly all research suggests the vast majority of people do better when they focus on total return - not yield. That is, you could buy a fund/stock paying very low yield, but has excellent capital growth, and still perform better. This is after accounting for CGT.

Yes, it entails calculated selling when income is required, but it still outperforms in the vast majority of cases.