I too did own both.Recently sold LSF at $2.89 to buy more HM1 at...

I too did own both.
Recently sold LSF at $2.89 to buy more HM1 at $2.22
Sole rational was the difference in how they traded against current NTA (post tax).

I actually prefer LSF over HM1 in the long-run.

LSF is a long and short fund actively managing their entire book day to day. Large personal ownership in the fund. So fully aligned. That said, they are so big now all the in-house management are now wealthy beyond their wildest dreams, so have less to fight for now. So arguably more risk averse than the original mandate in order to protect the base fee, rather than chase performance fees.

HM1 ask a panel of 'experts' for their best 12-month pick.
Everyone who is asked wants to beat everyone else on the panel, so arguably they pin their ears back and go for a hell-mary.
This breeds stock picks that are all care no responsibility.
This is how they became unstuck 12-18 months ago, when they couldn't trade out of their portfolio before the Tech-wreck.
They've since changed their mandate, and allows them to sell out of ideas early that aren't playing out.

I'm just hoping they can post a few normal years returns and trade back to NTA, given the retiree's love affair with their annual conference.

Just my 2c.
DYOR

What do others think?