Thank you. You have given me a good assessment of both the fund and your sentiment towards it. There is an obvious reason why fund managers close their funds. I am in the Pengana Emerging Companies fund which has closed some time ago. Apart from putting my life savings in CSL, I dont think I could have done better. If they are managing the listed fund in the same way the unlisted, and I am buying at post tax NTA, and, as you point out the last 3 years is highly unlikely to be a fluke, their performance has to be better than The Watermark Global Fund which is a long short fund but which has completely underperformed over a number of years. This may be a good opportunity to change horses mid- stream......
