Saba had disclosed very recently that they reduced their...

Saba had disclosed very recently that they reduced their substantial stake a little. At that stage VG1 were active in their buyback sometimes when the discount was small like 5-7%. Whilst Saba thought those levels were worth lightening their positon, my guess is they wouldn't further reduce their position when the discount is circa 12-15%.

On the subject of VG1's bad calls, also worth noting the permanent call to hedge the currency is also looking frustrating again with the recent AUD weakness. I don't want to sound like Harry Hindsight and claim that picking the currency is easy. That is kind of my point though, VG1 have been a very rare example of a LIC investing in global equities that does hedge the currency, all the others tend to leave it unhedged. I would have thought in their past investor presentations, if they are going to continue with this unusual strategy, they could have at least told shareholders their thesis why they expected the AUD to firm this year. I cannot recall them going into any detail regarding this. Given they have always hedged since IPO in 2017 this has been quite costly.

If there is any blessing from the bad November and discount widening, surely it can put an end soon to this belief that this LIC should continue under the VGI brand? The peformance since inception now is so poor evern some brilliant years ahead would not put it satsifactory. At a minimum it should be named Regal, better still with the PGF premium to NTA still there it could also help PGF shareholders to use their scrip and merger the two.