Thanks noddy I didn't realise the BHD forum was active yet, I'll...

Thanks noddy I didn't realise the BHD forum was active yet, I'll head on over there

I was also a bit cynical regarding the waiving of fees, particularly wondering how that could be in the interests of the manager JBL's shareholders, but then I realised that JBL holds HML too, so I suppose it made sense.

Regarding the small size, I'm not sure. It also fits in with his technique of returning large chunks of capital in dividends rather than trying to hold onto more of it and grow FUM (although I imagine a lot of us DRP'ed anyway).