We have all been burned - LSF, page-36

You invested money with a 600mil fund in mind.. The reality is they already had over a billion in the unlisted version so even if they only raised 600 million they were always going to be close to 2 Billion in the strategy. (too much) When they raised more money they returned some to wholesale investors.

From a business point of view they are geniuses and have looked after themselves nicely.. Return money to wholesale and Super funds who pay less fees and will redeem if things go pear shaped.. (as they are right now) and then lock in 20 million dollars of fees per year from retail investors in an LIC where they can't face any withdrawals.  Played it like a fiddle!

Some fund run money to maximise returns and some run money as a business to maximise fees. L1 are the later for sure.

I would be interested to know if the director buying of late is new money or if they are withdrawing from the unlisted fund and buying The LIC at a discount. (thats what I would be doing if I were them)

Anyone know what kind of redemptions the unlisted version has had? It would have to be significant you would think.  Lets hope so a shrinking pool of capital across the strategies would be good for suffering shareholders.