I would say because investors are slowly starting to look beyond their deceptive pre fee figures and realising they haven't been smashing the market.
The franking credits fiasco was an absolute disgrace. I have never seen so much misinformation and self serving crap in my life.
I am still ashamed of the fact I bought into one of their funds at a premium...
considering nearly all LICs are trading at circa 20% discount shows you how the market feels about closed funds.
Captive funds serve nobody as much as the fund manager...
Stock Pickers or not?, page-19
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