Ann: WGB - 2019 Interim Results, page-12

Absolutely. People need to recognize the amount of sequencing risk there is in buying into a fund with one big chunk instead of cost averaging in - the launch wS the shittiest timing in the world (in retrospect), and the fund has done reasonably well under the circumstances. The reason I bought into the fund was the flexible mandate that allowed huge amounts of cash - many of my funds have a similar position, which I think will prove to be invaluable in the next stage of the cycle. Your alternative is long/short funds - most of which have a pretty patchy record at best.

For those who bought in for Divvies, Jesus... why buy an LIC at IPO. A fund must have profits to pay divvies, so why start from a blank slate than buying into something with profit & or franking reserves - or just buy into an unlisted fund.

People also need to consider their timeframe - I’ll hazzard a guess that the Prospectus recommends a minimum timeframe of 5 years.

If you can’t handle your LIC trading at a discount to NTA buy an unlisted fund. If you can (and there is decent liquidity) top up!