Email from McComas, page-28

I don't anticipate any off market buyback at NTA - whether it be partial, or otherwise.

The fact remains the manager is more interested in quoting the underlying portfolio performance, rather than the share price. Given how detached the two are now - it's no wonder closed funds are becoming yesterday's product.

When you are charging fees like these guys - you don't just need to beat the benchmark - you have to smash it. Anything less and there will always be a discount to NTA.

Anyway... as a holder in both VG1 and VG8 since the float - what a colossal waste of money and time. Simply investing in the index would have been exponentially cheaper and more rewarding.

It's not even just about poor performance anymore - VGI's name is mud in the media.

Judging from the recent voting results - the share registry is dominated by those who benefit from charging premium fees for subpar results. This is not going to result in any pressure to reduce the FUM through a buyback.