I think you are right with respect to there not being a defined need for this to be a closed vehicle.
I also don't subscribe to the a discount being a chance to grab a bargain. Ultimately, most commentators concede discounts are systemic to closed funds, more so than period based. The discount being a natural outcome of the discounted rate of return, high fees, and lack of persistence with active managers.
If they were holding illiquid assets, I would say yes, keep the closed model. But for holding mega caps for the long term? I don't think so.
That being said, we all bought into this knowing the structure and fees. It is on us.
Notwithstanding, with performance fees without a hurdle, high fees, and a closed fund model, no longer supported by new/younger investors, I don't see the discount going anywhere quickly.
Passive investment never seemed more appealing!
VG1 Price at posting:
$2.19 Sentiment: None Disclosure: Held
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