Appreciate you offering your perspectives woollydog. I am in the camp that enjoys the volatility of discounts / premiums so sometimes I forget not all investors are like that.
I also like FGG and it's interesting how they have a bit of exposure to VGI, but effectively for that part you only play 1% via FGG with no performance fees.
Take your point with Ellerston being small, although despite the size their fees work out cheaper than some others. If you don't mind holding for long periods the volatility shouldn't be too much of an issue. But agree it can be a negative when you want to switch out. Fat Prophets looks to be smaller than Ellerston though.
I respect the high opinions on VGI but I'm trying to find out how they would have gone through the GFC, given their record shown began in 2009? I get comfort from other's who navigated through these years with ok numbers. Platinum, PM Capital and Ellerston came out of it reasonably well. Maybe I can look further into the VGI founder's past. Ideally I don't like placing too much weight on a performance period from 2009 where the market hasn't provided a bearish test. I think VGI have a 1.5% base fee which is also aggressive, and also Magellan the same?
I also worry the heavy marketing machine with the VGI and Magellan launches eventually wears off over their first year. We've seen new listed products from Platinum, Ellerston, PM Capital and Future Fund all begin at premiums but turned out you could have got them cheaper by waiting.
APL I agree looks like a quality manager. They have possibly deserved a premium to NTA. Looks like options will dilute the NTA so probably effectively at a 10% premium. I could see myself possibly owning these if they pulled back, I like their quarterly investment reports.
