Long only equities LICs will struggle to attract capital from...

Long only equities LICs will struggle to attract capital from here. Suspect there will be minimal if not zero long only equities lics in the future (it will be in a different structure eg active ETF perhaps), 95% trade at discount, it's actually bad for the investor as you get less return. There is not a lot of benefit (because of this). The one main benefit is the ones where there is no way they would have had access to it otherwise, eg KKR credit fund, Metrics Credit, AEG - where it's really for super rich family offices, maybe the odd PE or alternative LIC where the product doesn't exist for mum and dads and only for family offices, i see a benefit maybe in running the gauntlet of a discounted ETF. Or if it's a product that is super rare, the Plato ETF, there aren't other credible equity income fund etfs - so that's why it's trading at a premium.
Yield isn't a reason to hold - there are fantastic yielding LICs, like NSC that is still 18% discount to NTA.
WAM has a lot of loyalty but if they keep under-performing, that will start to come into question.