1. Pre-tax NTA was at $1.5145 (minus 3c div) on 31 May 2021. At...

1. Pre-tax NTA was at $1.5145 (minus 3c div) on 31 May 2021. At 10 Nov it was $1.285. Add back the 4.5c dividend ($1.33) and performance has been -12.2%
- VGS has delivered +12.7% during that period (104.57/92.77)

2. For the year ended 30 June 2021 Performance Fees alone (22% of any gain each quarter over the high watermark - not outperformance of a benchmark!) took out 4.47% of net assets.

3. For the year ended 30 June 2021, Total Expenses took out a whopping 7.68% of net assets. VGS takes out 0.18%. Quite the handicap on FPC before investors get a return!

4. FPC is the only one of over 85 LIC/LITs on the ASX that neglects to remove its dividend from NTA after the ex-div date (it waits till after the date the div is paid). This is worse than a schoolboy error.

5. The "buyback at very close to net asset value" turned out to be a buyback at Post-tax NTA minus a further 3% and without the retained franking credits that reflect the tax already paid. As of 10 Nov the Pre-tax NTA is 1.285, Post-tax is ~1.235. So instead of exiting very close to 1.285 (plus franking credits) you'd exit at .97*1.235 = ~1.198

And they were insanely optimistic or made another "unintentional" schoolboy error picking $1.50 as their example for the "Post-tax NTA less deferred tax assets".

One could write a small book on the downsides of such funds but if you're holding on in FPC or ever get across to FATP, I'd take your money and run!

See page 5: https://www.asx.com.au/asxpdf/20210929/pdf/451127cfwz96zl.pdf