surely it's time to wind up, page-3

Agree. Unfortunately @joewolf is correct, that most LICs are out of favour at the moment and most are trading at a discount to NAV or have significant losses this reporting season. ALF, GC1, CVF, LSF, CDM, KAT etc etc. Most of these have or have had good managers who at various times have been capable of outdoing the market and picking emerging stocks that have increased significantly. Take CVF that picked APT in the very early stages but had to sell down because it comprised so much of the portfolio and simply became too volatile. MG had Titomic and Alliance Aviation which are stocks I was unaware of but which performed well. MGs performance was somewhat shredded with Axcess ? that went to zero. Hopefully that is a lesson learnt. ALF is a different kettle of fish, has performed poorly for a number of years without changing strategy and I can only agree that shareholders would be best off with that one being privatised or sold down at NAV and the proceeds returned to shareholders. We are in an unusual market environment with stocks moving up and down as much in a day, as could be expected in a year, sometime down significantly even when reporting a substantial increase in profit. Rapid drops in SP can make the manager appear less than competent, but at some stage the market will revert to the norm, the speculators will either be burnt, or bored, or suffer losses, and it will be left to the nimble fund manager that has good research and analysis, a reserve of cash, and a vested interest in his own funds to take advantage of either oversold stocks or those yet to be discovered or appreciated, to make money for himself and the shareholders. I think MG has those attributes......and along with Joe, am along for the ride. Go Michael !