I have a small holding in this - long term holder - very small...

I have a small holding in this - long term holder - very small capital return and meagre dividends to date.
Have made decent money indirectly by taking a large position of one of their holdings (MNY).

Given the expensive fee structure, in the absence of large shareholders, I would think the most logical thing to do would be to wind it up - it consistently trades at ~20-25% below NTA (probably hurt a lot by the fee structure - seems excessive by today's standards). The windup is unlikely because the top shareholder makes too much money from managing it .... but I struggle to see any other reason why they persist - they have had ample time to prove themselves and while the NTA performance has been OK (nothing extraordinary), you can not sell NTA .... unless you wind up.

pre tax NTA was 46.3 in June 2014 and 71.3c in Dec 2021 - a compounded rate of around 6% - hardly a stellar performance. The price is far below NTA, so the potential capital return is tiny for long term holders if they sell now.