LICs, page-109

Not true.

I am in a couple of their unlisted funds, Perpetual Ethical SRI, done 15.6% p.a past 5 yrs which is
not bad at all, and about 9% p.a for the past 10 yrs. A lot better than AFIC, Argo and Milton.
Perpetual Pure Microcap, started 3 yrs ago, done 26% p.a. for 3 yrs ( now closed to new investors )

If you are referring to their ordinary unlisted funds such as Perpetual Industrial and Perpetual Australian,
then I would agree with you, not interested in those.

Carlton CIN has always had Event Hospitality ( formerly known as Amalgamated Holdings ) as about half its portfolio for many years due to some sort of legacy. I just don't see how anyone can be happy to have that company as half the portfolio in an Aussie share fund as a long term play. ridiculous.