Reality Check

Firstly, from the prospectus the funds objective is " strong risk adjusted returns over the long term ( being a period of more than 5 years)".
" For this reason investors are strongly advised to regard any investment in the Company as a long term proposition and to be aware that substantial fluctuations in the value of their investment may occur over that period and beyond".

I think people need to have a look as to why they bought into this fund in the first place. I don't defend the way the float was conducted nor the way the funds were invested in the first place, and like all others did not enjoy the first year, but when the discount blew out to over 40% earlier this year, I was still buying.

Its a punt fund. It will always be a punt fund. I knew that when I bought it and it isn't going to change.
I have been doing this en lieu of working for a couple of decades now and I have had lots of winners, a couple of 10+ baggers, a few dozen losers, and 2 !00% losses. It happens. You move on. Anybody the gets everything right is most likely a liar.

Since 30/9/19 the NTA of LSF after tax and fees is up 4.5%, since 28/2 11.3%, 31/3 30.5%
The ASX 200, including after dividend over the same periods is -5.98%, -3.76% and 21%

As I said, I am not defending any of what they have done in the past, just pointing out that over the last year or so there is nothing wrong with their performance. I don't mind some of their positions. I have even taken on some of the same stocks from time to time.

Expect volatility. If you don't like it move into an index fund. Expect to pay for performance. You don't have to like it, but if you own it you pay. Don't want to pay move on.
By all means be disappointed over their past sins, frustrated, whatever. But it is time to move on.

Take a fresh look. If you don't like punting or are unhappy about the size relative to your portfolio, do something about it rather than whinging on HC.
Owning something is a choice. If you don't like yours, do something else.
Since the end of March the share price is up over 70%. And the Company has been buying the whole way up. Not much to complain about there!