I'm in two minds about this. I'm not an apologist for the...

I'm in two minds about this. I'm not an apologist for the company but if you wanted a fund which performed in line with the index you probably shouldn't have bought into LSF. I didn't hear you complaining for the performance in the 3 Months up to 31/12/19 when the SP and NAV were both up 6% and yet the ASX 200 was flat. Or indeed the 6 month period up to 31/12 when the SP was up 17% and the ASX 200 was up just 1%.

Truth is there will be long periods when LSF will do better than the market in general and long periods when it will do worse. I too think that the NAV should have been going up in recent weeks (it has been flat for the past month while the ASX is up 3%) but the current one-way throwing of money into high-p/e growth stocks is probably the worst it gets for LSF, which is (and I summarise loosely) long value stocks and short high-p/e growth stocks.

So yes, I'm disappointed, but I'm not dissatisfied with their performance given my understanding of their investment philosophy. In fact it is acting as quite a counterweight to the rest of my portfolio in smoothing out some of the erratic movements.