Yep, familiar with them. Broadly, I'd say it's not worth it in my book.
On the Company side, as a LIC, MEC is woefully small at ~$48m in market cap. This put it firmly on the negative as its size tends to mean it's inefficient to run in terms of company fixed costs vs size. Also, statistically speaking, small LICs tend to trade at a persistent discount unless the boar and manager are doing an amazing job at shareholder engagement, which they are not (basically non-existant).
The investment team is generally reasonable in their experience, although perhaps a bit less on the shorting side.
Morphic as a business is yet to get to a meaningful scale. Given its overall level of FUM, I'd say it not yet profitable. This raises the question, are Morphic going to be around in the longer term? Who knows. In both the LIC and their unlisted fund, they are consistently failed to meet their objective. This compounds the issues of raising enough money to be viable in the longer term.
If a global L/S LIC is what you are after, my go to would be PMC, APL or VG1.
