Chickens coming home to roost. The LIC launch was a cynical FUM grab, and the previous track record generated with a very small and nimble asset base that bears no resemblance to the current multi-billion business.
Since boasting 30% compound returns, they have scorched 20%+ of capital since the LIC launch. Big mountain to climb to get up to decent compound numbers for new investors, let alone 30%.
The moral of the story is don't blindly chase the "hot" fund managers, waving around big historical return numbers. Find out whether their value-add is actually repeatable going forward.
Chickens coming home to roost. The LIC launch was a cynical FUM...
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