TGF Total Expense Ratio, page-9

ASX listed LICs have some of the worst fees, you only have to get your proposed fees over the line at the start then you have a fixed pool of capital locked in. TGF for example at some point it will blow out to a silly discount and sit well below its HWM. Sharp money will come in buy it capture some of the discount closure, pay no performance fees and then sell it to a whole new group of fresh lemmings who are chasing recent performance... The cycle continues, while management keep servicing those yachts.

There is usually a variation of a pay out clause in the fine print as well, just in case they capture the attention of an activist investor.

There is some easy money to be made buying when they have been hammered, but personally, I always find it a touch bitter sweet knowing that I am helping the gravy train cycle continue.